8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):       January 26, 2011 

FIRST FINANCIAL BANCORP.

(Exact name of registrant as specified in its charter)

Ohio	0-12379	31-1042001
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
201 East Fourth Street, Suite 1900
Cincinnati, Ohio		45202
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code:  (513) 979-5837

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Form 8-K First Financial Bancorp.

Item 2.02       Results of Operations and Financial Condition.

On January 26, 2011, First Financial Bancorp. issued its earnings press release that included the results of operations and financial condition for the fourth quarter and full year of 2010.  A copy of the earnings press release is attached as Exhibit 99.1.

The earnings press release includes some non-GAAP financial measures.  The first non-GAAP financial measure, Net interest margin (fully tax equivalent), appears in the table entitled “Consolidated Financial Highlights” under the section “Key Financial Ratios.”  It also appears in the two tables entitled “Consolidated Quarterly Statements of Income”, as well as the “Consolidated Statements of Income” under “Additional Data”.  The second non-GAAP measure appears in the tables entitled “Additional Data” at the bottom of the two “Consolidated Quarterly Statements of Income” pages and the “Consolidated Statements of Income” page.  The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 35% tax rate.  Management believes that it is a standard practice in the banking industry to present net interest margin and net interest income on a fully tax equivalent basis.  Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons.  Management also uses these measures to make peer comparisons.

Below is a table showing “net interest income” calculated and presented in accordance with GAAP and the adjustments made to arrive at the non-GAAP financial measure “net interest income – tax equivalent.”  The table also shows “net interest margin” calculated and presented in accordance with GAAP and the method used to arrive at the non-GAAP financial measure “net interest margin (fully tax equivalent).”

	Three Months Ended															Twelve Months Ended
	Dec. 31,			Sep. 30,			June 30,			Mar. 31,			Dec. 31,			Dec. 30,
	2010			2010			2010			2010			2009			2010			2009
	(Dollars in thousands)
Net interest income	$	67,906		$	67,846		$	67,738		$	72,020		$	73,182		$	275,510		$	175,983
Tax equivalent adjustment		220			222			212			212			295			866			1,265
Net interest income - tax equivalent	$	68,126		$	68,068		$	67,950		$	72,232		$	73,477		$	276,376		$	177,248
Average earning assets		5,792,624			5,867,311			6,000,760			5,971,305			6,241,790			5,907,399			4,342,804
Net interest margin*		4.65	%		4.59	%		4.53	%		4.89	%		4.65	%		4.66	%		4.05	%
Net interest margin (fully tax equivalent)*		4.67	%		4.60	%		4.54	%		4.91	%		4.67	%		4.68	%		4.08	%

*  Margins are calculated using net interest income annualized divided by average earning assets.

The earnings press release also includes some non-GAAP ratios in the “Consolidated Financial Highlights” page.  These ratios are:  (1) Return on average tangible common shareholders' equity; (2) Ending tangible common equity as a percent of ending tangible assets; (3) Ending tangible common equity as a percent of risk-weighted assets; (4) Average tangible common equity as a percent of average tangible assets; and (5) Tangible book value per common share.  The Ending tangible common equity as a percent of ending tangible assets and Average tangible common equity as a percent of average tangible assets are also shown in the “Regulatory Capital” section of the “Capital Adequacy” page in the earnings release.  The following table provides a reconciliation of these ratios to GAAP.  The company considers these critical metrics with which to analyze banks.  The ratios have been included in the earnings press release to facilitate a better understanding of the company’s capital structure and financial condition.

	Three Months Ended															Twelve Months Ended
	Dec. 31,			Sep. 30,			June 30,			Mar. 31,			Dec. 31,			Dec. 30,
	2010			2010			2010			2010			2009			2010			2009
	(Dollars in thousands, except per share data)
Net income available to common shareholders (a)	$	14,300		$	15,579		$	17,774		$	9,733		$	12,795		$	57,386		$	217,759
Average total shareholders' equity	$	697,016		$	684,112		$	671,051		$	679,567		$	654,631		$	682,987		$	466,610
Less:
Average Preferred stock		0			0			0			(47,521	)		(78,573	)		(11,717	)		(78,241	)
Goodwill		(51,820	)		(51,820	)		(51,820	)		(51,820	)		(51,820	)		(51,820	)		(51,820	)
Intangible assets		(5,604	)		(6,049	)		(6,614	)		(7,058	)		(7,461	)		(5,604	)		(7,461	)
Average tangible common equity (b)		639,592			626,243			612,617			573,168			516,777			613,846			329,088
Add back: Average preferred stock		0			0			0			47,521			78,573			11,717			78,241
Average tangible shareholders' equity (c)		639,592			626,243			612,617			620,689			595,350			625,563			407,329
Total shareholders' equity		697,394			690,931			681,556			667,759			649,958			697,394			649,958
Less:
Preferred stock		0			0			0			0			(79,195	)		0			(79,195	)
Goodwill		(51,820	)		(51,820	)		(51,820	)		(51,820	)		(51,820	)		(51,820	)		(51,820	)
Intangible assets		(5,604	)		(6,049	)		(6,614	)		(7,058	)		(7,461	)		(5,604	)		(7,461	)
Tangible common equity (d)		639,970			633,062			623,122			608,881			511,482			639,970			511,482
Add back: Preferred stock		0			0			0			0			79,195			0			79,195
Tangible shareholders' equity (e)		639,970			633,062			623,122			608,881			590,677			639,970			590,677
Total assets		6,250,225			6,154,500			6,583,635			6,548,896			6,657,593			6,250,225			6,657,593
Less:
Goodwill		(51,820	)		(51,820	)		(51,820	)		(51,820	)		(51,820	)		(51,820	)		(51,820	)
Intangible assets		(5,604	)		(6,049	)		(6,614	)		(7,058	)		(7,461	)		(5,604	)		(7,461	)
Ending tangible assets (f)		6,192,801			6,096,631			6,525,201			6,490,018			6,598,312			6,192,801			6,598,312
Risk-weighted assets (g)		3,687,224			3,595,295			3,628,978			3,715,280			3,903,566			3,687,224			3,903,566
Total average assets		6,270,480			6,408,479			6,621,021			6,647,541			6,840,393			6,485,632			4,734,809
Less:
Goodwill		(51,820	)		(51,820	)		(51,820	)		(51,820	)		(51,820	)		(51,820	)		(51,820	)
Intangible assets		(5,604	)		(6,049	)		(6,614	)		(7,058	)		(7,461	)		(5,604	)		(7,461	)
Average tangible assets (h)		6,213,056			6,350,610			6,562,587			6,588,663			6,781,112			6,428,208			4,675,528
Ending common shares outstanding (i)		58,064,977			58,057,934			58,062,655			57,833,969			51,433,821			58,064,977			51,433,821
Ratios
Return on average tangible common shareholders' equity (a)/(b)		8.87	%		9.87	%		11.64	%		6.89	%		9.82	%		9.35	%		66.17	%
Ending tangible common equity as a percent of:
Ending tangible assets (d)/(f)		10.33	%		10.38	%		9.55	%		9.38	%		7.75	%		10.33	%		7.75	%
Risk-weighted assets (d)/(g)		17.36	%		17.61	%		17.17	%		16.39	%		13.10	%		17.36	%		13.10	%
Average tangible common equity as a percent
of average tangible assets (b)/(h)		10.29	%		9.86	%		9.33	%		8.70	%		7.62	%		9.55	%		7.04	%
Tangible book value per common share (d)/(i)	$	11.02		$	10.90		$	10.73		$	10.53		$	9.94		$	11.02		$	9.94
Ending tangible shareholders' equity to
ending tangible assets (e)/(f)		10.33	%		10.38	%		9.55	%		9.38	%		8.95	%		10.33	%		8.95	%
Average tangible shareholders' equity to
average tangible assets (c)/(h)		10.29	%		9.86	%		9.33	%		9.42	%		8.78	%		9.73	%		8.71	%

First Financial Bancorp also provided electronic presentation slides on its web site used in connection with the earnings conference call. A copy of the electronic presentation slides is included in this Report as Exhibit 99.2.

First Financial Bancorp. does not intend for this Item 2.02 or Exhibits 99.1 or 99.2 to be treated as “filed” for purposes of the Securities Exchange Act of 1934, as amended, or incorporated by reference into its filings under the Securities Act of 1933, as amended.

Item 9.01 Exhibits.

(d) Exhibits:

The following exhibits shall not be deemed to be “filed” for purposes of the Securities Act.

99.1 First Financial Bancorp. Press Release dated January 26, 2011 – Furnished.

99.2 First Financial Bancorp. January 27, 2011 Earnings Call slides – Furnished.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FIRST FINANCIAL BANCORP.
By:	/s/ J. Franklin Hall
	J. Franklin Hall
	Executive Vice President and
	Chief Financial Officer

Date:  January 27, 2011

Form 8-K First Financial Bancorp.

Exhibit Index

Exhibit No.	Description
99.1	First Financial Bancorp. Press Release dated January 26, 2011.
99.2	First Financial Bancorp. January 27, 2011 Earnings Call slides.

EX-99.1

EXHIBIT 99.1

First Financial Bancorp Reports Fourth Quarter and Full Year

2010 Financial Results

Cincinnati, Ohio – January 26, 2011 – First Financial Bancorp (Nasdaq: FFBC) (“First Financial” or the “Company”) announced today financial and operational results for the fourth quarter 2010 and for the twelve month period ended December 31, 2010.

Fourth quarter 2010 net income and net income available to common shareholders were $14.3 million and earnings per diluted common share were $0.24.  This compares with third quarter 2010 net income and net income available to common shareholders of $15.6 million and earnings per diluted common share of $0.27 and fourth quarter 2009 net income of $13.8 million, net income available to common shareholders of $12.8 million and earnings per diluted common share of $0.25.

For the twelve month period ended December 31, 2010, net income was $59.3 million, net income available to common shareholders was $57.4 million and earnings per diluted common share were $0.99 as compared to net income of $221.3 million, net income available to common shareholders of $217.8 million and earnings per diluted common share of $4.78 for the twelve month period ended December 31, 2009.  Included in the financial results for 2009 was a pre-tax bargain purchase gain of $342.5 million recognized during the third quarter 2009 in connection with the Company’s FDIC-assisted transactions.

§ 81st consecutive quarter of profitability

§ Continued strong quarterly performance

­–	Quarterly return on average assets of 0.90%; full year return on average assets of 0.91%
–	Quarterly return on average shareholders’ equity of 8.14%; full year return on average shareholders’ equity of 8.68%
–	Quarterly return on risk-weighted assets of 1.54%; full year return on risk-weighted assets of 1.56%

§ Board of directors announces 20% increase in the quarterly dividend to $0.12 per share

–­ Earnings consistency provides capacity to support higher payout

­– Robust capital levels still allow ability to take advantage of strategic opportunities

§ Strong focus on sales leads to increases across business lines

­– Quarterly growth in commercial loans of 4.8%

­– Residential mortgage originations up 61% over third quarter

­– Strategic transaction and savings deposits increased 7.1% during the quarter

§ Capital ratios remain among industry leaders

­– Tangible common equity to tangible assets of 10.33%

­– Tier 1 capital ratio of 18.45%

­– Total risk-based capital of 19.72%

§ Quarterly net interest margin increased to 4.65%

­– Continued positive impact from runoff of retail and brokered certificates of deposit and disciplined pricing strategies

­– Full quarter impact of prepayment of FHLB advances

- 1 - -

§ Improved credit quality

–­ Total NPLs decreased 11.2% from the prior quarter to $70.6 million

­– Total NPAs decreased 9.5% from the prior quarter to $88.5 million

­– Net loan charge-offs related to uncovered loans increased to $9.8 million from $6.8 million for the linked quarter, but down 13.5% compared to December 31, 2009

­– Provision for uncovered loan losses of $9.7 million

§ Balance sheet risk continues to remain low

–­ FDIC loss share coverage on 34.5% of loan portfolio

­– 100% risk-weighted assets continue to represent less than 50% of balance sheet

Claude Davis, President and Chief Executive Officer, commented, “We ended the year with solid financial and operational performance.  2010 was a year in which we focused on the successful integration of our 2009 acquisitions and continued executing our strategic plan.  Evaluation of both our legacy franchise and the operations we acquired in 2009 is an ongoing process as we remain committed to making prudent decisions that focus on building shareholder value.

