EXHIBIT 99.1

First Financial Bancorp Reports Third Quarter 2011 Financial Results and Continuation of Variable Dividend

Cincinnati, Ohio – October 26, 2011 – First Financial Bancorp (Nasdaq: FFBC) (“First Financial” or the “Company”) announced today financial and operational results for the third quarter 2011 and for the nine month period ended September 30, 2011.

Third quarter 2011 net income was $15.6 million and earnings per diluted common share were $0.27.  This compares with second quarter 2011 net income of $16.0 million and earnings per diluted common share of $0.27 and third quarter 2010 net income of $15.6 million and earnings per diluted common share of $0.27.

The board of directors has also authorized a regular dividend of $0.12 per common share and a variable dividend of $0.15 per common share for the next regularly scheduled dividend.  This is a continuation of the 100% dividend payout ratio first announced in the second quarter 2011 and is expected to continue until capital ratios migrate closer to the Company’s previously stated thresholds or capital utilization rates exceed capital generation rates.

During the quarter, the Company incurred pre-tax expenses that are not expected to recur of $3.4 million, or $0.04 per diluted share after taxes.  Approximately $1.8 million, or $0.02 per fully diluted share after taxes, was related to its acquisition of retail banking centers from Liberty Savings Bank (“Liberty”) and approximately $1.6 million, or $0.02 per fully diluted share after taxes, was related to staffing and employee benefit costs associated with exit and transition activities.  Excluding these items, net income was $17.7 million and earnings per diluted common share were $0.31.

For the nine month period ended September 30, 2011, net income and net income available to common shareholders were $48.8 million and earnings per diluted common share were $0.83 as compared to net income of $45.0 million, net income available to common shareholders of $43.1 million and earnings per diluted common share of $0.75 for the nine month period ended September 30, 2010.

§ 84th consecutive quarter of profitability

§ Adjusted pre-tax, pre-provision income continued to grow, increasing $2.2 million, or 7.0%, compared to the second quarter 2011

§ Continued strong quarterly performance

­- Return on average assets of 1.01%

-­ Return on risk-weighted assets of 1.76%

­- Return on average shareholders’ equity of 8.54%

§ Liberty branch acquisition closed and fully integrated on September 23, 2011

­- Assumed total deposits of $341.9 million and acquired total in-market performing loans of $126.5 million at closing

­- Recognized goodwill of $17.1 million and core deposit intangible of $4.0 million

§ Announced an agreement to acquire 22 Indiana-based branch locations from Flagstar Bank

­- Transaction is expected to include approximately $330 million of retail deposits and approximately $200 million of public deposits and is awaiting regulatory approval

­- Significantly expands presence and accelerates growth strategy in the key market of Indianapolis

§ Capital ratios remain high after closing of Liberty branch acquisition and initiation of variable dividend

­- Tangible common equity to tangible assets of 10.38%

­- Tier 1 capital ratio of 18.81%

­- Total risk-based capital of 20.08%

§ Quarterly net interest margin remained strong at 4.55%

­- Yield on covered loans continues to enhance net interest margin

­- Cost of deposits declined 8 bps resulting from strategic initiatives implemented during the quarter

§ Nonperforming and classified assets continued to improve

­- Total nonperforming assets declined $9.4 million, or 9.6%, compared to the third quarter 2010

­- Nonperforming assets to total assets declined to 1.40% as compared to 1.50% as of June 30, 2011 and 1.59% as of September 30, 2010

­- Total classified assets declined $12.2 million, or 6.6%, compared to the linked quarter and $40.0 million, or 18.8%, compared to September 30, 2010

§ Excluding loans acquired from Liberty, the legacy and originated loan portfolio increased 3.2% on an annualized basis compared to the linked quarter and 1.7% compared to the third quarter 2010

§ Balance sheet risk remains low

­- FDIC loss share coverage on 28.2% 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 are pleased to report another strong quarter of operating performance.  Excluding the impact of costs associated with the Liberty transaction and other non-recurring staffing and employee benefit expenses, totaling $3.4 million in the aggregate, we achieved an adjusted return on average assets of 1.15%.  Furthermore, we paid the first variable dividend to our shareholders during the quarter, representing a 100% dividend payout ratio based on our second quarter reported earnings per diluted share and placing First Financial’s shares among the highest dividend yielding investments in the banking industry.

“From an acquisition and integration perspective, it was an eventful quarter as we closed the Liberty branch transaction successfully completing the conversion of the acquired retail and commercial relationships to the First Financial platform.  We can now focus on capitalizing on the growth potential the Dayton market provides as well as exploring opportunities to deepen the relationships we have with our new clients.  We also announced the acquisition of 22 Indiana-based branch locations from Flagstar Bank, 18 of which are located in the Indianapolis area and will substantially boost our presence and brand recognition in this key metropolitan market.  Now that the Liberty transaction is complete, our integration team is focused on the Flagstar transaction and, as we have previously reported, we expect it to close during the fourth quarter subject to appropriate regulatory approvals.

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“Like many of our peers in the banking industry, we are actively analyzing a wide range of strategic alternatives intended to maintain and grow our net interest margin in the midst of an uncertain operating environment.  During the quarter, one primary area we focused on was our deposit base, implementing a deposit rationalization strategy designed to enhance our net interest margin while still maintaining a sound liquidity base.  We critically reviewed deposit pricing, customer profitability and the effect of non-core relationships on our cost of funds, including a review of single service time deposit customers.  We began to realize the benefits of our efforts as our total cost of deposit funding for the quarter dropped to 76 basis points, a decline of over 9% from the prior quarter.

“As in prior quarters, loan growth remains challenging as economic recovery in our operating markets continues to move at a slow pace.  Our originated portfolio increased significantly during the quarter, due in large measure to the performing loans we acquired as part of the Liberty transaction.  However, our sales efforts have also produced results as we experienced solid growth in our originated portfolio excluding the impact of the Liberty transaction, driven by our commercial portfolio where we saw an annualized increase of 8.8%.  Total fundings during the quarter in our commercial and commercial real estate portfolios increased significantly year-over-year and, in particular, the volume of new originations was strong, demonstrating our ability to capitalize on the limited amount of new high quality business opportunities in our markets.  Furthermore, our pipeline of outstanding proposals and commitments at the end of the quarter was 14% higher than it was at the end of the second quarter.”

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SECTION I – RESULTS OF OPERATIONS

NET INTEREST INCOME

Net interest income on a fully tax-equivalent basis for the third quarter 2011 was $65.5 million as compared to $66.1 million for the second quarter 2011 and $68.1 million as compared to the year-over-year period.  Compared to the linked quarter, total interest income decreased $1.9 million, or 2.4% during the third quarter 2011 due to lower interest income earned on loans, driven primarily by a 7.6% decrease in the balance of average covered loans outstanding, and the reduced yield on the FDIC indemnification asset as a result of better than expected credit performance in the covered loan portfolio.  However, this decline was partially offset by an increase in interest earned on investments.  Total interest expense declined $1.2 million, or 10.2%, due primarily to lower interest expense on deposits and on the $20 million of trust preferred securities redeemed late in the second quarter 2011.

The decrease compared to the year-over-year quarter was primarily driven by the 27.4% decline in average covered loan balances and the reduced yield on the FDIC indemnification asset, offset partially by higher interest income from investments, lower interest expense on deposits and lower funding costs related to wholesale borrowings resulting from the prepayment of $232 million of FHLB advances that occurred during the third quarter 2010.

For the nine month period ended September 30, 2011, net interest income on a fully tax-equivalent basis was $199.1 million as compared to $208.3 million for the comparable period in 2010.  Similar to the quarterly year-over-year items noted above, the decrease was driven by the decline in average covered loan balances and the reduced yield on the FDIC indemnification asset, offset partially by higher interest income from investments and lower funding costs.

NET INTEREST MARGIN

Net interest margin was 4.55% for the third quarter 2011 as compared to 4.61% for the second quarter 2011 and 4.59% for the third quarter 2010.  Net interest margin continued to be negatively impacted by the combination of normal amortization and paydowns in the originated and covered loan portfolios.  However, yields remained strong on covered loans, helping to offset the decline in the balance outstanding.  Average cash balances remained elevated as market volatility during the quarter limited new investment opportunities, placing additional pressure on net interest margin.  The Company used some liquidity to purchase $38.6 million of investment securities as well as realized a full quarter’s impact from investment purchases that settled late in the second quarter 2011, though at rates which are low on a historical basis.  During the quarter, the Company implemented several strategic initiatives related to deposits, realized a full quarter’s benefit from the redemption of $20 million of trust preferred securities that occurred late in the second quarter and used liquidity to fund the redemption of wholesale borrowings and maturing time deposits, offsetting the margin decline from lower total loan balances.

Net interest margin for the nine month period ended September 30, 2011 decreased slightly to 4.63% as compared to 4.67% for the nine month period ended September 30, 2010.

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NONINTEREST INCOME

The following table presents noninterest income for the three months ended September 30, 2011, June 30, 2011 and September 30, 2010 highlighting the estimated impact of covered loan activity and other transition items on the Company’s reported balance.

Table I
	For the Three Months Ended
	September 30,		June 30,			September 30,
(Dollars in thousands)	2011		2011			2010
Total noninterest income	$	28,115	$	41,118		$	44,895
Certain significant components of noninterest income
Items likely to recur:
Accelerated discount on covered loans 1, 2		5,207		4,756			9,448
FDIC loss sharing income		8,377		21,643			17,800
Other acquired-non-strategic items		98		(485	)		44
Items expected not to recur:
Gain on sale of insurance business		-		-			1,356
Other items not expected to recur		288		(152	)		(132	)
Total excluding items noted above	$	14,145	$	15,356		$	16,379
1 See Section II for additional information
2 Net of the corresponding valuation adjustment on the FDIC indemnification asset

During the quarterly periods presented above, excluding reimbursements due from the FDIC resulting from loss share agreements, covered loan activity continued to positively impact noninterest income due to loan sales and prepayments.  This activity is discussed in more detail in Section II.

