Report
of Independent Registered Public Accounting Firm
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1
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Financial
Statements
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Statements
of Net Assets Available for Benefits
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2
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Statements
of Changes in Net Assets Available for Benefits
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3
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Notes
to Financial Statements
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4
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Supplemental
Schedules
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Schedule
H, line 4i-Schedule of Assets (Held at End of Year)
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12
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Schedule
H, line 4j-Schedule of Reportable Transactions
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13
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/s/
ERNST & YOUNG LLP
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December 31,
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2008
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2007
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Assets
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Investments-at
fair value:
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First
Financial Bancorp common stock
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$ | 10,072,970 | $ | 9,803,747 | ||||
Common
collective trust
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7,121,652 | 6,719,062 | ||||||
Mutual
funds
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14,048,888 | 21,982,614 | ||||||
Money
market fund
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8 | 15,461 | ||||||
Total
investments
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31,243,518 | 38,520,884 | ||||||
Receivables:
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Interest
and dividends
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21,592 | 33,682 | ||||||
Employer
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508 | - | ||||||
Total
assets
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31,265,618 | 38,554,566 | ||||||
Net
assets available for benefits at fair value
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31,265,618 | 38,554,566 | ||||||
Adjustment
from fair value to contract value for fully benefit responsive investment
contract
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(21,458 | ) | (21,077 | ) | ||||
Net
assets available for benefits
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$ | 31,244,160 | $ | 38,533,489 |
December 31,
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2008
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2007
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Additions
to (deductions from) net assets attributed to:
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Investment
loss:
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Net
depreciation in fair value of investments
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$ | (10,134,044 | ) | $ | (5,100,365 | ) | ||
Interest
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161,765 | 194,288 | ||||||
Dividends
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2,532,213 | 3,038,818 | ||||||
Total
investment loss
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(7,440,066 | ) | (1,867,259 | ) | ||||
Contributions:
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Employer
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1,656,761 | 1,178,587 | ||||||
Participants
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3,228,643 | 3,233,393 | ||||||
Rollovers
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21,621 | 198,040 | ||||||
Total
contributions
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4,907,025 | 4,610,020 | ||||||
Benefits
paid to participants
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(4,756,288 | ) | (8,027,657 | ) | ||||
Net
decrease
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(7,289,329 | ) | (5,284,896 | ) | ||||
Net
assets available for benefits:
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Beginning
of year
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38,533,489 | 43,818,385 | ||||||
End
of year
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$ | 31,244,160 | $ | 38,533,489 |
December 31
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2008
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2007
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First
Financial Bancorp common stock
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$ | 10,072,970 | $ | 9,803,747 | ||||
Federated
Capital Preservation Fund
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5,344,449 | 4,253,927 | ||||||
Federated
Max-Cap Index Fund SS
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3,341,723 | 5,558,490 | ||||||
First
Funds Caliber Equity Fund (A)
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2,376,560 | 4,797,762 | ||||||
American
Funds EuroPacific Growth Fund (R3)
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2,347,555 | 4,101,444 | ||||||
Federated
Kaufmann Small Cap Fund (A)
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2,165,027 | 4,326,678 | ||||||
Legacy
Balanced Fund
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1,777,203 | 2,465,135 | ||||||
First
Funds Sterling Income Fund (A)
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1,639,585 | N/A |
December
31
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2008
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2007
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First
Financial Bancorp common stock
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$ | 875,951 | $ | (4,645,013 | ) | |||
Equity
and fixed income mutual funds
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(10,477,399 | ) | (663,372 | ) | ||||
Common
collective trust
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(532,596 | ) | 208,020 | |||||
Net
depreciation
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$ | (10,134,044 | ) | $ | (5,100,365 | ) |
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Level
1
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Inputs
to the valuation methodology are unadjusted quoted prices for identical
assets or liabilities in active markets that the Plan has the ability to
access.
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Level
2
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Inputs
to the valuation methodology
include:
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·
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Quoted
prices for similar assets or liabilities in active
markets;
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·
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Quoted
prices for identical or similar assets or liabilities in inactive
markets;
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·
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Inputs
other than quoted prices that are observable for the asset or
liability;
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·
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Inputs
that are derived principally from or corroborated by observable market
data by correlation or other means.
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Level
3
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Inputs
to the valuation methodology are unobservable and significant to the fair
value measurement.