“The board of directors is pleased to announce an increase to the quarterly dividend by $0.02 to $0.12 per share.  Despite uncertainty related to future regulatory capital requirements, our strong capital levels continue to grow as a result of our earnings power.  We believe our capital position will remain at levels allowing us to take full advantage of growth opportunities in our strategic markets.

“During the fourth quarter, we also made progress in improving our level of nonperforming assets as NPAs to total assets decreased to 1.42% from 1.59% at the end of the third quarter.  We have seen improvement in the status of some of our previously stressed borrowers and our continued efforts to address problem credits have met with some success as we finalized resolution strategies on several nonperforming loans.  However, as the economy is still lagging, we remain vigilant in the monitoring of our portfolio.

“While prudent lending opportunities continue to be limited in our core markets, we were encouraged as new loan originations outpaced amortizations and paydowns for the first time in 2010.  Specifically, we saw modest growth in our commercial and commercial real estate portfolios and we remain confident that our client-oriented community bank business model will allow us to take advantage of a greater number of lending opportunities in 2011.”

- 2 - -

SECTION I – RESULTS OF OPERATIONS

NET INTEREST INCOME

Net interest income on a fully tax-equivalent basis for the fourth quarter 2010 was $68.1 million as compared to the third quarter 2010 and $73.5 million as compared to the year-over-year period.  Despite a lower level of average interest earning assets relative to the linked quarter and a decrease in interest earned on the FDIC indemnification asset, net interest income was impacted by a decrease in interest expense resulting from lower time and brokered deposit balances and the prepayment of FHLB advances during the third quarter 2010.  The decrease compared to the year-over-year quarter was driven by a 7.2% decline in average interest earning assets and a decline in the yield on earning assets, including a 154 bp reduction in the yield earned on investment securities.

For the twelve month period ended December 31, 2010, net interest income on a fully tax-equivalent basis was $276.4 million as compared to $177.2 million for the comparable period in 2009.  The increase of $99.2 million was driven by higher levels of average interest-earning assets and interest-bearing liabilities resulting from the 2009 acquisitions as well as a significant increase in the net interest margin.

NET INTEREST MARGIN

Net interest margin was 4.65% for the fourth quarter 2010 as compared to 4.59% for the third quarter 2010 and 4.65% for the fourth quarter 2009.  As in prior quarters, the net interest margin continued to be negatively impacted by the combination of normal amortization and paydowns in both the legacy and acquired loan portfolios and reduced loan demand in the Company’s strategic markets.  The Company did realize a full quarter of positive impact, however, related to the third quarter 2010 prepayment of $232 million of FHLB advances.  First Financial also used a portion of its liquidity to purchase $364.2 million of agency mortgage backed securities, which, when combined with prior quarters’ purchases, helped to offset the net effect of muted loan activity.  Additionally, net interest margin was positively impacted by the expected runoff of retail and brokered certificates of deposit and the lower earning asset base during the quarter.

Net interest margin was also affected by certain activity related to the acquired loan portfolio.  The majority of these loans are accounted for under ASC Topic 310-30 and, as such, the Company is required to periodically update its forecast of expected cash flows from these loans.  The Company recognized an improvement in the cash flow expectations related to certain loan pools, which is reflected as a yield adjustment on a prospective basis.  However, this yield improvement will be offset as the Company also recognized a decline in expected cash flows, and, hence, a lower prospective yield, related to the FDIC indemnification asset.

The following table shows the estimated yield earned by the Company on its legacy and originated loan portfolio, acquired loan portfolio and the FDIC indemnification asset for the three months ended December 31, 2010.

- 3 - -

Table I	For the Three Months Ended
	December 31, 2010
	Average
	Balance		Yield
Legacy and originated loan portfolio 1	$	2,949,524		5.36	%
Acquired loan portfolio accounted for under ASC Topic 310-30 2		1,406,311		10.29	%
FDIC indemnification asset 2		232,734		0.40	%
	$	4,588,569		6.59	%

1 Includes acquired revolving loans not accounted for under ASC Topic 310-30; yield estimated at time of origination

2 Future yield adjustments subject to change based on required, periodic valuation procedures

As part of its on-going valuation procedures, the Company experienced a $17.3 million net improvement in the cash flow expectations related to certain loan pools during the fourth quarter 2010.  As a result, the average yield earned on covered loans increased from 9.75% during the third quarter 2010 to 10.29% during the fourth quarter 2010.  On a prospective basis and until its next periodic valuation, the Company expects the yield on covered loans to be 10.41%.

This projected improvement in cash flow expectations on loans is offset by a related $13.6 million decline in cash flow expectations on the FDIC indemnification asset.  The net result of improvement and impairment (discussed in more detail in Section II) activity related to covered loans affected the average yield earned on the indemnification asset, decreasing from 3.91% during the third quarter 2010 to 0.40% during the fourth quarter 2010.  On a prospective basis and until its next periodic valuation, the Company expects the yield on the indemnification asset to be -0.76%.

Net interest margin for the twelve month period ended December 31, 2010 was 4.66% as compared to 4.05% for the twelve month period ended December 31, 2009.

NONINTEREST INCOME

The following table presents noninterest income for the three months ended December 31, September 30, June 30 and March 31, 2010 as well as for the twelve months ended December 31, 2010 highlighting the estimated impact of covered loan activity and other transition items on the Company’s reported balance.

Table II
										For the Twelve
	For the Three Months Ended									Months Ended
	December 31,		September 30,			June 30,		March 31,		December 31,
(Dollars in thousands)	2010		2010			2010		2010		2010
Total noninterest income	$	34,534	$	44,895		$	40,467	$	26,935	$	146,831
Significant components of noninterest income
Items likely to recur:
Accelerated discount on loan prepayments and dispositions 1, 2		6,113		9,448			7,408		6,098		29,067
FDIC loss sharing income		11,306		17,800			15,170		7,568		51,844
Other acquired-non-strategic income		527		44			475		80		1,126
Transition-related items		-		-			-		366		366
Items expected not to recur:
Gain on sale of insurance business		-		1,356			-		-		1,356
FDIC settlement and other items not expected to recur		551		(132	)		2,930		-		3,349
Total excluding items noted above	$	16,037	$	16,379		$	14,484	$	12,823	$	59,723

1 See Section II for additional information

2 Net of the corresponding valuation adjustment on the FDIC indemnification asset

- 4 - -

During the quarterly periods presented above, excluding reimbursements due from the FDIC resulting from loss share agreements, covered loan activity positively impacted noninterest income due to loan prepayments.  This activity is discussed in more detail in Section II.  There were no sales of covered loans or loans related to the Company’s franchise finance business during the fourth quarter 2010. Periodic sales of loans originated by the franchise finance unit may occur in future periods in order to mitigate credit and geographic concentration risk within the franchise portfolio.

Excluding the items highlighted in Table II, estimated noninterest income earned in the fourth quarter 2010 was $16.0 million as compared to $16.4 million in the third quarter 2010 and $14.5 million in the fourth quarter 2009.

For the twelve month period ended December 31, 2010, noninterest income totaled $146.8 million as compared to $404.7 million for the similar year-over-year period.  Excluding the items highlighted in Table II, the bargain purchase gain on the acquisitions recognized during the third quarter 2009, gains on sales of investments and the gain on sale of the property & casualty portion of the insurance business which occurred during the first quarter 2009, noninterest income was $59.7 million for the twelve month period ended December 31, 2010 as compared to $48.1 million for the twelve months ended December 31, 2009.  The increase in the comparable year-over-year quarter was driven primarily by higher service charges on deposit accounts resulting from an increase in transaction-based deposits and increased bankcard income as a result of the 2009 acquisitions as well as higher gains on sales of loans from increased mortgage origination activity.

NONINTEREST EXPENSE

The following table presents noninterest expense for the three months ended December 31, September 30, June 30 and March 31, 2010 as well as for the twelve months ended December 31, 2010 including the estimated effect of acquired-non-strategic operations, acquisition-related costs and other transition items.

Table III
									For the Twelve
	For the Three Months Ended								Months Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
(Dollars in thousands)	2010		2010		2010		2010		2010
Total noninterest expense	$	56,290	$	61,310	$	55,819	$	60,261	$	233,680
Significant components of noninterest expense
Items likely to recur:
Acquired-non-strategic operating expenses 1		4,052		566		1,270		2,201		8,089
Transition-related items 1		684		846		1,321		6,263		9,114
FDIC indemnification support		1,160		875		938		605		3,578
Items expected not to recur:
Acquisition-related costs 1		412		1,505		2,180		2,628		6,725
FHLB prepayment penalty		-		8,029		-		-		8,029
Other items not expected to recur		1,787		493		2,387		1,019		5,686
Total excluding items noted above	$	48,195	$	48,996	$	47,723	$	47,545	$	192,459

1 See Section II for additional information

- 5 - -

Similar to the first three quarters of 2010, noninterest expense during the fourth quarter 2010 continued to be affected by acquisition-related costs as well as other transition-related items and costs related to the Company’s acquired-non-strategic operations.  The increase in acquired-non-strategic operating expenses during the fourth quarter was partially attributable to the Company’s strategic decision to exit the Michigan and Louisville, KY markets and the reclassification of expenses associated with those locations.  Excluding the items highlighted in Table III, estimated noninterest expense in the fourth quarter 2010 was $48.2 million as compared to $49.0 million in the third quarter 2010 and $47.2 million in the fourth quarter 2009.

For the twelve month period ended December 31, 2010, noninterest expense totaled $233.7 million compared to $170.6 million for the comparable year-over-year period.  Excluding the items highlighted in Table III, acquisition-related and other non-recurring expenses incurred during the third quarter 2009, the FDIC special assessment and acquisition related expenses incurred during the second quarter 2009 and severance costs related to the first quarter 2009 sale of the property & casualty portion of the insurance business, noninterest expense was $192.5 million for the twelve month period ended December 31, 2010 as compared to $143.0 million for the twelve months ended December 31, 2009.  This increase of $49.5 million was primarily driven by higher salaries and employee benefits, occupancy costs, professional service fees, equipment expenses, marketing costs and data processing expenses resulting from the 2009 acquisitions.

While the technology and operational integration of Irwin and Peoples is complete, it is expected that wind-down costs related to acquired subsidiaries will continue through 2011.

INCOME TAXES

For the fourth quarter 2010, income tax expense was $8.1 million, resulting in an effective tax rate of 36.2%, compared with income tax expense of $8.8 million and an effective tax rate of 36.2% during the third quarter 2010 and $7.1 million and an effective tax rate of 34.0% during the comparable year-over-year period.

For the twelve month period ended December 31, 2010, income tax expense was $32.7 million, resulting in an effective tax rate of 35.6%, compared with income tax expense of $132.6 million and an effective tax rate of 37.5% for the twelve months ended December 31, 2009.

CREDIT QUALITY – EXCLUDING COVERED ASSETS

The following table presents certain credit quality metrics related to the Company’s uncovered loan portfolio as of December 31, 2010 and for the trailing four quarters.

- 6 - -

Table IV
	As of or for the Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
(Dollars in thousands)	2010			2010			2010			2010			2009
Total nonaccrual loans	$	62,302		$	66,157		$	66,671		$	66,869		$	71,657
Restructured loans		8,336			13,365			12,752			7,584			6,125
Total nonperforming loans		70,638			79,522			79,423			74,453			77,782
Total nonperforming assets		88,545			97,827			96,241			92,540			81,927
Nonperforming assets as a % of:
Period-end loans plus OREO		3.12	%		3.51	%		3.42	%		3.27	%		2.83	%
Total assets		1.42	%		1.59	%		1.46	%		1.41	%		1.23	%
Nonperforming loans as a % of total loans		2.51	%		2.88	%		2.84	%		2.65	%		2.69	%
Provision for loan and lease losses - uncovered	$	9,741		$	6,287		$	6,158		$	11,378		$	14,812
Allowance for uncovered loan & lease losses	$	57,235		$	57,249		$	57,811		$	56,642		$	59,311
Allowance for loan & lease losses as a % of:
Period-end loans		2.03	%		2.07	%		2.07	%		2.01	%		2.05	%
Nonaccrual loans		91.9	%		86.5	%		86.7	%		84.7	%		82.8	%
Nonperforming loans		81.0	%		72.0	%		72.8	%		76.1	%		76.3	%
Total net charge-offs	$	9,755		$	6,849		$	4,989		$	14,047		$	11,271
Annualized net-charge-offs as a % of average loans & leases		1.39	%		0.97	%		0.71	%		2.00	%		1.53	%

Net Charge-offs

Fourth quarter 2010 net charge-offs were $9.8 million, or 1.39% of average loans and leases, compared with $6.8 million, or 0.97%, for the linked quarter and $11.3 million, or 1.53%, for the comparable year-over-year quarter.  The increase compared to the linked quarter was driven by higher charge-offs in the commercial and home equity portfolios and a lower level of total recoveries, offset by lower charge-offs in the construction portfolio.  Included in the $5.1 million of gross charge-offs related to commercial loans was $3.8 million related to the resolution of one relationship which included the sale and charge-off of $7.7 million of previously reported restructured and nonaccrual loans.

