First Financial Bancorp Reports First Quarter 2010 Financial Results

CINCINNATI, April 29 /PRNewswire-FirstCall/ -- First Financial Bancorp (Nasdaq: FFBC) ("First Financial" or the "Company") announced today financial and operational results for the first quarter of 2010.

First quarter 2010 net income was $11.6 million, net income available to common shareholders was $9.7 million and earnings per diluted common share were $0.17.  This compares with fourth quarter 2009 net income of $13.8 million, net income available to common shareholders of $12.8 million and earnings per diluted common share of $0.25 and first quarter 2009 net income of $5.7 million, net income available to common shareholders of $5.2 million and earnings per diluted common share of $0.14.

When compared to first quarter 2009, first quarter 2010 results were impacted by a number of acquisition-related items.  During the third quarter of 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").  

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

Claude Davis, President and Chief Executive Officer, commented, "Overall, we are pleased with the operating results for the first quarter as we continued to focus on integrating our recent acquisitions and preserving the client relationships from the transactions, and are satisfied with the progress we achieved in the first quarter."

"Our solid operating results, strong balance sheet and core deposit retention and growth reflect the quality of our franchise.  Capital and liquidity remain strong, allowing us to continue investing in our business."

Guidance

In a manner consistent with the Company's guidance provided in the fourth quarter 2009, earnings for the first quarter 2010 were approximately $0.33 per diluted common share when adjusted for items similar to the fourth quarter 2009, which include no adjustments to net interest income, a $2.3 million reduction in noninterest income and a $14.0 million reduction in noninterest expense.  These items include expenses associated with transition, support of non-strategic locations and other items not expected to recur, offset only by gains associated with sales of covered loans.  This estimate also includes the $0.02 per diluted common share impact of a higher share count relative to the fourth quarter 2009.

In future periods, First Financial will simply disclose the components of its earnings and any significant changes to the performance expectations of each component.  The Company believes this approach will provide a greater level of transparency and a better foundation from which the readers may form their opinions of future performance.

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

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.

Rate-based valuation mark –Represents the carrying value discount required to establish the appropriate effective yield for covered loans.

Credit-based valuation mark – The valuation adjustment applied to covered loans related to credit loss assumptions.

Accelerated discount on loan prepayments and dispositions – The acceleration of the unrealized rate-based valuation mark plus any recognition of the credit-based valuation mark.

UPB – Unpaid principal balance

Carrying value – The unpaid principal balance of a covered loan less any rate- or credit-based valuation mark.

For information on First Financial's comparable financial results, please refer to the discussions that follow detailing revenue and expense fluctuations.

DETAILS OF RESULTS

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.

SECTION I – RESULTS OF OPERATIONS

NET INTEREST INCOME

Net interest income on a fully tax-equivalent basis for the first quarter 2010 was $72.2 million as compared to $73.5 million for the fourth quarter 2009 and an increase of $40.9 million, or 130.8%, as compared to the comparable year-over-year period.  In addition to higher levels of interest earning assets and interest bearing liabilities resulting from the 2009 acquisitions, the year-over-year increase was also impacted by the significant increase in the net interest margin (see further discussion below).  The linked quarter decline resulted from the lower level of interest-earning assets.

Included in net interest income for both the first quarter 2010 and fourth quarter 2009 were the results of operations classified by the Company as acquired-non-strategic.  These amounts totaled $10.9 million and $16.8 million during those periods, respectively.  See additional discussion below in Section II.

NET INTEREST MARGIN

Net interest margin was 4.87% for the first quarter 2010 as compared to 4.63% for the fourth quarter 2009 and 3.61% for the first quarter 2009.  The increase of 126 basis points over the comparable year-over-year period was primarily attributable to the higher yield on covered loans, improved pricing in new loan originations, lower funding costs of deposits as a result of repricing acquired CDs and disciplined pricing strategies, and an overall decrease in earning assets.

NONINTEREST INCOME

The following table presents noninterest income for the three months ended March 31, 2010, December 31, 2009 and March 31, 2009 highlighting the estimated impact of covered loan activity and other transition items on the Company's reported balance.

