Overview
ChoiceOne Q2 adjusted EPS beats analyst expectations, per LSEG data
Net income for Q2 rises to $13.5 mln, driven by merger impact
ChoiceOne's net interest margin improves to 3.66%, boosted by merger
Outlook
ChoiceOne anticipates no material merger expenses going forward
Company expects further reductions in deposit costs if rates decline
ChoiceOne remains focused on strategic cost management
Company sees benefits from merger enhancing market position
Result Drivers
MERGER IMPACT - Merger with Fentura Financial led to significant increases in assets, loans, and deposits
NET INTEREST MARGIN - Rise to 3.66% attributed to additional net interest income from merger
DEPOSIT DECLINE - Seasonal municipal fluctuations and reduction of higher-cost deposits led to $98 mln decline
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Adjusted EPS | Beat | $0.91 | $0.78 (3 Analysts) |
Q2 EPS | $0.9 | ||
Q2 Net Income | $13.53 mln | ||
Q2 Net Interest Income | $36.32 mln | ||
Q2 Basic EPS | $0.9 | ||
Q2 Pretax Profit | $16.67 mln | ||
Q2 Provision for Credit Losses | $650,000 |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "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 ChoiceOne Financial Services Inc is $36.00, about 19.4% above its July 24 closing price of $29.03
The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 8 three months ago
Press Release: ID:nPnbyZQtna
(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.)