First Financial Bancorp (FFBC) AI Stock Analysis

• Market Cap: $3.16B
• Dividend Yield: 3.79%
• Average Volume (3M): 1.00M
• Price to Earnings (P/E): 11.4
• Beta (1Y): 0.82
• Revenue Growth: 5.15%
• EPS Growth: 16.42%
• Country: US
• Employees: 2,021
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 0.64
• Shares Outstanding: 104,510,820
• 10 Day Avg. Volume: 613,519
• 30 Day Avg. Volume: 1,000,654
• PEG Ratio: -1.01
• Price to Book (P/B): 1.04
• Price to Sales (P/S): 2.07
• P/FCF Ratio: 10.53
• Enterprise Value/Market Cap: 1.33
• Enterprise Value/Revenue: 3.32
• Enterprise Value/Gross Profit: 4.85
• Enterprise Value/Ebitda: 12.18
• 1Y Price Target: $31.67
• Price Target Upside: 4.30% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 78 Outperform
• Price Target: $35.00 ▲(15.28% Upside)

FFBC scores well on technical strength (price above key moving averages with positive MACD) and attractive valuation (low P/E with a solid dividend). Financial performance is healthy but tempered by cyclical variability and balance-sheet growth/debt risks, while the latest earnings call was broadly positive with steady guidance but highlighted near-term integration costs and modest margin pressure.

Positive Factors

Diversified, growing fee income

Sustained, record noninterest income diversifies revenue away from pure interest spread sensitivity. Strong fee streams from FX, leasing and wealth management provide recurring, higher-margin revenue that supports earnings stability through rate cycles and cushions NIM compression over the medium term.

Strategic M&A expands Midwest footprint

Targeted acquisitions increase scale, diversify loan and deposit mix, and deepen presence in key Midwest markets. Successful integrations broaden commercial and fee platforms, creating cross‑sell opportunities and structural revenue growth potential if realized efficiencies and customer retention persist.

Reasonable leverage and solid cash conversion

Improving equity and consistent FCF conversion signal durable internal capital generation and flexibility to fund organic growth, acquisitions, dividends, and regulatory capital needs. While growth raises balance-sheet size, solid FCF and above-target capital ratios support long-term resilience.

Negative Factors

Rising debt and capital strain from acquisitions

Acquisition-driven capital consumption and new subordinated debt raise leverage and depress tangible equity metrics. Rebuilding TCE and assimilating goodwill will require sustained earnings and capital generation; this elevates sensitivity to earnings shocks and limits balance‑sheet optionality.

Near‑term integration costs and delayed synergies

Elevated expense base during conversion periods compresses efficiency ratios and reduces near-term earnings power. Delays in realizing synergies mean the bank must sustain higher operating costs for several quarters, testing margin resilience and return targets until run‑rate savings materialize.

Moderate deterioration in asset quality

Rising NPAs and charge-offs, even from a small number of loans, indicate emerging credit stress that could worsen if economic conditions soften. Combined with faster balance‑sheet growth, higher credit costs would pressure profitability and require larger ACL buffers, reducing capital rebuild speed.

First Financial Bancorp Business Overview & Revenue Model

Company Description

First Financial Bancorp. operates as the bank holding company for First Financial Bank that provides commercial banking and related services to individuals and businesses in Ohio, Indiana, Kentucky, and Illinois. The company accepts various deposit products, such as interest-bearing and noninterest-bearing accounts, time deposits, and cash management services for commercial customers. It also provides real estate loans secured by residential property, such as one to four family residential housing units or commercial property comprising owner-occupied and/or investor income producing real estate consisting of apartments, shopping centers, or office buildings; commercial and industrial loans for various purposes, including inventory, receivables, and equipment; consumer loans comprising new and used vehicle loans, second mortgages on residential real estate, and unsecured loans; and home equity lines of credit. In addition, the company offers commercial financing to the insurance industry, registered investment advisors, certified public accountants, indirect auto finance companies, and restaurant franchisees. Further, it provides a range of trust and wealth management services; and lease and equipment financing services. As of December 31, 2021, the company operated 139 full service banking centers, 29 of which are leased facilities. It operates 62 banking centers in Ohio, three banking centers in Illinois, 62 banking centers in Indiana, and 12 banking centers in Kentucky. First Financial Bancorp. was founded in 1863 and is headquartered in Cincinnati, Ohio.