During both the first quarter 2010 and fourth quarter 2009, covered loan activity positively impacted noninterest income.  This activity is discussed in more detail below in Section II.  Excluding the impact of all accelerated discounts and other transition items, estimated noninterest income earned in the first quarter 2010 was $12.8 million as compared to $14.5 million in the fourth quarter 2009 and $11.5 million in the first quarter 2009.  The decrease from the linked quarter was attributable to lower service charges on deposit accounts, loan service fees, gains on sales of mortgage loans, and approximately $1.7 million of acquired-non-strategic income that should have been noted in the fourth quarter 2009 and is not expected to recur.  On the same basis, the increase in the comparable year-over-year quarter of $913,000 was driven primarily by higher service charges on deposit accounts resulting from an increase in transaction-based deposits, increased bankcard income and higher trust and wealth management fees, offset partially by lower gains on sales of mortgage loans.

NONINTEREST EXPENSE

The following table presents noninterest expense for the three months ended March 31, 2010, December 31, 2009 and March 31, 2009 including the estimated effect of acquired-non-strategic operations, acquisition-related costs and other transition items.

First quarter 2010 noninterest expense continued to be affected by acquisition-related costs as well as other transition-related items and costs related to the Company's acquired-non-strategic operations.  After adjusting for these items, estimated noninterest expense was essentially unchanged, totaling $47.5 million for the first quarter 2010.  Compared to the year-over-year quarter, estimated noninterest expense increased $18.6, primarily driven by higher salaries and employment benefits and occupancy costs resulting from the 2009 acquisitions.

INCOME TAXES

For the first quarter 2010, income tax expense was $6.3 million, resulting in an effective tax rate of 35.0%, compared with income tax expense of $7.1 million and an effective tax rate of 34.0% during the fourth quarter 2009 and $3.0 million and an effective tax rate of 34.6% during the comparable year-over-year period.

CREDIT QUALITY – EXCLUDING COVERED ASSETS

The following table presents certain credit quality metrics for the trailing five quarter period as of March 31, 2010.

Net Charge-offs

First quarter 2010 net charge-offs were $14.0 million, or 2.00% of average loans and leases, compared with $11.3 million, or 1.53%, for the linked quarter and $3.7 million, or 0.55%, for the comparable year-over-year quarter.  While the Company experienced improvement in its construction portfolio metrics, continued stress in the commercial and commercial real estate portfolios resulted in the overall increase in net charge-offs.  Specifically, alleged fraudulent activity by one borrower to whom both commercial and commercial real estate credit was extended, totaling $8.8 million in the aggregate and disclosed in the fourth quarter 2009, was charged off during the first quarter 2010, representing 125 basis points of average loans and leases.  The majority of this amount was previously reserved for in the fourth quarter 2009.  Excluding this activity, net charge-offs during the quarter totaled $5.2 million, or 75 basis points of average loans and leases.

Nonperforming Assets

Nonperforming loans totaled $74.5 million and nonperforming assets totaled $92.5 million as of March 31, 2010 compared with $77.8 million and $81.9 million, respectively, for the linked quarter and $24.9 million and $28.4 million, respectively, for the comparable year-over-year quarter.  Nonperforming loans related to the commercial and commercial real estate portfolios increased $13.7 million in the aggregate for the quarter, offset by a reduction of $17.9 million in nonperforming construction loans.  One relationship with multiple commercial land development loans, totaling $13.6 million in the aggregate and all previously classified as nonperforming, was transferred to OREO as First Financial took possession of the underlying properties.

Delinquent Loans

Loans 30-to-89 days past due totaled $22.6 million, or 0.80% of period end loans, as of March 31, 2010.  This compares to $19.1 million, or 0.66%, as of December 31, 2009 and $20.4 million, or 0.75%, as of March 31, 2009.  Similar to activity in nonperforming loans, the increase was attributable to commercial and commercial real estate credits, offset by declines in construction, home equity and credit card loans.

Provision for Loan & Lease Losses

First quarter 2010 provision expense was $11.4 million as compared to $14.8 million during the linked quarter and $4.3 million during the comparable year-over-year quarter.  As a percentage of net charge-offs, first quarter 2010 provision expense equaled 81.0% compared to 131.4% during the fourth quarter 2009 and 115.3% during the first quarter 2009.  Excluding the alleged fraudulent activity discussed above, first quarter 2010 provision expense equaled 217.0% of net charge-offs.

Allowance for Loan & Lease Losses

As of the end of the first quarter, the allowance for loan and lease losses decreased to $56.6 million from $59.3 million as of December 31, 2009 and was $36.4 million as of March 31, 2009.  As a percentage of period-end loans, the allowance for loan and lease losses totaled 2.01% as of March 31, 2010 as compared to 2.05% as of December 31, 2009 and 1.33% as of March 31, 2009.  The allowance for loan and lease losses as of March 31, 2010 preserves a coverage level relative to total loans and nonperforming loans that reflects management's estimate of credit risk inherent in the Company's portfolio.

