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Relative valuation derived from Financials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 55.3GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
8.9%
Sector: 8.5%
Dividend Analysis audit
INCOME
3.84%
Trailing Yield
$3.84
Per $100 Invested
Solid dividend yield for income-focused strategies.
Est. Payout Ratio
47%SAFE
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, FIRST FINANCIAL BANCORP /OH/ (FFBC) receives a "Hold" rating with a composite score of 53.5/100, ranked #779 out of 4446 stocks. Key factor scores: Quality 55/100, Value 72/100, Momentum 53/100. This is quantitative analysis only — not investment advice.
FIRST FINANCIAL BANCORP /OH/ (FFBC) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does FIRST FINANCIAL BANCORP /OH/ Do?
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. FIRST FINANCIAL BANCORP /OH/ (FFBC) is classified as a mid-cap stock in the Financials sector, specifically within the Banking industry. The company is led by CEO Archie M. Brown and employs approximately 2,110 people, headquartered in CINCINNATI, Ohio. With a market capitalization of $2.9B, FFBC is one of the notable companies in the Financials sector.
FIRST FINANCIAL BANCORP /OH/ (FFBC) Stock Rating — Hold (April 2026)
As of April 2026, FIRST FINANCIAL BANCORP /OH/ receives a Hold rating with a composite score of 53.5/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.FFBC ranks #779 out of 4,446 stocks in our coverage universe. Within the Financials sector, FIRST FINANCIAL BANCORP /OH/ ranks #228 of 891 stocks, placing it in the upper half of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
FFBC Stock Price and 52-Week Range
FIRST FINANCIAL BANCORP /OH/ (FFBC) currently trades at $29.50. The stock lost $0.35 (1.2%) in the most recent trading session. The 52-week high for FFBC is $31.38, which means the stock is currently trading -6.0% from its annual peak. The 52-week low is $21.10, putting the stock 39.8% above its annual trough. Recent trading volume was 343K shares, suggesting relatively thin trading activity.
Is FFBC Overvalued or Undervalued? — Valuation Analysis
FIRST FINANCIAL BANCORP /OH/ (FFBC) carries a value factor score of 72/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 12.11x, compared to the Financials sector average of 14.88x — a discount of 19%. The price-to-book ratio stands at 1.07x, versus the sector average of 1.22x. The price-to-sales ratio is 2.99x, compared to 0.90x for the average Financials stock. On an enterprise value basis, FFBC trades at 10.36x EV/EBITDA, versus 3.26x for the sector.
Based on these multiples, FIRST FINANCIAL BANCORP /OH/ appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
FIRST FINANCIAL BANCORP /OH/ Profitability — ROE, Margins, and Quality Score
FIRST FINANCIAL BANCORP /OH/ (FFBC) earns a quality factor score of 55/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 8.9%, compared to the Financials sector average of 8.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at 1.2% versus the sector average of 1.2%.
On a margin basis, FIRST FINANCIAL BANCORP /OH/ reports gross margins of 0.0%. The operating margin is 30.9% (sector: 21.8%). Net profit margin stands at 24.7%, versus 17.7% for the average Financials stock. Revenue growth is running at -1.0% on a trailing basis, compared to 9.4% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
FFBC Debt, Balance Sheet, and Financial Health
FIRST FINANCIAL BANCORP /OH/ has a debt-to-equity ratio of 19.0%, compared to the Financials sector average of 121.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 1.15x, suggesting adequate working capital coverage. Total debt on the balance sheet is $514M. Cash and equivalents stand at $175M.
FFBC has a beta of 0.81, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for FIRST FINANCIAL BANCORP /OH/ is 82/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
FIRST FINANCIAL BANCORP /OH/ Revenue and Earnings History — Quarterly Trend
In TTM 2026, FIRST FINANCIAL BANCORP /OH/ reported revenue of $994M and earnings per share (EPS) of $2.68. Net income for the quarter was $246M. Gross margin was 0.0%. Operating income came in at $307M.
