First Bank reports Q1 EPS 37c, consensus 46c

Reports Q1 tangible book value per share $15.90. Reports Q1 CET1 capital ratio 10.88%. Patrick Ryan, president and CEO of First Bank (FRBA), reflecting on the Bank’s performance, stated, “We generated modest growth in loans and deposits during the first quarter, and our strong margin and efficient operations supported solid year-over-year expansion in income, excluding credit loss expenses. However, our performance in Q1 did not live up to our internal standards. Continued clean-up in the credit-scored, small business portfolio drove elevated credit costs which led to lower overall profitability. Steps taken starting in mid-2025 to modify the product structure and sales process have tightened things significantly, which should lead to better performance going forward. We believe we have fully captured expenses tied to any known problems, and future credit costs tied to this portfolio should come down significantly as we move forward.”