A Business at a Glance
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FIRST FINANCIAL BANCORP /OH/
FFBC
$3.3B
Mkt Cap
$33.87
+0.24%
FIRST FINANCIAL BANCORP /OH/ (FFBC) has a current P/E ratio of 12.7, compared to its historical median P/E of 9.6. The stock is currently considered Expensive based on its historical valuation range.
FIRST FINANCIAL BANCORP /OH/ (FFBC) has a 5-year average return on invested capital (ROIC) of 8.6%. This is below average and may indicate limited pricing power.
FIRST FINANCIAL BANCORP /OH/ (FFBC) has a market capitalization of $3.3B. It is classified as a mid-cap stock.
Yes, FIRST FINANCIAL BANCORP /OH/ (FFBC) pays a dividend with a trailing twelve-month yield of 2.91%.
Based on historical P/E analysis, FIRST FINANCIAL BANCORP /OH/ (FFBC) appears expensive. The current P/E of 12.7 is 32% above its historical median of 9.6. The estimated fair value CAGR (P/E method) is 6.8%.
FIRST FINANCIAL BANCORP /OH/ (FFBC) operates in the National Commercial Banks industry, within the Financials sector.
FIRST FINANCIAL BANCORP /OH/ (FFBC) reported annual revenue of $1.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
First Financial Bancorp. First Financial Bancorp., an Ohio corporation (First Financial or the Company), was formed in 1982. First Financial is a mid-sized, regional bank holding company headquartered in Cincinnati, Ohio, which has elected to become a financial holding company. References in this Form 10-K to “we,” “us” or “our” refer, as the context requires, to First Financial and its subsidiaries, collectively or to First Financial as the holding company. First Financial engages in the business of commercial banking and other banking and banking-related activities through its wholly-owned subsidiary, First Financial Bank (the Bank), which was founded in 1863. Effective December 30, 2016, the Bank converted its charter to an Ohio state chartered bank from a nationally chartered bank. The range of banking services provided by First Financial to individuals and businesses includes commercial lending, real estate lending and consumer financing.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.3B | 1.3B | 1.2B | 1.1B | 775M | 655M |
| Net Income | 256M | 256M | 229M | 256M | 218M | 205M |
| EPS | $2.66 | $2.66 | $2.40 | $2.69 | $2.30 | $2.14 |
| Free Cash Flow | 317M | 317M | 241M | 463M | 187M | 373M |
| ROIC | 7.8% | 8.4% | 8.5% | 10.2% | 8.8% | 7.3% |
| Gross Margin | 68.4% | 68.4% | 64.3% | 71.5% | 90.6% | 92.3% |
| Debt/Equity | 0.43 | 0.43 | 0.45 | 0.57 | 0.80 | 0.27 |
| Dividends/Share | $0.98 | $0.98 | $0.94 | $0.92 | $0.92 | $0.92 |
| Operating Income | 23M | 23M | 27M | 22M | 18M | 16M |
| Operating Margin | 1.8% | 1.8% | 2.2% | 2.0% | 2.3% | 2.4% |
| ROE | 9.2% | 9.8% | 9.7% | 11.9% | 10.1% | 9.0% |
| Shares Outstanding | 96M | 96M | 95M | 95M | 95M | 96M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 312M | 345M | 376M | 409M | 644M | 739M | 714M | 655M | 775M | 1.1B | 1.2B | 1.3B | 1.3B |
| Gross Margin | 92.8% | 91.0% | 88.4% | 87.0% | 83.6% | 79.2% | 80.5% | 92.3% | 90.6% | 71.5% | 64.3% | 68.4% | 68.4% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 108M | 112M | 129M | 137M | 189M | 209M | 237M | 246M | 269M | 293M | 304M | 316M | 316M |