In FY 2025, FIRST FINANCIAL BANCORP /OH/ reported revenue of $1.00B and earnings per share (EPS) of $2.68. Net income for the quarter was $256M. Revenue grew -0.0% year-over-year compared to FY 2024. Operating income came in at $321M.
In Q3 2025, FIRST FINANCIAL BANCORP /OH/ reported revenue of $250M and earnings per share (EPS) of $0.76. Net income for the quarter was $72M. Revenue grew -2.7% year-over-year compared to Q3 2024. Operating income came in at $91M.
In Q2 2025, FIRST FINANCIAL BANCORP /OH/ reported revenue of $246M and earnings per share (EPS) of $0.74. Net income for the quarter was $70M. Revenue grew -2.7% year-over-year compared to Q2 2024. Operating income came in at $88M.
Over the past 8 quarters, FIRST FINANCIAL BANCORP /OH/ has demonstrated a growth trajectory, with revenue expanding from $253M to $994M. Investors analyzing FFBC stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
FFBC Dividend Yield and Income Analysis
FIRST FINANCIAL BANCORP /OH/ (FFBC) currently pays a dividend yield of 3.8%. At this yield, a $10,000 investment in FFBC stock would generate approximately $$384.00 in annual dividend income. This compares to the Financials sector average dividend yield of 2.5%, meaning FFBC offers above-average income for its sector. With a net margin of 24.7%, the dividend appears well-covered by earnings, suggesting sustainable payouts going forward.
FFBC Momentum and Technical Analysis Profile
FIRST FINANCIAL BANCORP /OH/ (FFBC) has a momentum factor score of 53/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 34/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 15/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
FFBC vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing FFBC against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full FFBC vs S&P 500 (SPY) comparison to assess how FIRST FINANCIAL BANCORP /OH/ stacks up against the broader market across all factor dimensions.
FFBC Next Earnings Date
No upcoming earnings date has been announced for FIRST FINANCIAL BANCORP /OH/ (FFBC) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy FFBC? — Investment Thesis Summary
FIRST FINANCIAL BANCORP /OH/ presents a balanced picture with arguments on both sides. The value score of 72/100 suggests attractive pricing relative to fundamentals. Low volatility (stability score 82/100) reduces downside risk.
In summary, FIRST FINANCIAL BANCORP /OH/ (FFBC) earns a Hold rating with a composite score of 53.5/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on FFBC stock.
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Institutional Research Dossier
FIRST FINANCIAL BANCORP /OH/ (FFBC) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
We maintain a Hold rating on First Financial Bancorp (FFBC). While the company exhibits attractive valuation metrics compared to its peers, particularly its lower P/E and EV/EBITDA ratios, its recent revenue stagnation and relatively weak investment score raise concerns about future growth prospects. The bank's solid profitability and stability scores provide a cushion, but a lack of clear catalysts for significant outperformance warrants a neutral stance.
FFBC's strength lies in its efficient operations, reflected in its superior operating and net margins. However, the negative revenue growth and modest return on equity compared to its historical performance and potential industry tailwinds suggest limited upside. The current valuation appears fair, pricing in the existing strengths and weaknesses, making a Hold rating appropriate until clearer signs of growth emerge or a significant shift in the competitive landscape occurs.
Business Strategy & Overview
First Financial Bancorp operates as a regional bank, providing a range of commercial banking and related services across Ohio, Indiana, Kentucky, and Illinois. Its core business revolves around attracting deposits and extending loans to individuals and businesses. The bank's revenue streams are primarily derived from net interest income (the difference between interest earned on loans and interest paid on deposits) and non-interest income (fees from services like wealth management and trust services).
FFBC's strategic positioning focuses on serving small to medium-sized businesses and individuals within its geographic footprint. This strategy allows the bank to build strong relationships with its customers and tailor its services to meet their specific needs. The company also emphasizes its wealth management and trust services, aiming to diversify its revenue streams and capture a larger share of the customer wallet. The expansion into specialized lending areas, such as commercial financing for specific industries, indicates a strategy to find niches with potentially higher returns.
