Stock Analysis Report

Header cover image

Eastern Michigan Financial

Executive Summary

Eastern Michigan Financial Corporation operates as the bank holding company for Eastern Michigan Bank that provides retail and commercial banking services in Michigan. More Details

Snowflake Analysis

Excellent balance sheet and good value.

Share Price & News

How has Eastern Michigan Financial's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: EFIN has not had significant price volatility in the past 3 months.

Market Performance

7 Day Return




US Banks


US Market

1 Year Return




US Banks


US Market

Return vs Industry: EFIN exceeded the US Banks industry which returned -26.7% over the past year.

Return vs Market: EFIN underperformed the US Market which returned 12.9% over the past year.

Shareholder returns

7 Day3.6%-2.5%-1.5%
30 Day2.3%0.7%-1.8%
90 Day1.9%-2.8%6.6%
1 Year6.0%1.9%-24.1%-26.7%15.4%12.9%
3 Year40.9%26.2%-15.2%-22.2%39.6%30.2%
5 Year76.8%50.0%23.6%8.4%93.4%71.7%

Price Volatility Vs. Market

How volatile is Eastern Michigan Financial's share price compared to the market and industry in the last 5 years?

Simply Wall St News

No news available


Is Eastern Michigan Financial undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: EFIN ($27) is trading below our estimate of fair value ($40.8)

Significantly Below Fair Value: EFIN is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: EFIN is good value based on its PE Ratio (8.2x) compared to the US Banks industry average (9.7x).

PE vs Market: EFIN is good value based on its PE Ratio (8.2x) compared to the US market (18.2x).

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate EFIN's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: EFIN's PB Ratio (0.8x) is in line with the US Banks industry average.

Next Steps

Future Growth

How is Eastern Michigan Financial forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?


Forecasted Banks industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Eastern Michigan Financial has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

Next Steps

  • Examine whether Eastern Michigan Financial is trading at an attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  • While we do not consider unaudited financials to be a reliable enough to include in our analysis, you can access them on theOTC Markets Website. If you are looking for more of a qualitative research into the company, you can access Eastern Michigan Financial's filings and announcementshere.
  • Explore growth companies in the Banks industry.

Past Performance

How has Eastern Michigan Financial performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: EFIN has high quality earnings.

Growing Profit Margin: EFIN's current net profit margins (29.2%) are higher than last year (28.8%).

Past Earnings Growth Analysis

Earnings Trend: EFIN's earnings have grown by 18% per year over the past 5 years.

Accelerating Growth: EFIN's earnings growth over the past year (5.6%) is below its 5-year average (18% per year).

Earnings vs Industry: EFIN earnings growth over the past year (5.6%) exceeded the Banks industry -3%.

Return on Equity

High ROE: EFIN's Return on Equity (9.7%) is considered low.

Next Steps

Financial Health

How is Eastern Michigan Financial's financial position? (This company is analysed differently as a bank or financial institution)

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Financial Institutions Analysis

Asset Level: EFIN's Assets to Equity ratio (10.7x) is moderate.

Allowance for Bad Loans: EFIN has a low allowance for bad loans (91%).

Low Risk Liabilities: 97% of EFIN's liabilities are made up of primarily low risk sources of funding.

Loan Level: EFIN has an appropriate level of Loans to Assets ratio (55%).

Low Risk Deposits: EFIN's Loans to Deposits ratio (62%) is appropriate.

Level of Bad Loans: EFIN has an appropriate level of bad loans (1%).

Next Steps


What is Eastern Michigan Financial current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: EFIN's dividend (3.7%) is higher than the bottom 25% of dividend payers in the US market (1.66%).

High Dividend: EFIN's dividend (3.7%) is low compared to the top 25% of dividend payers in the US market (4.7%).

Stability and Growth of Payments

Stable Dividend: EFIN has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: EFIN's dividend payments have increased, but the company has only paid a dividend for 9 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (30.3%), EFIN's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average board tenure


Will Oldford (55 yo)



Mr. William G. Oldford, Jr., has been President and Director at Eastern Michigan Financial Corporation since October 2015 and also serves as its Chief Executive Officer since February 2020. Mr. Oldford has ...

Board Members

William Oldford
President0.58yrno data0.37%
$ 122.2k
Earl DesJardins
Chairmanno datano data1.01%
$ 334.5k
Bradley Apsey
Directorno datano data0.28%
$ 93.3k
Karen Flanagan
Directorno datano data0.42%
$ 138.3k
Timothy Ward
Vice Chairman7.42yrsno data1.9%
$ 627.2k
John Williams
Director18.67yrsno data0.67%
$ 221.9k
Patricia Ryan
Directorno datano data0.49%
$ 160.8k
Kathlene Partaka
Directorno datano data0.89%
$ 292.7k
Donna Niester
Director1.42yrsno datano data
Michael Wendling
Director0.67yrno datano data


Average Tenure

Experienced Board: EFIN's board of directors are considered experienced (4.8 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

Eastern Michigan Financial Corporation's company bio, employee growth, exchange listings and data sources

Key Information

  • Name: Eastern Michigan Financial Corporation
  • Ticker: EFIN
  • Exchange: OTCPK
  • Founded: 1895
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$32.996m
  • Shares outstanding: 1.22m


  • Eastern Michigan Financial Corporation
  • 65 North Howard Avenue
  • Croswell
  • Michigan
  • 48422
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
EFINOTCPK (Pink Sheets LLC)YesCommon SharesUSUSDMar 2003


Eastern Michigan Financial Corporation operates as the bank holding company for Eastern Michigan Bank that provides retail and commercial banking services in Michigan. The company offers checking, savings, ...

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/09/22 05:54
End of Day Share Price2020/09/21 00:00
Annual Earnings2019/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.