First Bank Announces First Quarter 2025 Net Income of $9.4 Million

Core Insights - First Bank reported a net income of $9.4 million for Q1 2025, a decrease from $12.5 million in Q1 2024, with diluted earnings per share at $0.37 compared to $0.50 in the previous year [1][3][4] - The bank achieved strong loan growth of 11.8% annualized, with total loans reaching $3.24 billion, and total deposits increased by 8.5% annualized to $3.12 billion [6][15] - The efficiency ratio remained below 60% for the 23rd consecutive quarter, indicating sustained operational efficiency [3][6] Financial Performance - Net interest income rose to $32.1 million, a 5.9% increase from Q1 2024, driven by a $2.2 million rise in interest income [4][6] - The tax equivalent net interest margin was 3.65%, up 11 basis points from the previous quarter [5][6] - Non-interest income remained stable at $2.0 million compared to the same period in 2024, but decreased from $2.2 million in Q4 2024 [9] Asset Quality - Nonperforming assets decreased to 0.42% of total assets, down from 0.46% at the end of 2024 and 0.64% a year earlier [6][18] - The allowance for credit losses on loans was 1.21%, slightly up from 1.20% at the end of 2024 [19] Balance Sheet Highlights - Total assets increased by $100.4 million, or 2.7%, from December 31, 2024, to March 31, 2025, totaling $3.88 billion [13][14] - Stockholders' equity rose by $5.8 million, or 1.4%, primarily due to net income [16] - The bank's Tier 1 Leverage ratio was 9.63%, indicating strong capital adequacy [17] Shareholder Returns - The bank declared a cash dividend of $0.06 per share, totaling $1.5 million, and plans to pay the same amount for the next quarter [21] - A share repurchase program was initiated, with 256,454 shares repurchased at an average price of $15.06 per share [22]