UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C
FORM 11-K
{X} ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the fiscal year ended December 31, 2001
OR
{ } TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the transition period from ____________ to ____________
Commission file number 0-12379
-------
FIRST FINANCIAL BANCORP THRIFT PLAN AND TRUST
300 HIGH ST.
HAMILTON, OH 45011
First Financial Bancorp
300 High St.
Hamilton, OH 45011
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
First Financial Bancorp Thrift Plan and Trust
Years ended December 31, 2001 and 2000
with Report of Independent Auditors
First Financial Bancorp Thrift Plan and Trust
Financial Statements and Supplemental Schedules
Years ended December 31, 2001 and 2000
TABLE OF CONTENTS
Report of Independent Auditors ...........................................1
Financial Statements
Statements of Net Assets Available for Benefits ..........................2
Statements of Changes in Net Assets Available for Benefits ...............4
Notes to Financial Statements ............................................6
Supplemental Schedules
Schedule of Assets (Held at End of Year) ................................13
Schedule of Reportable Transactions .....................................14
... REPORT OF INDEPENDENT AUDITORS
Thrift Plan and Trust Administrative Committee
First Financial Bancorp
We have audited the accompanying statements of net assets available for benefits
of the First Financial Bancorp Thrift Plan and Trust as of December 31, 2001 and
2000, and the related statements of changes in net assets available for benefits
for the years then ended. These financial statements are the responsibility of
the Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the First
Financial Bancorp Thrift Plan and Trust at December 31, 2001 and 2000, and
changes in net assets available for benefits for the years then ended in
conformity with accounting principles generally accepted in the United States.
Our audits were performed for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedules of assets
held as of December 31, 2001, and reportable transactions for the year then
ended, are presented for the purposes of complying with the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974, and are not a required part of the basic
financial statements. The Fund Information in the statement of net assets
available for benefits and the statement of changes in net assets available for
benefits is presented for purposes of additional analysis rather than to present
the net assets available for benefits and changes in net assets available for
benefits of each fund. The supplemental schedules and Fund Information have been
subjected to the auditing procedures applied in our audits of the basic
financial statements and, in our opinion, are fairly stated in all material
respects in relation to the financial statements taken as a whole.
/s/ Ernst & Young LLP
June 19, 2002
First Financial Bancorp Thrift Plan and Trust
Statement of Net Assets Available for Benefits, with Fund Information
December 31, 2001
FUND INFORMATION
----------------------------------------------------------------------------------------
FIRST
FINANCIAL
BANCORP
FIXED COMMON
SAVINGS INCOME BALANCED EQUITY STOCK INTERNATIONAL
FUND FUND FUND FUND FUND FUND
----------------------------------------------------------------------------------------
ASSETS
Investments -- at fair value:
Goldman Sachs Prime Corporate
Money Fund $ 2,776,965 $ 63,317 $ 36,535 $ 88,601 $ 150,624 $ 29,291
Fixed Income Fund - Collective
Investment Fund for Pension
and Profit Sharing Trusts of
First National Bank of
Southwestern Ohio -- 1,924,162 1,089,689 -- -- --
Equity Fund - Collective
Investment Fund for Pension
and Profit Sharing Trusts of
First National Bank of
Southwestern Ohio -- -- 1,698,541 5,220,778 -- --
First Financial Bancorp
common stock -- -- -- -- 23,249,409 --
Manager International Equity Fund -- -- -- -- -- 150,525
T Rowe Price International Stock Fund -- -- -- -- -- 143,201
Templeton Foreign Fund-Class A -- -- -- -- -- 184,176
Vanguard 500 Index Fund -- -- -- -- -- --
Neuberger and Berman Genesis Fund -- -- -- -- -- --
Liberty Acorn Class Z -- -- -- -- -- --
T Rowe Price New Horizons Fd -- -- -- -- -- --
----------------------------------------------------------------------------------------
Total investments 2,776,965 1,987,479 2,824,765 5,309,379 23,400,033 507,193