Excluding the items highlighted in Table I, estimated noninterest income earned in the third quarter 2011 was $14.1 million as compared to $15.4 million in the second quarter 2011 and $16.4 million in the third quarter 2010.  The decrease compared to the linked quarter was primarily due to lower client derivative fees.  While this activity continued to generate revenue during the third quarter due to continued low interest rates, second quarter volume was exceptionally high as many clients looked to lock-in fixed rates on their borrowings.  The level of client derivative fees may experience volatility from quarter to quarter.  Partially offsetting this decline was higher gain on sale of residential mortgages.  The decrease compared to third quarter 2010 resulted primarily from lower service charges on deposits and lower gains on sale of residential mortgages and loans originated by the Company’s franchise finance unit.  

On a comparable basis, estimated noninterest income for the nine months ended September 30, 2011 was $44.4 million as compared to $43.7 million for the nine months ended September 30, 2010.

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NONINTEREST EXPENSE

The following table presents noninterest expense for the three months ended September 30, 2011, June 30, 2011 and September 30, 2010 including the estimated effect of acquired-non-strategic operations, acquisition-related costs and other transition items.

Table II
	For the Three Months Ended
	September 30,			June 30,		September 30,
(Dollars in thousands)	2011			2011		2010
Total noninterest expense	$	53,142		$	52,497	$	61,310
Certain significant components of noninterest expense
Items likely to recur:
Acquired-non-strategic operating expenses 1		(407	)		2,673		566
Transition-related items 1		(111	)		161		846
FDIC loss share support		1,382			1,369		875
Loss share and covered asset expense		3,755			3,376		-
Items expected not to recur:
Acquisition-related costs 1		1,875			76		1,505
FHLB prepayment penalty		-			-		8,029
Other items not expected to recur		1,874			1,140		493
Total excluding items noted above	$	44,774		$	43,702	$	48,996
1 See Section II for additional information

Noninterest expense continued to be affected by items related to the Company’s acquired-non-strategic operations, as discussed in more detail in Section II.

Excluding the items highlighted in Table II, estimated noninterest expense in the third quarter 2011 was $44.8 million as compared to the $43.7 million in the second quarter 2011 and down $49.0 million in the third quarter 2010.  The increase of $1.1 million compared to the linked quarter was due to higher salaries and employee benefits expense resulting from a seasonal adjustment related to incentive compensation plans. The decrease of $4.2 million compared to the third quarter 2010 was driven by lower salaries and employee benefits, occupancy costs and FDIC assessments.  Loss share and covered asset expense includes $2.7 million of losses on covered OREO and $1.0 million of other credit-related expenses.  Included in acquisition-related costs are $1.8 million of expenses related to the Liberty acquisition and included in other items not expected to recur are $1.6 million of staffing and employee benefit costs associated with exit and transition activities.  

On a similar basis, estimated noninterest expense for the nine months ended September 30, 2011 was $134.1 million as compared to $144.3 million for the nine months ended September 30, 2010.  The decrease of $10.1 million, or 7.0%, was primarily attributable to lower salaries and benefits, occupancy costs and FDIC assessments, offset by an increase in professional services expenses.

Certain wind-down costs related to subsidiaries acquired in 2009 are expected to continue through 2011 and part of 2012.

INCOME TAXES

For the third quarter 2011, income tax expense was $9.7 million, resulting in an effective tax rate of 38.2%, compared with income tax expense of $8.9 million and an effective tax rate of 35.7% during the second quarter 2011 and $8.8 million and an effective tax rate of 36.2% during the comparable year-over-year period.  The increase in the effective tax rate during the third quarter 2011 was primarily driven by the completion of the 2010 federal and state tax returns and adjustments of this nature are typical for this calendar quarter.

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For the nine month period ended September 30, 2011, income tax expense was $27.9 million, resulting in an effective tax rate of 36.3%, compared with income tax expense of $24.6 million and an effective tax rate of 35.4% during the nine months ended September 30, 2010.

CREDIT QUALITY – EXCLUDING COVERED ASSETS

The following table presents certain credit quality metrics related to the Company’s uncovered loan portfolio as of September 30, 2011 and for the trailing four quarters.

Table III
	As of or for the Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
(Dollars in thousands)	2011			2011			2011			2010			2010
Total nonaccrual loans	$	59,150		$	56,536		$	62,048		$	62,302		$	66,157
Restructured loans		17,283			17,482			18,532			17,613			13,365
Total nonperforming loans		76,433			74,018			80,580			79,915			79,522
Total nonperforming assets		88,436			90,331			95,533			97,822			97,827
Nonperforming assets as a % of:
Period-end loans plus OREO		3.00	%		3.22	%		3.42	%		3.45	%		3.51	%
Total assets		1.40	%		1.50	%		1.51	%		1.57	%		1.59	%
Nonperforming loans as a % of total loans		2.60	%		2.65	%		2.90	%		2.84	%		2.88	%
Provision for loan and lease losses - uncovered	$	7,643		$	5,756		$	647		$	9,741		$	6,287
Allowance for uncovered loan & lease losses	$	54,537		$	53,671		$	53,645		$	57,235		$	57,249
Allowance for loan & lease losses as a % of:
Period-end loans		1.86	%		1.92	%		1.93	%		2.03	%		2.07	%
Nonaccrual loans		92.2	%		94.9	%		86.5	%		91.9	%		86.5	%
Nonperforming loans		71.4	%		72.5	%		66.6	%		71.6	%		72.0	%
Total net charge-offs	$	6,777		$	5,730		$	4,237		$	9,755		$	6,849
Annualized net-charge-offs as a % of average
loans & leases		0.96	%		0.83	%		0.61	%		1.39	%		0.97	%

Net Charge-offs

Third quarter 2011 net charge-offs were $6.8million, or 0.96% of average loans and leases, compared with $5.7 million, or 0.83%, for the linked quarter and $6.8 million, or 0.97%, for the comparable year-over-year quarter.  Significant items driving net charge-offs for the quarter included $1.6 million related to three separate residential development credits, $1.5 million related to a multifamily real estate loan and approximately $500,000 related to a recreational facility credit.

For the nine months ended September 30, 2011, net charge-offs were $16.7 million, or 0.80% of average loans and leases, as compared to $25.9 million, or 1.23%, for the nine months ended September 30, 2010.

Nonperforming Assets

Nonperforming loans totaled $76.4 million and nonperforming assets totaled $88.4 million as of September 30, 2011 compared with $74.0 million and $90.3 million, respectively, for the linked quarter and $79.5 million and $97.8 million, respectively, for the comparable year-over-year quarter. The decrease in nonperforming assets was driven by the charge-off activity discussed above as well as a reduction in OREO, partially offset by an increase in nonaccrual loans related primarily to the commercial, commercial real estate and residential real estate portfolios.

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OREO decreased $4.3 million, or 26.4%, during the third quarter driven primarily by the resolution and sale of one commercial real estate property having a book value of $3.4 million.

Classified assets as of September 30, 2011 totaled $172.6 million as compared to $184.8 million for the linked quarter, representing a decline of 6.6%.  Classified assets, which have declined for five consecutive quarters, are defined by the Company as nonperforming assets plus performing loans internally rated substandard or worse.

Delinquent Loans

Loans 30-to-89 days past due totaled $19.5 million, or 0.66% of period end loans, as of September 30, 2011.  This compares to $26.8 million, or 0.96%, as of June 30, 2011 and $45.1 million, or 1.63%, as of September 30, 2010.  The decrease of $7.3 million, or 27.3%, compared to the linked quarter resulted from reduced delinquencies in the commercial and commercial real estate portfolios, partially offset by an increase in residential real estate delinquencies.

Provision for Loan & Lease Losses

Third quarter 2011 provision expense related to uncovered loans and leases was $7.6 million as compared to $5.8 million during the linked quarter and $6.3 million during the comparable year-over-year quarter.  As a percentage of net charge-offs, third quarter 2011 provision expense equaled 112.8%.

Allowance for Loan and Lease Losses

As of September 30, 2011, the allowance for uncovered loan and lease losses was $54.5 million as compared to $53.7 million as of June 30, 2011 and $57.2 million as of September 30, 2010.  As a percentage of period-end loans, the allowance for loan and lease losses was 1.86% as of September 30, 2011 as compared to 1.92% as of June 30, 2011 and 2.07% as of September 30, 2010.  The allowance for loan and lease losses as of September 30, 2011 reflects management’s estimate of credit risk inherent in the Company’s uncovered loan portfolio at that time.

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LOANS (EXCLUDING COVERED LOANS)

The following table presents the loan portfolio, not including covered loans, as of September 30, 2011, June 30, 2011 and September 30, 2010.

Table IV
	As of
	September 30, 2011					June 30, 2011					September 30, 2010
			Percent					Percent					Percent
(Dollars in thousands)	Balance		of Total			Balance		of Total			Balance		of Total
Commercial	$	822,552		28.0	%	$	798,552		28.6	%	$	763,449		27.6	%
Real estate - construction		136,651		4.7	%		142,682		5.1	%		178,914		6.5	%
Real estate - commercial		1,202,035		40.9	%		1,144,368		41.0	%		1,095,543		39.6	%
Real estate - residential		300,165		10.2	%		256,788		9.2	%		283,914		10.3	%
Installment		70,034		2.4	%		63,799		2.3	%		73,138		2.6	%
Home equity		362,919		12.4	%		344,457		12.3	%		341,288		12.3	%
Credit card		30,435		1.0	%		28,618		1.0	%		28,825		1.0	%
Lease financing		12,870		0.4	%		9,890		0.4	%		138		0.0	%
Total	$	2,937,661		100.0	%	$	2,789,154		100.0	%	$	2,765,209		100.0	%

Loans, excluding covered loans, totaled $2.9 billion at the end of the third quarter 2011, representing a $148.5 million increase compared to the second quarter 2011.  Excluding $125.8 million of loans acquired in connection with the Liberty branch transaction, loans totaled approximately $2.8 billion as of September 30, 2011, representing an increase of $22.7 million, or 3.2% on an annualized basis, compared to the linked quarter and $46.6 million, or 1.7%, compared to September 30, 2010.