For the twelve months ended December 31, 2010, net charge-offs were $35.6 million, or 1.27% of average loans and leases.  These amounts were impacted by the alleged fraudulent activity noted during the first quarter 2010 which totaled $8.8 million, representing 31 basis points of average loans and leases for the period.  Excluding the alleged fraudulent activity, net charge-offs were $26.8 million, or 0.96%, as compared to $32.6 million, or 1.16%, for the twelve month period ended December 31, 2009.

Nonperforming Assets

Nonperforming loans totaled $70.6 million and nonperforming assets totaled $88.5 million as of December 31, 2010 compared with $79.5 million and $97.8 million, respectively, for the linked quarter and $77.8 million and $81.9 million, respectively, for the comparable year-over-year quarter.  The decrease was driven primarily by a reduction in commercial nonaccrual loans of $3.6 million and a decrease of $5.0 million related to restructured loans.  As a result of continued efforts in identifying and resolving problem credits, improvements, resolutions and charge-off activity during the quarter outpaced additions to nonperforming assets.

Total classified assets decreased $10.4 million during the fourth quarter 2010 to $202.1 million.  Classified assets are defined by the Company as nonperforming assets plus performing loans internally rated substandard or worse.  The decrease was due to the finalization of resolution strategies on several problem credits.  All credits included in classified assets are monitored closely and have workout strategies in place should their status continue to deteriorate.

- 7 - -

As mentioned earlier, the Company continues to aggressively identify and resolve problem credits with some signs of effectiveness as the level of nonperforming assets improved during the quarter.  However, the deterioration of one or two larger credits could result in nonperforming assets returning to previous levels.  As a result, all larger credit relationships are closely monitored in order to mitigate potential losses should increased stress become evident.  With regard to consumer-oriented loan portfolios, the Company continues to experience stress given the prolonged depressed economic environment and current unemployment levels.

Delinquent Loans

Loans 30-to-89 days past due totaled $22.3 million, or 0.79% of period end loans, as of December 31, 2010.  This compares to $45.1 million, or 1.63%, as of September 30, 2010 and $19.1 million, or 0.66%, as of December 31, 2009.  The decrease compared to the linked quarter resulted from the resolution of several large multi-family loans.

Provision for Loan & Lease Losses

Fourth quarter 2010 provision expense related to uncovered loans and leases was $9.7 million as compared to $6.3 million during the linked quarter and $14.8 million during the comparable year-over-year quarter.  As a percentage of net charge-offs, fourth quarter 2010 provision expense was 99.9% compared to 91.8% during the third quarter 2010 and 131.4% during the fourth quarter 2009.

Allowance for Loan & Lease Losses

As of the end of the fourth quarter 2010, the allowance for uncovered loan and lease losses was $57.2 million as compared to $57.2 million as of September 30, 2010 and $59.3 million as of December 31, 2009.  As a percentage of period-end loans, the allowance for loan and lease losses was 2.03% as of December 31, 2010 as compared to 2.07% as of September 30, 2010 and 2.05% as of December 31, 2009.  The allowance for loan and lease losses as of December 31, 2010 reflects management’s estimate of credit risk inherent in the Company’s uncovered loan portfolio at that time.

LOANS (EXCLUDING COVERED LOANS)

The following table presents the loan portfolio, not including covered loans, as of December 31, 2010, September 30, 2010 and December 31, 2009.

- 8 - -

Table V
	As of
	December 31, 2010					September 30, 2010					December 31, 2009
			Percent					Percent					Percent
(Dollars in thousands)	Balance		of Total			Balance		of Total			Balance		of Total
Commercial	$	800,253		28.4	%	$	763,449		27.6	%	$	800,261		27.6	%
Real estate - construction		163,543		5.8	%		178,914		6.5	%		253,223		8.7	%
Real estate - commercial		1,139,931		40.5	%		1,095,543		39.6	%		1,079,628		37.3	%
Real estate - residential		269,173		9.6	%		283,914		10.3	%		321,047		11.1	%
Installment		69,711		2.5	%		73,138		2.6	%		82,989		2.9	%
Home equity		341,310		12.1	%		341,288		12.3	%		328,940		11.4	%
Credit card		29,563		1.0	%		28,825		1.0	%		29,027		1.0	%
Lease financing		2,609		0.1	%		138		0.0	%		14		0.0	%
Total	$	2,816,093		100.0	%	$	2,765,209		100.0	%	$	2,895,129		100.0	%

Loans, excluding covered loans, totaled $2.8 billion at the end of the fourth quarter, representing an increase of $50.9 million, or 1.8%, compared to September 30, 2010 and a decrease of $79.0 million, or 2.7%, compared to December 31, 2009.  As compared to the linked quarter, the composition of the loan portfolio remained similar to the linked quarter with net loan growth occurring in the commercial and commercial real estate portfolios offset by decreases in the construction and residential real estate portfolios.  While the Company did experience modest growth in the portfolio during the fourth quarter, loan demand continues to remain slow in the Company’s strategic operating markets.

INVESTMENTS

The following table presents a summary of the total investment portfolio at December 31, 2010.

Table VI
	As of December 31, 2010
	Book		Percent of			Book		Cost		Market		Gain/
(Dollars in thousands)	Value		Total			Yield		Basis		Value		(Loss)
U.S. Treasury notes	$	13,959		1.4	%		2.03		99.71		102.37	$	372
Agencies		105,985		10.4	%		2.76		100.00		100.91		957
CMOs (agency)		336,458		33.1	%		1.51		100.35		100.76		1,355
CMOs (private)		44		0.0	%		0.95		100.00		100.39		0
MBSs (agency)		452,366		44.6	%		3.56		102.18		104.85		11,532
		908,812		89.5	%		2.68		101.21		102.80		14,216
Municipal		17,479		1.7	%		7.19		99.22		101.52		401
Other 1		88,914		8.8	%		3.08		102.37		103.07		608
		106,393		10.5	%		3.75		101.85		102.81		1,009
Total investment portfolio	$	1,015,205		100.0	%		2.79		101.28		102.80	$	15,225
			Net Unrealized Gain/(Loss)									$	15,225
			Aggregate Gains										17,970
			Aggregate Losses										(2,745	)
			Net Unrealized Gain/(Loss) % of Book Value										1.50	%

1 Other includes $78.7 million of regulatory stock

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The increase in the investment portfolio relative to the linked quarter was due to the purchase of $364.2 million of GNMA, FNMA and FHLMC mortgage backed securities during the quarter, net of maturities and amortizations.  While loan demand remains muted, the Company continues to selectively redeploy a portion of its cash position to purchase investments as market conditions permit.  Future purchases will be made utilizing the same discipline and portfolio management philosophy applied in the past, including avoidance of material credit risk and geographic concentration risk within mortgage-backed securities, while also balancing the Company’s overall asset / liability management objectives.

DEPOSITS

The following table presents a roll-forward of deposit activity during the fourth quarter 2010, including activity related to deposits acquired through the FDIC-assisted transactions.

Table VII
	Deposit Activity - Fourth Quarter 2010
	Balance as of					Acquired-			Balance as of
	September 30,		Strategic			Non-Strategic			December 31,
(Dollars in thousands)	2010		Portfolio			Portfolio			2010
Transaction and savings accounts	$	3,120,611		212,149			18,646		$	3,351,406
Time deposits		1,742,059		(57,961	)		(21,757	)		1,662,341
Brokered deposits		188,593		(3,636	)		(52,455	)		132,502
Total deposits	$	5,051,263	$	150,552		$	(55,566	)	$	5,146,249

During the fourth quarter 2010, the Company announced its intent to exit the Michigan and Louisville, KY markets acquired as part of the Irwin transaction.   As such, the deposits associated with these locations are now classified as acquired-non-strategic.

Strategic transaction and savings accounts increased $212.1 million during the fourth quarter 2010, driven by $130.9 million of seasonal growth in public funds accounts and an increase of $80.1 million in retail transactional and savings accounts.  Average interest-bearing transaction balances and savings accounts increased 5.6% and 5.5%, respectively, during the fourth quarter 2010 as compared to the linked quarter.  Similar to prior quarters’, acquired-non-strategic time deposit and brokered deposit balances continued to decline.  As of December 31, 2010, brokered deposits had declined to less than 3% of total deposits.

CAPITAL MANAGEMENT

The following table presents First Financial’s preliminary regulatory and other capital ratios as of December 31, 2010, September 30, 2010 and December 31, 2009.  Prior period amounts have been revised to reflect the purchase accounting adjustments discussed in Acquisitions in Section II below.

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Table VIII
	As of
	December 31,			September 30,			December 31,			"Well-Capitalized"
	2010			2010			2009			Minimum
Leverage Ratio		10.89	%		10.50	%		9.24	%		5.00	%
Tier 1 Capital Ratio		18.45	%		18.64	%		16.11	%		6.00	%
Total Risk-Based Capital Ratio		19.72	%		19.91	%		17.37	%		10.00	%
Ending tangible shareholders' equity to ending tangible assets		10.33	%		10.38	%		8.95	%		N/A
Ending tangible common shareholders' equity to ending tangible assets		10.33	%		10.38	%		7.75	%		N/A

Capital levels remained relatively consistent during the fourth quarter 2010 as compared to the linked quarter.  As of December 31, 2010, tangible book value per common share was $11.02 compared to $10.90 as of September 30, 2010 and $9.94 as of December 31, 2009.

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SECTION II – SUPPLEMENTAL INFORMATION ON COVERED ASSETS AND ACQUISITION-RELATED ITEMS

To assist in analyzing the effect of the 2009 FDIC assisted transactions on the financial results, supplemental information that segregates the estimated impact on pre-tax earnings of certain acquisition-related items and provides additional detail on the covered loan portfolio follows.

SUMMARY OF SIGNIFICANT ACQUISITION-RELATED ITEMS

The following table illustrates the estimated effect of certain acquisition-related items on the results of operations for the three months ended December 31, September 30, June 30 and March 31, 2010 as well as for the twelve months ended December 31, 2010.

Table IX
												For the Twelve
	For the Three Months Ended											Months Ended
	December 31,		September 30,			June 30,			March 31,			December 31,
(Dollars in thousands)	2010		2010			2010			2010			2010
Income effect:
Accelerated discount on loan prepayments and dispositions 1, 2	$	6,113	$	9,448		$	7,408		$	6,098		$	29,067
Acquired-non-strategic net interest income		9,937		10,586			10,207			10,854			41,584
FDIC loss sharing income		11,306		17,800			15,170			7,568			51,844
Service charges on deposit accounts related to acquired-non-strategic operations		196		168			130			230			724
Other income related to acquired-non-strategic operations		331		(124	)		346			(150	)		403
Income related to the accelerated discount on loan prepayments and dispositions and acquired-non-strategic operations		27,883		37,878			33,261			24,600			123,622
Expense effect:
Provision for loan and lease losses - covered		13,997		20,725			18,962			9,460			63,144
Acquired-non-strategic operating expenses: 3
Salaries and employee benefits		820		13			29			122			984
Occupancy		161		91			542			1,415			2,209
Other		3,071		462			699			664			4,896
Total acquired-non-strategic operating expenses		4,052		566			1,270			2,201			8,089
FDIC indemnification support 3		1,160		875			938			605			3,578
Loss share expense		616		-			-			-			616
Acquisition-related costs: 3
Integration-related costs		9		(102	)		720			999			1,626
Professional services fees		396		1,174			1,436			1,457			4,463
Other		7		433			24			172			636
Total acquisition-related costs		412		1,505			2,180			2,628			6,725
Transition-related items: 3
Salaries and benefits		176		796			1,843			4,776			7,591
Occupancy		172		50			(522	)		910			610
Other		336		-			-			577			913
Total transition-related items		684		846			1,321			6,263			9,114
Total expense effect		20,921		24,517			24,671			21,157			91,266
Total estimated effect on pre-tax earnings	$	6,962	$	13,361		$	8,590		$	3,443		$	32,356

1 Included in noninterest income

2 Net of the corresponding valuation adjustment on the FDIC indemnification asset

3 Included in noninterest expense

ACCERLERATED DISCOUNT ON LOAN PREPAYMENTS AND DISPOSITIONS

During the fourth quarter, First Financial recognized approximately $6.1 million in accelerated discount recognition from acquired loans.  Accelerated discount is recognized when acquired loans, which are recorded on First Financials balance sheet at an amount less than the unpaid principal balance, prepay at an amount greater than the recorded book value.  Prepayments can occur either through customer driven payments before the maturity date or loan sales.  The amount of discount attributable to the credit loss content in each loan varies and the recognized amount is offset by a related reduction in the FDIC Indemnification Asset.