Covered Assets / Loss Share Agreements

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").

LOANS (EXCLUDING COVERED LOANS)

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

Loans, excluding covered loans, totaled $2.82 billion at the end of the first quarter, a decrease of $77.9 million, or 2.7%, over the balance of $2.89 billion as of December 31, 2009 and an increase of $79.1 million, or 2.9%, over the amount of $2.74 billion as of March 31, 2009.  As compared to the linked quarter, the composition of the loan portfolio remained essentially the same with the majority of the decrease occurring in the commercial and construction portfolios as loan demand remained sluggish in the Company's strategic operating markets.

INVESTMENTS

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

Investment securities totaled $535.5 million as of March 31, 2010 as compared to $579.1 million as of December 31, 2009 and $765.6 million as of March 31, 2009.  The decrease relative to the comparable periods was due to net securities paydowns and maturities, the majority of which were agency mortgage-backed securities.  Further impacting the year-over-year comparison was the sale of $149.4 million of securities, the proceeds of which were used to fund the purchase of $145.1 million of performing loans from Irwin in the second quarter 2009. While loan demand remains muted, the Company intends on redeploying its excess liquidity to purchase investments as market conditions permit.  Future purchases will be made utilizing the same discipline and portfolio management philosophy applied in the past, including avoidance of credit risk and geographic concentration risk within mortgage-backed securities, while also balancing the Company's overall asset / liability management objectives.  During the second quarter 2010, the Company began to redeploy its excess liquidity, purchasing $100 million of FNMA agency securities in accordance with these guidelines.

DEPOSITS

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

Overall, deposit retention from the acquisitions continues to exceed management's expectations.

BORROWED FUNDS

The following table presents a roll-forward of activity related to short- and long-term borrowings during the first quarter 2010.

Borrowed funds as of March 31, 2010 totaled $453.5 million, representing a decrease of $9.3 million, or 2.0%, from $462.8 million as of December 31, 2009.  This decrease was primarily due to maturities of long-term Federal Home Loan Bank advances.  As compared to the similar year-over-year period, borrowed funds declined $66.5 million, or 12.8%, from $520.0 million as of March 31, 2009.   The year-over-year comparison was impacted by long-term borrowings assumed as a result of the FDIC-assisted transactions that were offset by significant maturities of primarily short- and long-term Federal Home Loan Bank advances and other short-term borrowings.  Other than the Federal Home Loan Bank long-term debt acquired in the Peoples and Irwin transactions in the third quarter of 2009, First Financial has not increased long-term borrowings since the third quarter of 2008.

As of March 31, 2010, in addition to liquidity on hand, the Company had available and unused overnight wholesale funding of approximately $2.3 billion to fund any significant deposit runoff that may occur as a result of exiting acquired-non-strategic markets.

CAPITAL MANAGEMENT

The following table presents First Financial's preliminary regulatory and other capital ratios as of March 31, 2010, December 31, 2009 and March 31, 2009.

During February 2010, First Financial successfully completed a follow-on equity offering issuing 6,372,117 common shares at a price of $15.14 per share subsequent to the underwriters' exercising their over-allotment option in full.  This amount per share represented no discount to the market value on the day of pricing.  After deducting underwriting and other offering costs, the Company received net proceeds of $91.2 million.  Following the offering, First Financial used most of the net proceeds to redeem all of the $80 million in senior preferred shares issued to the U.S. Treasury in December 2008 under its Capital Purchase Program ("CPP"), a component of the Troubled Asset Relief Program ("TARP").  As shown in the table above, subsequent to the equity offering and redemption of the preferred shares, the Company experienced an increase in its already strong regulatory and capital ratios, continuing to remain among industry leaders.

The computation of earnings per diluted common share for the first quarter 2010 includes the impact of a one-time deemed dividend of $765,000, or $0.01 per common share, representing the unaccreted CPP preferred stock discount remaining as of the redemption date.  When combined with the cash dividend of $1.1 million paid during the first quarter 2010, the total effect on net income available to common shareholders' was $1.9 million, or $0.03 per diluted common share, compared to dividends paid during the fourth quarter 2009 of $1.0 million, or $0.02 per diluted common share and the first quarter 2009 of $578,000, or $0.02 per diluted common share.  The per share calculations reflect the increase in average diluted common shares outstanding as a result of the offering.

