SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: February 1, 2006
FIRST FINANCIAL BANCORP.
(Exact name of registrant as specified in its charter)
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| Ohio
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0-12379
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31-1042001 |
| (State or other jurisdiction
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(Commission File Number)
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(IRS Employer |
| of incorporation)
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Identification No.) |
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| 300 High Street |
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| Hamilton, Ohio |
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45011 |
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(Zip Code) |
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Registrant’s telephone number, including area code: (513) 867-5447
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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| Form 8-K
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First Financial Bancorp. |
Item 2.02 Results of Operations and Financial Condition.
On February 1, 2006, First Financial Bancorp. announced plans for margin improvement through a
balance sheet restructure. The company has made the strategic decision to restructure a portion of
its balance sheet. By selling up to $200 million in investment securities and paying down a like
amount of Federal Home Loan Bank (FHLB) borrowings, First Financial expects to improve its net
interest margin by up to 30 basis points. The anticipated sale of the investment securities will
require recognition of an impairment loss of $6.5 million or $0.10 per share in the fourth quarter
of 2005. Costs associated with prepayment of the Federal Home Loan Bank borrowings will be
recognized when incurred in 2006. The balance sheet restructuring is expected to occur in the
first half of 2006.
Attached as Exhibit 99.1 hereto is a copy of the press release announcing the balance sheet
restructure and the company’s earnings release and conference call.
Item 9.01 Financial Statements and Exhibits
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(c) |
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Exhibit: |
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99.1 |
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Press Release |