- 12 - -

The Company did not conduct any material loan sales involving either acquired-non-strategic loans or loans originated by its franchise finance unit during the fourth quarter 2010.  All accelerated discount revenue recognized during the fourth quarter pertained to covered loan prepayments.

For the full year 2010, First Financial sold $47.7 million of loans, consisting of $24.5 million of acquired-non-strategic western market covered loans and $23.2 million of loans related to the franchise finance unit.  As a result of these loan sales, the Company recognized $2.3 million related to the accelerated discount during 2010.  The remaining $26.8 million of accelerated discount resulted from loan prepayments.

When losses are incurred on covered loans that exceed expectations, the Company recognizes the gross credit losses in excess of the valuation mark as provision expense.  Reimbursements due from the FDIC under loss share agreements related to these credit losses are recorded as noninterest income.  The impact on earnings of this offsetting activity is shown above as the net effect of the gross up of credit losses and FDIC reimbursement, representing the Company’s proportionate share of the credit losses realized on covered loans.

COVERED ASSETS & LOSS SHARE AGREEMENTS

As of December 31, 2010, 34.5% of the Company’s total loans were covered loans.  As required under the loss-share arrangements, First Financial must file monthly certifications with the FDIC on single-family residential loans and quarterly certifications on all other loans.  To date, all certifications have been filed in a timely manner and without significant issues.

COVERED LOAN PORTFOLIO

The following table presents estimated activity in the covered loan portfolio by loan type during the fourth quarter 2010.

Table X
	Covered Loan Activity - Fourth Quarter 2010
			Reduction in Balance Due to:
	September 30,				Prepayments /		Contractual					Loans With		December 31,
(Dollars in thousands)	2010		Loan Sales		Renewals		Activity 1			Charge-Offs 2		Coverage Removed		2010
Commercial	$	386,593	$	-	$	25,446	$	25,618		$	795	$	695	$	334,039
Real estate - construction		59,803		-		255		16,150			655		-		42,743
Real estate - commercial		897,388		-		27,321		4,452			5,708		4,182		855,725
Real estate - residential		236,292		-		13,341		492			1,712		-		220,747
Installment		21,863		-		1,197		(886	)		481		-		21,071
Other covered loans		7,645		-		-		477			-		-		7,168
Total covered loans	$	1,609,584	$	-	$	67,560	$	46,303		$	9,351	$	4,877	$	1,481,493

1 Includes partial paydowns, accretion of the valuation discount and advances on revolving loans

2 Indemnified at 80% from the FDIC

During the fourth quarter 2010, the total balance of covered loans decreased $128.1 million, or 8.0%, as compared to the previous quarter.  The decrease was driven primarily by prepayments and renewals of $67.6 million, or 4.2% of the quarterly decline, and contractual payments of $46.3 million, or 2.9% of the quarterly decline.

- 13 - -

ALLOWANCE FOR LOAN LOSSES

Under the applicable accounting guidance, the allowance for loan losses related to covered loans as a result of impairment identified in on-going valuation procedures is generally recognized in the current period as provision expense.  Improvement in the credit outlook is generally not recognized immediately but instead is reflected as an adjustment to the yield earned on the related loan pools on a prospective basis.  However, if improvement is noted in a loan pool that had previously experienced impairment, the amount of improvement is recognized as a reduction to the applicable period’s provision expense.  Additional improvement beyond previously recorded impairment is reflected as a yield adjustment on a prospective basis.  The timing inherent in this accounting treatment may result in earnings volatility in future periods.

The Company established an allowance for loan losses associated with covered loans during 2010 based on estimated valuation procedures performed during the period.  During the fourth quarter 2010, the Company updated its estimated valuation related to these loans.  As a result of net impairment identified in certain loan pools of $4.9 million and net charge-offs of $9.1 million, it recognized a provision expense related to covered loans of $14.0 million, resulting in an allowance for covered loan losses of $16.5 million as of December 31, 2010.  The related receivable due from the FDIC under loss share agreements related to these loans of $11.3 million was recognized as FDIC loss share income and a corresponding increase to the FDIC indemnification asset.

For the twelve month period ended December 31, 2010, the Company recognized $63.1 million of provision expense related to covered loans and realized net charge-offs of $46.7 million.  The related receivable due from the FDIC under loss share agreements for the full year 2010, recognized as FDIC loss share income, totaled $51.8 million.

- 14 - -

DETAILS OF RESULTS

The results of the comparable periods in 2010 and 2009 were impacted by a number of acquisition-related items.  During the third quarter 2009, through FDIC-assisted transactions, First Financial assumed the banking operations of Peoples Community Bank (“Peoples”), Irwin Union Bank and Trust Company and Irwin Union Bank, F.S.B. (collectively, “Irwin”).

In connection with the FDIC-assisted transactions, the Company has loss sharing arrangements with the FDIC.  Under the terms of these agreements, the FDIC will reimburse the Company for losses with respect to certain loans (“covered loans”) and other real estate owned (“OREO”) (collectively, “covered assets”).

As a result of the acquisitions, the Company’s business and operating markets expanded significantly.  To assist readers in understanding the financial and strategic impact of the acquisitions, the combined operations of First Financial’s legacy and acquired businesses will be discussed in three categories: “Legacy-Strategic”, “Acquired-Strategic” and “Acquired-Non-Strategic”.  Additional disclosures have been added in a separate section of the earnings release that segregate the effect acquisition-related items have on certain reported income statement and balance sheet amounts, “Section II – Supplemental Information on Covered Assets and Acquisition-Related Items”.  Definitions of the business categories and other financial items related to the acquisitions can be found below in “Glossary of Terms”.

In an effort to simplify and clarify the financial performance of First Financial, a number of significant items are noted separately throughout this release and will address the nature, timing and expected recurrence of each item.  Available on the Company’s website at www.bankatfirst.com is a presentation providing supplemental information regarding its quarterly results.

Glossary of Terms

To assist readers in understanding the Company’s financial results and the effect of the acquisitions on reported amounts, the following terms are used throughout this release to refer to specific acquisition-related items. The first three define the business components referred to above and the remaining items define specific covered loan terminology.

Legacy-strategic – Elements of the business that existed prior to the acquisitions and will continue to be supported.

Acquired-strategic – Elements of the business that the Company intends to retain and will continue to support and build. Legacy-strategic and acquired-strategic are collectively referred to as “strategic.”

Acquired-non-strategic – Elements of the business that the Company intends to exit but will continue to support to obtain maximum economic value. No growth or replacement is expected.

Accelerated discount on loan prepayments and dispositions – The acceleration of the unrealized valuation discount. This item will be ongoing but diminishing as covered loan balances decline over time.

UPB – Unpaid principal balance

Carrying value – The unpaid principal balance of a covered loan less any valuation discount.

Unless otherwise noted, all amounts discussed in this earnings release are pre-tax except net income and per-share data which are presented after-tax. Percentage changes are not annualized unless specifically noted. In some instances, financial data may not add up due to rounding.

- 15 - -

ACQUISITIONS

Subsequent Events

The Irwin and Peoples acquisitions were considered business combinations and accounted for under FASB Codification Topic 805: Business Combinations, FASB Codification Topic 820: Fair Value Measurements, FASB Codification Topic 310-30: Loans and Debt Securities Acquired with Deteriorated Credit Quality and FASB Codification Topic 310-20: Receivables – Nonrefundable Fees and Costs.  All acquired assets and liabilities, including identifiable intangible assets, were recorded at their estimated fair values as of the date of acquisition.

Purchase Accounting Adjustments

When additional information arises subsequent to the acquisition date and within one year, the Company is permitted to record adjustments to the initial purchase entries.  The one year period for such adjustments related to the 2009 acquisitions expired at the end of the third quarter 2010.  Such items recorded by the Company within the one year period represent the final valuation adjustments allowable under the applicable accounting guidance and impacted reported amounts for 2009 only.

The most significant purchase accounting adjustments pertained to items affecting the gain on acquisitions originally reported during the third quarter 2009.  These items, all of which were associated with the Irwin transaction, were related to the valuation of the indemnification asset, valuation of loans acquired and fair value adjustments for other assets primarily related to the establishment of valuation allowances for certain assets of and investments in subsidiaries as well as other community reinvestment related assets.  The total impact of these adjustments was a decrease in the originally reported pre-tax gain of $383.3 million to $342.5 million.

- 16 - -

Teleconference / Webcast Information

First Financial’s senior management will host a conference call to discuss the Company’s financial and operating results on Thursday, January 27, 2011 at 9:00 a.m.  Members of the public who would like to listen to the conference call should dial (877) 317-6789 (U.S. toll free), (866) 605-3852 (Canada toll free) or +1 (412) 317-6789 (International) (no passcode required).  The number should be dialed five to ten minutes prior to the start of the conference call.  The conference call will also be accessible as an audio webcast via the Investor Relations section of the Company’s website at www.bankatfirst.com.  A replay of the conference call will be available beginning one hour after the completion of the live call through February 11, 2011 at (877) 344-7529 (U.S. toll free) and +1 (412) 317-0088 (International); conference number 447697.  The webcast will be archived on the Investor Relations section of the Company’s website through January 26, 2012.

Press Release and Additional Information on Website

This press release as well as supplemental information related to this release is available to the public through the Investor Relations section of First Financial’s website at www.bankatfirst.com/investor.

Forward-Looking Statement

Certain statements contained in this news release which are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act (the ‘‘Act’’).  In addition, certain statements in future filings by First Financial with the SEC, in press releases, and in oral and written statements made by or with the approval of First Financial which are not statements of historical fact constitute forward-looking statements within the meaning of the Act.  Examples of forward-looking statements include, but are not limited to, projections of revenues, income or loss, earnings or loss per share, the payment or non-payment of dividends, capital structure and other financial items, statements of plans and objectives of First Financial or its management or board of directors, and statements of future economic performances and statements of assumptions underlying such statements.  Words such as ‘‘believes’’, ‘‘anticipates’’, ‘‘likely’’, ‘‘expected’’, ‘‘intends’’, and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.  Management’s analysis contains forward-looking statements that are provided to assist in the understanding of anticipated future financial performance.  However, such performance involves risks and uncertainties that may cause actual results to differ materially.  Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:

§ management’s ability to effectively execute its business plan;

§ the risk that the strength of the United States economy in general and the strength of the local economies in which we conduct operations may continue to deteriorate resulting in, among other things, a further deterioration in credit quality or a reduced demand for credit, including the resultant effect on our loan portfolio, allowance for loan and lease losses and overall financial performance;

§ the ability of financial institutions to access sources of liquidity at a reasonable cost;

§ the impact of recent upheaval in the financial markets and the effectiveness of domestic and international governmental actions taken in response, such as the U.S. Treasury’s TARP and the FDIC’s Temporary Liquidity Guarantee Program, and the effect of such governmental actions on us, our competitors and counterparties, financial markets generally and availability of credit specifically, and the U.S. and international economies, including potentially higher FDIC premiums arising from increased payments from FDIC insurance funds as a result of depository institution failures;

§ the effect of and changes in policies and laws or regulatory agencies (notably the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act);

§ inflation and possible changes in interest rates;

§ our ability to keep up with technological changes;

§ mergers and acquisitions, including costs or difficulties related to the integration of acquired companies and the wind-down of non-strategic operations that may be greater than expected;

§ the risk that exploring merger and acquisition opportunities may detract from management’s time and ability to successfully manage our company;

§ expected cost savings in connection with the consolidation of recent acquisitions may not be fully realized or realized within the expected time frames, and deposit attrition, customer loss and revenue loss following completed acquisitions may be greater than expected;

§ our ability to increase market share and control expenses;

§ the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies as well as the Financial Accounting Standards Board and the SEC;

§ adverse changes in the securities and debt markets;

- 17 - -

§ our success in recruiting and retaining the necessary personnel to support business growth and expansion and maintain sufficient expertise to support increasingly complex products and services;

§ monetary and fiscal policies of the Board of Governors of the Federal Reserve System (Federal Reserve) and the U.S. government and other governmental initiatives affecting the financial services industry;

§ our ability to manage loan delinquency and charge-off rates and changes in estimation of the adequacy of the allowance for loan losses; and

§ the costs and effects of litigation and of unexpected or adverse outcomes in such litigation.