A warrant issued in connection with the preferred shares continues to be held by the U.S. Treasury.  The warrant enables the holder to purchase up to 465,117 shares of the Company's common stock at an exercise price of $12.90 per share.  The Company has previously announced its intent not to repurchase the warrant, which expires on December 23, 2018.  During April 2010, the U.S. Treasury announced its intent to sell the warrant in a public offering to be executed using a modified Dutch auction methodology.  If the warrant sale is consummated in full, the U.S. Treasury would no longer hold any securities issued by First Financial.

ACQUISITIONS

Subsequent Events

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

Estimated fair values are considered preliminary and, in accordance with Topic 805, are subject to change up to one year after the acquisition date.  This allows for adjustments to the initial purchase entries if additional information relative to closing date fair values becomes available.  Adjustments to acquisition date estimated fair values are recorded in the period in which the acquisition occurred and, as a result, previously reported results are subject to change.

Certain reclassifications of prior periods' amounts may also be made to conform to the current period's presentation and would have no effect on previously reported net income amounts.

Integration

During the first quarter 2010, the Company successfully completed the technology conversion and operational integration of Irwin.  In total, 27 Irwin banking centers were acquired in the FDIC transaction including ten locations in the western part of the United States that are considered to be acquired-non-strategic.  In late December 2009, the Company closed the St. Louis, MO location and during the first quarter 2010 seven additional branches were closed.  In the aggregate, the two remaining western locations had $143.5 million in unpaid principal balances on loans and $123.0 million in deposits as of March 31, 2010.  

During the fourth quarter 2009, First Financial successfully completed the technology conversion and operational integration of Peoples.  The Company did not acquire the 19 banking properties associated with Peoples and their contents on the acquisition date, but held a purchase option from the FDIC for each location.  During the first quarter 2010, First Financial exercised the option to purchase 17 locations, including all associated furniture and equipment, at their fair market values; however, a settlement date with the FDIC for the exercise of the purchase option has not yet been determined.

While the technology and operational integration of Irwin and Peolpes is complete, there may be additional integration-related costs incurred throughout the year.

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

Due to the FDIC-assisted transactions and other acquisitions occurring during 2009, the size of First Financial's business expanded significantly.  To assist in analyzing the effect of these transactions on the financial results, supplemental information that segregates the estimated impact on pre-tax earnings of certain acquisition-related items and provides additional detail on the covered loan portfolio follows.

SUMMARY OF SIGNIFICANT ACQUISITION-RELATED ITEMS

The following table illustrates the estimated effect certain acquisition related items had on the results of operations for the three months ended March 31, 2010 and December 31, 2009.

When unpaid covered loan principal balances decrease faster than expected, which could occur either through a loan sale or prepayment by the borrower, either in full or in part, the remaining or pro rata carrying value of the rate-based valuation mark is recognized as noninterest income.  The carrying value of the credit-based valuation mark also impacts noninterest income as well as noninterest expense.  When covered loan balances paydown early, again through either a loan sale or prepayments by the borrower, and credit experience is better than originally estimated, the remaining carrying value is recognized as noninterest income, net of a corresponding valuation adjustment on the FDIC indemnification asset.  However, when losses are incurred on covered loans that exceed the initial estimate, the Company will recognize noninterest expense representing its proportional share of the unanticipated losses.

During the first quarter 2010, First Financial sold $21.2 million of acquired-non-strategic western market covered loans at 100% of their UPB, resulting in the acceleration of income of which $1.6 million pertained to the rate-based valuation mark and $295,000 pertained to the credit-based valuation mark.  During the fourth quarter 2009, the Company sold $43.0 million of acquired-non-strategic western market covered loans at 100% of their UPB, resulting in $2.3 million of income related to the rate-based valuation mark and $621,000 related to the credit-based valuation mark.

COVERED ASSETS & LOSS SHARE AGREEMENTS

As of March 31, 2010, 39.4% of the Company's total loans were covered loans.  As required under the loss-share arrangements, First Financial has filed monthly certifications with the FDIC on single-family residential loans and quarterly certifications on all other loans.  To date, all certifications have been filed in a timely manner and without significant issues.

