Regional banking company First Financial Bancorp (NASDAQ: FFBC) reported revenue ahead of Wall Street’s expectations in Q3 2026, with revenue rising 16.8% year on year to $273.9 million. Its non-GAAP profit of $0.84 per share was 1.6% above analysts’ consensus estimates.

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Archie Brown, President and CEO, commented on third quarter results, "I am very pleased with our performance in the third quarter.  Adjusted(1) net income was $87.8 million and adjusted(1) earnings per share were $0.84, which resulted in an adjusted(1) return on assets of 1.56% and an adjusted(1) return on tangible common equity of 20.2%.  Earnings per share increased 11% from the third quarter of 2025 and were the highest in the Company's history.  We delivered record third quarter revenue of $273.9 million, driven by a strong net interest margin of 4.07% and record adjusted(1) fee revenue of $77.6 million."

Revenue growth

From lending activities to service fees, most banks build their revenue model around two income sources. Interest rate spreads between loans and deposits create the first stream, with the second coming from charges on everything from basic bank accounts to complex investment banking transactions. First Financial Bancorp’s revenue grew at a decent 10.7% compounded annual growth rate over the last five years. Its growth was slightly above that of the average banking company and shows its offerings resonate with customers.

Long-term growth is the most important, but within financials, a half-decade historical view may miss recent interest rate changes and market returns. First Financial Bancorp’s annualized revenue growth of 12.6% over the last two years is above its five-year trend, suggesting its demand recently accelerated. Note: Quarters not shown were determined to be outliers because they were impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.

This quarter, First Financial Bancorp reported year-on-year revenue growth of 16.8%, and its $273.9 million of revenue exceeded Wall Street’s consensus estimates by 1.1%.

Net interest income made up 72.1% of the company’s total revenue during the last five years, meaning lending operations are First Financial Bancorp’s largest source of revenue.

Markets consistently prioritize net interest income growth over fee-based revenue, recognizing its superior quality and recurring nature compared to the more unpredictable non-interest income streams.

Tangible book value per share (TBVPS)

The balance sheet drives banking profitability since earnings flow from the spread between borrowing and lending rates. As such, valuations for these companies concentrate on capital strength and sustainable equity accumulation potential.

This explains why tangible book value per share (TBVPS) is a key banking metric. TBVPS strips away intangible assets, revealing underlying net worth per share. Traditional metrics like EPS are helpful but face distortion from M&A activity and loan loss accounting rules.

First Financial Bancorp’s TBVPS grew at a tepid 3.4% annual clip over the last five years. The last two years show a similar trajectory as TBVPS grew by 4.1% annually from $14.45 to $15.65 per share.

Over the next 12 months, consensus estimates call for First Financial Bancorp’s TBVPS to grow by 23.2% to $19.29, a strong growth rate.

Key takeaways from First Financial Bancorp’s Q3 results

First Financial Bancorp narrowly beat analysts’ consensus estimates for revenue and slightly topped Wall Street’s consensus for EPS, but tangible book value per share fell short of expectations. The quarter was softer overall, with the beats offset by that miss. Shares remained flat at $32.54 immediately after the release.

Is First Financial Bancorp a buy at the current price? Consider the bigger picture of valuation and business quality, as well as the latest earnings. For more, read our full research report here (it’s free).