In addition, please refer to our Annual Report on Form 10-K for the year ended December 31, 2009, as well as our other filings with the SEC, for a more detailed discussion of these risks and uncertainties and other factors. Such forward-looking statements are meaningful only on the date when such statements are made, and First Financial undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such a statement is made to reflect the occurrence of unanticipated events.

About First Financial Bancorp

First Financial Bancorp is a Cincinnati, Ohio based bank holding company.  As of December 31, 2010, the Company had $6.3 billion in assets, $4.3 billion in loans, $5.1 billion in deposits and $697 million in shareholders’ equity.  The Company’s subsidiary, First Financial Bank, N.A., founded in 1863, provides banking and financial services products through its three lines of business: commercial, retail and wealth management.  The commercial and retail units provide traditional banking services to business and consumer clients.  First Financial Wealth Management provides wealth planning, portfolio management, trust and estate, brokerage and retirement plan services and had approximately $2.3 billion in assets under management as of December 31, 2010.  The Company’s strategic operating markets are located in Ohio, Indiana and Kentucky where it operates 108 banking centers across 70 communities.  Additional information about the Company, including its products, services and banking locations is available at www.bankatfirst.com.

Contact Information
Investors/Analysts	Media
Kenneth Lovik	Cheryl Lipp
Vice President, Investor Relations and	First Vice President, Director of Communications
Corporate Development	(513) 979-5797
(513) 979-5837	cheryl.lipp@bankatfirst.com
kenneth.lovik@bankatfirst.com

- 18 - -

Selected Financial Information

December 31, 2010

(unaudited)

Contents	Page
Consolidated Financial Highlights	2
Consolidated Statements of Income	3
Consolidated Quarterly Statements of Income	4 – 5
Consolidated Statements of Condition	6
Average Consolidated Statements of Condition	7
Net Interest Margin Rate / Volume Analysis	8 – 9
Credit Quality	10
Capital Adequacy	11

FIRST FINANCIAL BANCORP.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Dollars in thousands, except per share)

(Unaudited)

	Three months ended,															Twelve months ended
	Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Dec. 31,
	2010			2010			2010			2010			2009			2010			2009
RESULTS OF OPERATIONS
Net income	$	14,300		$	15,579		$	17,774		$	11,598		$	13,795		$	59,251		$	221,337
Net income available to common shareholders	$	14,300		$	15,579		$	17,774		$	9,733		$	12,795		$	57,386		$	217,759
Net earnings per common share - basic	$	0.25		$	0.27		$	0.31		$	0.18		$	0.25		$	1.01		$	4.84
Net earnings per common share - diluted	$	0.24		$	0.27		$	0.30		$	0.17		$	0.25		$	0.99		$	4.78
Dividends declared per common share	$	0.10		$	0.10		$	0.10		$	0.10		$	0.10		$	0.40		$	0.40
KEY FINANCIAL RATIOS
Return on average assets		0.90	%		0.96	%		1.08	%		0.71	%		0.80	%		0.91	%		4.67	%
Return on average shareholders' equity		8.14	%		9.03	%		10.62	%		6.92	%		8.36	%		8.68	%		47.44	%
Return on average common shareholders' equity		8.14	%		9.03	%		10.62	%		6.25	%		8.81	%		8.55	%		56.07	%
Return on average tangible common shareholders' equity		8.87	%		9.87	%		11.64	%		6.89	%		9.82	%		9.35	%		66.17	%
Net interest margin		4.65	%		4.59	%		4.53	%		4.89	%		4.65	%		4.66	%		4.05	%
Net interest margin (fully tax equivalent) (1)		4.67	%		4.60	%		4.54	%		4.91	%		4.67	%		4.68	%		4.08	%
Ending equity as a percent of ending assets		11.16	%		11.23	%		10.35	%		10.20	%		9.76	%		11.16	%		9.76	%
Ending common equity as a percent of ending assets		11.16	%		11.23	%		10.35	%		10.20	%		8.57	%		11.16	%		8.57	%
Ending tangible common equity as a percent of:
Ending tangible assets		10.33	%		10.38	%		9.55	%		9.38	%		7.75	%		10.33	%		7.75	%
Risk-weighted assets		17.36	%		17.61	%		17.17	%		16.39	%		13.10	%		17.36	%		13.10	%
Average equity as a percent of average assets		11.12	%		10.68	%		10.14	%		10.22	%		9.57	%		10.53	%		9.85	%
Average common equity as a percent of average assets		11.12	%		10.68	%		10.14	%		9.51	%		8.42	%		10.35	%		8.20	%
Average tangible common equity as a percent of average tangible assets		10.29	%		9.86	%		9.33	%		8.70	%		7.62	%		9.55	%		7.04	%
Book value per common share	$	12.01		$	11.90		$	11.74		$	11.55		$	11.10		$	12.01		$	11.10
Tangible book value per common share	$	11.02		$	10.90		$	10.73		$	10.53		$	9.94		$	11.02		$	9.94
Tier 1 Ratio (2)		18.45	%		18.64	%		18.15	%		17.37	%		16.11	%		18.45	%		16.11	%
Total Capital Ratio (2)		19.72	%		19.91	%		19.42	%		18.64	%		17.37	%		19.72	%		17.37	%
Leverage Ratio (2)		10.89	%		10.50	%		9.99	%		9.76	%		9.24	%		10.89	%		9.24	%
AVERAGE BALANCE SHEET ITEMS
Loans (3)	$	2,804,832		$	2,805,764		$	2,806,616		$	2,849,562		$	2,929,850		$	2,816,541		$	2,820,201
Covered loans and FDIC indemnification asset		1,783,737			1,886,750			2,041,820			2,168,407			2,254,989			1,968,896			703,562
Investment securities		798,135			691,700			597,991			558,595			608,952			662,344			667,843
Interest-bearing deposits with other banks		405,920			483,097			554,333			394,741			447,999			459,618			151,198
Total earning assets	$	5,792,624		$	5,867,311		$	6,000,760		$	5,971,305		$	6,241,790		$	5,907,399		$	4,342,804
Total assets	$	6,270,480		$	6,408,479		$	6,621,021		$	6,647,541		$	6,840,393		$	6,485,632		$	4,734,809
Noninterest-bearing deposits	$	741,343		$	721,501		$	740,011		$	774,393		$	840,314		$	744,159		$	539,336
Interest-bearing deposits		4,438,113			4,448,929			4,570,971			4,544,471			4,710,167			4,500,188			3,171,496
Total deposits	$	5,179,456		$	5,170,430		$	5,310,982		$	5,318,864		$	5,550,481		$	5,244,347		$	3,710,832
Borrowings	$	213,107		$	352,370		$	447,945		$	458,876		$	471,916		$	367,358		$	489,109
Shareholders' equity	$	697,016		$	684,112		$	671,051		$	679,567		$	654,631		$	682,987		$	466,610
CREDIT QUALITY RATIOS (excluding covered assets)
Allowance to ending loans		2.03	%		2.07	%		2.07	%		2.01	%		2.05	%		2.03	%		2.05	%
Allowance to nonaccrual loans		91.87	%		86.54	%		86.71	%		84.71	%		82.77	%		91.87	%		82.77	%
Allowance to nonperforming loans		81.03	%		71.99	%		72.79	%		76.08	%		76.25	%		81.03	%		76.25	%
Nonperforming loans to total loans		2.51	%		2.88	%		2.84	%		2.65	%		2.69	%		2.51	%		2.69	%
Nonperforming assets to ending loans, plus OREO		3.12	%		3.51	%		3.42	%		3.27	%		2.83	%		3.12	%		2.83	%
Nonperforming assets to total assets		1.42	%		1.59	%		1.46	%		1.41	%		1.23	%		1.42	%		1.23	%
Net charge-offs to average loans (annualized)		1.39	%		0.97	%		0.71	%		2.00	%		1.53	%		1.27	%		1.16	%

(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 35% tax rate.  Management believes that it is a standard practice in the banking industry to present net interest margin and net interest income on a fully tax equivalent basis.  Therefore, management believes, these measures provide useful information to investors by allowing them to make peer comparisons.  Management also uses these measures to make peer comparisons.

(2) December 31, 2010 regulatory capital ratios are preliminary.

(3) Includes loans held for sale.

-2-

FIRST FINANCIAL BANCORP.

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share)

(Unaudited)

	Three months ended,									Twelve months ended,
	Dec. 31,									Dec. 31,
	2010			2009			% Change			2010			2009			% Change
Interest income
Loans, including fees	$	75,836		$	81,471			(6.9	)%	$	306,075		$	195,917			56.2	%
Investment securities
Taxable		5,522			6,422			(14.0	)%		21,748			29,376			(26.0	)%
Tax-exempt		214			320			(33.1	)%		934			1,492			(37.4	)%
Total investment securities interest		5,736			6,742			(14.9	)%		22,682			30,868			(26.5	)%
Other earning assets		749			5,132			(85.4	)%		14,745			6,443			128.9	%
Total interest income		82,321			93,345			(11.8	)%		343,502			233,228			47.3	%
Interest expense
Deposits		12,923			17,207			(24.9	)%		58,336			47,580			22.6	%
Short-term borrowings		33			23			43.5	%		94			1,318			(92.9	)%
Long-term borrowings		1,194			2,611			(54.3	)%		8,341			7,145			16.7	%
Subordinated debentures and capital securities		265			322			(17.7	)%		1,221			1,202			1.6	%
Total interest expense		14,415			20,163			(28.5	)%		67,992			57,245			18.8	%
Net interest income		67,906			73,182			(7.2	)%		275,510			175,983			56.6	%
Provision for loan and lease losses - uncovered		9,741			14,812			(34.2	)%		33,564			56,084			(40.2	)%
Provision for loan and lease losses - covered		13,997			0			N/M			63,144			0			N/M
Net interest income after provision for loan and lease losses		44,168			58,370			(24.3	)%		178,802			119,899			49.1	%
Noninterest income
Service charges on deposit accounts		5,090			5,886			(13.5	)%		22,188			19,662			12.8	%
Trust and wealth management fees		3,283			3,584			(8.4	)%		13,862			13,465			2.9	%
Bankcard income		2,255			1,869			20.7	%		8,518			5,961			42.9	%
Net gains from sales of loans		1,241			341			263.9	%		4,632			1,196			287.3	%
Gains on sales of investment securities		0			0			N/M			0			3,349			(100.0	)%
Gain on acquisition		0			0			N/M			0			342,494			(100.0	)%
FDIC loss sharing income		11,306			0			N/M			51,844			0			N/M
Accelerated discount on covered loans		6,113			8,215			(25.6	)%		29,067			8,601			237.9	%
(Loss) Income on preferred securities		0			(138	)		(100.0	)%		(30	)		139			(121.6	)%
Other		5,246			4,392			19.4	%		16,750			9,848			70.1	%
Total noninterest income		34,534			24,149			43.0	%		146,831			404,715			(63.7	)%
Noninterest expenses
Salaries and employee benefits		28,819			30,141			(4.4	)%		117,363			86,068			36.4	%
Net occupancy		4,430			7,290			(39.2	)%		22,555			16,202			39.2	%
Furniture and equipment		3,022			2,527			19.6	%		10,299			8,054			27.9	%
Data processing		1,593			890			79.0	%		5,152			3,475			48.3	%
Marketing		1,453			1,283			13.3	%		5,357			3,494			53.3	%
Communication		892			1,169			(23.7	)%		3,908			3,246			20.4	%
Professional services		2,863			2,605			9.9	%		9,169			6,032			52.0	%
Debt extinguishment		0			0			N/M			8,029			0			N/M
State intangible tax		1,362			564			141.5	%		4,843			2,508			93.1	%
FDIC assessments		2,272			1,529			48.6	%		8,312			6,847			21.4	%
Other		9,584			13,609			(29.6	)%		38,693			34,712			11.5	%
Total noninterest expenses		56,290			61,607			(8.6	)%		233,680			170,638			36.9	%
Income before income taxes		22,412			20,912			7.2	%		91,953			353,976			(74.0	)%
Income tax expense		8,112			7,117			14.0	%		32,702			132,639			(75.3	)%
Net income		14,300			13,795			3.7	%		59,251			221,337			(73.2	)%
Dividends on preferred stock		0			1,000			(100.0	)%		1,865			3,578			(47.9	)%
Income available to common shareholders	$	14,300		$	12,795			11.8	%	$	57,386		$	217,759			(73.6	)%
ADDITIONAL DATA
Net earnings per common share - basic	$	0.25		$	0.25					$	1.01		$	4.84
Net earnings per common share - diluted	$	0.24		$	0.25					$	0.99		$	4.78
Dividends declared per common share	$	0.10		$	0.10					$	0.40		$	0.40
Return on average assets		0.90	%		0.80	%					0.91	%		4.67	%
Return on average shareholders' equity		8.14	%		8.36	%					8.68	%		47.44	%
Interest income	$	82,321		$	93,345			(11.8	)%	$	343,502		$	233,228			47.3	%
Tax equivalent adjustment		220			295			(25.4	)%		866			1,265			(31.5	)%
Interest income - tax equivalent		82,541			93,640			(11.9	)%		344,368			234,493			46.9	%
Interest expense		14,415			20,163			(28.5	)%		67,992			57,245			18.8	%
Net interest income - tax equivalent	$	68,126		$	73,477			(7.3	)%	$	276,376		$	177,248			55.9	%
Net interest margin		4.65	%		4.65	%					4.66	%		4.05	%
Net interest margin (fully tax equivalent) (1)		4.67	%		4.67	%					4.68	%		4.08	%
Full-time equivalent employees (2)		1,529			1,390

