Fentura Financial reports Q2 EPS 44c vs. 73c last year

Ronald L. Justice, President and CEO, stated, “Our second quarter results are in line with our expectations as we pursue near-term strategies aimed at navigating a difficult banking environment. We continue to focus on strengthening our balance sheet by controlling loan growth, managing our cost of funds, and maintaining robust asset quality. During the first half, gross loans remained stable as a result of higher home equity loans, consistent commercial and industrial loans, and lower CRE and residential mortgage loans. In addition, total deposits increased 3.4%, borrowed funds were down 11.0% compared to the prior year period, and our asset quality remains at historically strong levels. While higher cost of funds continues to impact profitability, I am pleased to report another quarter of tangible book value growth, which increased 9.9% year-over-year to a record of $29.84 per share. While we believe the challenging macro conditions will continue to impact profitability during the remainder of 2024, we are excited by the strength of our banking franchise and the long-term strategies we are pursuing to create value for our shareholders. Finally, I am proud of the hard work and dedication of our employees, and their unwavering commitment to serve our small business, commercial, and retail customers throughout our local Michigan communities.”