Receivables:
Interest and dividends 5,740 128 58 101 197,438 29
----------------------------------------------------------------------------------------
Total Receivables 5,740 128 58 101 197,438 29
Cash -- -- -- 40 154 50
----------------------------------------------------------------------------------------
Net assets available for benefits $ 2,782,705 $ 1,987,607 $ 2,824,823 $ 5,309,520 $23,597,625 $ 507,272
========================================================================================
FUND INFORMATION
-----------------------------------------------------
VANGUARD SMALL
500 INDEX CAP 2001
FUND FUND TOTAL
------------------------------------------------------
ASSETS
Investments -- at fair value:
Goldman Sachs Prime Corporate
Money Fund $ 75,442 $ 69,688 $ 3,290,463
Fixed Income Fund - Collective
Investment Fund for Pension
and Profit Sharing Trusts of
First National Bank of
Southwestern Ohio -- -- 3,013,851
Equity Fund - Collective
Investment Fund for Pension
and Profit Sharing Trusts of
First National Bank of
Southwestern Ohio -- -- 6,919,319
First Financial Bancorp
common stock -- -- 23,249,409
Manager International Equity Fund -- -- 150,525
T Rowe Price International Stock Fund -- -- 143,201
Templeton Foreign Fund-Class A -- -- 184,176
Vanguard 500 Index Fund 2,665,985 -- 2,665,985
Neuberger and Berman Genesis Fund -- 271,089 271,089
Liberty Acorn Class Z -- 262,725 262,725
T Rowe Price New Horizons Fd -- 266,694 266,694
------------------------------------------------------
Total investments 2,741,427 870,196 40,417,437
Receivables:
Interest and dividends 9,760 54 213,308
------------------------------------------------------
Total Receivables 9,760 54 213,308
Cash 121 81 446
------------------------------------------------------
Net assets available for benefits $ 2,751,308 $ 870,331 $40,631,191
======================================================
2
See accompanying notes.
First Financial Bancorp Thrift Plan and Trust
Statement of Net Assets Available for Benefits, with Fund Information
December 31, 2000
FUND INFORMATION
--------------------------------------------------------------------------
FIRST
FINANCIAL
BANCORP
FIXED COMMON
SAVINGS INCOME BALANCED EQUITY STOCK
FUND FUND FUND FUND FUND
-------------------------------------------------------------------------------
ASSETS
Investments -- at fair value:
Goldman Sachs Prime Corporate
Money Fund $ 2,891,212 $ 7,913 $ 6,026 $ 27,551 $ 110,688
Fixed Income Fund - Collective
Investment Fund for Pension
and Profit Sharing Trusts of
First National Bank of
Southwestern Ohio -- 1,906,727 1,320,471 -- --
Equity Fund - Collective
Investment Fund for Pension
and Profit Sharing Trusts of
First National Bank of
Southwestern Ohio -- -- 1,855,481 6,413,861 --
First Financial Bancorp
common stock -- -- -- -- 22,364,894
Manager International Equity Fund -- -- -- -- --
T Rowe Price International Stock Fund -- -- -- -- --
Templeton Foreign Fund-Class A -- -- -- -- --
Vanguard 500 Index Fund -- -- -- -- --
Accessor Small Mid-Cap Fund -- -- -- -- --
Liberty Acorn Class Z -- -- -- -- --
T Rowe Price New Horizons Fd -- -- -- -- --
-------------------------------------------------------------------------------
Total investments 2,891,212 1,914,640 3,181,978 6,441,412 22,475,582
Receivables:
Interest and dividends 15,915 46 51 165 197,879
-------------------------------------------------------------------------------
Total Receivables 15,915 46 51 165 197,879
Cash (1,815) -- (2,017) -- (9,281)
-------------------------------------------------------------------------------
Net assets available for benefits $ 2,905,312 $ 1,914,686 $ 3,180,012 $ 6,441,577 $ 22,664,180
===============================================================================
FUND INFORMATION
----------------------------------------------------------------------
VANGUARD SMALL
INTERNATIONAL 500 INDEX CAP 2000
FUND FUND FUND TOTAL
----------------------------------------------------------------------
ASSETS
Investments -- at fair value:
Goldman Sachs Prime Corporate
Money Fund $ 37,495 $ 13,657 $ 46,582 $ 3,141,124
Fixed Income Fund - Collective
Investment Fund for Pension
and Profit Sharing Trusts of
First National Bank of
Southwestern Ohio -- -- -- 3,227,198
Equity Fund - Collective
Investment Fund for Pension
and Profit Sharing Trusts of
First National Bank of
Southwestern Ohio -- -- -- 8,269,342
First Financial Bancorp