(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 35% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis.  Therefore, management believes, these measures provided useful information to investors by allowing them to make peer comparisons.  Management also uses these measures to make peer comparisons.

(2) Does not include associates from acquisitions that are currently in a temporary hire status.

N/M = Not meaningful.

-3-

FIRST FINANCIAL BANCORP.

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME

(Dollars in thousands, except per share)

(Unaudited)

	2010
	Fourth			Third			Second			First						% Change
	Quarter			Quarter			Quarter			Quarter			YTD			Linked Qtr.
Interest income
Loans, including fees	$	75,836		$	75,957		$	74,944		$	79,338		$	306,075			(0.2	)%
Investment securities
Taxable		5,522			5,386			5,444			5,396			21,748			2.5	%
Tax-exempt		214			240			245			235			934			(10.8	)%
Total investment securities interest		5,736			5,626			5,689			5,631			22,682			2.0	%
Other earning assets		749			3,101			5,305			5,590			14,745			(75.8	)%
Total interest income		82,321			84,684			85,938			90,559			343,502			(2.8	)%
Interest expense
Deposits		12,923			14,457			15,308			15,648			58,336			(10.6	)%
Short-term borrowings		33			25			17			19			94			32.0	%
Long-term borrowings		1,194			2,034			2,556			2,557			8,341			(41.3	)%
Subordinated debentures and capital securities		265			322			319			315			1,221			(17.7	)%
Total interest expense		14,415			16,838			18,200			18,539			67,992			(14.4	)%
Net interest income		67,906			67,846			67,738			72,020			275,510			0.1	%
Provision for loan and lease losses - uncovered		9,741			6,287			6,158			11,378			33,564			54.9	%
Provision for loan and lease losses - covered		13,997			20,725			18,962			9,460			63,144			(32.5	)%
Net interest income after provision for loan and lease losses		44,168			40,834			42,618			51,182			178,802			8.2	%
Noninterest income
Service charges on deposit accounts		5,090			5,632			5,855			5,611			22,188			(9.6	)%
Trust and wealth management fees		3,283			3,366			3,668			3,545			13,862			(2.5	)%
Bankcard income		2,255			2,193			2,102			1,968			8,518			2.8	%
Net gains from sales of loans		1,241			2,749			473			169			4,632			(54.9	)%
FDIC loss sharing income		11,306			17,800			15,170			7,568			51,844			(36.5	)%
Accelerated discount on covered loans		6,113			9,448			7,408			6,098			29,067			(35.3	)%
(Loss) income on preferred securities		0			0			0			(30	)		(30	)		N/M
Other		5,246			3,707			5,791			2,006			16,750			41.5	%
Total noninterest income		34,534			44,895			40,467			26,935			146,831			(23.1	)%
Noninterest expenses
Salaries and employee benefits		28,819			28,790			29,513			30,241			117,363			0.1	%
Net occupancy		4,430			4,663			5,340			8,122			22,555			(5.0	)%
Furniture and equipment		3,022			2,490			2,514			2,273			10,299			21.4	%
Data processing		1,593			1,191			1,136			1,232			5,152			33.8	%
Marketing		1,453			1,230			1,600			1,074			5,357			18.1	%
Communication		892			986			822			1,208			3,908			(9.5	)%
Professional services		2,863			2,117			2,446			1,743			9,169			35.2	%
Debt extinguishment		0			8,029			0			0			8,029			(100.0	)%
State intangible tax		1,362			724			1,426			1,331			4,843			88.1	%
FDIC assessments		2,272			2,123			1,907			2,010			8,312			7.0	%
Other		9,584			8,967			9,115			11,027			38,693			6.9	%
Total noninterest expenses		56,290			61,310			55,819			60,261			233,680			(8.2	)%
Income before income taxes		22,412			24,419			27,266			17,856			91,953			(8.2	)%
Income tax expense		8,112			8,840			9,492			6,258			32,702			(8.2	)%
Net income		14,300			15,579			17,774			11,598			59,251			(8.2	)%
Dividends on preferred stock		0			0			0			1,865			1,865			N/M
Income available to common shareholders	$	14,300		$	15,579		$	17,774		$	9,733		$	57,386			(8.2	)%
ADDITIONAL DATA
Net earnings per common share - basic	$	0.25		$	0.27		$	0.31		$	0.18		$	1.01
Net earnings per common share - diluted	$	0.24		$	0.27		$	0.30		$	0.17		$	0.99
Dividends declared per common share	$	0.10		$	0.10		$	0.10		$	0.10		$	0.40
Return on average assets		0.90	%		0.96	%		1.08	%		0.71	%		0.91	%
Return on average shareholders' equity		8.14	%		9.03	%		10.62	%		6.92	%		8.68	%
Interest income	$	82,321		$	84,684		$	85,938		$	90,559		$	343,502			(2.8	)%
Tax equivalent adjustment		220			222			212			212			866			(0.9	)%
Interest income - tax equivalent		82,541			84,906			86,150			90,771			344,368			(2.8	)%
Interest expense		14,415			16,838			18,200			18,539			67,992			(14.4	)%
Net interest income - tax equivalent	$	68,126		$	68,068		$	67,950		$	72,232		$	276,376			0.1	%
Net interest margin		4.65	%		4.59	%		4.53	%		4.89	%		4.66	%
Net interest margin (fully tax equivalent) (1)		4.67	%		4.60	%		4.54	%		4.91	%		4.68	%
Full-time equivalent employees (2)		1,529			1,535			1,511			1,466

(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 35% tax rate.  Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis.  Therefore, management believes, these measures provided useful information to investors by allowing them to make peer comparisons.  Management also uses these measures to make peer comparisons.

(2) Does not include associates from acquisitions that are currently in a temporary hire status.

N/M = Not meaningful.

-4-

FIRST FINANCIAL BANCORP.

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME

(Dollars in thousands, except per share)

(Unaudited)

	2009
	Fourth			Third			Second			First			Full
	Quarter			Quarter			Quarter			Quarter			Year
Interest income
Loans, including fees	$	81,471		$	46,811		$	33,978		$	33,657		$	195,917
Investment securities
Taxable		6,422			6,241			8,023			8,690			29,376
Tax-exempt		320			352			386			434			1,492
Total investment securities interest		6,742			6,593			8,409			9,124			30,868
Other earning assets		5,132			1,311			0			0			6,443
Total interest income		93,345			54,715			42,387			42,781			233,228
Interest expense
Deposits		17,207			11,490			9,080			9,803			47,580
Short-term borrowings		23			261			527			507			1,318
Long-term borrowings		2,611			1,977			1,251			1,306			7,145
Subordinated debentures and capital securities		322			323			320			237			1,202
Total interest expense		20,163			14,051			11,178			11,853			57,245
Net interest income		73,182			40,664			31,209			30,928			175,983
Provision for loan and lease losses - uncovered		14,812			26,655			10,358			4,259			56,084
Net interest income after provision for loan and lease losses		58,370			14,009			20,851			26,669			119,899
Noninterest income
Service charges on deposit accounts		5,886			5,408			4,289			4,079			19,662
Trust and wealth management fees		3,584			3,339			3,253			3,289			13,465
Bankcard income		1,869			1,379			1,422			1,291			5,961
Net gains from sales of loans		341			63			408			384			1,196
Gains on sales of investment securities		0			0			3,349			0			3,349
Gain on acquisition		0			342,494			0			0			342,494
Accelerated discount on covered loans		8,215			386			0			0			8,601
(Loss) income on preferred securities		(138	)		154			112			11			139
Other		4,392			1,213			1,264			2,979			9,848
Total noninterest income		24,149			354,436			14,097			12,033			404,715
Noninterest expenses
Salaries and employee benefits		30,141			22,051			16,223			17,653			86,068
Net occupancy		7,290			3,442			2,653			2,817			16,202
Furniture and equipment		2,527			1,874			1,851			1,802			8,054
Data processing		890			973			794			818			3,475
Marketing		1,283			871			700			640			3,494
Communication		1,169			737			669			671			3,246
Professional services		2,605			1,220			1,254			953			6,032
State intangible tax		564			628			648			668			2,508
FDIC assessments		1,529			1,612			3,424			282			6,847
Other		13,609			12,893			4,580			3,630			34,712
Total noninterest expenses		61,607			46,301			32,796			29,934			170,638
Income before income taxes		20,912			322,144			2,152			8,768			353,976
Income tax expense		7,117			121,787			702			3,033			132,639
Net income		13,795			200,357			1,450			5,735			221,337
Dividends on preferred stock		1,000			1,000			1,000			578			3,578
Net income available to common shareholders	$	12,795		$	199,357		$	450		$	5,157		$	217,759
ADDITIONAL DATA
Net earnings per common share - basic	$	0.25		$	3.91		$	0.01		$	0.14		$	4.84
Net earnings per common share - diluted	$	0.25		$	3.87		$	0.01		$	0.14		$	4.78
Dividends declared per common share	$	0.10		$	0.10		$	0.10		$	0.10		$	0.40
Return on average assets		0.80	%		17.64	%		0.15	%		0.62	%		4.67	%
Return on average shareholders' equity		8.36	%		166.45	%		1.53	%		6.63	%		47.44	%
Interest income	$	93,345		$	54,715		$	42,387		$	42,781		$	233,228
Tax equivalent adjustment		295			300			307			363			1,265
Interest income - tax equivalent		93,640			55,015			42,694			43,144			234,493
Interest expense		20,163			14,051			11,178			11,853			57,245
Net interest income - tax equivalent	$	73,477		$	40,964		$	31,516		$	31,291		$	177,248
Net interest margin		4.65	%		3.90	%		3.59	%		3.61	%		4.05	%
Net interest margin (fully tax equivalent) (1)		4.67	%		3.93	%		3.63	%		3.65	%		4.08	%
Full-time equivalent employees (2)		1,390			1,150			1,048			1,063

(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 35% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis.  Therefore, management believes, these measures provided useful information to investors by allowing them to make peer comparisons.  Management also uses these measures to make peer comparisons.

(2) Does not include associates from acquisitions that are currently in a temporary hire status.

N/M = Not meaningful.