During the third quarter 2011, the Company sold approximately $13.8 million of loans orginated by its franchise finance unit at a premium, recognizing a gain of approximately $700,000. As a liquid secondary market exists for these types of credits, the sale was conducted to lessen credit and geographic concentration risk within the franchise portfolio.

INVESTMENTS

The following table presents a summary of the total investment portfolio at September 30, 2011.

Table V
	As of September 30, 2011
	Book		Percent of			Book		Cost		Market		Gain/
(Dollars in thousands)	Value		Total			Yield		Basis		Value		(Loss)
Agencies	$	5,112		0.4	%		5.49		100.00		101.69	$	85
CMOs (agency)		660,240		55.3	%		1.94		101.23		102.90		10,706
CMOs (private)		34		0.0	%		0.95		100.00		100.38		-
MBSs (agency)		433,005		36.3	%		3.34		102.27		106.33		16,533
		1,098,391		92.0	%		2.51		101.64		104.22		27,324
Municipal		14,266		1.2	%		7.22		99.54		102.03		354
Other 1		81,738		6.8	%		3.44		102.85		102.96		82
		96,004		8.0	%		4.00		102.36		102.81		436
Total investment portfolio	$	1,194,395		100.0	%		2.63		101.69		104.11	$	27,760
			Net Unrealized Gain/(Loss)									$	27,760
			Aggregate Gains										28,278
			Aggregate Losses										(518	)
			Net Unrealized Gain/(Loss) % of Book Value										2.32	%
1 Other includes $71.5 million of regulatory stock

The investment portfolio decreased modestly during the third quarter 2011 compared to the linked quarter as purchases of $38.6 million of agency mortgage backed securities were more than offset by maturities and amortizations.  During the quarter, additional liquidity, excluding the impact of the Liberty transaction, was lower than in previous quarters primarily due to a decrease in net deposit inflows.  Liquidity not utilized to purchase investments was used to fund the redemption of wholesale borrowings and maturing time deposits or was retained in cash.

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The Company received $190.7 million of cash upon closing of the Liberty transaction which had not yet been deployed as of September 30, 2011.  Subsequent to the end of the third quarter, the Company began investing these proceeds and has purchased $49.3 million of longer duration agency mortgage backed securities.  The addition of longer duration securities was executed in conjunction with the Company’s overall asset/liability structure and interest rate risk modeling activities, and, to a lesser extent, market and rate expectations.  As in past quarters, First Financial has avoided adding to its portfolio any particular securities that would materially increase credit risk or geographic concentration risk.  The Company does, however, include these risks in its total evaluation of current market opportunities that would enhance the overall performance of the portfolio.

DEPOSITS

The following table presents a roll-forward of deposit activity during the third quarter 2011.

Table VI
	Deposit Activity - Third Quarter 2011
	Balance as of					Acquired-			Balance as of
	June 30,		Strategic			Non-Strategic			September 30,
(Dollars in thousands)	2011		Portfolio			Portfolio			2011
Transaction and savings accounts	$	3,392,807	$	255,114		$	(6,852	)	$	3,641,069
Time deposits		1,526,731		80,013			(2,522	)		1,604,222
Brokered deposits		54,872		(578	)		(485	)		53,809
Total deposits	$	4,974,410	$	334,549		$	(9,859	)	$	5,299,100

The increase in strategic transaction and savings accounts during the third quarter 2011 was driven primarily by deposits assumed in connection with the Liberty branch acquisition, accounting for $188.4 million of the quarterly increase.  Additionally, the increase in strategic time deposits was due to balances assumed from Liberty, totaling $150.8 million at quarter end, offset by a net decrease of $70.8 million in legacy First Financial balances.

Average strategic transaction and savings accounts increased $67.9 million, or 2.0%, during the third quarter 2011 while average strategic time deposits declined $57.6 million, or 3.8%, compared to the linked quarter.  The Company focused on several strategic initiatives related to deposits that impacted the activity during the quarter.  Specifically, the Company actively managed its pricing strategy on all deposit products and initiated a deposit rationalization strategy focused on improving core relationship profitability and reducing non-core relationship deposits.

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CAPITAL MANAGEMENT

The following table presents First Financial’s regulatory and other capital ratios as of September 30, 2011, June 30, 2011 and September 30, 2010.

Table VII
	As of
	September 30,			June 30,			September 30,			"Well-Capitalized"
	2011			2011			2010			Minimum
Leverage Ratio		10.87	%		11.01	%		10.50	%		5.00	%
Tier 1 Capital Ratio		18.81	%		20.14	%		18.64	%		6.00	%
Total Risk-Based Capital Ratio		20.08	%		21.42	%		19.91	%		10.00	%
Ending tangible shareholders' equity
to ending tangible assets		10.38	%		11.11	%		10.38	%		N/A
Ending tangible common shareholders'
equity to ending tangible assets		10.38	%		11.11	%		10.38	%		N/A

Regulatory capital ratios and tangible common equity decreased during the third quarter 2011 primarily as a result of the goodwill and core deposit intangible asset recognized in connection with the Liberty transaction, which totaled $17.1 million and $4.0 million, respectively.  Further impacting regulatory capital ratios was the increase in risk-weighted assets as a result of the loans acquired in the Liberty transaction.  The variable dividend / 100% payout ratio initiated during the quarter resulted in no contribution to tangible shareholders’ equity from second quarter 2011 earnings.  As of September 30, 2011, tangible book value per common share was $11.15 compared to $11.42 as of June 30, 2011 and $10.90 as of September 30, 2010.  Regulatory capital ratios as of September 30, 2011 are considered preliminary pending the filing of the Company’s regulatory reports.

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

To assist in analyzing the effect of the Company’s 2009 FDIC assisted transactions and the Liberty branch transaction 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 September 30, 2011, June 30, 2011 and September 30, 2010.

Table VIII
	For the Three Months Ended
	September 30,			June 30,			September 30,
(Dollars in thousands)	2011			2011			2010
Income effect:
Accelerated discount on covered loans 1, 2	$	5,207		$	4,756		$	9,448
Acquired-non-strategic net interest income		8,645			8,821			10,586
FDIC loss sharing income 1		8,377			21,643			17,800
Service charges on deposit accounts related to
acquired-non-strategic operations		59			108			168
Other (loss) income related to acquired-non-strategic operations		39			(593	)		(124	)
Income related to the accelerated discount on covered
loans and acquired-non-strategic operations		22,327			34,735			37,878
Expense effect:
Provision for loan and lease losses - covered		7,260			23,895			20,725
Acquired-non-strategic operating expenses: 3
Salaries and employee benefits		-			499			13
Occupancy		(367	)		64			91
Other		(40	)		2,110			462
Total acquired-non-strategic operating expenses		(407	)		2,673			566
FDIC loss share support 3		1,382			1,369			875
Loss share and covered asset expense 3		3,755			3,376			-
Acquisition-related costs: 3
Integration-related costs		488			76			(102	)
Professional services fees		127			-			1,174
Other		1,260			-			433
Total acquisition-related costs		1,875			76			1,505
Transition-related items: 3
Salaries and benefits		14			81			796
Occupancy		-			-			50
Other		(125	)		80			-
Total transition-related items		(111	)		161			846
Total expense effect		13,754			31,550			24,517
Total estimated effect on pre-tax earnings	$	8,573		$	3,185		$	13,361
1 Included in noninterest income
2 Net of the corresponding valuation adjustment on the FDIC indemnification asset
3 Included in noninterest expense

- 12 -

ACCELERATED DISCOUNT ON LOAN PREPAYMENTS AND DISPOSITIONS

During the third quarter 2011, First Financial recognized approximately $5.2 million in accelerated discount from acquired loans.  Accelerated discount is recognized when acquired loans, which are recorded on the Company’s balance sheet at an amount less than the unpaid principal balance, prepay at an amount greater than their 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 component of each loan varies and the recognized amount is offset by a related reduction in the FDIC indemnification asset.  Accelerated discount recognized during the quarter resulted primarily from loan prepayments.

OPERATING EXPENSES AND OTHER ACQUISITION-RELATED COSTS

Acquired-non-strategic operating expenses declined significantly as costs associated with the exited markets of Michigan and Louisville, KY are substantially complete as well as due to lower professional services and other resolution expenses related to non-strategic acquired subsidiaries.  Acquisition-related costs increased during the quarter due primarily to the previously mentioned $1.8 million of costs incurred related to the Liberty branch acquisition. Expenses related to transition-related items and other acquisition-related costs, excluding the impact of the Liberty acquisition, continued to decline as planned.

NET INTEREST MARGIN IMPACT

Net interest margin is 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.  Impairment, as a result of a decrease in expected cash flows, is recognized as provision expense in the period it is measured and has no impact on net interest margin.  Improvements in expected cash flows, in excess of any prior impairment, are recognized on a prospective basis through an upward adjustment to the yield earned on the portfolio.  Impairment and improvement are both partially offset by the impact of changes in the value of the FDIC indemnification asset.  Impairment is partially offset by an increase to the FDIC indemnification asset as a result of FDIC loss sharing income and has no impact on net interest margin.  Improvement, which is reflected as a higher yield, is partially offset by a lower yield earned on the FDIC indemnification asset until the next periodic valuation of the loans and the indemnification asset.  The weighted average yield of the acquired loan portfolio may also be subject to change as loans with higher yields pay down more quickly or slowly than loans with lower yields.

- 13 -

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 September 30, 2011.

