First Financial Bancorp has followed the market’s trajectory closely, rising in tandem with the S&P 500 over the past six months. The stock has climbed by 16.6% to $32.68 per share while the index has gained 12%.
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Why Is First Financial Bancorp Not Exciting?
We’re cautious about First Financial Bancorp. Here are three reasons you should be careful with FFBC, plus one stock we’d rather own.
1. Long-Term Revenue Growth Disappoints
Two primary revenue streams drive bank earnings. While net interest income, which is earned by charging higher rates on loans than paid on deposits, forms the foundation, fee-based services across banking, credit, wealth management, and trading operations provide additional income.
Over the last five years, First Financial Bancorp grew its revenue at a mediocre 9.7% compounded annual growth rate. This was below our standard for the banking sector.
2. Net Interest Income Points to Soft Demand
While banks generate revenue from multiple sources, investors view net interest income as a cornerstone — its predictable, recurring characteristics stand in sharp contrast to the volatility of one-time fees.
First Financial Bancorp’s net interest income has grown at a 9.3% annualized rate over the last five years, slightly worse than the broader banking industry and in line with its total revenue.
3. EPS Barely Growing
Analyzing the long-term change in earnings per share (EPS) shows whether a company’s incremental sales were profitable — for example, revenue could be inflated through excessive spending on advertising and promotions.
First Financial Bancorp’s unimpressive 9% annual EPS growth over the last five years aligns with its revenue performance. This tells us it maintained its per-share profitability as it expanded.
Final Judgment
First Financial Bancorp’s business quality ultimately falls short of our standards. That said, the stock currently trades at 1.1× forward P/B (or $32.68 per share). While this valuation is fair, the upside isn’t great compared to the potential downside. We’re pretty confident there are more exciting stocks to buy at the moment. We’d suggest looking at the most dominant software business in the world.
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