How the Company Makes Money

First Financial Bancorp generates revenue primarily through interest income from loans and investments, as well as non-interest income from fees and services. The company earns interest income by lending to consumers and businesses, with loans including commercial real estate, residential mortgages, and consumer loans. Non-interest income comes from service charges on deposit accounts, wealth management fees, and other financial services. Additionally, FFBC may engage in partnerships with other financial institutions or businesses to enhance service offerings and expand its customer base, contributing to diversified revenue streams.

First Financial Bancorp Financial Statement Overview

Summary

Financial statements indicate a healthy regional bank profile: solid profitability (Income Statement score 78) and reasonable leverage with growing equity (Balance Sheet score 72), supported by generally good cash conversion despite year-to-year variability (Cash Flow score 69). Key risks are cyclical margin/cash-flow volatility plus rising debt and rapid balance-sheet expansion that could increase downside sensitivity if credit conditions weaken.

Income Statement

FFBC shows solid profitability with TTM (Trailing-Twelve-Months) net margin around 20% and strong operating profitability, alongside meaningful revenue expansion (TTM revenue up sharply vs. the prior year). However, profitability has been somewhat volatile over the cycle (margins notably higher in 2021–2022 than in 2024–TTM), suggesting earnings power is sensitive to the rate/credit environment and mix shifts.

Balance Sheet

Leverage appears reasonable for a regional bank, with debt-to-equity improving from higher levels in 2022 to a mid-range level in 2024 and TTM (Trailing-Twelve-Months). Equity has grown over time, supporting the asset base, and return on equity is steady around ~9–11% across most periods. The key watch-out is that total debt has risen again versus 2024, and asset growth has been significant, which can increase balance-sheet risk if credit conditions weaken.

Cash Flow

Cash generation is generally supportive: free cash flow closely tracks net income (near ~0.92–0.98 in 2024 through TTM (Trailing-Twelve-Months)), indicating earnings are largely converting to cash. TTM free cash flow is up meaningfully, but cash flow has been choppy year-to-year (notably weaker in 2022 and 2024 versus 2023). This variability reduces visibility even though the latest period is stronger.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.26B	1.23B	1.12B	774.65M	654.72M	714.09M
Gross Profit	861.82M	787.92M	797.09M	697.07M	641.75M	575.08M
EBITDA	343.36M	306.74M	356.39M	280.53M	280.49M	225.65M
Net Income	255.60M	228.83M	255.86M	217.61M	205.16M	155.81M
Balance Sheet
Total Assets	21.13B	18.57B	17.53B	17.00B	16.33B	15.97B
Cash, Cash Equivalents and Short-Term Investments	4.15B	3.36B	4.03B	4.01B	4.64B	3.68B
Total Debt	1.19B	1.10B	1.28B	1.63B	706.03M	507.81M
Total Liabilities	18.36B	16.13B	15.26B	14.96B	14.07B	13.69B
Stockholders Equity	2.77B	2.44B	2.27B	2.04B	2.26B	2.28B
Cash Flow
Free Cash Flow	329.83M	241.08M	462.83M	187.07M	372.82M	91.90M
Operating Cash Flow	337.86M	262.16M	486.97M	200.85M	388.16M	108.36M
Investing Cash Flow	-546.72M	-1.00B	-701.26M	-883.11M	-510.03M	-1.20B
Financing Cash Flow	213.16M	699.08M	219.85M	669.73M	110.85M	1.13B

First Financial Bancorp Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 30.36
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FFBC, the sentiment is Positive. The current price of 30.36 is above the 20-day moving average (MA) of 29.48, above the 50-day MA of 27.48, and above the 200-day MA of 25.16, indicating a bullish trend. The MACD of 0.95 indicates Positive momentum. The RSI at 65.11 is Neutral, neither overbought nor oversold. The STOCH value of 34.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FFBC.