Table IX	For the Three Months Ended
	September 30, 2011
	Average
	Balance		Yield
Legacy and originated loan portfolio	$	2,800,466		5.07	%
Covered loan portfolio accounted for under ASC Topic 310-30 1		1,096,329		11.14	%
Covered loan portfolio accounted for under FAS 91 2		99,998		13.92	%
FDIC indemnification asset 1		183,801		-4.16	%
Total	$	4,180,594		6.47	%
1  Future yield adjustments subject to change based on required, periodic valuation procedures
2  Includes loans with revolving privileges which are scoped out of ASC Topic 310-30 and certain loans which the Company elected to treat under the cost recovery method of accounting.

As part of its on-going valuation procedures, the Company experienced a $2.0 million net improvement in the cash flow expectations related to certain loan pools during the third quarter 2011.  During the quarter, the average yield earned on covered loans was 11.14%.  On a prospective basis and until its next periodic valuation, the Company expects the yield on covered loans to be 11.49%.

This projected improvement in cash flow expectations on loans is partially offset by a related decline in cash flow expectations on the FDIC indemnification asset which is recognized through its yield.  The average yield earned on the indemnification asset during the third quarter 2011 was -4.16%.  On a prospective basis and until its next periodic valuation, the Company expects the yield on the indemnification asset to be -4.62%.

COVERED ASSETS & LOSS SHARE AGREEMENTS

As of September 30, 2011, 28.2% 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.

When losses are incurred on covered assets that exceed expectations, the Company recognizes the gross credit losses in excess of the valuation mark as either provision expense if related to loans or noninterest expense if related to OREO.  Reimbursements expected from the FDIC under loss share agreements related to these credit losses are recorded as noninterest income.  As such, the net impact on earnings is the difference between the gross credit losses and FDIC reimbursements, representing the Company’s proportionate share of the credit losses realized on covered assets.

- 14 -

COVERED LOAN PORTFOLIO

The following table presents estimated activity in the covered loan portfolio by loan type during the third quarter 2011.

Table X
	Covered Loan Activity - Third Quarter 2011
			Reduction in Recorded Investment Due to:
(Dollars in thousands)	June 30, 2011		Sales		Prepayments		Contractual Activity 1			Net Charge-Offs 2		Loans With Coverage Removed		September 30, 2011
Commercial	$	251,753	$	3,721	$	17,380	$	5,232		$	1,298	$	240	$	223,882
Real estate - construction		40,811		-		5,237		8,913			768		-		25,893
Real estate - commercial		726,885		-		27,348		3,587			6,832		1,726		687,392
Real estate - residential		134,131		-		3,483		2,193			702		-		127,753
Installment		15,197		-		713		215			91		-		14,178
Home equity		68,664		-		1,771		(1,505	)		501		-		67,897
Other covered loans		5,289		-		-		1,218			-		-		4,071
Total covered loans	$	1,242,730	$	3,721	$	55,932	$	19,853		$	10,192	$	1,966	$	1,151,066
1 Includes partial paydowns, accretion of the valuation discount and advances on revolving loans
2 Indemnified at 80% from the FDIC

During the third quarter 2011, the total balance of covered loans decreased $91.7 million, or 7.4%, as compared to the previous quarter.  Loans with coverage removed represent loans to primarily high quality borrowers involving a change in loan terms which caused the respective loans to no longer qualify for reimbursement from the FDIC in the event of credit losses.

ALLOWANCE FOR LOAN AND LEASE LOSSES - COVERED

Under the applicable accounting guidance, the allowance for loan losses related to covered loans is a result of impairment identified in on-going valuation procedures and is generally recognized in the current period as provision expense.  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 following table presents activity in the allowance for loan losses related to covered loans for the three months ended September 30, June 30 and March 31, 2011 as well as for the nine month period ended September 30, 2011.

Table XI
										As of or for the
	As of or for the Three Months Ended									Nine Months Ended
	September 30,			June 30,			March 31,			September 30,
(Dollars in thousands)	2011			2011			2011			2011
Balance at beginning of period	$	51,044		$	31,555		$	16,493		$	16,493
Provision for loan and lease losses - covered		7,260			23,895			26,016			57,171
Total gross charge-offs		(10,609	)		(7,456	)		(14,026	)		(32,091	)
Total recoveries		417			3,050			3,072			6,539
Total net charge-offs		(10,192	)		(4,406	)		(10,954	)		(25,552	)
Ending allowance for loan and lease losses - covered	$	48,112		$	51,044		$	31,555		$	48,112

The Company has established an allowance for loan losses associated with covered loans based on estimated valuation procedures performed each quarter.  During the third quarter 2011, the Company recognized a provision expense of $7.3 million, representing a decline of $16.6 million, or 69.6%, compared to the linked quarter.  The significant decrease reflects a stabilizing credit outlook related to loan pools with previously recognized impairment.  The allowance for loan losses related to covered loans declined $2.9 million, or 5.7%, compared to the second quarter 2011, also reflecting the stabilized credit outlook in conjunction with the decline in the covered loan portfolio.  As a percentage of total covered loans, the allowance for loan losses totaled 4.18% as of September 30, 2011 compared to 4.11% as of June 30, 2011.

- 15 -

In addition to the provision expense, the Company incurred loss share and covered asset expenses of $3.8 million, including $2.7 million of losses related to covered OREO and $1.0 million of other credit expenses related to covered assets.  The receivable due from the FDIC under loss share agreements of $8.4 million related to total credit costs incurred was recognized as FDIC loss share income and a corresponding increase to the FDIC indemnification asset.

SUMMARY OF ACQUISITIONS

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”).

During the third quarter 2011, the Company completed its acquisition of the Ohio-based retail banking branches of Liberty Savings Bank, FSB.  This transaction included 16 branch locations, 12 of which are located in the Dayton, OH area and significantly enhanced the Company’s presence in this key strategic market.  At closing, First Financial assumed $341.9 million of deposits and acquired $126.5 million of in-market performing loans.  All elements of the business acquired as part of this transaction are considered by the Company to be acquired-strategic (see definition below).

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”.  Definitions of the business categories and other financial items related to the acquisitions can be found below in “Glossary of Terms”.  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 covered loans – 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.

- 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, October 27, 2011 at 9:00 a.m. Eastern Time. Members of the public who would like to listen to the conference call should dial (866) 524-3160 (U.S. toll free), (866) 605-3852 (Canada toll free) or +1 (412) 317-6760 (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 November 11, 2011 at (877) 344-7529 (U.S. toll free) and +1 (412) 317-0088 (International); conference number 10006004.  The webcast will be archived on the Investor Relations section of the Company’s website through October 27, 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 Statements

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 effects of the potential delay or failure of the U.S. federal government to pay its debts as they become due or make payments in the ordinary course;

§ 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;

§ our ability to comply with the terms of loss sharing agreements with the FDIC;

§ 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, such as the risks and uncertainties associated with the Irwin Mortgage Corporation bankruptcy proceedings;

§ 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;

- 17 -

§ 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;

§ 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, 2010, 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 September 30, 2011, the Company had $6.3 billion in assets, $4.1 billion in loans, $5.3 billion in deposits and $727 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 $2.2 billion in assets under management as of September 30, 2011.  The Company’s strategic operating markets are located in Ohio, Indiana and Kentucky where it operates 116 banking centers.  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

