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First Financial Bancorp
(NASDAQ:FFBC)
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Rating:83Outperform
Price Target:
$42.00
â–²(24.30% Upside)
Action:Reiterated
Date:07/22/26
FFBC scores well primarily on solid financial performance (profitability, improving leverage, and strong cash-flow conversion) and constructive technical momentum with price trending above major moving averages. Valuation is supportive with a moderate P/E and ~2.8% dividend yield. Earnings call factors add upside via steady NIM and growth/synergy execution, tempered by fee-income volatility and moderately higher expected credit costs later in the year.
Positive Factors
Strong operating cash generation
Sustained operating cash flow above reported earnings indicates high earnings quality and internal funding capacity. This durable cash generation supports dividends, M&A and capital allocation without heavy external financing, strengthening long-term financial flexibility.
Negative Factors
Volatile noninterest/fee income
Reliance on lumpy FX and investment banking fees reduces revenue predictability and creates execution risk for guidance and payout plans. Over months, fee volatility can widen earnings swings and constrain the firm's ability to sustainably diversify away from interest income.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong operating cash generation
Sustained operating cash flow above reported earnings indicates high earnings quality and internal funding capacity. This durable cash generation supports dividends, M&A and capital allocation without heavy external financing, strengthening long-term financial flexibility.
Read all positive factors
First Financial Bancorp (FFBC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.55B
Dividend Yield2.96%
Average Volume (3M)1.20M
Price to Earnings (P/E)24.0
Beta (1Y)0.88
Revenue Growth11.65%
EPS Growth13.28%
CountryUS
Employees2,199
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)2.87
Shares Outstanding104,956,460
10 Day Avg. Volume1,521,607
30 Day Avg. Volume1,202,223
Financial Highlights & Ratios
PEG Ratio0.83
Price to Book (P/B)0.86
Price to Sales (P/S)1.89
P/FCF Ratio7.49
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$36.67Price Target Upside8.51% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)3.05
Revenue Forecast (FY)$1.08B
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 banking-related services to individuals and businesses in Ohio, Indiana, Kentucky, and Illinois. The company offers checkin...
How the Company Makes Money
FFBC primarily makes money through its bank subsidiary by earning interest income on loans and other interest-earning assets and paying interest on deposits and other funding sources; the spread between these (net interest income) is a core driver...
First Financial Bancorp Earnings Call Summary
Earnings Call Date:Jul 21, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Positive
The call conveyed a broadly positive operating and capital story: record adjusted earnings, strong loan growth, healthy margins and improving credit metrics, plus successful integrations and an accretive M&A add-on (Finward) that expands footprint. Lowlights were largely operational/timing issues (lumpy fee income, temporary securities positioning, a Q2 pause on buybacks) and modest pressures on accretion/asset yields. On balance the positive financial results, credit trends, capital strength, expense synergies and strategic, accretive acquisition activity outweigh the transitory and manageable negatives.Positive Updates
Record Adjusted Earnings
Adjusted net income of $83.9 million ($0.80/share), a record for the company; adjusted return on assets of 1.5% and adjusted return on tangible common equity ~19.7%–20%; adjusted EPS increased 8% versus Q2 2025.
Negative Updates
Fee Income Below Expectations
Adjusted fee income declined sequentially and was below management's expectations due to lower foreign exchange swap income and reduced investment banking fees; fee lines noted to be lumpy and dependent on timing of deals.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Adjusted Earnings
Adjusted net income of $83.9 million ($0.80/share), a record for the company; adjusted return on assets of 1.5% and adjusted return on tangible common equity ~19.7%–20%; adjusted EPS increased 8% versus Q2 2025.
