First Bank Q1 Net Income Falls 19% to $7.6M; Loans Rise 2.1%
First Bank reported Q1 2026 net income of $7.6 million, or $0.30 per share, down from $9.4 million a year earlier, with return on average assets at 0.79% and return on equity at 6.89%. Total loans increased 2.1% year-over-year to $3.30 billion and deposits rose 3.5% to $3.23 billion.
1. Q1 Earnings and Margins
First Bank reported Q1 2026 net income of $7.6 million, or $0.30 per diluted share, down from $9.4 million a year earlier. Net interest income rose 6.0% to $34.0 million, supporting a net interest margin of 3.69%, compared with 3.65% a year ago.
2. Loan and Deposit Growth
Total loans reached $3.30 billion at March 31, up 2.1% year-over-year and 1.3% annualized from Q4 2025. Deposits increased 3.5% year-over-year to $3.23 billion and gained 3.2% annualized from the linked quarter.
3. Efficiency and Tangible Book Value
The efficiency ratio remained strong at 57.55% for the quarter, marking the 27th consecutive quarter below 60%. Tangible book value per share grew 2.2% annualized from Q4 2025 to $15.90, representing a 9.9% increase from Q1 2025.
4. Asset Quality and Outlook
Elevated credit costs in the small business portfolio weighed on profitability, though non-performing assets held at 0.66% of total assets. Management expects lower future credit costs, stronger loan pipelines, and continued expense discipline to drive improved results for the remainder of 2026.