September 30, 2011

(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,									Nine months ended
	Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Sep. 30,
	2011			2011			2011			2010			2010			2011			2010
RESULTS OF OPERATIONS
Net income	$	15,618		$	15,973		$	17,207		$	14,300		$	15,579		$	48,798		$	44,951
Net income available to common shareholders	$	15,618		$	15,973		$	17,207		$	14,300		$	15,579		$	48,798		$	43,086
Net earnings per common share - basic	$	0.27		$	0.28		$	0.30		$	0.25		$	0.27		$	0.85		$	0.76
Net earnings per common share - diluted	$	0.27		$	0.27		$	0.29		$	0.24		$	0.27		$	0.83		$	0.75
Dividends declared per common share	$	0.27		$	0.12		$	0.12		$	0.10		$	0.10		$	0.51		$	0.30
KEY FINANCIAL RATIOS
Return on average assets		1.01	%		1.03	%		1.11	%		0.90	%		0.96	%		1.05	%		0.92	%
Return on average shareholders' equity		8.54	%		9.05	%		10.04	%		8.14	%		9.03	%		9.19	%		8.86	%
Return on average common shareholders' equity		8.54	%		9.05	%		10.04	%		8.14	%		9.03	%		9.19	%		8.69	%
Return on average tangible common shareholders' equity		9.56	%		9.84	%		10.94	%		8.87	%		9.87	%		10.32	%		9.53	%
Net interest margin		4.55	%		4.61	%		4.73	%		4.65	%		4.59	%		4.63	%		4.67	%
Net interest margin (fully tax equivalent) (1)		4.57	%		4.62	%		4.75	%		4.67	%		4.60	%		4.65	%		4.68	%
Ending equity as a percent of ending assets		11.47	%		11.95	%		11.21	%		11.16	%		11.23	%		11.47	%		11.23	%
Ending tangible common equity as a percent of:
Ending tangible assets		10.38	%		11.11	%		10.40	%		10.33	%		10.38	%		10.38	%		10.38	%
Risk-weighted assets		18.47	%		19.65	%		19.28	%		17.36	%		17.61	%		18.47	%		17.61	%
Average equity as a percent of average assets		11.83	%		11.38	%		11.09	%		11.12	%		10.68	%		11.43	%		10.34	%
Average common equity as a percent of average assets		11.83	%		11.38	%		11.09	%		11.12	%		10.68	%		11.43	%		10.10	%
Average tangible common equity as a percent of average tangible assets		10.70	%		10.56	%		10.28	%		10.29	%		9.86	%		10.32	%		9.30	%
Book value per common share	$	12.48		$	12.39		$	12.15		$	12.01		$	11.90		$	12.48		$	11.90
Tangible book value per common share	$	11.15		$	11.42		$	11.17		$	11.02		$	10.90		$	11.15		$	10.90
Tier 1 Ratio (2)		18.81	%		20.14	%		20.49	%		18.45	%		18.64	%		18.81	%		18.64	%
Total Capital Ratio (2)		20.08	%		21.42	%		21.76	%		19.72	%		19.91	%		20.08	%		19.91	%
Leverage Ratio (2)		10.87	%		11.01	%		11.09	%		10.89	%		10.50	%		10.87	%		10.50	%
AVERAGE BALANCE SHEET ITEMS
Loans (3)	$	2,800,466		$	2,782,947		$	2,821,450		$	2,804,832		$	2,805,764		$	2,801,544		$	2,820,487
Covered loans and FDIC indemnification asset		1,380,128			1,481,353			1,628,645			1,783,737			1,886,750			1,495,798			2,031,294
Investment securities		1,199,473			1,093,870			1,045,292			798,135			691,700			1,113,443			616,583
Interest-bearing deposits with other banks		306,969			375,434			276,837			405,920			483,097			319,857			477,714
Total earning assets	$	5,687,036		$	5,733,604		$	5,772,224		$	5,792,624		$	5,867,311		$	5,730,642		$	5,946,078
Total assets	$	6,136,815		$	6,219,754		$	6,266,408		$	6,270,480		$	6,408,479		$	6,207,184		$	6,558,138
Noninterest-bearing deposits	$	735,621		$	734,674		$	733,242		$	741,343		$	721,501		$	734,521		$	745,108
Interest-bearing deposits		4,366,827			4,402,103			4,431,524			4,438,113			4,448,929			4,399,914			4,521,107
Total deposits	$	5,102,448		$	5,136,777		$	5,164,766		$	5,179,456		$	5,170,430		$	5,134,435		$	5,266,215
Borrowings	$	195,140		$	218,196		$	230,087		$	213,107		$	352,370		$	214,347		$	419,340
Shareholders' equity	$	725,809		$	707,750		$	695,062		$	697,016		$	684,112		$	709,653		$	678,260
CREDIT QUALITY RATIOS (excluding covered assets)
Allowance to ending loans		1.86	%		1.92	%		1.93	%		2.03	%		2.07	%		1.86	%		2.07	%
Allowance to nonaccrual loans		92.20	%		94.93	%		86.46	%		91.87	%		86.54	%		92.20	%		86.54	%
Allowance to nonperforming loans		71.35	%		72.51	%		66.57	%		71.62	%		71.99	%		71.35	%		71.99	%
Nonperforming loans to total loans		2.60	%		2.65	%		2.90	%		2.84	%		2.88	%		2.60	%		2.88	%
Nonperforming assets to ending loans, plus OREO		3.00	%		3.22	%		3.42	%		3.45	%		3.51	%		3.00	%		3.51	%
Nonperforming assets to total assets		1.40	%		1.50	%		1.51	%		1.57	%		1.59	%		1.40	%		1.59	%
Net charge-offs to average loans (annualized)		0.96	%		0.83	%		0.61	%		1.39	%		0.97	%		0.80	%		1.23	%

(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) September 30, 2011 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,									Nine months ended,
	Sep. 30,									Sep. 30,
	2011			2010			% Change			2011			2010			% Change
Interest income
Loans, including fees	$	70,086		$	75,957			(7.7	)%	$	216,031		$	230,239			(6.2	)%
Investment securities
Taxable		7,411			5,386			37.6	%		21,294			16,226			31.2	%
Tax-exempt		176			240			(26.7	)%		566			720			(21.4	)%
Total investment securities interest		7,587			5,626			34.9	%		21,860			16,946			29.0	%
Other earning assets		(1,721	)		3,101			(155.5	)%		(4,059	)		13,996			(129.0	)%
Total interest income		75,952			84,684			(10.3	)%		233,832			261,181			(10.5	)%
Interest expense
Deposits		9,823			14,457			(32.1	)%		31,990			45,413			(29.6	)%
Short-term borrowings		44			25			76.0	%		138			61			126.2	%
Long-term borrowings		867			2,034			(57.4	)%		2,893			7,147			(59.5	)%
Subordinated debentures and capital securities		0			322			(100.0	)%		391			956			(59.1	)%
Total interest expense		10,734			16,838			(36.3	)%		35,412			53,577			(33.9	)%
Net interest income		65,218			67,846			(3.9	)%		198,420			207,604			(4.4	)%
Provision for loan and lease losses - uncovered		7,643			6,287			21.6	%		14,046			23,823			(41.0	)%
Provision for loan and lease losses - covered		7,260			20,725			(65.0	)%		57,171			49,147			16.3	%
Net interest income after provision for loan and lease losses		50,315			40,834			23.2	%		127,203			134,634			(5.5	)%
Noninterest income
Service charges on deposit accounts		4,793			5,632			(14.9	)%		14,286			17,098			(16.4	)%
Trust and wealth management fees		3,377			3,366			0.3	%		10,809			10,579			2.2	%
Bankcard income		2,318			2,193			5.7	%		6,801			6,263			8.6	%
Net gains from sales of loans		1,243			2,749			(54.8	)%		3,086			3,391			(9.0	)%
FDIC loss sharing income		8,377			17,800			(52.9	)%		53,455			40,538			31.9	%
Accelerated discount on covered loans		5,207			9,448			(44.9	)%		15,746			22,954			(31.4	)%
(Loss) Income on preferred securities		0			0			N/M			0			(30	)		(100.0	)%
Other		2,800			3,707			(24.5	)%		8,708			11,504			(24.3	)%
Total noninterest income		28,115			44,895			(37.4	)%		112,891			112,297			0.5	%
Noninterest expenses
Salaries and employee benefits		27,774			28,790			(3.5	)%		80,467			88,544			(9.1	)%
Net occupancy		4,164			4,663			(10.7	)%		15,517			18,125			(14.4	)%
Furniture and equipment		2,386			2,490			(4.2	)%		7,520			7,277			3.3	%
Data processing		1,466			1,191			23.1	%		4,157			3,559			16.8	%
Marketing		1,584			1,230			28.8	%		4,227			3,904			8.3	%
Communication		772			986			(21.7	)%		2,339			3,016			(22.4	)%
Professional services		2,062			2,117			(2.6	)%		7,384			6,306			17.1	%
Debt extinguishment		0			8,029			(100.0	)%		0			8,029			(100.0	)%
State intangible tax		546			724			(24.6	)%		3,147			3,481			(9.6	)%
FDIC assessments		1,211			2,123			(43.0	)%		4,484			6,040			(25.8	)%
Other		11,177			8,967			24.6	%		34,187			29,109			17.4	%
Total noninterest expenses		53,142			61,310			(13.3	)%		163,429			177,390			(7.9	)%
Income before income taxes		25,288			24,419			3.6	%		76,665			69,541			10.2	%
Income tax expense		9,670			8,840			9.4	%		27,867			24,590			13.3	%
Net income		15,618			15,579			0.3	%		48,798			44,951			8.6	%
Dividends on preferred stock		0			0			N/M			0			1,865			(100.0	)%
Income available to common shareholders	$	15,618		$	15,579			0.3	%	$	48,798		$	43,086			13.3	%
ADDITIONAL DATA
Net earnings per common share - basic	$	0.27		$	0.27					$	0.85		$	0.76
Net earnings per common share - diluted	$	0.27		$	0.27					$	0.83		$	0.75
Dividends declared per common share	$	0.27		$	0.10					$	0.51		$	0.30
Return on average assets		1.01	%		0.96	%					1.05	%		0.92	%
Return on average shareholders' equity		8.54	%		9.03	%					9.19	%		8.86	%
Interest income	$	75,952		$	84,684			(10.3	)%	$	233,832		$	261,181			(10.5	)%
Tax equivalent adjustment		236			222			6.3	%		714			646			10.5	%
Interest income - tax equivalent		76,188			84,906			(10.3	)%		234,546			261,827			(10.4	)%
Interest expense		10,734			16,838			(36.3	)%		35,412			53,577			(33.9	)%
Net interest income - tax equivalent	$	65,454		$	68,068			(3.8	)%	$	199,134		$	208,250			(4.4	)%
Net interest margin		4.55	%		4.59	%					4.63	%		4.67	%
Net interest margin (fully tax equivalent) (1)		4.57	%		4.60	%					4.65	%		4.68	%
Full-time equivalent employees (2)		1,377			1,535

(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)

