olivLaw · US equity research
First Financial Bancorp FFBC
National Commercial Banks · SIC 6021 · Vertical: National Commercial Banks (SIC 6021)
At the close of 04 Nov 2026, First Financial Bancorp (FFBC) stock was 33.39 USD (+2.05% on the day), with market capitalisation 3.5 bn USD, P/E 11.8 on diluted EPS of 2.83 USD over the last 12 months, dividend yield 2.99%, beta 0.84, 52-week range 23.27–36.18 USD. Latest reported quarter (Q2 2026): net income of 76.5 m USD (+9.2% YoY), diluted EPS 0.73 USD.
Data as of · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 63.5
- strong (55–70)
- Bollinger (20, 2)
- 30.41 – 33.57
- in the upper half of the band · %B 0.94 · band width 9.9%
- SMA 50 / 200
- 32.06 / 31.08
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.32 / 0.15
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.0% | −2.0% | +8.0 pp | — |
| 3 months | −3.0% | −2.2% | −0.8 pp | — |
| 6 months | +8.9% | +4.3% | +4.6 pp | — |
| Year to date | +33.5% | +10.6% | +22.9 pp | — |
| 1 year | +41.6% | +10.5% | +31.1 pp | +19.1% |
| 3 years | +66.2% | +73.7% | −7.5 pp | +71.3% |
| 5 years | +32.7% | +61.7% | −29.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Depreciation & amortisation | 7.7 m ≈ | 7.5 m | 7.3 m | 7.4 m ≈ | 7.4 m ≈ | 9.7 m | 13.4 m | 12.3 m ≈ |
| Pre-tax income | 64.9 m | 66.9 m | 63.6 m | 87.9 m | 90.7 m | 79.1 m | 93.6 m | 94.4 m |
| Income tax | 12.4 m | 2.0 m | 12.3 m | 17.9 m | 18.8 m | 16.7 m | 19.1 m | 18.0 m |
| Net income | 52.5 m | 64.9 m | 51.3 m | 70.0 m | 71.9 m | 62.4 m | 74.4 m | 76.5 m |
| Diluted EPS | 0.55 | 0.68 ≈ | 0.54 | 0.73 | 0.75 | 0.64 ≈ | 0.71 | 0.73 |
| Operating cash flow | 88.1 m ≈ | 74.1 m | 56.1 m | 69.8 m ≈ | 89.8 m ≈ | 122.2 m | 549.0 m | 31.4 m ≈ |
| Capex | 3.7 m ≈ | 7.0 m | 3.8 m | 4.9 m ≈ | 4.0 m ≈ | 8.0 m | 13.5 m | 10.3 m ≈ |
| Dividends paid | 22.7 m ≈ | 22.7 m | 23.0 m | 23.6 m ≈ | 23.7 m ≈ | 24.4 m | 26.0 m | 26.9 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 62 percentile of its own 39-quarter history (min 7.0, median 11.0, max 20.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Net income | 172.6 m | 198.1 m | 155.8 m | 205.2 m | 217.6 m | 255.9 m | 228.8 m | 255.6 m |
| Net income YoY | +78.3% | +14.8% | −21.3% | +31.7% | +6.1% | +17.6% | −10.6% | +11.7% |
| Diluted EPS | 1.93 | 2.00 | 1.59 | 2.14 | 2.30 | 2.69 | 2.40 | 2.66 |
| Diluted EPS YoY | +23.7% | +3.6% | −20.5% | +34.6% | +7.5% | +17.0% | −10.8% | +10.8% |
| net % | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | 242.1 m | 165.4 m | 91.9 m | 372.8 m | 187.1 m | 462.8 m | 241.1 m | 317.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 178.6 m USD
- Financial debt
- 1.2 bn USD
- Net debt
- 1.0 bn USD
- Equity
- 2.8 bn USD
- Total assets
- 21.1 bn USD
- Debt / equity
- 0.43x
- Current ratio
- unavailable
- ROE
- 9.8%
- ROA
- 1.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Net interest income | 456.5 m | 452.1 m | 519.1 m | 627.8 m | 612.0 m | 642.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Net fee income | 189.1 m | 171.5 m | 189.6 m | 212.4 m | 223.6 m | 257.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Non-interest expense | 390.7 m | 400.8 m | 455.3 m | 478.5 m | 519.6 m | 540.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Pre-tax income | 184.4 m | 240.9 m | 241.7 m | 318.6 m | 268.3 m | 321.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Net income | 155.8 m | 205.2 m | 217.6 m | 255.9 m | 228.8 m | 255.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Diluted EPS | 1.59 | 2.14 | 2.30 | 2.69 | 2.40 | 2.66 | SEC (XBRL)· 19 Feb 2026verified |
