First Financial Bancorp. FFBC

FinancialsBanking ServicesUnited States of America

Last close 32.35 USD on Nov 1, 2026, +32.6% year to date

Quant rating

Quant rating B Rank 144 of 799 in Financials

Growth A 103 of 799
Valuation B 210 of 799
Quality B 286 of 799
Revisions B 278 of 799
Momentum B 296 of 799

Wall Street consensus Buy (2.29)Average target 37.71 USD +16.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.4B
Enterprise value: 3.7B
52-week range: 23.10 – 36.24
3-year range: 18.48 – 36.24
Dividend yield: 3.21%
Beta (5 years): 0.97
Shares outstanding: 105M
Next earnings: Jan 25, 2027

About the company

First Financial Bancorp. is a bank holding company. It engages in the business of commercial banking and other banking and banking-related activities through its subsidiary, First Financial Bank (the Bank). The range of banking services provided by the Company includes commercial lending, real estate lending and consumer financing. It offers deposit products that include interest-bearing and noninterest-bearing accounts, time deposits and cash management services for retail and commercial customers. A full range of trust and wealth management services is also provided through its Wealth Management line of business. Commercial and industrial loans are made for all types of businesses for a variety of purposes, including inventory, receivables and equipment. It works with businesses to meet their shorter-term working capital needs while also providing long-term financing for their business plans. Its full-service banking centers primarily in Ohio, Indiana, Kentucky and Illinois.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,002	1,002	903	585	483	–
Revenue growth	0.0%	11.0%	54.4%	21.1%	−8.0%	13.8%
EPS (basic, normalized)	2.68	2.42	2.72	2.33	2.16	–
EPS growth	10.7%	−11.0%	17.1%	7.8%	−5.2%	3.3%
Gross margin	–	–	–	–	–	–
Net margin	25.5%	22.8%	28.3%	37.2%	42.5%	31.3%
ROE	10.0%	9.8%	12.0%	10.3%	9.7%	10.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	12.6%
Long-term debt (mil)	365
Net debt (mil)	–
Total equity (mil)	2,881
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	1,002	0.0%	3.7x	28.11	+8.4%	1.2x	2.66	+10.8%	12.2x
2026	1,084	+8.2%	3.4x	28.95	+3.0%	1.1x	3.07	+15.4%	10.5x
2027	1,201	+10.8%	3.1x	31.79	+9.8%	1.0x	3.53	+15.0%	9.2x
2028	1,260	+4.9%	2.9x	34.30	+7.9%	0.9x	3.85	+9.0%	8.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,084	+0.1%	+0.3%	−0.8%	3.07	+0.5%	+1.3%	−3.3%
2027	1,201	+0.1%	+0.9%	+6.7%	3.53	+3.6%	+5.2%	+2.4%
2028	1,260	−1.3%	–	–	3.85	−1.3%	–	–

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	195	215	201	224	200	226	214	239	272	242
Sales mean (mil)	201	206	214	216	215	220	229	249	258	270
Surprise	−2.9%	+4.4%	−6.1%	+3.6%	−6.8%	+2.9%	−6.7%	−4.1%	+5.3%	−10.2%
EPS reported	0.53	0.64	0.55	0.68	0.54	0.73	0.75	0.64	0.71	0.73
EPS mean	0.59	0.59	0.66	0.65	0.63	0.68	0.75	0.56	0.64	0.77
Surprise	−10.4%	+8.5%	−16.9%	+4.3%	−14.0%	+7.4%	−0.2%	+15.3%	+10.2%	−5.4%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
FFBC First Financial Bancorp.	3.4B	12.6%	25.5%	1.18x	10.5x	9.2x	1.1x	1.0x
MBWM Mercantile Bank Corporation	1.0B	12.3%	26.9%	1.11x	10.7x	10.3x	1.3x	1.2x
Mean		12.5%	26.2%	1.14x	10.6x	9.7x	1.2x	1.1x
Median		12.5%	26.2%	1.14x	10.6x	9.7x	1.2x	1.1x