	2011
	Third			Second			First						% Change
	Quarter			Quarter			Quarter			YTD			Linked Qtr.
Interest income
Loans, including fees	$	70,086		$	71,929		$	74,016		$	216,031			(2.6	)%
Investment securities
Taxable		7,411			7,080			6,803			21,294			4.7	%
Tax-exempt		176			192			198			566			(8.3	)%
Total investment securities interest		7,587			7,272			7,001			21,860			4.3	%
Other earning assets		(1,721	)		(1,384	)		(954	)		(4,059	)		24.3	%
Total interest income		75,952			77,817			80,063			233,832			(2.4	)%
Interest expense
Deposits		9,823			10,767			11,400			31,990			(8.8	)%
Short-term borrowings		44			49			45			138			(10.2	)%
Long-term borrowings		867			937			1,089			2,893			(7.5	)%
Subordinated debentures and capital securities		0			197			194			391			(100.0	)%
Total interest expense		10,734			11,950			12,728			35,412			(10.2	)%
Net interest income		65,218			65,867			67,335			198,420			(1.0	)%
Provision for loan and lease losses - uncovered		7,643			5,756			647			14,046			32.8	%
Provision for loan and lease losses - covered		7,260			23,895			26,016			57,171			(69.6	)%
Net interest income after provision for loan and lease losses		50,315			36,216			40,672			127,203			38.9	%
Noninterest income
Service charges on deposit accounts		4,793			4,883			4,610			14,286			(1.8	)%
Trust and wealth management fees		3,377			3,507			3,925			10,809			(3.7	)%
Bankcard income		2,318			2,328			2,155			6,801			(0.4	)%
Net gains from sales of loans		1,243			854			989			3,086			45.6	%
FDIC loss sharing income		8,377			21,643			23,435			53,455			(61.3	)%
Accelerated discount on covered loans		5,207			4,756			5,783			15,746			9.5	%
Other		2,800			3,147			2,761			8,708			(11.0	)%
Total noninterest income		28,115			41,118			43,658			112,891			(31.6	)%
Noninterest expenses
Salaries and employee benefits		27,774			25,123			27,570			80,467			10.6	%
Net occupancy		4,164			4,493			6,860			15,517			(7.3	)%
Furniture and equipment		2,386			2,581			2,553			7,520			(7.6	)%
Data processing		1,466			1,453			1,238			4,157			0.9	%
Marketing		1,584			1,402			1,241			4,227			13.0	%
Communication		772			753			814			2,339			2.5	%
Professional services		2,062			3,095			2,227			7,384			(33.4	)%
State intangible tax		546			1,236			1,365			3,147			(55.8	)%
FDIC assessments		1,211			1,152			2,121			4,484			5.1	%
Other		11,177			11,209			11,801			34,187			(0.3	)%
Total noninterest expenses		53,142			52,497			57,790			163,429			1.2	%
Income before income taxes		25,288			24,837			26,540			76,665			1.8	%
Income tax expense		9,670			8,864			9,333			27,867			9.1	%
Net income		15,618		$	15,973		$	17,207		$	48,798			(2.2	)%
ADDITIONAL DATA
Net earnings per common share - basic	$	0.27		$	0.28		$	0.30		$	0.85
Net earnings per common share - diluted	$	0.27		$	0.27		$	0.29		$	0.83
Dividends declared per common share	$	0.27		$	0.12		$	0.12		$	0.51
Return on average assets		1.01	%		1.03	%		1.11	%		1.05	%
Return on average shareholders' equity		8.54	%		9.05	%		10.04	%		9.19	%
Interest income	$	75,952		$	77,817		$	80,063		$	233,832			(2.4	)%
Tax equivalent adjustment		236			240			238			714			(1.7	)%
Interest income - tax equivalent		76,188			78,057			80,301			234,546			(2.4	)%
Interest expense		10,734			11,950			12,728			35,412			(10.2	)%
Net interest income - tax equivalent	$	65,454		$	66,107		$	67,573		$	199,134			(1.0	)%
Net interest margin		4.55	%		4.61	%		4.73	%		4.63	%
Net interest margin (fully tax equivalent) (1)		4.57	%		4.62	%		4.75	%		4.65	%
Full-time equivalent employees (2)		1,377			1,374			1,483

(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)

	2010
	Fourth			Third			Second			First			Full
	Quarter			Quarter			Quarter			Quarter			Year
Interest income
Loans, including fees	$	75,836		$	75,957		$	74,944		$	79,338		$	306,075
Investment securities
Taxable		5,522			5,386			5,444			5,396			21,748
Tax-exempt		214			240			245			235			934
Total investment securities interest		5,736			5,626			5,689			5,631			22,682
Other earning assets		749			3,101			5,305			5,590			14,745
Total interest income		82,321			84,684			85,938			90,559			343,502
Interest expense
Deposits		12,923			14,457			15,308			15,648			58,336
Short-term borrowings		33			25			17			19			94
Long-term borrowings		1,194			2,034			2,556			2,557			8,341
Subordinated debentures and capital securities		265			322			319			315			1,221
Total interest expense		14,415			16,838			18,200			18,539			67,992
Net interest income		67,906			67,846			67,738			72,020			275,510
Provision for loan and lease losses - uncovered		9,741			6,287			6,158			11,378			33,564
Provision for loan and lease losses - covered		13,997			20,725			18,962			9,460			63,144
Net interest income after provision for loan and lease losses		44,168			40,834			42,618			51,182			178,802
Noninterest income
Service charges on deposit accounts		5,090			5,632			5,855			5,611			22,188
Trust and wealth management fees		3,283			3,366			3,668			3,545			13,862
Bankcard income		2,255			2,193			2,102			1,968			8,518
Net gains from sales of loans		1,241			2,749			473			169			4,632
FDIC loss sharing income		11,306			17,800			15,170			7,568			51,844
Accelerated discount on covered loans		6,113			9,448			7,408			6,098			29,067
(Loss) income on preferred securities		0			0			0			(30	)		(30	)
Other		5,246			3,707			5,791			2,006			16,750
Total noninterest income		34,534			44,895			40,467			26,935			146,831
Noninterest expenses
Salaries and employee benefits		28,819			28,790			29,513			30,241			117,363
Net occupancy		4,430			4,663			5,340			8,122			22,555
Furniture and equipment		3,022			2,490			2,514			2,273			10,299
Data processing		1,593			1,191			1,136			1,232			5,152
Marketing		1,453			1,230			1,600			1,074			5,357
Communication		892			986			822			1,208			3,908
Professional services		2,863			2,117			2,446			1,743			9,169
Debt extinguishment		0			8,029			0			0			8,029
State intangible tax		1,362			724			1,426			1,331			4,843
FDIC assessments		2,272			2,123			1,907			2,010			8,312
Other		9,584			8,967			9,115			11,027			38,693
Total noninterest expenses		56,290			61,310			55,819			60,261			233,680
Income before income taxes		22,412			24,419			27,266			17,856			91,953
Income tax expense		8,112			8,840			9,492			6,258			32,702
Net income		14,300			15,579			17,774			11,598			59,251
Dividends on preferred stock		0			0			0			1,865			1,865
Net income available to common shareholders	$	14,300		$	15,579		$	17,774		$	9,733		$	57,386
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
Tax equivalent adjustment		220			222			212			212			866
Interest income - tax equivalent		82,541			84,906			86,150			90,771			344,368
Interest expense		14,415			16,838			18,200			18,539			67,992
Net interest income - tax equivalent	$	68,126		$	68,068		$	67,950		$	72,232		$	276,376
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.

- 5 -

FIRST FINANCIAL BANCORP.

CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)

(Unaudited)

	Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			% Change			% Change
	2011			2011			2011			2010			2010			Linked Qtr.			Comparable Qtr.
ASSETS
Cash and due from banks	$	108,253		$	104,150		$	96,709		$	105,981		$	144,101			3.9	%		(24.9	)%
Interest-bearing deposits with other banks		369,130			147,108			387,923			176,952			280,457			150.9	%		31.6	%
Investment securities available-for-sale		1,120,179			1,134,114			1,024,684			919,110			616,175			(1.2	)%		81.8	%
Investment securities held-to-maturity		2,724			3,001			16,780			17,406			17,842			(9.2	)%		(84.7	)%
Other investments		71,492			71,492			78,689			78,689			86,509			0.0	%		(17.4	)%
Loans held for sale		14,259			8,824			6,813			29,292			19,075			61.6	%		(25.2	)%
Loans
Commercial		822,552			798,552			794,821			800,253			763,449			3.0	%		7.7	%
Real estate - construction		136,651			142,682			145,355			163,543			178,914			(4.2	)%		(23.6	)%
Real estate - commercial		1,202,035			1,144,368			1,131,306			1,139,931			1,095,543			5.0	%		9.7	%
Real estate - residential		300,165			256,788			268,746			269,173			283,914			16.9	%		5.7	%
Installment		70,034			63,799			66,028			69,711			73,138			9.8	%		(4.2	)%
Home equity		362,919			344,457			339,590			341,310			341,288			5.4	%		6.3	%
Credit card		30,435			28,618			28,104			29,563			28,825			6.3	%		5.6	%
Lease financing		12,870			9,890			7,147			2,609			138			30.1	%		N/M
Total loans, excluding covered loans		2,937,661			2,789,154			2,781,097			2,816,093			2,765,209			5.3	%		6.2	%
Less
Allowance for loan and lease losses		54,537			53,671			53,645			57,235			57,249			1.6	%		(4.7	)%
Net loans - uncovered		2,883,124			2,735,483			2,727,452			2,758,858			2,707,960			5.4	%		6.5	%
Covered loans		1,151,066			1,242,730			1,336,015			1,481,493			1,609,584			(7.4	)%		(28.5	)%
Less
Allowance for loan and lease losses		48,112			51,044			31,555			16,493			11,583			(5.7	)%		315.4	%
Net loans - covered		1,102,954			1,191,686			1,304,460			1,465,000			1,598,001			(7.4	)%		(31.0	)%
Net loans		3,986,078			3,927,169			4,031,912			4,223,858			4,305,961			1.5	%		(7.4	)%
Premises and equipment		120,325			114,797			115,873			118,477			116,959			4.8	%		2.9	%
Goodwill		68,922			51,820			51,820			51,820			51,820			33.0	%		33.0	%
Other intangibles		8,436			4,847			5,227			5,604			6,049			74.0	%		39.5	%
FDIC indemnification asset		177,814			193,113			207,359			222,648			237,709			(7.9	)%		(25.2	)%
Accrued interest and other assets		290,117			281,172			290,692			300,388			271,843			3.2	%		6.7	%
Total Assets	$	6,337,729		$	6,041,607		$	6,314,481		$	6,250,225		$	6,154,500			4.9	%		3.0	%
LIABILITIES
Deposits
Interest-bearing	$	1,288,721		$	1,021,519		$	1,136,219		$	1,111,877		$	999,922			26.2	%		28.9	%
Savings		1,537,420			1,643,110			1,628,952			1,534,045			1,407,332			(6.4	)%		9.2	%
Time		1,658,031			1,581,603			1,702,294			1,794,843			1,930,652			4.8	%		(14.1	)%
Total interest-bearing deposits		4,484,172			4,246,232			4,467,465			4,440,765			4,337,906			5.6	%		3.4	%
Noninterest-bearing		814,928			728,178			749,785			705,484			713,357			11.9	%		14.2	%
Total deposits		5,299,100			4,974,410			5,217,250			5,146,249			5,051,263			6.5	%		4.9	%
Federal funds purchased and securities sold under agreements to repurchase		95,451			105,291			87,973			59,842			58,747			(9.3	)%		62.5	%
Long-term debt		76,875			102,255			102,976			128,880			129,224			(24.8	)%		(40.5	)%
Other long-term debt		0			0			20,620			20,620			20,620			N/M			(100.0	)%
Total borrowed funds		172,326			207,546			211,569			209,342			208,591			(17.0	)%		(17.4	)%
Accrued interest and other liabilities		139,171			137,889			177,698			197,240			203,715			0.9	%		(31.7	)%
Total Liabilities		5,610,597			5,319,845			5,606,517			5,552,831			5,463,569			5.5	%		2.7	%
SHAREHOLDERS' EQUITY
Common stock		578,974			577,856			576,992			580,097			579,309			0.2	%		(0.1	)%
Retained earnings		329,243			329,455			320,515			310,271			301,777			(0.1	)%		9.1	%
Accumulated other comprehensive loss		(3,388	)		(7,902	)		(12,332	)		(12,044	)		(9,106	)		(57.1	)%		(62.8	)%
Treasury stock, at cost		(177,697	)		(177,647	)		(177,211	)		(180,930	)		(181,049	)		0.0	%		(1.9	)%
Total Shareholders' Equity		727,132			721,762			707,964			697,394			690,931			0.7	%		5.2	%
Total Liabilities and Shareholders' Equity	$	6,337,729		$	6,041,607		$	6,314,481		$	6,250,225		$	6,154,500			4.9	%		3.0	%