-5-

FIRST FINANCIAL BANCORP.

CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)

(Unaudited)

	Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			% Change			% Change
	2010			2010			2010			2010			2009			Linked Qtr.			Comparable Qtr.
ASSETS
Cash and due from banks	$	105,981		$	144,101		$	166,604		$	308,330		$	344,150			(26.5	)%		(69.2	)%
Interest-bearing deposits with other banks		176,952			280,457			675,891			416,619			262,017			(36.9	)%		(32.5	)%
Investment securities trading		0			0			0			0			200			N/M			(100.0	)%
Investment securities available-for-sale		919,110			616,175			503,404			430,519			471,002			49.2	%		95.1	%
Investment securities held-to-maturity		17,406			17,842			17,601			17,903			18,115			(2.4	)%		(3.9	)%
Other investments		78,689			86,509			86,509			87,029			89,830			(9.0	)%		(12.4	)%
Loans held for sale		29,292			19,075			11,946			3,243			6,413			53.6	%		356.8	%
Loans
Commercial		800,253			763,449			749,522			763,084			800,261			4.8	%		(0.0	)%
Real estate - construction		163,543			178,914			197,112			216,289			253,223			(8.6	)%		(35.4	)%
Real estate - commercial		1,139,931			1,095,543			1,113,836			1,091,830			1,079,628			4.1	%		5.6	%
Real estate - residential		269,173			283,914			296,295			306,769			321,047			(5.2	)%		(16.2	)%
Installment		69,711			73,138			75,862			78,682			82,989			(4.7	)%		(16.0	)%
Home equity		341,310			341,288			332,928			330,973			328,940			0.0	%		3.8	%
Credit card		29,563			28,825			28,567			27,960			29,027			2.6	%		1.8	%
Lease financing		2,609			138			15			15			14			1790.6	%		18535.7	%
Total loans, excluding covered loans		2,816,093			2,765,209			2,794,137			2,815,602			2,895,129			1.8	%		(2.7	)%
Less
Allowance for loan and lease losses		57,235			57,249			57,811			56,642			59,311			(0.0	)%		(3.5	)%
Net loans - uncovered		2,758,858			2,707,960			2,736,326			2,758,960			2,835,818			1.9	%		(2.7	)%
Covered loans		1,481,493			1,609,584			1,717,632			1,833,349			1,934,740			(8.0	)%		(23.4	)%
Less
Allowance for loan and lease losses		16,493			11,583			1,273			0			0			42.4	%		N/M
Net loans - covered		1,465,000			1,598,001			1,716,359			1,833,349			1,934,740			(8.3	)%		(24.3	)%
Net loans		4,223,858			4,305,961			4,452,685			4,592,309			4,770,558			(1.9	)%		(11.5	)%
Premises and equipment		118,477			116,959			114,630			115,836			107,351			1.3	%		10.4	%
Goodwill		51,820			51,820			51,820			51,820			51,820			0.0	%		0.0	%
Other intangibles		5,604			6,049			6,614			7,058			7,461			(7.4	)%		(24.9	)%
FDIC indemnification asset		222,648			237,709			251,633			273,328			287,407			(6.3	)%		(22.5	)%
Accrued interest and other assets		300,388			271,843			244,298			244,902			241,269			10.5	%		24.5	%
Total Assets	$	6,250,225		$	6,154,500		$	6,583,635		$	6,548,896		$	6,657,593			1.6	%		(6.1	)%
LIABILITIES
Deposits
Interest-bearing	$	1,111,877		$	999,922		$	1,135,970		$	1,042,790		$	1,060,383			11.2	%		4.9	%
Savings		1,534,045			1,407,332			1,350,161			1,303,737			1,231,081			9.0	%		24.6	%
Time		1,794,843			1,930,652			2,042,824			2,135,683			2,229,500			(7.0	)%		(19.5	)%
Total interest-bearing deposits		4,440,765			4,337,906			4,528,955			4,482,210			4,520,964			2.4	%		(1.8	)%
Noninterest-bearing		705,484			713,357			718,381			741,476			829,676			(1.1	)%		(15.0	)%
Total deposits		5,146,249			5,051,263			5,247,336			5,223,686			5,350,640			1.9	%		(3.8	)%
Federal funds purchased and securities sold
under agreements to repurchase		59,842			58,747			38,299			38,443			37,430			1.9	%		59.9	%
Long-term debt		128,880			129,224			384,775			394,404			404,716			(0.3	)%		(68.2	)%
Other long-term debt		20,620			20,620			20,620			20,620			20,620			0.0	%		0.0	%
Accrued interest and other liabilities		197,240			203,715			211,049			203,984			194,229			(3.2	)%		1.6	%
Total Liabilities		5,552,831			5,463,569			5,902,079			5,881,137			6,007,635			1.6	%		(7.6	)%
SHAREHOLDERS' EQUITY
Preferred stock		0			0			0			0			79,195			N/M			(100.0	)%
Common stock		580,097			579,309			578,362			581,747			490,532			0.1	%		18.3	%
Retained earnings		310,271			301,777			292,004			280,030			276,119			2.8	%		12.4	%
Accumulated other comprehensive loss		(12,044	)		(9,106	)		(7,831	)		(9,091	)		(10,487	)		32.3	%		14.8	%
Treasury stock, at cost		(180,930	)		(181,049	)		(180,979	)		(184,927	)		(185,401	)		(0.1	)%		(2.4	)%
Total Shareholders' Equity		697,394			690,931			681,556			667,759			649,958			0.9	%		7.3	%
Total Liabilities and Shareholders' Equity	$	6,250,225		$	6,154,500		$	6,583,635		$	6,548,896		$	6,657,593			1.6	%		(6.1	)%

N/M = Not meaningful.

-6-

FIRST FINANCIAL BANCORP.

AVERAGE CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)

(Unaudited)

	Quarterly Averages															Year-to-Date Averages
	Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Dec. 31,
	2010			2010			2010			2010			2009			2010			2009
ASSETS
Cash and due from banks	$	122,167		$	185,322		$	273,162		$	336,333		$	274,601		$	228,539		$	133,611
Interest-bearing deposits with other banks		405,920			483,097			554,333			394,741			447,999			459,618			151,198
Investment securities		798,135			691,700			597,991			558,595			608,952			662,344			667,843
Loans held for sale		21,141			14,909			7,615			2,292			2,936			11,550			4,138
Loans
Commercial		739,082			735,228			746,636			785,579			839,456			751,459			841,088
Real estate - construction		172,585			187,401			202,513			231,853			256,915			198,395			254,746
Real estate - commercial		1,155,896			1,135,547			1,110,562			1,079,577			1,048,650			1,120,646			945,456
Real estate - residential		276,166			295,917			301,880			309,104			333,858			295,677			347,238
Installment		71,623			71,739			77,299			79,437			87,825			74,994			89,991
Home equity		339,192			336,288			332,044			333,275			332,169			335,219			310,375
Credit card		28,962			28,664			28,052			28,430			28,025			28,529			27,138
Lease financing		185			71			15			15			16			72			31
Total loans, excluding covered loans		2,783,691			2,790,855			2,799,001			2,847,270			2,926,914			2,804,991			2,816,063
Less
Allowance for loan and lease losses		60,433			60,871			60,430			59,891			54,164			60,409			42,553
Net loans - uncovered		2,723,258			2,729,984			2,738,571			2,787,379			2,872,750			2,744,582			2,773,510
Covered loans		1,551,003			1,648,030			1,781,741			1,887,608			1,973,327			1,715,984			614,589
Less
Allowance for loan and lease losses		16,104			882			14			0			0			4,285			0
Net loans - covered		1,534,899			1,647,148			1,781,727			1,887,608			1,973,327			1,711,699			614,589
Net loans		4,258,157			4,377,132			4,520,298			4,674,987			4,846,077			4,456,281			3,388,099
Premises and equipment		117,659			115,518			115,587			108,608			106,999			114,371			92,212
Goodwill		51,820			51,820			51,820			51,820			51,820			51,820			37,712
Other intangibles		5,841			6,384			6,848			7,431			7,885			6,621			2,995
FDIC indemnification asset		232,734			238,720			260,079			280,799			281,662			252,912			88,973
Accrued interest and other assets		256,906			243,877			233,288			231,935			211,462			241,576			168,028
Total Assets	$	6,270,480		$	6,408,479		$	6,621,021		$	6,647,541		$	6,840,393		$	6,485,632		$	4,734,809
LIABILITIES
Deposits
Interest-bearing	$	1,086,685		$	1,029,350		$	1,139,001		$	1,050,697		$	1,093,735		$	1,076,403		$	862,730
Savings		1,490,132			1,412,441			1,341,194			1,318,374			1,233,715			1,391,066			771,202
Time		1,861,296			2,007,138			2,090,776			2,175,400			2,382,717			2,032,719			1,537,564
Total interest-bearing deposits		4,438,113			4,448,929			4,570,971			4,544,471			4,710,167			4,500,188			3,171,496
Noninterest-bearing		741,343			721,501			740,011			774,393			840,314			744,159			539,336
Total deposits		5,179,456			5,170,430			5,310,982			5,318,864			5,550,481			5,244,347			3,710,832
Short-term borrowings
Federal funds purchased and securities sold
under agreements to repurchase		63,489			50,580			37,353			38,413			41,456			47,536			99,865
Federal Home Loan Bank		0			0			0			0			1,096			0			114,637
Other		0			0			0			0			0			0			29,512
Total short-term borrowings		63,489			50,580			37,353			38,413			42,552			47,536			244,014
Long-term debt		128,998			281,170			389,972			399,843			408,744			299,202			224,475
Other long-term debt		20,620			20,620			20,620			20,620			20,620			20,620			20,620
Total borrowed funds		213,107			352,370			447,945			458,876			471,916			367,358			489,109
Accrued interest and other liabilities		180,901			201,567			191,043			190,234			163,365			190,940			68,258
Total Liabilities		5,573,464			5,724,367			5,949,970			5,967,974			6,185,762			5,802,645			4,268,199
SHAREHOLDERS' EQUITY
Preferred stock		0			0			0			47,521			78,573			11,717			78,241
Common stock		579,701			578,810			580,299			549,428			490,889			572,161			448,897
Retained earnings		306,923			294,346			282,634			277,775			276,950			290,510			134,464
Accumulated other comprehensive loss		(8,584	)		(8,021	)		(8,320	)		(9,873	)		(6,372	)		(8,694	)		(8,559	)
Treasury stock, at cost		(181,024	)		(181,023	)		(183,562	)		(185,284	)		(185,409	)		(182,707	)		(186,433	)
Total Shareholders' Equity		697,016			684,112			671,051			679,567			654,631			682,987			466,610
Total Liabilities and Shareholders' Equity	$	6,270,480		$	6,408,479		$	6,621,021		$	6,647,541		$	6,840,393		$	6,485,632		$	4,734,809

-7-

FIRST FINANCIAL BANCORP.

