First Financial Q3 net income more than doubles on record net interest income
Overview
First Financial Q3 net income more than doubles to $20.8 mln from $8.7 mln in 2024
Net interest income hits record $54.6 mln, driven by loan growth and margin expansion
Credit loss provision drops to $2 mln from $9.4 mln in Q3 2024
Outlook
Company anticipates further net interest margin expansion due to liability-sensitive positioning
Result Drivers
LOAN GROWTH - Organic growth in Commercial Construction, Commercial Real Estate, and Consumer Auto loans drove results
MARGIN EXPANSION - Net interest margin increased to 4.25%, aided by liability-sensitive positioning
CREDIT LOSS PROVISION - Provision for credit losses decreased significantly to $2 mln from $9.4 mln in Q3 2024
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 EPS | $1.75 | ||
Q3 Net Income | $20.80 mln | ||
Q3 Net Interest Income | $54.60 mln | ||
Q3 Credit Loss Provision | $2 mln | ||
Q3 Net Interest Margin | 4.25% |
Analyst Coverage
The current average analyst rating on the shares is "buy" 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 $61.50, about 11.4% above its October 27 closing price of $54.52
The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 9 three months ago
Press Release:
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