N/M = Not meaningful.

- 6 -

FIRST FINANCIAL BANCORP.

AVERAGE CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)

(Unaudited)

	Quarterly Averages															Year-to-Date Averages
	Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Sep. 30,
	2011			2011			2011			2010			2010			2011			2010
ASSETS
Cash and due from banks	$	110,336		$	118,829		$	111,953		$	122,167		$	185,322		$	113,700		$	264,386
Interest-bearing deposits with other banks		306,969			375,434			276,837			405,920			483,097			319,857			477,714
Investment securities		1,199,473			1,093,870			1,045,292			798,135			691,700			1,113,443			616,583
Loans held for sale		749			690			8,226			21,141			14,909			3,194			8,318
Loans
Commercial		794,447			797,158			802,944			739,082			735,228			798,152			755,630
Real estate - construction		141,791			139,255			158,403			172,585			187,401			146,422			207,093
Real estate - commercial		1,145,195			1,132,662			1,135,630			1,155,896			1,135,547			1,137,864			1,108,767
Real estate - residential		267,125			268,760			273,422			276,166			295,917			269,746			302,252
Installment		63,672			65,568			67,700			71,623			71,739			65,632			76,130
Home equity		346,486			341,876			340,285			339,192			336,288			342,905			333,880
Credit card		29,505			28,486			28,321			28,962			28,664			28,775			28,383
Lease financing		11,496			8,492			6,519			185			71			8,854			34
Total loans, excluding covered loans		2,799,717			2,782,257			2,813,224			2,783,691			2,790,855			2,798,350			2,812,169
Less
Allowance for loan and lease losses		55,146			55,132			59,756			60,433			60,871			56,661			60,401
Net loans – uncovered		2,744,571			2,727,125			2,753,468			2,723,258			2,729,984			2,741,689			2,751,768
Covered loans		1,196,327			1,295,228			1,420,197			1,551,003			1,648,030			1,303,097			1,771,582
Less
Allowance for loan and lease losses		51,955			39,070			23,399			16,104			882			38,246			302
Net loans - covered		1,144,372			1,256,158			1,396,798			1,534,899			1,647,148			1,264,851			1,771,280
Net loans		3,888,943			3,983,283			4,150,266			4,258,157			4,377,132			4,006,540			4,523,048
Premises and equipment		116,070			115,279			119,006			117,659			115,518			116,774			113,263
Goodwill		52,004			51,820			51,820			51,820			51,820			51,882			51,820
Other intangibles		4,697			5,031			5,421			5,841			6,384			5,047			6,884
FDIC indemnification asset		183,801			186,125			208,448			232,734			238,720			192,701			259,712
Accrued interest and other assets		273,773			289,393			289,139			256,906			243,877			284,046			236,410
Total Assets	$	6,136,815		$	6,219,754		$	6,266,408		$	6,270,480		$	6,408,479		$	6,207,184		$	6,558,138
LIABILITIES
Deposits
Interest-bearing	$	1,153,178		$	1,130,503		$	1,088,791		$	1,086,685		$	1,029,350		$	1,124,393		$	1,072,938
Savings		1,659,152			1,636,821			1,585,065			1,490,132			1,412,441			1,627,284			1,357,681
Time		1,554,497			1,634,779			1,757,668			1,861,296			2,007,138			1,648,237			2,090,488
Total interest-bearing deposits		4,366,827			4,402,103			4,431,524			4,438,113			4,448,929			4,399,914			4,521,107
Noninterest-bearing		735,621			734,674			733,242			741,343			721,501			734,521			745,108
Total deposits		5,102,448			5,136,777			5,164,766			5,179,456			5,170,430			5,134,435			5,266,215
Federal funds purchased and securities sold under agreements to repurchase		100,990			95,297			89,535			63,489			50,580			95,316			42,160
Long-term debt		94,150			102,506			119,932			128,998			281,170			105,435			356,560
Other long-term debt		0			20,393			20,620			20,620			20,620			13,596			20,620
Total borrowed funds		195,140			218,196			230,087			213,107			352,370			214,347			419,340
Accrued interest and other liabilities		113,418			157,031			176,493			180,901			201,567			148,749			194,323
Total Liabilities		5,411,006			5,512,004			5,571,346			5,573,464			5,724,367			5,497,531			5,879,878
SHAREHOLDERS' EQUITY
Preferred stock		0			0			0			0			0			0			15,666
Common stock		578,380			577,417			579,790			579,701			578,810			578,524			569,620
Retained earnings		331,107			318,466			308,841			306,923			294,346			319,553			284,979
Accumulated other comprehensive loss		(6,013	)		(10,488	)		(13,251	)		(8,584	)		(8,021	)		(9,891	)		(8,731	)
Treasury stock, at cost		(177,665	)		(177,645	)		(180,318	)		(181,024	)		(181,023	)		(178,533	)		(183,274	)
Total Shareholders' Equity		725,809			707,750			695,062			697,016			684,112			709,653			678,260
Total Liabilities and Shareholders' Equity	$	6,136,815		$	6,219,754		$	6,266,408		$	6,270,480		$	6,408,479		$	6,207,184		$	6,558,138

- 7 -

FIRST FINANCIAL BANCORP.

NET INTEREST MARGIN RATE/VOLUME ANALYSIS

(Dollars in thousands)

(Unaudited)

	Quarterly Averages																		Year-to-Date Averages
	Sep. 30, 2011						Jun. 30, 2011						Sep. 30, 2010						Sep. 30, 2011						Sep. 30, 2010
	Balance			Yield			Balance			Yield			Balance			Yield			Balance			Yield			Balance			Yield
Earning assets
Investment securities	$	1,199,473			2.51	%	$	1,093,870			2.67	%	$	691,700			3.23	%	$	1,113,443			2.62	%	$	616,583			3.67	%
Interest-bearing deposits with other banks		306,969			0.27	%		375,434			0.35	%		483,097			0.33	%		319,857			0.34	%		477,714			0.33	%
Gross loans, including covered loans and indemnification asset (2)		4,180,594			6.47	%		4,264,300			6.60	%		4,692,514			6.65	%		4,297,342			6.57	%		4,851,781			6.70	%
Total earning assets		5,687,036			5.30	%		5,733,604			5.44	%		5,867,311			5.73	%		5,730,642			5.46	%		5,946,078			5.87	%
Nonearning assets
Allowance for loan and lease losses		(107,101	)					(94,202	)					(61,753	)					(94,907	)					(60,703	)
Cash and due from banks		110,336						118,829						185,322						113,700						264,386
Accrued interest and other assets		446,544						461,523						417,599						457,749						408,377
Total assets	$	6,136,815					$	6,219,754					$	6,408,479					$	6,207,184					$	6,558,138
Interest-bearing liabilities
Total interest-bearing deposits	$	4,366,827			0.89	%	$	4,402,103			0.98	%	$	4,448,929			1.29	%	$	4,399,914			0.97	%	$	4,521,107			1.34	%
Borrowed funds
Short-term borrowings		100,990			0.17	%		95,297			0.21	%		50,580			0.20	%		95,316			0.19	%		42,160			0.19	%
Long-term debt		94,150			3.65	%		102,506			3.67	%		281,170			2.87	%		105,435			3.67	%		356,560			2.68	%
Other long-term debt		0			N/A			20,393			3.87	%		20,620			6.20	%		13,596			3.84	%		20,620			6.20	%
Total borrowed funds		195,140			1.85	%		218,196			2.17	%		352,370			2.68	%		214,347			2.13	%		419,340			2.60	%
Total interest-bearing liabilities		4,561,967			0.93	%		4,620,299			1.04	%		4,801,299			1.39	%		4,614,261			1.03	%		4,940,447			1.45	%
Noninterest-bearing liabilities
Noninterest-bearing demand deposits		735,621						734,674						721,501						734,521						745,108
Other liabilities		113,418						157,031						201,567						148,749						194,323
Shareholders' equity		725,809						707,750						684,112						709,653						678,260
Total liabilities & shareholders' equity	$	6,136,815					$	6,219,754					$	6,408,479					$	6,207,184					$	6,558,138
Net interest income (1)	$	65,218					$	65,867					$	67,846					$	198,420					$	207,604
Net interest spread (1)					4.37	%					4.40	%					4.34	%					4.43	%					4.42	%
Net interest margin (1)					4.55	%					4.61	%					4.59	%					4.63	%					4.67	%