| EBIT | 8.8M | 19M | 14M | 16M | 20M | 15M | 12M | 16M | 18M | 22M | 27M | 23M | 23M |
| Op. Margin | 2.8% | 5.5% | 3.7% | 3.9% | 3.0% | 2.1% | 1.7% | 2.4% | 2.3% | 2.0% | 2.2% | 1.8% | 1.8% |
| Net Income | 65M | 75M | 89M | 97M | 173M | 198M | 156M | 205M | 218M | 256M | 229M | 256M | 256M |
| Net Margin | 20.8% | 21.8% | 23.6% | 23.7% | 26.8% | 26.8% | 21.8% | 31.3% | 28.1% | 22.9% | 18.7% | 20.3% | 20.3% |
| Non-Recurring | 70K | 1.5M | 234K | 1.6M | -161K | -406K | 4.6M | -759K | -1.2M | -1.1M | -23M | -22M | -22M |
| Returns on Capital | |||||||||||||
| ROIC | 8.3% | 8.5% | 9.3% | 9.5% | 9.3% | 7.5% | 5.4% | 7.3% | 8.8% | 10.2% | 8.5% | 8.4% | 7.8% |
| ROE | 8.9% | 9.4% | 10.6% | 10.8% | 11.5% | 9.2% | 6.9% | 9.0% | 10.1% | 11.9% | 9.7% | 9.8% | 9.2% |
| ROA | 1.0% | 1.0% | 1.1% | 1.1% | 1.5% | 1.4% | 1.0% | 1.3% | 1.3% | 1.5% | 1.3% | 1.3% | 1.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 57M | 92M | 143M | 124M | 260M | 186M | 108M | 388M | 201M | 487M | 262M | 338M | 338M |
| Free Cash Flow | 46M | 84M | 133M | 117M | 242M | 165M | 92M | 373M | 187M | 463M | 241M | 317M | 317M |
| Owner Earnings | 40M | 74M | 124M | 105M | 230M | 150M | 67M | 346M | 156M | 442M | 216M | 290M | 290M |
| CapEx | 11M | 7.5M | 9.7M | 6.5M | 18M | 21M | 16M | 15M | 14M | 24M | 21M | 21M | 21M |
| Maint. CapEx | 13M | 13M | 13M | 13M | 24M | 28M | 33M | 32M | 31M | 30M | 30M | 32M | 32M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 13M | 13M | 13M | 13M | 24M | 28M | 33M | 32M | 31M | 30M | 30M | 32M | 32M |
| CapEx/OCF | 18.7% | 8.2% | 7.0% | 5.3% | 7.0% | 11.2% | 15.0% | 4.0% | 6.9% | 5.0% | 8.0% | 6.1% | 6.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 35M | 39M | 39M | 41M | 80M | 89M | 90M | 87M | 87M | 87M | 90M | 95M | 95M |
| Dividend Yield | 5.4% | 5.2% | 4.5% | 3.5% | 4.2% | 4.9% | 7.2% | 4.7% | 4.6% | 4.7% | 4.1% | 4.0% | 2.9% |
| Share Buybacks | 697K | 4.5M | 0 | 0 | 0 | 66M | 17M | 108M | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.1% | 0.6% | N/A | N/A | N/A | 3.4% | 1.2% | 5.5% | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 4.0M | 4.0M | 5.4M | 5.4M | 6.2M | 8.0M | 7.7M | 9.6M | 13M | 15M | 16M | 16M | 16M |
| Debt Repayment | 33M | 46M | 86K | 94K | 52M | 160M | 682M | 463M | 64M | 3.3M | 182M | 159M | 159M |
| Balance Sheet | |||||||||||||
| Net Debt | 433M | 950M | 806M | 784M | 1.5B | -1.3B | -2.7B | -3.8B | -2.0B | -2.0B | -2.3B | -3.0B | 1.0B |
| Cash & Equiv. | 110M | 39M | 122M | 151M | 86M | 201M | 231M | 220M | 208M | 213M | 174M | 179M | 179M |
| Long-Term Debt | 48M | 120M | 120M | 120M | 571M | 414M | 776M | 313M | 347M | 344M | 348M | 514M | 514M |
| Debt/Equity | 0.91 | 1.31 | 1.07 | 1.00 | 0.78 | 0.77 | 0.41 | 0.27 | 0.80 | 0.57 | 0.45 | 0.43 | 0.43 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.1 |
| Equity | 784M | 809M | 865M | 931M | 2.1B | 2.2B | 2.3B | 2.3B | 2.0B | 2.3B | 2.4B | 2.8B | 2.8B |
| Total Assets | 7.2B | 8.1B | 8.4B | 8.9B | 14.0B | 14.5B | 16.0B | 16.3B | 17.0B | 17.5B | 18.6B | 21.1B | 21.1B |
| Total Liabilities | 6.4B | 7.3B | 7.6B | 8.0B | 11.9B | 12.3B | 13.7B | 14.1B | 15.0B | 15.3B | 16.1B | 18.4B | 18.4B |
| Intangibles | 8.1M | 7.8M | 6.5M | 3.8M | 41M | N/A | N/A | N/A | N/A | 84M | 79M | 119M | 119M |