| Dividend per share | 0.92 | 0.92 | 0.92 | 0.92 | 0.94 | 0.98 | SEC (XBRL)· 19 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 231.1 m | 220.0 m | 207.5 m | 213.1 m | 174.3 m | 178.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Loans | 9.7 bn | 9.2 bn | 10.2 bn | 10.8 bn | 11.6 bn | 13.2 bn | SEC (XBRL)· 19 Feb 2026verified |
| Total assets | 16.0 bn | 16.3 bn | 17.0 bn | 17.5 bn | 18.6 bn | 21.1 bn | SEC (XBRL)· 19 Feb 2026verified |
| Deposits | 12.2 bn | 12.9 bn | 12.7 bn | 13.4 bn | 14.3 bn | 16.4 bn | SEC (XBRL)· 19 Feb 2026verified |
| Short-term debt | 166.6 m | 296.2 m | 1.3 bn | 937.8 m | 755.5 m | 675.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Long-term debt | 776.2 m | 409.8 m | 346.7 m | 344.1 m | 347.5 m | 514.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Total liabilities | 13.7 bn | 14.1 bn | 15.0 bn | 15.3 bn | 16.1 bn | 18.4 bn | SEC (XBRL)· 19 Feb 2026verified |
| Equity | 2.3 bn | 2.3 bn † | 2.0 bn † | 2.3 bn † | 2.4 bn † | 2.8 bn † | SEC (XBRL)· 19 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Dividends paid | 89.7 m | 87.3 m | 86.6 m | 87.2 m | 89.5 m | 94.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Share repurchases | 16.7 m | 108.1 m | 0 | 0 | — | — | SEC (XBRL)· 22 Feb 2024verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Banking
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 48 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation59
- Balance sheet57
- Quality41
- Growth41
- Returns56
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 12.88 – 40.63 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Residual income28.45 – 29.74 (Mid 29.09)
- Justified P/B28.41 – 38.21 (Mid 32.59)
- Dividend discount (DDM)12.88 – 17.32 (Mid 14.77)
- Peers: P/E32.02 – 35.94 (Mid 33.31)28 companies used · median multiple 11.8x · quartiles 11.3x – 12.7xASRV, BAC, CASH, CBU, CFBK, CFR, COF, FHN, FULT, FUNC, HAFC, HBAN, JPM, KEY, LCNB, MRBK, NBTB, NKSH, ONB, PNC, RF, SFST, SHBI, TBBK, USB, WAFD, WFC, WSFS
- Peers: P/B28.78 – 40.63 (Mid 34.92)33 companies used · median multiple 1.2x · quartiles 1.0x – 1.4xASRV, BAC, BANC, C, CARE, CASH, CBU, CFBK, COF, DCBG, FHN, FULT, FUNC, HAFC, HBAN, KEY, LCNB, MRBK, NBHC, NBTB, NKSH, ONB, PNC, PRK, RF, SFST, SHBI, SNUS-PH, UBS, USB, WAFD, WFC, WSFS
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 48/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 10.3% | 31 (vs peers) | 21% |
| ROA · Quality | 1.4% | 71 (on a fixed band) | 8% |
| Cost-to-income · Quality | 61.0% | 16 (on a fixed band) | 13% |
| Net interest margin · Quality | 3.5% | 79 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 5.0% | 41 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| NPL ratio · Balance sheet | unavailable | unavailable | — |
| Cost of risk · Balance sheet | unavailable | unavailable | — |
| Loan-to-deposit · Balance sheet | 77.0% | 57 (on a fixed band) | 5% |
| P/B · Valuation | 1.2x | 65 (vs peers) | 13% |
| P/E (TTM) · Valuation | 11.8x | 53 (vs peers) | 13% |
| Dividend yield · Returns | 3.0% | 56 (vs peers) | 10% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial57/100 · 1/3 factors with a value
- Growth· partial41/100 · 1/2 factors with a value
- Quality41/100 · 4/4 factors with a value
- Returns56/100 · 1/1 factors with a value
- Valuation59/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FIRST FINANCIAL BANCORP /OH/ (FFBC). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: net interest income 642.0 m USD in 2025; ROE 10.3%.
