First Community reports Q1 EPS 75c vs. 78c in Q4

Reports Q1 net income of $11.78M for the quarter was an approximate 24% increase, or $2.27M, compared to $9.52M recorded in the same quarter of 2022. The increase is primarily attributable to an increase in net interest income of $4.26M. The increase in net interest income was offset by an increase in noninterest expense of $827K and a decrease in noninterest income of $611K.Annualized return on average assets was 1.55% for the first quarter of 2023 and 1.20% for the same quarter of 2022. Annualized return on average common equity was 11.15% for the first quarter of 2023 and 8.98% for the same quarter of 2022.Net interest margin for the first quarter was 4.35%, which was an 80 basis point increase from 3.55% reported for the same quarter of 2022. The yield on earning assets increased 85 basis points, primarily driven by increased earnings on loans and securities.