| Retained Earnings | 353M | 388M | 437M | 492M | 600M | 711M | 720M | 837M | 968M | 1.1B | 1.3B | 1.4B | 1.4B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 1.09 | 1.21 | 1.43 | 1.56 | 1.93 | 2.00 | 1.59 | 2.14 | 2.30 | 2.69 | 2.40 | 2.66 | 2.66 |
| Owner EPS | 0.67 | 1.20 | 2.01 | 1.70 | 2.57 | 1.52 | 0.69 | 3.61 | 1.65 | 4.65 | 2.27 | 3.02 | 3.02 |
| Book Value | 13.15 | 13.05 | 13.98 | 15.00 | 23.24 | 22.70 | 23.29 | 23.56 | 21.58 | 23.84 | 25.57 | 28.82 | 28.82 |
| Cash Flow/Share | 0.95 | 1.48 | 2.30 | 1.99 | 2.91 | 1.88 | 1.11 | 4.05 | 2.12 | 5.12 | 2.75 | 3.52 | 2.99 |
| Dividends/Share | 0.61 | 0.64 | 0.64 | 0.68 | 0.78 | 0.90 | 0.92 | 0.92 | 0.92 | 0.92 | 0.94 | 0.98 | 0.98 |
| Shares Out. | 59.6M | 62.0M | 61.9M | 62.0M | 89.4M | 99.0M | 98.0M | 95.9M | 94.6M | 95.1M | 95.3M | 96.1M | 96.1M |
| Valuation | |||||||||||||
| P/E Ratio | 11.3 | 10.2 | 14.0 | 12.4 | 9.0 | 9.8 | 8.9 | 9.7 | 9.2 | 8.3 | 10.8 | 9.6 | 12.7 |
| P/FCF | 15.9 | 9.1 | 9.3 | 10.3 | 6.4 | 11.7 | 15.1 | 5.3 | 10.7 | 4.6 | 10.2 | 7.7 | 10.3 |
| EV/EBIT | 138.6 | 147.3 | 139.9 | 116.6 | 138.9 | 29.9 | N/A | N/A | 0.8 | 7.3 | 7.6 | N/A | 183.6 |
| Price/Book | 0.9 | 0.9 | 1.4 | 1.3 | 0.7 | 0.9 | 0.6 | 0.9 | 1.0 | 0.9 | 1.0 | 0.9 | 1.2 |
| Price/Sales | 2.2 | 2.3 | 2.6 | 3.3 | 3.4 | 3.0 | 1.9 | 3.0 | 2.6 | 2.2 | 2.6 | 2.6 | 2.6 |
| FCF Yield | 6.3% | 11.0% | 10.7% | 9.7% | 15.6% | 8.5% | 6.6% | 18.8% | 9.4% | 21.9% | 9.8% | 12.9% | 9.7% |
| Market Cap | 733M | 765M | 1.2B | 1.2B | 1.5B | 1.9B | 1.4B | 2.0B | 2.0B | 2.1B | 2.5B | 2.4B | 3.3B |
| Avg. Price | 10.91 | 12.18 | 14.16 | 19.08 | 21.30 | 18.49 | 12.68 | 19.37 | 19.79 | 19.38 | 22.65 | 24.43 | 33.87 |
| Year-End Price | 12.29 | 12.33 | 19.98 | 19.42 | 17.33 | 19.56 | 14.17 | 20.68 | 21.11 | 22.24 | 25.84 | 25.49 | 33.87 |
FIRST FINANCIAL BANCORP /OH/ passes 6 of 9 quality checks, suggesting mixed fundamentals.
FIRST FINANCIAL BANCORP /OH/ trades at 12.7x trailing earnings, compared to its 15-year median P/E of 9.6x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 11.2x vs a median of 9.8x. The company's 5-year average ROIC is 8.6% with a gross margin of 77.4%. Total shareholder yield (dividends) is 2.9%. At current prices, the estimated annualized return to fair value is +11.0%.
FIRST FINANCIAL BANCORP /OH/ (FFBC) has a net profit margin of 20.3%. This is a strong margin indicating high profitability.
FIRST FINANCIAL BANCORP /OH/ (FFBC) generated $317 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
FIRST FINANCIAL BANCORP /OH/ (FFBC) has a debt-to-equity ratio of 0.43. This indicates a conservatively financed balance sheet.
FIRST FINANCIAL BANCORP /OH/ (FFBC) reported earnings per share (EPS) of $2.66 in its most recent fiscal year.
FIRST FINANCIAL BANCORP /OH/ (FFBC) has a return on equity (ROE) of 9.8%. This indicates moderate shareholder returns.
FIRST FINANCIAL BANCORP /OH/ (FFBC) has a 5-year average gross margin of 77.4%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for FIRST FINANCIAL BANCORP /OH/ (FFBC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FIRST FINANCIAL BANCORP /OH/ (FFBC) has a book value per share of $28.82, based on its most recent annual SEC filing.
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