common stock -- -- -- 22,364,894
Manager International Equity Fund 167,231 -- -- 167,231
T Rowe Price International Stock Fund 148,833 -- -- 148,833
Templeton Foreign Fund-Class A 187,689 -- -- 187,689
Vanguard 500 Index Fund -- 2,995,680 -- 2,995,680
Accessor Small Mid-Cap Fund -- -- 278,397 278,397
Liberty Acorn Class Z -- -- 348,358 348,358
T Rowe Price New Horizons Fd -- -- 293,189 293,189
----------------------------------------------------------------------
Total investments 541,248 3,009,337 966,526 41,421,935
Receivables:
Interest and dividends 95 77 161 214,389
----------------------------------------------------------------------
Total Receivables 95 77 161 214,389
Cash (77) (599) (244) (14,033)
----------------------------------------------------------------------
Net assets available for benefits $ 541,266 $ 3,008,815 $ 966,443 $ 41,622,291
======================================================================
See accompanying notes.
3
First Financial Bancorp Thrift Plan and Trust
Statement of Changes in Net Assets Available for Benefits, with Fund Information
December 31, 2001
FUND INFORMATION
----------------------------------------------------------------------------------------------
FIRST
FINANCIAL
BANCORP
FIXED COMMON
SAVINGS INCOME BALANCED EQUITY STOCK INTERNATIONAL
FUND FUND FUND FUND FUND FUND
----------------------------------------------------------------------------------------------
Investment income:
Net appreciation (depreciation)
in fair value of investments $ -- $ 157,621 $ 20,634 $ (290,746) $ 1,879,019 $ (106,696)
Dividends -- -- -- -- 792,099 9,812
Interest 112,146 2,410 1,518 3,315 5,034 581
----------------------------------------------------------------------------------------------
Total investment income 112,146 160,031 22,152 (287,431) 2,676,152 (96,303)
Employer contributions -- -- -- -- 908,461 --
Participant contributions 125,334 121,023 280,979 470,626 685,825 83,055
Transfers from merged plans --
Transfers from previous plans of
new employeees 4,820 5,519 7,274 41,877 6,349 13,053
Service fee (75) -- -- (75) (3,753) --
Capital gain -- -- -- -- -- 391
Benefits payments (1,054,640) (162,950) (735,784) (1,021,942) (3,007,886) (45,293)
----------------------------------------------------------------------------------------------
Net increase (decrease) prior to
interfund transfers (812,415) 123,623 (425,379) (796,945) 1,265,148 (45,097)
Interfund transfers 689,808 (50,702) 70,190 (335,112) (331,703) 11,103
----------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
available for benefits (122,607) 72,921 (355,189) (1,132,057) 933,445 (33,994)
Net assets available for benefits at
beginning of year 2,905,312 1,914,686 3,180,012 6,441,577 22,664,180 541,266
----------------------------------------------------------------------------------------------
Net assets available for benefits at
end of year $ 2,782,705 $ 1,987,607 $ 2,824,823 $ 5,309,520 $ 23,597,625 $ 507,272
==============================================================================================
FUND INFORMATION
----------------------------------------------------
VANGUARD SMALL
500 INDEX CAP 2001
FUND FUND TOTAL
-----------------------------------------------------
Investment income:
Net appreciation (depreciation)
in fair value of investments $ (389,695) $ (30,027) $ 1,240,110
Dividends 21,818 678 824,407
Interest 10,948 1,123 137,075
-----------------------------------------------------
Total investment income (356,929) (28,226) 2,201,592
Employer contributions -- -- 908,461
Participant contributions 430,729 161,425 2,358,996
Transfers from merged plans
Transfers from previous plans of
new employeees 39,299 38,097 156,288
Service fee (1,416) (22) (5,341)
Capital gain -- 20,745 21,136
Benefits payments (387,425) (216,312) (6,632,232)
-----------------------------------------------------
Net increase (decrease) prior to
interfund transfers (275,742) (24,293) (991,100)
Interfund transfers 18,235 (71,819) --
-----------------------------------------------------
Net increase (decrease) in net assets
available for benefits (257,507) (96,112) (991,100)
Net assets available for benefits at
beginning of year 3,008,815 966,443 41,622,291
-----------------------------------------------------
Net assets available for benefits at
end of year $ 2,751,308 $ 870,331 $ 40,631,191
=====================================================
See accompanying notes.