First Financial Bancorp Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FRME	82 Outperform	$2.67B	10.90	9.47%	3.72%	-1.76%	32.44%
FFBC	78 Outperform	$3.16B	11.35	9.82%	3.79%	5.15%	16.42%
PFS	76 Outperform	$3.00B	10.30	10.72%	4.69%	38.34%	89.73%
TRMK	73 Outperform	$2.67B	12.05	10.98%	2.38%	17.95%	―
BANC	69 Neutral	$3.11B	17.08	6.50%	2.03%	20.64%	―
WAFD	69 Neutral	$2.51B	11.45	7.49%	3.27%	-1.58%	6.34%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%

First Financial Bancorp Corporate Events

First Financial Bancorp Highlights Strong 2025 Financial Performance

In a fourth-quarter 2025 investor presentation, First Financial Bancorp’s executive team outlined a franchise characterized by more than 160 years of continuous operation, 141 consecutive quarters of profitability, and a conservative balance sheet with a low loan-to-deposit ratio and a Common Equity Tier 1 capital ratio of about 11% as of December 31, 2025. The company highlighted its top-quartile returns on assets and tangible common equity, strong net interest margin, diversified fee income, and robust asset quality metrics relative to regional bank peers, attributing this performance to disciplined risk management, a well-defined acquisition strategy, and an experienced management team. The bank also detailed its long history of balance-sheet growth, driven by a series of bank and specialty finance acquisitions through 2025, which has expanded its scale in its core Midwest markets and broadened its specialized commercial and fee-based offerings, reinforcing its competitive positioning as a resilient, growth-oriented regional banking platform for shareholders and clients.

The most recent analyst rating on (FFBC) stock is a Hold with a $32.00 price target. To see the full list of analyst forecasts on First Financial Bancorp stock, see the FFBC Stock Forecast page.

First Financial Bancorp Completes BankFinancial All-Stock Acquisition

On January 1, 2026, First Financial Bancorp completed its all-stock acquisition of Chicago-based BankFinancial Corporation and merged BankFinancial’s banking subsidiary into First Financial Bank, creating a combined institution with approximately $22 billion in assets and significantly expanding First Financial’s retail consumer footprint in the Chicago market. The deal brings 18 BankFinancial financial centers and its regional and national commercial loan, lease and deposit platforms into First Financial’s network, reinforces the company’s broader Midwestern expansion strategy following recent deals in Illinois, Ohio and Michigan, and leaves both BankFinancial and First Financial customers largely unaffected operationally until a planned systems and brand conversion, expected to be completed by June 2026.

The most recent analyst rating on (FFBC) stock is a Buy with a $31.00 price target. To see the full list of analyst forecasts on First Financial Bancorp stock, see the FFBC Stock Forecast page.

First Financial Bancorp Gains Approval for Acquisition

First Financial Bancorp. announced on December 15, 2025, that it received regulatory approval from the Federal Reserve and the Ohio Department of Financial Institutions for its acquisition of BankFinancial Corporation, a Chicago-based bank. The merger, initially announced in August 2025, is valued at approximately $142 million and is expected to close on or around January 1, 2026, pending customary closing conditions and shareholder approval. This strategic acquisition is anticipated to enhance First Financial’s market presence and operational capabilities.

The most recent analyst rating on (FFBC) stock is a Buy with a $30.00 price target. To see the full list of analyst forecasts on First Financial Bancorp stock, see the FFBC Stock Forecast page.

First Financial Bancorp’s Q3 2025 Investor Presentation Highlights

First Financial Bancorp announced its third-quarter 2025 investor presentation, highlighting its strong financial performance and strategic acquisitions, including Westfield Bancorp and BankFinancial. The company emphasized its top quartile profitability, conservative operating philosophy, and effective risk management, positioning itself as a competitive alternative to larger banks in the Midwest region.

The most recent analyst rating on (FFBC) stock is a Buy with a $29.00 price target. To see the full list of analyst forecasts on First Financial Bancorp stock, see the FFBC Stock Forecast page.