First Bank profit rises 12.0% to $12.2 million in third quarter
Key Facts
First Bank reported third-quarter net income of $12.2 million, up 12.0% from the previous quarter, in its earnings statement issued on October 22, 2026. Diluted earnings per share were $0.49, according to the statement published by GlobeNewswire, in a quarter that also saw improvements in its interest margin and operating efficiency. On revenue, Investing.com's earnings record showed the bank generated $38.75 million during the period, against expectations of $37.70 million. Revenue therefore exceeded estimates by 2.79%, according to the same record. Earnings per share also delivered a positive surprise of 11.36% against expectations, leaving the bank's results above estimates on both revenue and earnings.
On operating performance, the tax-equivalent net interest margin was 3.74% in the third quarter, according to the bank's statement. Management attributed the margin improvement to factors including "higher loan yields," as it put it in the statement. It added that repayment of higher-cost funding also contributed to the improvement during the period. It also attributed part of the margin improvement to a more favorable mix of earning assets, alongside developments in loan yields and funding costs. On operations, the bank reported an improvement in its efficiency ratio to 52.37% in the third quarter.
The balance sheet at the end of September showed total loans of $3.42 billion and total deposits of $3.37 billion, according to the official statement. In its third-quarter accounts, the bank recorded a provision for credit losses of $2.2 million. The balance-sheet allowance for credit losses on loans stood at $47.0 million on September 30, 2026. Nonperforming assets totaled $35.7 million on the same date. The bank said these assets consisted entirely of nonperforming loans, among the credit quality details it released with its quarterly results.
First Bank shares are listed on Nasdaq under the ticker FRBA, according to the bank's profile on Investing.com. Results for the second quarter of 2026 showed a net interest margin of 3.68%, according to the earnings call transcript published by the website in July, a level below that reported in the latest results. The operating efficiency ratio in that quarter was 54.5%, before the improvement the bank reported in the third quarter. In its coverage of second-quarter results dated July 24, 2026, the website reported that the stock was trading at $17.45. The stock was down 0.23% at the time, a move from the previous earnings season.
On shareholder returns, the bank approved an increase in the declared quarterly cash dividend for the fourth quarter of 2026 to $0.12 per share, according to the earnings statement. A new share buyback program received final approvals, with a limit of $24.0 million, under the program announced in October 2026. To discuss its performance, the bank scheduled its third-quarter earnings call for October 23, 2026, according to a separate announcement published by GlobeNewswire. The call starts at 9:00 a.m. U.S. Eastern Time. The declared cash dividend is scheduled to be paid to shareholders on November 20, 2026.