4
First Financial Bancorp Thrift Plan and Trust
Statement of Changes in Net Assets Available for Benefits, with Fund Information
December 31, 2000
FUND INFORMATION
--------------------------------------------------------------------------------------------
FIRST
FINANCIAL
BANCORP
FIXED COMMON
SAVINGS INCOME BALANCED EQUITY STOCK INTERNATIONAL
FUND FUND FUND FUND FUND FUND
--------------------------------------------------------------------------------------------
Investment income:
Net appreciation (depreciation)
in fair value of investments $ -- $ 180,924 $ 152,335 $ 208,563 $ (6,162,758) $ (33,209)
Dividends -- -- -- -- 1,507,248 5,746
Interest 248,945 2,601 8,196 7,339 8,602 1,431
--------------------------------------------------------------------------------------------
Total investment income 248,945 183,525 160,531 215,902 (4,646,908) (26,032)
Employer contributions -- -- -- -- 878,145 --
Participant contributions 92,216 67,660 281,220 493,350 843,628 61,878
Transfers from merged plans 1,637,665 229,370 1,757,372 1,364,265 90,264 393,970
Transfers from previous plans of
new employeees -- 1,267 131 1,530 2,095 1,188
Service fee -- -- -- -- (2,353) --
Benefits payments (1,339,700) (104,025) (371,037) (806,575) (3,093,425) (15,009)
--------------------------------------------------------------------------------------------
Net increase (decrease) prior to
interfund transfers 639,126 377,797 1,828,217 1,268,472 (5,928,554) 415,995
Interfund transfers (42,179) 562,639 (86,399) (402,172) (1,805,840) 125,271
--------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
available for benefits 596,947 940,436 1,741,818 866,300 (7,734,394) 541,266
Net assets available for benefits at
beginning of year 2,308,365 974,250 1,438,194 5,575,277 30,398,574 --
--------------------------------------------------------------------------------------------
Net assets available for benefits at
end of year $ 2,905,312 $ 1,914,686 $ 3,180,012 $ 6,441,577 $ 22,664,180 $ 541,266
============================================================================================
FUND INFORMATION
--------------------------------------------------
VANGUARD SMALL
500 INDEX CAP 2000
FUND FUND TOTAL
---------------------------------------------------
Investment income:
Net appreciation (depreciation)
in fair value of investments $ (252,820) $ (77,142) $ (5,984,107)
Dividends 29,046 1,712 1,543,752
Interest 6,598 2,346 286,058
--------------------------------------------------
Total investment income (217,176) (73,084) (4,154,297)
Employer contributions -- -- 878,145
Participant contributions 335,226 87,918 2,263,096
Transfers from merged plans 1,884,912 578,678 7,936,496
Transfers from previous plans of
new employeees 8,969 8,574 23,754
Service fee -- -- (2,353)
Benefits payments (255,602) (31,837) (6,017,210)
--------------------------------------------------
Net increase (decrease) prior to
interfund transfers 1,756,329 570,249 927,631
Interfund transfers 1,252,486 396,194 --
--------------------------------------------------
Net increase (decrease) in net assets
available for benefits 3,008,815 966,443 927,631
Net assets available for benefits at
beginning of year -- -- 40,694,660
--------------------------------------------------
Net assets available for benefits at
end of year $ 3,008,815 $ 966,443 $ 41,622,291
==================================================
See accompanying notes.
5
First Financial Bancorp Thrift Plan and Trust
Notes to Financial Statements
December 31, 2001
1. DESCRIPTION OF THE PLAN
The following brief description of the First Financial Bancorp Thrift Plan and
Trust (the Plan) is provided for general information purposes only. Participants
should refer to the summary plan description for more information.