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Assets at Fair Value as of December 31, 2008
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Level 1
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Level 2
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Level 3
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Total
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Common
stocks
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$ | 10,072,970 | $ | - | $ | - | $ | 10,072,970 | ||||||||
Common
collective trust
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- | 7,121,652 | - | 7,121,652 | ||||||||||||
Mutual
funds
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14,048,888 | - | - | 14,048,888 | ||||||||||||
Money
market fund
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8 | - | - | 8 | ||||||||||||
Total
assets at fair value
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$ | 24,121,866 | $ | 7,121,652 | $ | - | $ | 31,243,518 |
Year Ended
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Year Ended
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December 31,
2008
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December 31,
2007
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Net
decrease in net assets available for benefits per the financial
statements
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$ | (7,289,329 | ) | $ | (5,284,896 | ) | ||
Adjustment
from fair value to contract value for fully benefit-responsive investment
contracts
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381 | 62,095 | ||||||
Net
loss per the Form 5500
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$ | (7,288,948 | ) | $ | (5,222,801 | ) |
Number of Shares or
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Current
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Identity of Issue/Description of Asset
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Principal Amount
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Cost
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Value
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First
Financial Bancorp common stock*
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814,128
shares
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$ | 12,933,408 | $ | 10,072,970 | |||||
Federated
Capital Preservation Fund
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532,299
shares
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N/A | 5,344,449 | |||||||
Federated
Max-Cap Index Fund SS
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328,264
shares
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N/A | 3,341,723 | |||||||
First
Funds Caliber Equity Fund (A)*
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669,454
shares
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N/A | 2,376,560 | |||||||
American
Funds EuroPacific Growth Fund (R3)
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85,180
shares
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N/A | 2,347,555 | |||||||
Federated
Kaufmann Small Cap Fund (A)
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148,595
shares
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N/A | 2,165,027 | |||||||
Legacy
Balanced Fund*
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207,767
shares
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N/A | 1,777,203 | |||||||
First
Funds Sterling Income Fund (A)*
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171,505
shares
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N/A | 1,639,585 | |||||||
Federated
Stock & Bond Fund, Inc. (A)
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39,445
shares
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N/A | 528,963 | |||||||
Federated
International Small Company Fund (A)
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22,445
shares
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N/A | 489,743 | |||||||
Federated
Target ETF 2015 Fund (A)
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44,156
shares
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N/A | 358,988 | |||||||
American
Century Real Estate Fund (A)
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23,854
shares
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N/A | 278,612 | |||||||
Federated
Mid Cap Index IS
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18,360
shares
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N/A | 239,235 | |||||||
Federated
Target ETF 2035 Fund (A)
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26,007
shares
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N/A | 186,473 | |||||||
Federated
Target ETF 2025 Fund (A)
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12,822
shares
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N/A | 96,424 | |||||||
Federated
Prime Value Obligation
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Money
Market Fund
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8
shares
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8 | 8 | |||||||
$ | 31,243,518 |
Expenses
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Current
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Incurred
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Value
of
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Net
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Purchase
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Selling
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with
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Cost
of
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Asset
on
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Gain
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Identity
of Issue/Description of Asset
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Price
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Price
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Transaction
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Asset
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Valuation
Date
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(Loss)
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Category
(iii)—series of transactions in excess of 5 percent of plan
assets
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First
Financial Bancorp common stock*
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$ | - | $ | 2,107,252 | $ | - | $ | 1,974,102 | $ | 2,107,252 | $ | 133,150 | ||||||||||||
Federated
Capital Preservation Fund
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4,298,972 | - | - | 4,298,972 | 4,298,972 | - | ||||||||||||||||||
- | 3,228,217 | - | 3,225,076 | 3,228,217 | 3,141 | |||||||||||||||||||
Federated
Stock & Bond Fund
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1,993,698 | - | - | 1,993,698 | 1,993,698 | - | ||||||||||||||||||
Federated
Max Cap Index Fund
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1,980,173 | - | - | 1,980,173 | 1,980,173 | - |
FIRST
FINANCIAL BANCORP
401(K)
SAVINGS PLAN
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Date: June 25, 2009
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By:
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/s/ John R. Klein | |
John R. Klein | |||
Vice
President
Human
Resources
First
Financial Bancorp
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By:
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/s/ J. Franklin Hall | |
J. Franklin Hall | |||
Executive
Vice President and Chief Financial Officer
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First Financial Bancorp |