Bank First National Q2 EPS up 211%, deposits rise 42.5%
Overview
First National Q2 earnings per share up 211% from prior qtr, up 44% yr/yr
Net interest margin rises to 3.95% from 3.40% a year ago
Total deposits increase 42.5% yr/yr, driven by Touchstone acquisition
Result Drivers
TOUCHSTONE ACQUISITION - Acquisition contributed to loan growth and deposit increases, per CEO Scott Harvard
NET INTEREST MARGIN - Margin improved due to acquisition accounting adjustments and higher loan yields
EFFICIENCY IMPROVEMENTS - Reduced expenses following merger and consolidation of banking systems
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 EPS |
| $0.56 |
|
Q2 Net Interest Income |
| $18.50 mln |
|
Q2 Net Interest Margin |
| 4.0% |
|
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "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 National Corp is $22.00, about 1.6% above its July 29 closing price of $21.64
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago
Press Release: ID:nGNXLcR2P