(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	$	(428	)	$	743		$	315		$	(1,251	)	$	3,212		$	1,961		$	(4,841	)	$	9,755		$	4,914
Interest-bearing deposits with other banks		(76	)		(44	)		(120	)		(69	)		(119	)		(188	)		26			(404	)		(378	)
Gross loans, including covered loans and indemnification asset (2)		(1,451	)		(609	)		(2,060	)		(2,159	)		(8,346	)		(10,505	)		(4,642	)		(27,243	)		(31,885	)
Total earning assets		(1,955	)		90			(1,865	)		(3,479	)		(5,253	)		(8,732	)		(9,457	)		(17,892	)		(27,349	)
Interest-bearing liabilities
Total interest-bearing deposits	$	(972	)	$	28		$	(944	)	$	(4,449	)	$	(185	)	$	(4,634	)	$	(12,542	)	$	(881	)	$	(13,423	)
Borrowed funds
Short-term borrowings		(8	)		3			(5	)		(3	)		22			19			-			77			77
Long-term debt		(3	)		(67	)		(70	)		555			(1,722	)		(1,167	)		2,637			(6,891	)		(4,254	)
Other long-term debt		0			(197	)		(197	)		0			(322	)		(322	)		(363	)		(202	)		(565	)
Total borrowed funds		(11	)		(261	)		(272	)		552			(2,022	)		(1,470	)		2,274			(7,016	)		(4,742	)
Total interest-bearing liabilities		(983	)		(233	)		(1,216	)		(3,897	)		(2,207	)		(6,104	)		(10,268	)		(7,897	)		(18,165	)
Net interest income (1)	$	(972	)	$	323		$	(649	)	$	418		$	(3,046	)	$	(2,628	)	$	811		$	(9,995	)	$	(9,184	)

(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)

																Nine months ended
	Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Sep. 30,			Sep. 30,
	2011			2011			2011			2010			2010			2011			2010
ALLOWANCE FOR LOAN AND LEASE LOSS ACTIVITY
Balance at beginning of period	$	53,671		$	53,645		$	57,235		$	57,249		$	57,811		$	57,235			59,311
Provision for uncovered loan and lease losses		7,643			5,756			647			9,741			6,287			14,046			23,823
Gross charge-offs
Commercial		879			383			432			5,131			762			1,694			8,193
Real estate - construction		1,771			1,213			1,190			500			3,607			4,174			8,119
Real estate - commercial		2,997			2,791			2,089			1,887			2,013			7,877			6,304
Real estate - residential		564			406			108			196			717			1,078			1,497
Installment		162			177			72			231			205			411			923
Home equity		510			923			262			1,846			389			1,695			1,653
All other		291			339			448			494			431			1,078			1,377
Total gross charge-offs		7,174			6,232			4,601			10,285			8,124			18,007			28,066
Recoveries
Commercial		92			222			100			57			334			414			563
Real estate - construction		0			27			0			0			0			27			24
Real estate - commercial		168			38			35			243			728			241			839
Real estate - residential		4			29			9			6			11			42			18
Installment		87			82			98			116			116			267			403
Home equity		9			12			25			74			21			46			118
All other		37			92			97			34			65			226			216
Total recoveries		397			502			364			530			1,275			1,263			2,181
Total net charge-offs		6,777			5,730			4,237			9,755			6,849			16,744			25,885
Ending allowance for uncovered loan and lease losses	$	54,537		$	53,671		$	53,645		$	57,235		$	57,249		$	54,537		$	57,249
NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)
Commercial		0.39	%		0.08	%		0.17	%		2.72	%		0.23	%		0.21	%		1.35	%
Real estate - construction		4.96	%		3.42	%		3.05	%		1.15	%		7.64	%		3.79	%		5.23	%
Real estate - commercial		0.98	%		0.97	%		0.73	%		0.56	%		0.45	%		0.90	%		0.66	%
Real estate - residential		0.83	%		0.56	%		0.15	%		0.27	%		0.95	%		0.51	%		0.65	%
Installment		0.47	%		0.58	%		(0.16	)%		0.64	%		0.49	%		0.29	%		0.91	%
Home equity		0.57	%		1.07	%		0.28	%		2.07	%		0.43	%		0.64	%		0.61	%
All other		2.46	%		2.68	%		4.09	%		6.26	%		5.05	%		3.03	%		5.46	%
Total net charge-offs		0.96	%		0.83	%		0.61	%		1.39	%		0.97	%		0.80	%		1.23	%
COMPONENTS OF NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS
Nonaccrual loans
Commercial	$	10,792		$	9,811		$	9,918		$	13,729		$	17,320		$	10,792		$	17,320
Real estate - construction		13,844			13,237			14,199			12,921			13,454			13,844			13,454
Real estate - commercial		26,408			26,213			30,846			28,342			27,945			26,408			27,945
Real estate - residential		5,507			4,564			4,419			4,607			4,801			5,507			4,801
Installment		322			335			262			150			279			322			279
Home equity		2,277			2,376			2,404			2,553			2,358			2,277			2,358
Total nonaccrual loans		59,150			56,536			62,048			62,302			66,157			59,150			66,157
Restructured loans		17,283			17,482			18,532			17,613			13,365			17,283			13,365
Total nonperforming loans		76,433			74,018			80,580			79,915			79,522			76,433			79,522
Other real estate owned (OREO)		12,003			16,313			14,953			17,907			18,305			12,003			18,305
Total nonperforming assets		88,436			90,331			95,533			97,822			97,827			88,436			97,827
Accruing loans past due 90 days or more		235			149			241			370			233			235			233
Total underperforming assets	$	88,671		$	90,480		$	95,774		$	98,192		$	98,060		$	88,671		$	98,060
Total classified assets	$	172,581		$	184,786		$	185,738		$	202,140		$	212,552		$	172,581		$	212,552
CREDIT QUALITY RATIOS (excluding covered assets)
Allowance for loan and lease losses to
Nonaccrual loans		92.20	%		94.93	%		86.46	%		91.87	%		86.54	%		92.20	%		86.54	%
Nonperforming loans		71.35	%		72.51	%		66.57	%		71.62	%		71.99	%		71.35	%		71.99	%
Total ending loans		1.86	%		1.92	%		1.93	%		2.03	%		2.07	%		1.86	%		2.07	%
Nonperforming loans to total loans		2.60	%		2.65	%		2.90	%		2.84	%		2.88	%		2.60	%		2.88	%
Nonperforming assets to
Ending loans, plus OREO		3.00	%		3.22	%		3.42	%		3.45	%		3.51	%		3.00	%		3.51	%
Total assets		1.40	%		1.50	%		1.51	%		1.57	%		1.59	%		1.40	%		1.59	%

- 10 -

FIRST FINANCIAL BANCORP.

CAPITAL ADEQUACY

(Dollars in thousands, except per share)

(Unaudited)

																Nine months ended,
	Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Sep. 30,			Sep. 30,
	2011			2011			2011			2010			2010			2011			2010
PER COMMON SHARE
Market Price
High	$	17.12		$	17.20		$	18.91		$	19.41		$	17.10		$	18.91		$	21.32
Low	$	13.34		$	15.04		$	15.65		$	16.21		$	14.19		$	13.34		$	13.89
Close	$	13.80		$	16.69		$	16.69		$	18.48		$	16.68		$	13.80		$	16.68
Average common shares outstanding - basic		57,735,811			57,694,792			57,591,568			57,573,544			57,570,709			57,674,250			56,765,933
Average common shares outstanding - diluted		58,654,099			58,734,662			58,709,037			58,688,415			58,531,505			58,699,952			57,758,906
Ending common shares outstanding		58,256,136			58,259,440			58,286,890			58,064,977			58,057,934			58,256,136			58,057,934
REGULATORY CAPITAL	Preliminary															Preliminary
Tier 1 Capital	$	661,838		$	681,492		$	691,559		$	680,145		$	670,121		$	661,838		$	670,121
Tier 1 Ratio		18.81	%		20.14	%		20.49	%		18.45	%		18.64	%		18.81	%		18.64	%
Total Capital	$	706,570		$	724,763		$	734,724		$	727,252		$	715,938		$	706,570		$	715,938
Total Capital Ratio		20.08	%		21.42	%		21.76	%		19.72	%		19.91	%		20.08	%		19.91	%
Total Capital in excess of minimum  requirement	$	425,128		$	454,034		$	464,660		$	432,274		$	428,314		$	425,128		$	428,314
Total Risk-Weighted Assets	$	3,518,026		$	3,384,115		$	3,375,800		$	3,687,224		$	3,595,295		$	3,518,026		$	3,595,295
Leverage Ratio		10.87	%		11.01	%		11.09	%		10.89	%		10.50	%		10.87	%		10.50	%
OTHER CAPITAL RATIOS
Ending shareholders' equity to ending assets		11.47	%		11.95	%		11.21	%		11.16	%		11.23	%		11.47	%		11.23	%
Ending tangible shareholders' equity to ending tangible assets		10.38	%		11.11	%		10.40	%		10.33	%		10.38	%		10.38	%		10.38	%
Average shareholders' equity to average assets		11.83	%		11.38	%		11.09	%		11.12	%		10.68	%		11.43	%		10.34	%
Average common shareholders' equity to average assets		11.83	%		11.38	%		11.09	%		11.12	%		10.68	%		11.43	%		10.10	%
Average tangible shareholders' equity to average tangible assets		10.70	%		10.56	%		10.28	%		10.29	%		9.86	%		10.32	%		9.54	%
Average tangible common shareholders' equity to average tangible assets		10.70	%		10.56	%		10.28	%		10.29	%		9.86	%		10.32	%		9.30	%

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