The bank's branch network, consisting of 139 full-service banking centers, serves as a critical distribution channel for its products and services. While the company operates a significant number of leased facilities, this strategy provides flexibility in managing its physical footprint and adapting to changing customer preferences. The geographic distribution of its branches across four states allows for diversification and reduces reliance on any single regional economy.
In the broader industry context, FFBC faces competition from other regional banks, national banks, and non-bank financial institutions. The banking industry is subject to significant regulatory oversight, which can impact profitability and growth. Furthermore, the current macroeconomic environment, characterized by rising interest rates and potential economic slowdown, presents both opportunities and challenges for the bank. The company's ability to effectively manage its interest rate risk and maintain asset quality will be crucial for its future success.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
-1.0%
Sector: 9.4%
-110% VS SCTR
Economic Moat Analysis
First Financial Bancorp's economic moat is likely narrow. While the bank benefits from some degree of customer relationships and switching costs, these advantages are not substantial enough to create a wide moat. Regional banks often rely on local knowledge and personalized service to attract and retain customers, but these factors can be easily replicated by competitors.
The banking industry is characterized by intense competition, with numerous players vying for market share. While FFBC has a well-established presence in its geographic markets, it lacks the scale and brand recognition of larger national banks. This limits its ability to command premium pricing or attract customers solely based on brand loyalty.
Switching costs for banking customers can be moderate, particularly for businesses with complex financial needs. However, the increasing availability of online banking and mobile banking services has reduced the friction associated with switching banks. Customers can easily compare rates and services online, making it more difficult for banks to retain customers based solely on inertia.
FFBC's intangible assets, such as its reputation and brand name, contribute to its competitive advantage. However, these assets are not unique or difficult to replicate. Other regional banks can build similar reputations through consistent service and community involvement. The bank's cost advantages, if any, are likely modest. While efficient operations can contribute to lower costs, these efficiencies are not likely to be sustainable over the long term, as competitors can adopt similar practices.
The bank's efficient scale is limited. While the regional banking market can support a certain number of players, there are no significant barriers to entry that would prevent new competitors from emerging. Overall, FFBC's competitive advantages are not strong enough to create a wide moat, and its ability to generate sustained excess returns is therefore limited.
Financial Health & Profitability
First Financial Bancorp's financial health presents a mixed picture. The company demonstrates strong profitability metrics, with an operating margin of 30.9% and a net margin of 24.7%, significantly exceeding the sector averages of 22.0% and 17.8%, respectively. This indicates efficient operations and effective cost management. However, the company's revenue growth is a concern, with a negative 1.0% growth rate compared to the sector's 9.3% growth. This suggests potential challenges in expanding its business and capturing market share.
The company's return on equity (ROE) of 8.9% is slightly above the sector average of 8.5%, indicating reasonable profitability relative to shareholder equity. However, it's crucial to analyze the trend in ROE over time to assess the sustainability of this performance. The debt-to-equity ratio of 19.00 is significantly lower than the sector average of 115.00, indicating a conservative capital structure and lower financial risk. This provides the company with greater flexibility to pursue growth opportunities or weather economic downturns.
Analyzing the quarterly financial history reveals some fluctuations in revenue and net income. While revenue has remained relatively stable around $240-$250 million per quarter in FY2025, net income has varied, with Q1 FY2025 showing a lower net income compared to subsequent quarters. The operating margin has also fluctuated, indicating potential variability in cost management or revenue mix. The trend in EPS mirrors the trend in net income, reflecting the impact of profitability on shareholder value.
The company's free cash flow generation is positive, indicating its ability to generate cash from its operations. This cash flow can be used to fund growth initiatives, pay dividends, or reduce debt. The current ratio of 1.15 indicates sufficient liquidity to meet its short-term obligations. Overall, FFBC's financial health is characterized by strong profitability and a conservative capital structure, but its revenue growth remains a concern. The company's ability to improve its revenue growth will be crucial for its long-term success.