First Financial Bancorp (Bancorp) is the sponsor of the Plan.
GENERAL
The Plan is a defined-contribution plan, qualified under Section 401 of the
Internal Revenue Code and is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA). The Plan covers substantially
all employees of First Financial Bancorp (Plan Sponsor) and affiliates who have
attained at least one year of service and are age twenty-one or older. The Plan
is subject to the provisions of Section 401(k) of the Internal Revenue Code
whereby the participants' discretionary contributions would not be reportable as
compensation for federal and state income tax purposes. The Plan is a single
plan of a controlled group as defined in Code Sections 414(b) and 414(c).
FUNDING
Employer contributions to the Plan are equal to 50 percent of the employee's
contribution limited to three (3) percent of the employee's base salary.
Employer contributions are invested in the First Financial Bancorp Common Stock
Fund and are fully vested upon contribution to the Plan. Although the sponsor
has not expressed any intention to do so, it has the right under the Plan to
discontinue contributions at any time and terminate the Plan, subject to
provisions set forth in ERISA.
Participants may elect to make contributions to the Plan of up to 12 percent of
their eligible salary on a before-tax basis. Prior to February 1, 1986,
participants were permitted to contribute certain amounts on an after-tax basis.
All contributions are fully vested when made and can be made to any of the
investment options.
6
First Financial Bancorp Thrift Plan and Trust
Notes to Financial Statements (continued)
1. DESCRIPTION OF THE PLAN (CONTINUED)
PARTICIPATING CORPORATIONS
The terms of the Plan provide that any corporation, which is or becomes a
subsidiary of Bancorp may, with consent of Bancorp, adopt this plan for those
employees which the subsidiary determines shall be eligible.
Effective January 1, 2000, the Plan was amended to admit the employees of Sand
Ridge Bank and Hebron Deposit Bank, both wholly-owned subsidiaries of Bancorp.
BENEFIT PAYMENTS
Participants who have withdrawn all of their after-tax contributions may elect
to withdraw employer contributions and the earnings of their accounts. Employer
contributions withdrawn are limited to those made more than eight plan quarters
prior to the quarter in which the withdrawal is being made. Such a withdrawal
suspends the participant's right to make contributions for one year.
Active employees under 59-1/2 years of age may withdraw before-tax savings only
if the participant can prove "financial hardship" as defined by the Internal
Revenue Service. If a participant is an active employee over 59-1/2 years of
age, he or she may withdraw any amount of before-tax savings for any reason. Any
distribution of before-tax funds results in a one-year suspension of
participation in the Plan. Withdrawal of funds must be made in the following
sequences: after-tax contributions; earnings on participants' after-tax
contributions; employer contributions; and before-tax contributions.
PARTICIPANTS' ACCOUNTS
Earnings are allocated on beginning account balances less any withdrawals during
the quarter. A participant may elect to withdraw all or any part of his or her
after-tax savings from the Plan. Such withdrawal suspends the participant's
rights to make future contributions for six months.
7
First Financial Bancorp Thrift Plan and Trust
Notes to Financial Statements (continued)
1. DESCRIPTION OF THE PLAN (CONTINUED)
PARTICIPANTS' ACCOUNTS (CONTINUED)
Employee contributions to the Plan may be allocated, in 5 percent increments,
among any of the eight available funds, as follows:
The Savings Fund invests primarily in the Goldman Sachs Prime Corporate
Money Fund, which holds a diversified portfolio of high-grade short-term
debt obligations that have minimal credit risk. The fund seeks to maintain
a net asset value of $1.00 per unit. The investment objective is to
provide income, preserve capital, and provide liquidity.
The Fixed Income Fund invests primarily in the Fixed Income Fund -
Collective Investment Fund for Pension and Profit Sharing Trusts of First
National Bank of Southwestern Ohio, which holds a diversified portfolio of
U.S. Government bonds, notes, agencies, and high quality corporate bonds.
The fund only purchases bonds with a credit rating of A or better and a
short to intermediate term maturity. The objectives of the Fixed Income
Fund are to provide a reasonable level of income and stability of capital.