COVERED LOAN PORTFOLIO

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

During the first quarter 2010, the total balance of covered loans decreased $101.4 million, or 5.3%, as compared to the previous quarter.  Of this decrease, $21.2 million, or 1.1%, was attributable to sales of acquired-non-strategic loans, $50.9 million, or 2.6%, resulted from prepayments, and $22.4 million, or 1.2%, related to repayments in accordance with contractual obligations.  The remaining 36 bps of the decrease related to credit losses in excess of the credit-based valuation mark.  Credit experience to date related to covered loans is nominally better than the Company's expectations.

Teleconference /  Webcast Information

First Financial's senior management will host a conference call to discuss the Company's financial and operating results on Friday, April 30, 2010 at 9:00 a.m.  Members of the public who would like to listen to the conference call should dial (800) 860-2442 (U.S. toll free), (866) 605-3852 (Canada toll free) or +1 (412) 317-0088 (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/investor.  A replay of the conference call will be available beginning one hour after the completion of the live call through May 15, 2010 at (877) 344-7529 (U.S. toll free) and +1 (412) 317-0088 (International); conference number 440026.  The webcast will be archived on the Investor Relations section of the Company's website through April 30, 2011.

Press Release and Additional Information on Website

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

Forward-Looking Statement

This news release should be read in conjunction with the consolidated financial statements, notes and tables in First Financial Bancorp's most recent Annual Report on Form 10-K for the year ended December 31, 2009. Management's analysis contains forward-looking statements that are provided to assist in the understanding of anticipated future financial performance. However, such performance involves risk and uncertainties that may cause actual results to differ materially. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: management's ability to effectively execute its business plan; the risk that the strength of the United States economy in general and the strength of the local economies in which we conduct operations may continue to deteriorate resulting in, among other things, a further deterioration in credit quality or a reduced demand for credit, including the resultant effect on our loan portfolio, allowance for loan and lease losses and overall financial performance; the ability of financial institutions to access sources of liquidity at a reasonable cost; the impact of recent upheaval in the financial markets and the effectiveness of domestic and international governmental actions taken in response, such as the U.S. Treasury's Troubled Asset Relief Program and the Federal Deposit Insurance Corporation's ("FDIC") 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 participation in the Temporary Liquidity Guarantee Program or from increased payments from FDIC insurance funds as a result of depositary institution failures; the effects of and changes in policies and laws of regulatory agencies, inflation and interest rates; technology changes; mergers and acquisitions, including costs or difficulties related to the integration of acquired companies, including our ability to successfully integrate the branches of Peoples Community Bank, Irwin Union Bank and Trust Company and Irwin Union Bank, F.S.B., which were acquired out of FDIC receivership, and the risk that exploring merger and acquisition opportunities may detract from management's time and ability to successfully manage our company; expected cost savings in connection with the consolidation of recent acquisitions may not be fully realized or realized within the expected time frames, and deposit attrition, customer loss and revenue loss following completed acquisitions may be greater than expected; our ability to increase market share and control expenses; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies as well as the Financial Accounting Standards Board and the SEC; adverse changes in the securities and debt markets; 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 (the "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; the costs and effects of litigation and of unexpected or adverse outcomes in such litigation; and our success at managing the risks involved in the foregoing. For further discussion of certain factors that may cause such forward-looking statements to differ materially from actual results, refer to the 2009 Form 10-K and other public documents filed with the Securities and Exchange Commission ("SEC"). These documents are available at no cost within the investor relations section of First Financial's website at www.bankatfirst.com/investor and on the SEC's website at www.sec.gov.  Additional information will also be set forth in our quarterly report on Form 10-Q for the quarter ended March 31, 2010, which will be filed with the SEC no later than May 10, 2010.

About First Financial Bancorp

First Financial Bancorp is a Cincinnati, Ohio based bank holding company.  As of March 31, 2010, the Company had $6.6 billion in assets, $4.6 billion in loans, $5.2 billion in deposits and $693 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 Resource Group.  The Commercial and Retail units provide traditional banking services to business and consumer clients and the Wealth Resource Group provides financial planning, investment management, trust & estate, brokerage, insurance and retirement plan services and had approximately $2.3 billion in assets under management as of March 31, 2010.  The Company's strategic operating markets are located in Ohio, Indiana, Kentucky and Michigan where it operates 115 banking centers across 75 communities.  Additional information about the Company, including its products, services and banking locations is available at www.bankatfirst.com.

SOURCE First Financial Bancorp