The estimated value range is 28.45–35.94 USD per share (median of 5 methods, agreement: high); assumptions are illustrative. Against the central value of 32.59 USD, the price of 33.39 USD leaves a potential of -2.4% (value / price − 1) and a margin of safety of -2.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 48/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROA: 1.4%
- Net interest margin: 3.5%
What contradicts it
- Cost-to-income: 61.0%
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, NPL ratio, Cost of risk.
Versus the vertical median
National Commercial Banks (SIC 6021) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| JPMJpmorgan Chase & Co | 897.5 bn | 14.1 | 18.0% | 36.2% | +2.8% | +8% / +117% |
| BACBofA Finance LLC | 342.7 bn | 11.7 | 10.8% | 26.8% | +6.8% | −7% / +63% |
| WFCWells Fargo & Company | 256.7 bn | 11.9 | 12.9% | — | −1.6% | −0% / +92% |
| CCitigroup Inc | 214.7 bn | 17.6 | 6.8% | 16.8% | +5.6% | +18% / +166% |
| UBSUBS Group AG | 169.3 bn | 21.5 | 8.9% | — | +7.0% | +31% / +79% |
| COFCapital One Financial Corp | 125.5 bn | 12.2 | 9.7% | 17.2% | +36.6% | −5% / +87% |
| USBUs Bancorp \de\ | 93.3 bn | 11.8 | 12.7% | 27.5% | +4.4% | +22% / +57% |
| PNCPNC Financial Services Group, Inc. | 91.0 bn | 11.9 | 13.1% | 31.1% | +7.2% | +20% / +71% |
| HBANHuntington Bancshares Incorporated | 32.0 bn | 12.8 | 9.1% | 133.3% | +6.4% | −3% / +41% |
| RFRegions Financial Corporation | 24.4 bn | 11.5 | 11.9% | — | +23.8% | +12% / +71% |
| KEYKeyCorp | 22.4 bn | 11.5 | 11.2% | 26.6% | +62.7% | +16% / +71% |
| FHNFirst Horizon Corp | 11.2 bn | 11.3 | 11.6% | 29.9% | +7.2% | +6% / +86% |
| SNUS-PHSantander Holdings USA, Inc. | 11.0 bn | 6.2 | 10.8% | — | unavailable | unavailable / unavailable |
| CFRCullen/Frost Bankers, Inc. | 9.9 bn | 14.8 | 16.3% | 29.5% | +8.3% | +29% / +62% |
| ONBOld National Bancorp | 9.8 bn | 10.5 | 11.5% | — | +6.1% | +19% / +74% |
| FULTFulton Financial Corp | 4.6 bn | 11.6 | 11.1% | 137.0% | −6.5% | +34% / +71% |
| WSFSWsfs Financial Corporation | 4.1 bn | 12.8 | 12.4% | — | +50.2% | +45% / +110% |
| FFBCFirst Financial Bancorp | 3.5 bn | 11.8 | 10.3% | — | unavailable | +42% / +66% |
| CBUCommunity Financial System, Inc. | 3.5 bn | 15.2 | 11.5% | 26.6% | +9.6% | +16% / +48% |
| PRKPark National Corporation | 3.3 bn | 16.4 | 11.0% | 25.8% | +2.9% | +19% / +65% |
| BANCBanc Of California, Inc. | 2.9 bn | — | -0.7% | -1.4% | −3.8% | +1% / +61% |
| NBTBNbt Bancorp Inc | 2.8 bn | 13.3 | 11.4% | 117.1% | +10.4% | +30% / +52% |
| WAFDWaFd, Inc. | 2.2 bn | 9.4 | 8.5% | 810.8% | +7.8% | −5% / +13% |
| CHCOCity Holding Company | 2.0 bn | 15.8 | 16.8% | 177.4% | +3.2% | +19% / +50% |
| TBBKThe Bancorp, Inc. | 1.9 bn | 8.9 | 29.6% | 164.3% | +20.8% | −26% / +21% |
1- and 3-year price returns: for FFBC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report03 Nov 2026Regulation FD disclosure · Financial statements and exhibits
- Current report28 Oct 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report27 Oct 2026Results of operations · Financial statements and exhibits
- Current report15 Sept 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report27 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report21 Jul 2026Material agreement · Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report29 May 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Current report22 May 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report08 May 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.