The Balanced Fund divides its investments between the Equity Fund -
Collective Investment Fund for Pension and Profit Sharing Trusts of First
National Bank of Southwestern Ohio and the Fixed Income Fund - Collective
Investment Fund for Pension and Profit Sharing Trusts of First National
Bank of Southwestern Ohio. The objectives of the Balanced Fund include
providing current income, conserving capital, and long-term growth
capital. The Balanced Fund's risk is generally considered to be more than
the Savings and Fixed Income Funds, but less than the Equity Fund and the
First Financial Bancorp Common Stock Fund.
The Equity Fund invests in the Equity Fund - Collective Investment Fund
for Pension and Profit Sharing Trusts of First National Bank of
Southwestern Ohio, which holds a diversified portfolio of common stocks.
The investment objective is long-term growth of capital.
The First Financial Bancorp Common Stock Fund invests primarily in First
Financial Bancorp Common Stock. The investment objective is long-term
growth of capital. This fund is generally considered to be the riskiest
investment alternative offered because of the absence of diversification.
8
First Financial Bancorp Thrift Plan and Trust
Notes to Financial Statements (continued)
1. DESCRIPTION OF THE PLAN (CONTINUED)
PARTICIPANTS' ACCOUNTS (CONTINUED)
The International Fund invests primarily in international mutual funds,
which invest in stocks of established and emerging foreign markets.
Performances of foreign stocks are closely tided to the economic,
political, and environmental condition of a country and region.
The Vanguard 500 Index Fund invests primarily in the Vanguard 500 Index,
which seeks investment results that correspond with the price and yield
performance of the S&P 500 index. Though the fund seeks to match the S&P
500 index, its performance typically can be expected to fall short by a
small percentage representing operating costs.
The Small Capital Fund invests primarily in small cap mutual funds, which
invest in stock of emerging companies whose market value generally is
below $2 billion. These stocks tend to be more volatile and may perform
differently than large cap stocks.
PLAN TERMINATION
In the event of termination, the net assets will be distributed to participants
and beneficiaries in proportion to their respective account balances, which
become 100 percent vested.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
USE OF ESTIMATES
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the amounts reported in the financial statements and
accompanying notes. Actual results could differ from those estimates.
VALUATION OF INVESTMENTS
Separate trust accounts at First National Bank of Southwestern Ohio, a
wholly-owned subsidiary of Bancorp, are used to hold and invest the Plan's
assets. Investments are stated at fair values based on quoted closing market
prices obtained by the trustee from published market data. Security transactions
are recorded on the trade date.
9
First Financial Bancorp Thrift Plan and Trust
Notes to Financial Statements (continued)
3. INVESTMENTS
The Plan uses the average cost method for determining the cost of securities
sold when determining realized gains and losses. The Plan's investments
(including investments bought, sold, and held during the year) appreciated in
fair value by $1,240,110 in 2001 and depreciated by $5,984,107 in 2000 as
follows:
YEAR ENDED DECEMBER 31, 2001
----------------------------------------------------------------------------------------
FIRST
FINANCIAL
FIXED BANCORP VANGUARD
INCOME BALANCED EQUITY COMMON INT'L 500
FUND FUND FUND STOCK FUND FUND FUND
----------- ----------- ----------- ----------- ----------- -----------
Unrealized appreciation
(depreciation) in
fair value of:
First Financial Bancorp Common
Stock $ -- $ -- $ -- $ 1,098,062 $ -- $ --
Employee Benefit Equity Fund -- (72,215) (294,698) -- -- --
Employee Benefit Fixed Income Fund 112,001 58,610 -- -- -- --
International Stock Fund -- -- -- -- (106,696) --
Vanguard 500 Index Fund -- -- -- -- -- (355,696)
Small Cap Fund -- -- -- -- -- --
Realized gain:
First Financial Bancorp Common Stock -- -- -- 780,957 -- --
Employee Benefit Equity Fund -- 34,239 3,952 -- -- --
