# First Financial Bancorp. (FFBC)

> Source: Nexqual · https://nexqual.com/FFBC · data as of 2026-10-23 14:43 UTC · cite as "Nexqual, First Financial Bancorp. (FFBC), nexqual.com/FFBC" · informational, not investment advice.

**Price:** USD 32.44 (-0.09% today) · US market open, as of October 23, 2026 at 14:43 UTC; quotes may be delayed. Prev close 32.47 · day 32.27–32.66 · 52w 23.06–36.25 · market cap $3.41B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.01B, net income $285M (28.3% margin) (SEC filings).
- Valuation: P/E 12.0x (avg 9.8x at the last 3 fiscal year-ends).
- Insider open-market sales, last ~7 months: 8 Form 4 filings, $2.2M; 8 not under a Rule 10b5-1 plan ($2.2M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.29 on a 1–5 scale) (7 analysts), mean target USD 38 (range 36–40).
- Total return with dividends: 1Y +38.2% vs S&P 500 +14.5%; 5Y +65.7% vs S&P 500 +77.2%.
- Next earnings: 2026-10-27, EPS estimate USD 0.83, revenue estimate $271M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $624M | $709M | $840M | $836M | $899M | $1.01B |
| Net income | $205M | $218M | $256M | $229M | $256M | $285M |
| EPS (diluted) | $2.14 | $2.30 | $2.69 | $2.40 | $2.66 | — |
| Free cash flow | $373M | $187M | $463M | $241M | $317M | $756M |
| Net margin | 32.9% | 30.7% | 30.5% | 27.4% | 28.4% | 28.3% |
| Revenue growth | -3.4% | +13.7% | +18.5% | -0.5% | +7.6% | — |
| Cash + short-term investments | $220M | $208M | $213M | $174M | $179M | — |
| Total debt | $706M | $1.63B | $1.28B | $1.10B | $1.19B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 12.0x · P/S 3.4x · P/FCF 4.5x · P/B 1.1x · FCF yield 22.17% · Earnings yield 8.36% · Dividend yield (paid, TTM) 2.96%
P/E at fiscal year-ends: Dec 2025 9.4x, Dec 2024 11.2x, Dec 2023 8.8x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 8 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-03 | Brown Archie M | President & CEO | 5,000 | $165K | 1.7% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-26 | Obrien Thomas Murray | Director | 16,088 | $527K | 31% | No | Too little history (no open-market trades in 2023) |
| 2026-08-03 | Crawley Scott T | Controller & Prin Actg Officer | 2,700 | $92K | 10.5% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-07-31 | Anderson James M | Chief Financial Officer | 4,000 | $135K | 2.8% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-08 | Brown Archie M | President & CEO | 10,000 | $309K | 3.3% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-29 | Morris Dawn C | Director | 740 | $23K | 7.2% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-01 | Davis Claude E | Director | 26,123 | $795K | 46.2% | No | Too little history (no open-market trades in 2025) |
| 2026-04-29 | Anderson James M | Chief Financial Officer | 4,263 | $128K | 2.9% | No | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.29 on a 1–5 scale), 7 analysts; mean target USD 38 (low 36, high 40).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-25 | Truist Securities | Upgrade | Hold → Buy | $35 → $37 |
| 2026-07-10 | Truist Securities | Target raised | Hold | $33 → $35 |
| 2026-07-01 | Raymond James | Target raised | Outperform | $34 → $36 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +38.2% | +65.7% |
| S&P 500 (SPY) | +14.5% | +77.2% |
| Per year | +38.2% | +10.6% |
| Volatility (annualized) | 22.9% | 27.5% |
| Max drawdown | -14.2% (Jul 2026→Oct 2026) | -30.8% (Nov 2022→May 2023) |

## Peers (Banks - Regional)
BBD (Banco Bradesco Sa) USD 3.9 -1.39% · FITB (Fifth Third Bancorp) USD 52.55 -1.29% · DB (Deutsche Bank AG) USD 30.94 -1.72% · TFC (Truist Financial Corporation) USD 47.99 -0.89% · NWG (NatWest Group plc) USD 16.65 -2.00% · NU (Nu Holdings Ltd.) USD 14.67 -0.44%

## More
Full page: https://nexqual.com/FFBC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in FFBC's own 10-K filed 2026-02-19 (https://www.sec.gov/Archives/edgar/data/708955/000070895526000028/ffbc-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | PJM Interconnection | "Increasing electricity demand, including from data centers and industrial activity, is placing pressure on regional power grid operators, including PJM Interconnection LLC, which serves many of the markets in which we op…" |

## Company outlook (8-K filed 2026-07-21)

- "Robust net interest margin of 3.96%, or 3.98% on a fully tax-equivalent basis (1) ◦ 1 bp decline from first quarter driven by a 7 bp decline in asset yields, which was partially offset by a 6 bp decrease in funding costs ◦ Decline in loan accretion diluted net interest margin 5 bps; accretion decline primarily related to lower-than-expected prepayment rates on acquired mortgage loans ·"
- "Brown commented on fee income and expenses, “Second quarter adjusted (1) fee income was below our expectations."
- "As of June 30th, virtually all of the expected Westfield cost reductions have been realized, while savings related to the BankFinancial acquisition will gradually phase in over the course of the third quarter with full synergies expected by quarter-end.”"
- "Transaction is expected to be approximately 5% accretive to First Financial's earnings per share First Financial Bancorp."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.83 | $0.85 | -2.7% | $271.0M | 7 |
| Next quarter (ends 2026-12-31) | $0.83 | $0.86 | -4.1% | $275.9M | 6 |
| Current fiscal year (ends 2026-12-31) | $3.21 | $3.28 | -1.9% | $1.08B | 7 |
| Next fiscal year (ends 2027-12-31) | $3.54 | $3.45 | +2.5% | $1.21B | 7 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-27): ±12.8%; last 8 reports averaged ±3.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 52.7% | ±12.8% |
| 2027-05-21 | 210 | 27.5% | ±16.9% |