First Financial Q2 net interest income rises on loan growth
First Financial Q2 net interest income rises on loan growth
Overview
US regional bank's Q2 net income and EPS rose yr/yr on loan growth and acquisition
Net interest income and margin increased, supported by higher average loans and deposits
Company completed CedarStone Financial acquisition, adding $292 mln in loans and $313 mln in deposits
Outlook
Company did not provide specific guidance or outlook for future quarters in its press release
Result Drivers
LOAN GROWTH - Co said organic loan growth, especially in commercial construction, commercial real estate, and consumer auto loans, contributed to results
ACQUISITION IMPACT - CedarStone Financial acquisition added $292 mln in loans and $313 mln in deposits in Q2
NET INTEREST MARGIN - Co said strong net interest margin of 4.33% supported profitability
Company press release: ID:nGNX6rmvXJ
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 EPS |
| $1.91 |
|
Q2 Net Income |
| $22.70 mln |
|
Q2 Net Interest Income |
| $61.20 mln |
|
Q2 Net Interest Margin |
| 4.33% |
|
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy."
Wall Street's median 12-month price target for First Financial Corp is $74.50, about 4.1% below its July 27 closing price of $77.67
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 9 three months ago
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)