Employee Benefit Fixed Income Fund 45,620 -- -- -- -- --
International Stock Fund -- -- -- -- -- --
Vanguard 500 Index Fund -- -- -- -- -- (33,999)
Small Cap Fund -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Net appreciation (depreciation): $ 157,621 $ 20,634 $ (290,746) $ 1,879,019 $ (106,696) $ (389,695)
=========== =========== =========== =========== =========== ===========
YEAR ENDED DECEMBER 31, 2001
----------------------------
SMALL
CAP
FUND TOTAL
----------- -----------
Unrealized appreciation
(depreciation) in
fair value of:
First Financial Bancorp Common
Stock $ -- $ 1,098,062
Employee Benefit Equity Fund -- (366,913)
Employee Benefit Fixed Income Fund -- 170,611
International Stock Fund -- (106,696)
Vanguard 500 Index Fund -- (355,696)
Small Cap Fund 130,560 130,560
Realized gain:
First Financial Bancorp Common Stock -- 780,957
Employee Benefit Equity Fund -- 38,191
Employee Benefit Fixed Income Fund -- 45,620
International Stock Fund -- --
Vanguard 500 Index Fund -- (33,999)
Small Cap Fund (160,587) (160,587)
----------- -----------
Net appreciation (depreciation): $ (30,027) $ 1,240,110
=========== ===========
10
First Financial Bancorp Thrift Plan and Trust
Notes to Financial Statements (continued)
3. INVESTMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2000
---------------------------------------------------------------------------------------
FIRST
FINANCIAL
FIXED BANCORP VANGUARD
INCOME BALANCED EQUITY COMMON INT'L 500
FUND FUND FUND STOCK FUND FUND FUND
----------- ----------- ----------- ----------- ----------- -----------
Unrealized appreciation
(depreciation) in
fair value of:
First Financial Bancorp Common
Stock $ -- $ -- $ -- $(5,451,554) $ -- $ --
Employee Benefit Equity Fund -- 32,793 206,438 -- -- --
Employee Benefit Fixed Income Fund 179,985 123,105 -- -- -- --
International Stock Fund -- -- -- -- (62,497) --
Vanguard 500 Index Fund -- -- -- -- -- (253,282)
Small Cap Fund -- -- -- -- -- --
Realized gain:
First Financial Bancorp Common Stock -- -- -- (711,204) -- --
Employee Benefit Equity Fund -- (3,563) 2,125 -- -- --
Employee Benefit Fixed Income Fund 939 -- -- -- -- --
International Stock Fund -- -- -- -- 29,288 --
Vanguard 500 Index Fund -- -- -- -- -- 462
Small Cap Fund -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Net appreciation (depreciation): $ 180,924 $ 152,335 $ 208,563 $(6,162,758) $ (33,209) $ (252,820)
=========== =========== =========== =========== =========== ===========
YEAR ENDED DECEMBER 31, 2000
-------------------------------
SMALL
CAP
FUND TOTAL
----------- -----------
Unrealized appreciation
(depreciation) in
fair value of:
First Financial Bancorp Common
Stock $ -- $(5,451,554)
Employee Benefit Equity Fund -- 239,231
Employee Benefit Fixed Income Fund -- 303,090
International Stock Fund -- (62,497)
Vanguard 500 Index Fund -- (253,282)
Small Cap Fund (187,283) (187,283)
Realized gain:
First Financial Bancorp Common Stock -- (711,204)
Employee Benefit Equity Fund -- (1,438)
Employee Benefit Fixed Income Fund -- 939
International Stock Fund -- 29,288
Vanguard 500 Index Fund -- 462
Small Cap Fund 110,141 110,141
----------- -----------
Net appreciation (depreciation): $ (77,142) $(5,984,107)
=========== ===========
The fair value of individual investments that represent five (5)
percent or more of the Plan's net assets are as follows:
DECEMBER 31
2001 2000
----------------------- ------------------------
First Financial Bancorp common stock $23,249,409 $22,364,894
Employee Benefit Equity Fund 6,919,319 8,269,342
Employee Benefit Fixed Income Fund 3,013,851 3,227,198
Prime Corporate Money Fund 3,290,463 3,141,124
Vanguard 500 Index Fund 2,665,985 2,995,680
11
First Financial Bancorp Thrift Plan and Trust
Notes to Financial Statements (continued)
4. INCOME TAX STATUS
The Plan has received a determination letter from the Internal Revenue Service
dated March 3, 1995, stating that the Plan is qualified under section 401(a) of
the Internal Revenue Code (the "Code") and, therefore, the related trust is
exempt from taxation. Once qualified, the Plan is required to operate in
conformity with the Code to maintain its qualification. However, the Plan has
been amended and restated subsequent to the date of the determination letter.
