First Financial Q4 net income rises 33% yr/yr

Overview

• First Financial's Q4 net income rose to $21.5 mln from $16.2 mln yr/yr

• Net interest income reached a record $60.6 mln, with margin at 4.66%

• Company achieved ninth consecutive quarter of loan growth, surpassing $4 bln

Outlook

• Company did not provide specific guidance for future quarters or the upcoming year

Result Drivers

• NET INTEREST INCOME - Record net interest income of $60.6 mln driven by interest recovery and fees from resolution of impaired credit

• LOAN GROWTH - Loan growth driven by increases in commercial construction, real estate, and consumer auto loans

• NON-INTEREST INCOME DECLINE - Non-interest income fell due to investment portfolio restructuring and transition to paid time-off

Key Details

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 Financial Corp is $62.00, about 5.9% below its February 2 closing price of $65.89

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 8 three months ago

Press Release: ID:nGNX2hjSMQ

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