Read all positive updates
Company Guidance
For the third quarter, management expects mid‑single‑digit annualized loan growth and low‑single‑digit core deposit growth, with net interest margin assumed to hold roughly flat in a 3.96%–4.01% range (assuming no rate changes and purchase accounting accretion in line with Q2); credit costs should approximate Q2 levels (Q2 net charge‑offs were 20 bps, ACL 1.38% with $8.2m provision) with net charge‑offs seen around 25–30 bps for the back half of the year and ACL coverage relatively stable, fee income is guided to $74m–$77m (including $15m–$17m FX and $22m–$24m leasing), noninterest expense to $149m–$152m, and management expects full Westfield cost savings at the Q3 run‑rate while BankFinancial savings will phase in through Q3 with full realization by quarter end.First Financial Bancorp Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
80
Positive
Cash Flow
83
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.33B | 1.26B | 1.23B | 1.12B | 774.65M | 654.72M |
| Gross Profit | 929.39M | 861.82M | 787.92M | 797.09M | 697.07M | 641.75M |
| EBITDA | 409.73M | 343.36M | 306.74M | 356.39M | 280.53M | 280.49M |
| Net Income | 285.22M | 255.60M | 228.83M | 255.86M | 217.61M | 205.16M |
Balance Sheet | ||||||
| Total Assets | 22.44B | 21.13B | 18.57B | 17.53B | 17.00B | 16.33B |
| Cash, Cash Equivalents and Short-Term Investments | 5.87B | 4.15B | 3.36B | 4.03B | 4.01B | 4.64B |
| Total Debt | 952.55M | 1.19B | 1.10B | 1.28B | 1.63B | 706.03M |
| Total Liabilities | 19.45B | 18.36B | 16.13B | 15.26B | 14.96B | 14.07B |
| Stockholders Equity | 2.99B | 2.77B | 2.44B | 2.27B | 2.04B | 2.26B |
Cash Flow | ||||||
| Free Cash Flow | 748.09M | 317.10M | 241.08M | 462.83M | 187.07M | 372.82M |
| Operating Cash Flow | 760.91M | 337.86M | 262.16M | 486.97M | 200.85M | 388.16M |
| Investing Cash Flow | -1.14B | -546.72M | -1.00B | -701.26M | -883.11M | -510.03M |
| Financing Cash Flow | 335.97M | 213.16M | 699.08M | 219.85M | 669.73M | 110.85M |
First Financial Bancorp Technical Analysis
Neutral
33.79
Price Trends
32.78
Positive
30.71
Positive
28.27
Positive
Market Momentum
0.60
Positive
50.41
Neutral
23.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FFBC, the sentiment is Neutral. The current price of 33.79 is below the 20-day moving average (MA) of 34.39, above the 50-day MA of 32.78, and above the 200-day MA of 28.27, indicating a neutral trend. The MACD of 0.60 indicates Positive momentum. The RSI at 50.41 is Neutral, neither overbought nor oversold. The STOCH value of 23.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FFBC.
First Financial Bancorp Risk Analysis
First Financial Bancorp disclosed 42 risk factors in its most recent earnings report. First Financial Bancorp reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
First Financial Bancorp Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | $3.55B | 23.99 | 10.07% | 2.96% | 11.65% | 13.28% | |
75 Outperform | $3.22B | 10.28 | 11.00% | 4.02% | 3.73% | 35.18% | |
74 Outperform | $2.78B | 12.01 | 11.01% | 2.12% | 1.25% | 10.81% | |
71 Outperform | $2.72B | 13.78 | 7.26% | 3.36% | 5.05% | -19.06% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
63 Neutral | $2.72B | 11.21 | 8.50% | 2.96% | -4.62% | 21.13% | |
58 Neutral | $2.95B | -46.71 | -0.62% | 2.07% | -12.95% | -161.72% |
* Financial Sector Average
FFBC
First Financial Bancorp
33.83
10.80
46.90%
FRME
First Merchants
43.14
7.01
19.40%
BANC
Banc of California
19.15
5.11
36.44%
PFS
Provident Financial Services
24.68
7.36
42.51%
TRMK
Trustmark
47.45
11.42
31.68%
WAFD
Washington Federal
36.77
8.33
29.28%
First Financial Bancorp Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresM&A Transactions
First Financial Bancorp Announces Record Earnings and Merger
Positive
Jul 21, 2026
On July 21, 2026, First Financial Bancorp reported record second-quarter 2026 earnings, with net income of $76.5 million, earnings per diluted share of $0.73, or $0.80 on an adjusted basis, and an adjusted return on assets of 1.50%. The bank poste...
Executive/Board ChangesShareholder Meetings
First Financial Shareholders Approve Directors, Stock Plan, Pay
Positive
May 29, 2026
First Financial Bancorp. is an Ohio-based financial services company operating in the banking industry, providing commercial and consumer banking, lending, and related financial products. The company serves shareholders and customers primarily thr...
Business Operations and StrategyFinancial Disclosures
First Financial Highlights Q1 2026 Strategy and Performance
Positive
May 22, 2026
First Financial Bancorp’s executive team has prepared an investor presentation for first-quarter 2026 meetings with investors and analysts, highlighting the company’s 160-plus-year track record, conservative operating philosophy and 14...
Business Operations and StrategyStock BuybackFinancial Disclosures
First Financial Bancorp Posts Strong Q1 2026 Results
Positive
Apr 23, 2026
On April 23, 2026, First Financial Bancorp reported strong first-quarter 2026 results, with net income rising to $74.4 million, or $0.71 per diluted share, compared with $62.4 million, or $0.64 per share, in the prior quarter. The bank posted a ro...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.