Valuation Assessment
First Financial Bancorp's valuation appears attractive relative to its peers, based on several key metrics. The company's P/E ratio of 10.0x is significantly lower than the sector average of 15.5x, suggesting that the stock is undervalued compared to its earnings potential. Similarly, its EV/EBITDA ratio of 2.3x is substantially lower than the sector average of 3.5x, indicating that the company is undervalued based on its enterprise value relative to its earnings before interest, taxes, depreciation, and amortization.
However, it's crucial to consider the company's growth prospects when assessing its valuation. The negative revenue growth of 1.0% raises concerns about the sustainability of its earnings and cash flow. While the company's profitability metrics are strong, its lack of revenue growth could limit its ability to generate significant shareholder value in the long term. The market may be discounting the stock due to these growth concerns.
The company's free cash flow yield is not explicitly provided, but the positive free cash flow generation suggests that the stock is generating cash flow relative to its market capitalization. However, the yield should be compared to the company's cost of capital and the yields of other investment opportunities to determine whether it is attractive.
Overall, FFBC's valuation appears cheap based on its P/E and EV/EBITDA ratios, but its lack of revenue growth warrants caution. The stock may be fairly valued, pricing in the existing strengths and weaknesses. A significant improvement in revenue growth or a positive catalyst could lead to a re-rating of the stock. Until then, the current valuation appears reasonable, reflecting the company's current performance and future prospects.
Risk & Uncertainty
First Financial Bancorp faces several specific risks that could impact its business and financial performance. One significant risk is interest rate risk. As a bank, FFBC's profitability is sensitive to changes in interest rates. Rising interest rates can increase the cost of funding, while declining interest rates can reduce the yield on its loan portfolio. The company's ability to effectively manage its interest rate risk will be crucial for maintaining its profitability.
Another risk is credit risk. FFBC's loan portfolio is exposed to the risk of borrowers defaulting on their loans. Economic downturns or industry-specific challenges can increase the likelihood of loan defaults, which can negatively impact the company's earnings and capital. The company's ability to effectively manage its credit risk through prudent underwriting and loan monitoring is essential for protecting its assets.
Competition is also a significant risk. The banking industry is highly competitive, with numerous players vying for market share. FFBC faces competition from other regional banks, national banks, and non-bank financial institutions. The company's ability to differentiate its products and services and maintain its competitive position will be crucial for its long-term success.
Regulatory risk is another important consideration. The banking industry is subject to significant regulatory oversight, which can impact profitability and growth. Changes in regulations, such as capital requirements or lending restrictions, can increase the cost of doing business and limit the company's ability to expand its operations. The company's ability to comply with regulations and adapt to changes in the regulatory environment is essential for maintaining its license to operate.
Bulls Say / Bears Say
The Bull Case
BULL VIEWFFBC's low valuation multiples (P/E and EV/EBITDA) compared to peers suggest significant upside potential if the company can execute on its growth strategy.
BULL VIEWThe bank's strong profitability and conservative capital structure provide a solid foundation for future growth and shareholder returns.
BULL VIEWFFBC's focus on relationship banking and wealth management positions it well to capitalize on the growing demand for personalized financial services.
The Bear Case
BEAR VIEWFFBC's negative revenue growth indicates a lack of competitive advantage and potential market share loss.
BEAR VIEWThe bank's modest return on equity and relatively weak investment score suggest limited potential for significant outperformance.
BEAR VIEWRising interest rates and a potential economic slowdown could negatively impact FFBC's loan portfolio and profitability.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score FFBC and 4,400+ other equities.
FIRST FINANCIAL BANCORP /OH/ exhibits a 105% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
1.2%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
0.0%
Sector: 0.0%
Operating Margin
Core business profitability
30.9%
Sector: 21.8%
Net Margin
Bottom-line profitability
24.7%
Sector: 17.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield2.48%
Yield Delta+55%
Income Projection audit
A $10,000 investment would generate approximately $384 annually in dividends at the current trailing rate.
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