First Bank Announces Second Quarter 2025 Net Income of $10.2 Million

Core Insights - First Bank reported a net income of $10.2 million for Q2 2025, a decrease from $11.1 million in Q2 2024, with diluted earnings per share at $0.41 compared to $0.44 in the previous year [1][2][37] - The bank's return on average assets, equity, and tangible equity were 1.04%, 9.77%, and 11.16% respectively, showing a decline from 1.23%, 11.52%, and 13.40% in Q2 2024 [1][2][37] Financial Performance - Net interest income increased to $34.0 million, up $3.5 million or 11.4% year-over-year, driven by higher average loan balances [4][37] - The tax equivalent net interest margin was 3.65%, stable compared to the previous quarter and slightly up from 3.62% in the prior year [5][6] - Total loans reached $3.33 billion, growing $91.2 million or 11.3% annualized from the previous quarter [6][14] - Total deposits were $3.17 billion, an increase of $48.4 million or 6.2% annualized from the previous quarter [6][17] Asset Quality - Nonperforming assets decreased to 0.40% of total assets, down from 0.42% in the previous quarter and 0.56% in the prior year [6][20] - The bank recorded a credit loss expense of $2.6 million, up from $1.5 million in Q1 2025 and $63,000 in Q2 2024, primarily due to loan growth [8][21] Capital Management - Tangible book value per share increased to $14.87, reflecting an annualized growth of 11.1% [6][14] - The bank's stockholders' equity rose by $13.2 million or 3.2% during the first half of 2025, mainly due to net income [18][19] Shareholder Returns - A quarterly cash dividend of $0.06 per share was declared, payable on August 22, 2025 [25] - The bank repurchased 193,185 shares at an average price of $14.71 per share during Q2 2025, with a total of 543,185 shares repurchased under the current plan [26]