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 17, 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
of incorporation)
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(Commission File
Number)
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(IRS Employer
Identification No.) |
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300 High Street
Hamilton, Ohio
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45011 |
(Address of principal
executive offices)
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(Zip Code) |
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 23, 2006, First Financial Bancorp. announced the completion of its balance sheet
restructuring that was previously announced in a press release dated February 1, 2006. First
Financial sold $179 million in securities and reduced its borrowings from the Federal Home Loan
Banks by $184 million. First Financial recognized an additional loss on the sale of securities of
$498,000 or $0.01 per share and penalties associated with the prepayment of the borrowings of
$4,295,000 or $0.07 per share in February of 2006. First Financial had previously recognized a
loss of $6.5 million in its securities portfolio in the fourth quarter of 2005.
The completion of this strategy creates an estimated $3.8 million in annualized net interest income
or $0.06 per share and an estimated 33 basis-point improvement in net interest margin.
Attached as Exhibit 99.1 hereto is a copy of the press release announcing the balance sheet
restructure.
Item 9.01 Financial Statements and Exhibits
(c) Exhibit:
99.1 Press Release