Technical analysis

1M+1.3%
3M−3.5%
1Y+39.3%
3Y+99.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, First Financial Bancorp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	1,002	1,002	903	585	483	525
Total interest expense	360	390	275	65.9	31.1	68.5
Net interest income	642	612	628	519	452	457
Loan loss provision	37.7	47.7	43.1	11.7	−18.1	−0.2
Net interest income after loan loss provision	604	564	585	507	470	457
Non-interest income	257	224	212	190	172	189
Non-interest expense	−541	−520	−478	−455	−401	−461
Net income before taxes	321	268	319	242	241	184
Provision for taxes	65.7	39.5	62.7	24.1	35.8	28.6
Minority interest & equity in affiliates	–	–	–	–	–	–
Other	0	0	0	0	0	0
Net income before extraordinary items	256	229	256	218	205	156
Extraordinary items	–	–	–	–	–	–
Net income	256	229	256	218	205	156
Basic weighted average shares (mil)	95.3	94.4	93.9	93.5	95.0	97.4
Diluted weighted average shares (mil)	96.2	95.4	95.1	94.6	95.9	98.1
Basic EPS excluding extraordinary items	2.68	2.42	2.72	2.33	2.16	1.60
Basic EPS, normalized	2.68	2.42	2.72	2.33	2.16	2.28

Balance sheet in millions of USD, fiscal years

Balance sheet, First Financial Bancorp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	179	174	213	208	220	231
Other earning assets	4,065	3,550	3,615	3,555	3,956	3,096
Net loans	13,947	12,174	11,210	10,644	9,854	10,380
Property, plant & equipment	467	457	402	335	324	271
Goodwill	1,100	1,008	1,006	1,002	1,001	938
Intangibles	119	79.3	83.9	93.9	88.9	64.6
Long-term investments	–	–	–	–	–	3.6
Other long-term assets	–	–	–	–	–	–
Other assets	1,253	1,128	1,003	1,166	886	989
Total assets	21,129	18,570	17,533	17,003	16,329	15,973
Liabilities
Accounts payable	691	640	558	562	425	445
Payable/accrued	–	–	–	–	–	–
Accrued expenses	58.1	59.8	64.5	64.5	67.6	71.7
Total deposits	16,422	14,329	13,361	12,701	12,872	12,232
Other bearing liabilities	675	625	800	1,130	225	455
Short-term borrowings	0.3	130	138	157	71.2	167
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	514	348	344	347	410	321
Minority interest	–	–	–	–	–	–
Other liabilities	0	0	0	0	0	0
Total liabilities	18,360	16,132	15,265	14,962	14,070	13,691
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1,648	1,642	1,639	1,635	1,640	1,639
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	1,437	1,276	1,137	968	837	720
Treasury stock	−126	−191	−198	−203	−218	−126
Other equity	−190	−290	−310	−359	−0.4	48.7
Total equity	2,769	2,438	2,268	2,041	2,259	2,282
Total liabilities & shareholders' equity	21,129	18,570	17,533	17,003	16,329	15,973

Cash flow statement in millions of USD, fiscal years

Cash flow statement, First Financial Bancorp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	256	229	256	218	205	156
Depreciation, depletion & amortization	31.8	30.3	30.0	31.2	32.1	33.3
Deferred taxes	18.9	21.2	13.4	−3.5	12.1	−8.4
Non-cash items	20.6	24.5	25.6	28.0	42.6	30.9
Changes in working capital	10.9	−42.7	162	−72.4	98.5	−102
Cash from operations	338	262	487	201	390	110
Investing activities
Capital expenditures	−20.8	−21.1	−24.1	−13.8	−15.3	−16.5
Other investing cash flows	−526	−979	−677	−869	−497	−1,188
Cash from investing	−547	−1,000	−701	−883	−512	−1,205
Financing activities
Financing cash flow items	298	968	660	−171	640	2,022
Cash dividends paid	−94.6	−89.5	−87.2	−86.6	−87.3	−89.7
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	10.0	−180	−353	927	−442	−807
Cash from financing	213	699	220	670	111	1,125
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	4.3	−38.8	5.6	−12.5	−11.0	30.4
Free cash flow	317	241	463	187	375	93.4

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.