The Plan Administrator believes the Plan, as amended and restated, is being
operated in compliance with the applicable requirements of the Code and,
therefore, believes that the Plan is qualified and the related trust is tax
exempt.
5. TRANSACTIONS WITH PARTIES-IN-INTEREST
Administrative and other service fees are paid by the Plan Sponsor. The Trust is
not charged for administrative services performed on its behalf by First
Financial Bancorp.
The Trust invests in common stock of the Plan Sponsor.
An affiliate of the Plan Sponsor is the Plan Trustee.
12
SUPPLEMENTAL SCHEDULES
First Financial Bancorp Thrift Plan and Trust
EIN 31-1042001/Plan 002
Schedule H, line 4i - Schedule of Assets (Held at End of Year)
December 31, 2001
NUMBER OF SHARES OR CURRENT
IDENTITY OF ISSUE/DESCRIPTION OF ASSET PRINCIPAL AMOUNT COST VALUE
- ---------------------------------------------------------------------------------------------------------------------------------
First Financial Bancorp common stock* 1,317,247 shares $ 8,575,990 $ 23,249,409
Goldman Sachs
Prime Corporate Money Fund 3,290,463 shares 3,290,463 3,290,463
Fixed Income Fund - Collective
Investment Fund for Pension and
Profit Sharing Trusts of First National
Bank of Southwestern Ohio 62,706 shares 2,424,835 3,013,851
Equity Fund - Collective
Investment Fund for Pension and
Profit Sharing Trusts of First National
Bank of Southwestern Ohio 47,878 shares 5,811,247 6,919,319
International Fund
Managers International Equity Fund 4,002 shares 215,698 150,525
T Rowe Price International Stock Fund 13,030 shares 225,698 143,201
Templeton Foreign Fund-Class A 19,911 shares 205,698 184,176
Vanguard 500
Vanguard 500 Index Fund 25,177 shares 3,274,963 2,665,985
Small Cap
Neuberger & Berman Genesis Fund 13,334 shares 270,855 271,089
Liberty Acorn Class Z 14,694 shares 258,983 262,725
T Rowe Price New Horizons Fd 11,785 shares 327,393 266,694
----------------------- -----------------------
$24,881,823 $40,417,437
==================================================
* Indicates party-in-interest to the Plan
13
First Financial Bancorp Thrift Plan and Trust
EIN 31-1042001/Plan 002
Line 27d - Schedule of Reportable Transactions
For the year ended December 31, 2001
EXPENSES CURRENT
INCURRED VALUE OF NET
PURCHASE SELLING WITH COST OF ASSET ON GAIN
IDENTITY OF ISSUE/DESCRIPTION OF ASSET PRICE PRICE TRANSACTION ASSET VALUATION DATE (LOSS)
- ------------------------------------------------------------------------------------------------------------------------------------
Category (iii)--series of transactions in excess of 5 percent of plan assets
* Goldman Sachs Prime
Corporate Money Fund $ 8,104,185 $ - $ - $ 8,104,185 $ 8,104,185 $ -
* Goldman Sachs Prime
Corporate Money Fund - 7,954,846 - 7,954,846 7,954,846 -
There were no category (i), (ii), or (iv) reportable transactions during
2001.
* Transaction occurred on the market.
NOTE: Rental expense is not applicable
14
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan
Administrator has caused this annual report to be signed by the undersigned
thereunto duly authorized.
FIRST FINANCIAL BANCORP
THRIFT AND TRUST
Date: June 26, 2002 By: /s/ Betty S. Irvine
---------------------- -------------------------------
Betty S. Irvine
Asst. Vice President
Human Resources
First Financial Bancorp
/s/ C. Douglas Lefferson
-----------------------------
C. Douglas Lefferson
Sr. Vice President and Chief
Financial Officer
First Financial Bancorp