First Financial Q2 net interest income rises on loan growth
THFF•Drivers and outlook
- Loan growth - Company 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 million in loans and $313 million in deposits in Q2.
- Net interest margin - Company said strong net interest margin of 4.33% supported profitability.
The company did not provide specific guidance or outlook for future quarters in its press release.
Key details and analyst coverage
| Metric | Actual |
|---|---|
| Q2 EPS | $1.91 |
| Q2 Net Income | $22.70 million |
| Q2 Net Interest Income | $61.20 million |
| Q2 Net Interest Margin | 4.33% |
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 versus a P/E of 9 three months ago.