NET INTEREST MARGIN RATE/VOLUME ANALYSIS

(Dollars in thousands)

(Unaudited)

	Quarterly Averages																		Year-to-Date Averages
	Dec. 31, 2010						Sep. 30, 2010						Dec. 31, 2009						Dec. 31, 2010						Dec. 31, 2009
	Balance			Yield			Balance			Yield			Balance			Yield			Balance			Yield			Balance			Yield
Earning assets
Investment securities	$	798,135			2.85	%	$	691,700			3.23	%	$	608,952			4.39	%	$	662,344			3.42	%	$	667,843			4.62	%
Interest-bearing deposits with other banks		405,920			0.36	%		483,097			0.33	%		447,999			0.18	%		459,618			0.34	%		151,198			0.14	%
Gross loans, including covered loans and indemnification asset (2)		4,588,569			6.59	%		4,692,514			6.65	%		5,184,839			6.61	%		4,785,437			6.67	%		3,523,763			5.74	%
Total earning assets		5,792,624			5.64	%		5,867,311			5.73	%		6,241,790			5.93	%		5,907,399			5.81	%		4,342,804			5.37	%
Nonearning assets
Allowance for loan and lease losses		(76,537	)					(61,753	)					(54,164	)					(64,694	)					(42,553	)
Cash and due from banks		122,167						185,322						274,601						228,539						133,611
Accrued interest and other assets		432,226						417,599						378,166						414,388						300,947
Total assets	$	6,270,480					$	6,408,479					$	6,840,393					$	6,485,632					$	4,734,809
Interest-bearing liabilities
Total interest-bearing deposits	$	4,438,113			1.16	%	$	4,448,929			1.29	%	$	4,710,167			1.45	%	$	4,500,188			1.30	%	$	3,171,496			1.50	%
Borrowed funds
Short-term borrowings		63,489			0.21	%		50,580			0.20	%		42,552			0.21	%		47,536			0.20	%		244,014			0.54	%
Long-term debt		128,998			3.67	%		281,170			2.87	%		408,744			2.53	%		299,202			2.79	%		224,475			3.18	%
Other long-term debt		20,620			5.10	%		20,620			6.20	%		20,620			6.20	%		20,620			5.92	%		20,620			5.83	%
Total borrowed funds		213,107			2.78	%		352,370			2.68	%		471,916			2.49	%		367,358			2.63	%		489,109			1.98	%
Total interest-bearing liabilities		4,651,220			1.23	%		4,801,299			1.39	%		5,182,083			1.54	%		4,867,546			1.40	%		3,660,605			1.56	%
Noninterest-bearing liabilities
Noninterest-bearing demand deposits		741,343						721,501						840,314						744,159						539,336
Other liabilities		180,901						201,567						163,365						190,940						68,258
Shareholders' equity		697,016						684,112						654,631						682,987						466,610
Total liabilities & shareholders' equity	$	6,270,480					$	6,408,479					$	6,840,393					$	6,485,632					$	4,734,809
Net interest income (1)	$	67,906					$	67,846					$	73,182					$	275,510					$	175,983
Net interest spread (1)					4.41	%					4.34	%					4.39	%					4.41	%					3.81	%
Net interest margin (1)					4.65	%					4.59	%					4.65	%					4.66	%					4.05	%

(1) Not tax equivalent.

(2) Loans held for sale, nonaccrual loans, covered loans, and indemnification asset are included in gross loans.

-8-

FIRST FINANCIAL BANCORP.

NET INTEREST MARGIN RATE/VOLUME ANALYSIS(1)

(Dollars in thousands)

(Unaudited)

	Linked Qtr. Income Variance									Comparable Qtr. Income Variance									Year-to-Date Income Variance
	Rate			Volume			Total			Rate			Volume			Total			Rate			Volume			Total
Earning assets
Investment securities	$	(655	)	$	765		$	110		$	(2,366	)	$	1,360		$	(1,006	)	$	(7,998	)	$	(188	)	$	(8,186	)
Interest-bearing deposits with other banks		47			(71	)		(24	)		203			(39	)		164			308			1,052			1,360
Gross loans, including covered loans and indemnification asset (2)		(723	)		(1,726	)		(2,449	)		(278	)		(9,904	)		(10,182	)		32,930			84,170			117,100
Total earning assets		(1,331	)		(1,032	)		(2,363	)		(2,441	)		(8,583	)		(11,024	)		25,240			85,034			110,274
Interest-bearing liabilities
Total interest-bearing deposits	$	(1,503	)	$	(31	)	$	(1,534	)	$	(3,492	)	$	(792	)	$	(4,284	)	$	(6,468	)	$	17,224		$	10,756
Borrowed funds
Short-term borrowings		1			7			8			(1	)		11			10			(835	)		(389	)		(1,224	)
Long-term debt		568			(1,408	)		(840	)		1,172			(2,589	)		(1,417	)		(887	)		2,083			1,196
Other long-term debt		(57	)		-			(57	)		(57	)		0			(57	)		19			0			19
Total borrowed funds		512			(1,401	)		(889	)		1,114			(2,578	)		(1,464	)		(1,703	)		1,694			(9	)
Total interest-bearing liabilities		(991	)		(1,432	)		(2,423	)		(2,378	)		(3,370	)		(5,748	)		(8,171	)		18,918			10,747
Net interest income (1)	$	(340	)	$	400		$	60		$	(63	)	$	(5,213	)	$	(5,276	)	$	33,411		$	66,116		$	99,527

(1) Not tax equivalent.

(2) Loans held for sale, nonaccrual loans, covered loans, and indemnification asset are included in gross loans.

-9-

FIRST FINANCIAL BANCORP.

CREDIT QUALITY

(excluding covered assets)

(Dollars in thousands)

(Unaudited)

	Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Full Year			Full Year
	2010			2010			2010			2010			2009			2010			2009
ALLOWANCE FOR LOAN AND LEASE LOSS ACTIVITY
Balance at beginning of period	$	57,249		$	57,811		$	56,642		$	59,311		$	55,770		$	59,311		$	35,873
Provision for uncovered loan and lease losses		9,741			6,287			6,158			11,378			14,812			33,564			56,084
Gross charge-offs
Commercial		5,131			762			1,156			6,275			1,143			13,324			11,295
Real estate - construction		500			3,607			2,386			2,126			6,788			8,619			12,680
Real estate - commercial		1,887			2,013			359			3,932			1,854			8,191			4,514
Real estate - residential		196			717			246			534			262			1,693			1,315
Installment		231			205			304			414			449			1,154			1,468
Home equity		1,846			389			580			684			1,105			3,499			2,037
All other		494			431			426			520			454			1,871			1,640
Total gross charge-offs		10,285			8,124			5,457			14,485			12,055			38,351			34,949
Recoveries
Commercial		57			334			120			109			148			620			632
Real estate - construction		0			0			24			0			0			24			0
Real estate - commercial		243			728			99			12			360			1,082			557
Real estate - residential		6			11			4			3			3			24			27
Installment		116			116			127			160			195			519			857
Home equity		74			21			10			87			6			192			16
All other		34			65			84			67			72			250			214
Total recoveries		530			1,275			468			438			784			2,711			2,303
Total net charge-offs		9,755			6,849			4,989			14,047			11,271			35,640			32,646
Ending allowance for uncovered loan and lease losses	$	57,235		$	57,249		$	57,811		$	56,642		$	59,311		$	57,235		$	59,311
NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)
Commercial		2.72	%		0.23	%		0.56	%		3.18	%		0.47	%		1.69	%		1.27	%
Real estate - construction		1.15	%		7.64	%		4.68	%		3.72	%		10.48	%		4.33	%		4.98	%
Real estate - commercial		0.56	%		0.45	%		0.09	%		1.47	%		0.57	%		0.63	%		0.42	%
Real estate - residential		0.27	%		0.95	%		0.32	%		0.70	%		0.31	%		0.56	%		0.37	%
Installment		0.64	%		0.49	%		0.92	%		1.30	%		1.15	%		0.85	%		0.68	%
Home equity		2.07	%		0.43	%		0.69	%		0.73	%		1.31	%		0.99	%		0.65	%
All other		6.26	%		5.05	%		4.89	%		6.46	%		5.40	%		5.67	%		5.25	%
Total net charge-offs		1.39	%		0.97	%		0.71	%		2.00	%		1.53	%		1.27	%		1.16	%
COMPONENTS OF NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS
Nonaccrual loans
Commercial	$	13,729		$	17,320		$	12,874		$	21,572		$	13,798		$	13,729		$	13,798
Real estate - construction		12,921			13,454			18,890			17,710			35,604			12,921			35,604
Real estate - commercial		28,342			27,945			28,272			21,196			15,320			28,342			15,320
Real estate - residential		4,607			4,801			4,571			4,116			3,993			4,607			3,993
Installment		150			279			267			365			618			150			618
Home equity		2,553			2,358			1,797			1,910			2,324			2,553			2,324
Total nonaccrual loans		62,302			66,157			66,671			66,869			71,657			62,302			71,657
Restructured loans		8,336			13,365			12,752			7,584			6,125			8,336			6,125
Total nonperforming loans		70,638			79,522			79,423			74,453			77,782			70,638			77,782
Other real estate owned (OREO)		17,907			18,305			16,818			18,087			4,145			17,907			4,145
Total nonperforming assets		88,545			97,827			96,241			92,540			81,927			88,545			81,927
Accruing loans past due 90 days or more		370			233			276			286			417			370			417
Total underperforming assets	$	88,915		$	98,060		$	96,517		$	92,826		$	82,344		$	88,915		$	82,344
Total classified assets	$	202,140		$	212,552		$	201,859		$	171,112		$	163,451		$	202,140		$	163,451
CREDIT QUALITY RATIOS (excluding covered assets)
Allowance for loan and lease losses to
Nonaccrual loans		91.87	%		86.54	%		86.71	%		84.71	%		82.77	%		91.87	%		82.77	%
Nonperforming loans		81.03	%		71.99	%		72.79	%		76.08	%		76.25	%		81.03	%		76.25	%
Total ending loans		2.03	%		2.07	%		2.07	%		2.01	%		2.05	%		2.03	%		2.05	%
Nonperforming loans to total loans		2.51	%		2.88	%		2.84	%		2.65	%		2.69	%		2.51	%		2.69	%
Nonperforming assets to
Ending loans, plus OREO		3.12	%		3.51	%		3.42	%		3.27	%		2.83	%		3.12	%		2.83	%
Total assets		1.42	%		1.59	%		1.46	%		1.41	%		1.23	%		1.42	%		1.23	%

-10-

FIRST FINANCIAL BANCORP.

CAPITAL ADEQUACY

(Dollars in thousands, except per share)

(Unaudited)

																Twelve months ended,
	Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Dec. 31,			Dec. 31,
	2010			2010			2010			2010			2009			2010			2009
PER COMMON SHARE
Market Price
High	$	19.41		$	17.10		$	21.32		$	19.00		$	15.48		$	21.32		$	15.48
Low	$	16.21		$	14.19		$	14.95		$	13.89		$	11.83		$	13.89		$	5.58
Close	$	18.48		$	16.68		$	14.95		$	17.78		$	14.56		$	18.48		$	14.56
Average common shares outstanding - basic		57,573,544			57,570,709			57,539,901			55,161,551			51,030,661			56,969,491			45,028,640
Average common shares outstanding - diluted		58,688,415			58,531,505			58,604,039			56,114,424			51,653,562			57,993,078			45,556,868
Ending common shares outstanding		58,064,977			58,057,934			58,062,655			57,833,969			51,433,821			58,064,977			51,433,821
REGULATORY CAPITAL	Preliminary															Preliminary
Tier 1 Capital	$	680,145		$	670,121		$	658,623		$	645,467		$	628,982		$	680,145		$	628,982
Tier 1 Ratio		18.45	%		18.64	%		18.15	%		17.37	%		16.11	%		18.45	%		16.11	%
Total Capital	$	727,252		$	715,938		$	704,752		$	692,630		$	678,024		$	727,252		$	678,024
Total Capital Ratio		19.72	%		19.91	%		19.42	%		18.64	%		17.37	%		19.72	%		17.37	%
Total Capital in excess of minimum requirement	$	432,274		$	428,314		$	414,434		$	395,408		$	365,739		$	432,274		$	365,739
Total Risk-Weighted Assets	$	3,687,224		$	3,595,295		$	3,628,978		$	3,715,280		$	3,903,566		$	3,687,224		$	3,903,566
Leverage Ratio		10.89	%		10.50	%		9.99	%		9.76	%		9.24	%		10.89	%		9.24	%
OTHER CAPITAL RATIOS
Ending shareholders' equity to ending assets		11.16	%		11.23	%		10.35	%		10.20	%		9.76	%		11.16	%		9.76	%
Ending common shareholders' equity to ending assets		11.16	%		11.23	%		10.35	%		10.20	%		8.57	%		11.16	%		8.57	%
Ending tangible shareholders' equity to ending tangible assets		10.33	%		10.38	%		9.55	%		9.38	%		8.95	%		10.33	%		8.95	%
Ending tangible common shareholders' equity to ending tangible assets		10.33	%		10.38	%		9.55	%		9.38	%		7.75	%		10.33	%		7.75	%
Average shareholders' equity to average assets		11.12	%		10.68	%		10.14	%		10.22	%		9.57	%		10.53	%		9.85	%
Average common shareholders' equity to average assets		11.12	%		10.68	%		10.14	%		9.51	%		8.42	%		10.35	%		8.20	%
Average tangible shareholders' equity to average tangible assets		10.29	%		9.86	%		9.33	%		9.42	%		8.78	%		9.73	%		8.71	%
Average tangible common shareholders' equity to average tangible assets		10.29	%		9.86	%		9.33	%		8.70	%		7.62	%		9.55	%		7.04	%

-11-