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First Financial Bancorp
NASDAQ:FFBC

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First Financial Bancorp Logo
First Financial Bancorp
NASDAQ:FFBC
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Price: 22.25 USD 4.17%
Updated: Mar 28, 2024

Intrinsic Value

First Financial Bancorp operates as a bank holding company. [ Read More ]

The intrinsic value of one FFBC stock under the Base Case scenario is 30.93 USD. Compared to the current market price of 22.25 USD, First Financial Bancorp is Undervalued by 28%.

Key Points:
FFBC Intrinsic Value
Base Case
30.93 USD
Undervaluation 28%
Intrinsic Value
Price
Worst Case
Base Case
Best Case

Valuation Backtest
First Financial Bancorp

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Fundamental Analysis

First Financial Reports Strong Q4, Record 2023
2023-Q4 Earnings Call

First Financial Reports Strong Q4, Record 2023

First Financial celebrated a robust fourth quarter with adjusted EPS of $0.62, and a record 2023 year, with EPS growth of 17% to $2.77. Their successful year was attributed to favorable balance sheet performance and resilient net interest margins of 4.26% amid rising rates, which helped drive net interest income up 21%. Total revenue hit company highs at $840.2 million, an 18.5% increase over the prior year. Credit trends remained stable, and asset quality metrics improved. Growth was seen in loans (11% annualized) and tangible book value (13.5%). However, noninterest income decreased due to a one-off $4.6 million loss. Despite cost pressures, the company maintained a conservative ACL coverage at 1.29% of total loans. For 2024, the company anticipates loan growth will moderate to mid-single digits, net interest margin compression to between 4.05% and 4.15%, stable credit costs, noninterest income recovery to between $53 million and $55 million, and expenditures capped at $122 million.

Financials

Balance Sheet Decomposition
First Financial Bancorp

Net Loans 10.8B
Investments 4.1B
PP&E 348m
Intangibles 1.1B
Other Assets 1.2B
Total Deposits 13.4B
Short Term Debt 137.8m
Long Term Debt 344.1m
Other Liabilities 1.4B
Efficiency

Wall St
Price Targets

FFBC Price Targets Summary
First Financial Bancorp

Wall Street analysts forecast FFBC stock price to rise over the next 12 months.

According to Wall Street analysts, the average 1-year price target for FFBC is 25.6 USD with a low forecast of 24.24 USD and a high forecast of 27.3 USD.

Lowest
Price Target
24.24 USD
9% Upside
Average
Price Target
25.6 USD
15% Upside
Highest
Price Target
27.3 USD
23% Upside
View Analyst Estimates
View Analyst Estimates

Competitive Landscape

Ownership

FFBC Insider Trading
Buy and sell transactions by insiders

Cumulative Transactions Amount
Period Sold Bought Net
3 Months
6 Months
9 Months
12 Months
Why is insider trading important?

Shareholder Return

FFBC Price
First Financial Bancorp

1M 1M
+3%
6M 6M
+15%
1Y 1Y
+1%
3Y 3Y
+1%
5Y 5Y
+10%
10Y 10Y
+76%
Annual Price Range
22.25
52w Low
17.37
52w High
24.28
Price Metrics
Average Annual Return 7.77%
Standard Deviation of Annual Returns 30.23%
Max Drawdown -55%
Shares Statistics
Market Capitalization 2.1B USD
Shares Outstanding 95 070 000
Percentage of Shares Shorted 2.24%

FFBC Return Decomposition
Main factors of price return

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Company Profile

First Financial Bancorp Logo
First Financial Bancorp

Country

United States of America

Industry

Banking

Market Cap

2.1B USD

Dividend Yield

4.31%

Description

First Financial Bancorp operates as a bank holding company. The company is headquartered in Cincinnati, Ohio and currently employs 2,010 full-time employees. (First Financial) is a regional bank holding company. The firm is engaged in the business of commercial banking, other banking and banking-related activities through its subsidiary, First Financial Bank (the Bank). The company provides a range of banking services to individuals and businesses, which includes commercial lending, real estate lending and consumer financing. The firm offers deposit products that include interest-bearing accounts, non-interest-bearing accounts, time deposit and cash management services for commercial customers. The company also provides a range of trust and wealth management services through its Wealth Management line of business. The firm operates approximately 139 full-service banking centers in Ohio, Illinois, Indiana and Kentucky. The company also operates its Commercial Finance division, which is responsible for its insurance lending business and franchise lending business, from a non-banking center location in Indiana.

Contact

OHIO
Cincinnati
255 E 5th St Ste 800
+18773229530.0
https://www.bankatfirst.com/

IPO

1983-12-21

Employees

2 010

Officers

President, CEO & Director
Mr. Archie M. Brown Jr.
Executive VP, CFO & COO
Mr. James Michael Anderson
Executive VP, General Counsel, Chief Administrative Officer & Corporate Secretary
Ms. Karen Ball Woods J.D.
Executive VP & Chief Corporate Banking Officer
Mr. Richard S. Dennen CPA
President of Affluent Banking & Yellow Cardinal Advisory Group - First Financial Bank
Mr. Gregory A. Harris
Chief Responsibility Officer
Mr. Roddell McCullough
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Executive VP & Chief Credit Officer
Mr. William R. Harrod
Executive VP and Chief Consumer Banking & Strategy Officer
Ms. Amanda N. Neeley
Chief Internal Auditor
Mr. James R. Shank
Mortgage Lending President
Ms. Ann Davis
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See Also

Discover More
What is the Intrinsic Value of one FFBC stock?

The intrinsic value of one FFBC stock under the Base Case scenario is 30.93 USD.

Is FFBC stock undervalued or overvalued?

Compared to the current market price of 22.25 USD, First Financial Bancorp is Undervalued by 28%.