Regional banking company First Financial Bancorp (NASDAQ:FFBC) will be reporting results this Thursday after the bell. Here’s what to expect.
First Financial Bancorp missed analysts’ revenue expectations by 6.3% last quarter, reporting revenues of $200.4 million, up 2.6% year on year. It was a softer quarter for the company, with a slight miss of analysts’ net interest income estimates and EPS in line with analysts’ estimates.
Is First Financial Bancorp a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting First Financial Bancorp’s revenue to grow 2.2% year on year to $219.4 million, improving from the 1.1% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.68 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. First Financial Bancorp has missed Wall Street’s revenue estimates four times over the last two years.
Looking at First Financial Bancorp’s peers in the regional banks segment, some have already reported their Q2 results, giving us a hint as to what we can expect. City Holding delivered year-on-year revenue growth of 6.3%, beating analysts’ expectations by 3%, and Texas Capital Bank reported revenues up 15.2%, topping estimates by 2.7%. Texas Capital Bank traded up 4.8% following the results.
Read our full analysis of City Holding’s results here and Texas Capital Bank’s results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 8.2% on average over the last month. First Financial Bancorp is up 4.5% during the same time and is heading into earnings with an average analyst price target of $29 (compared to the current share price of $24.82).
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