First Bank reports Q1 EPS 50c, consensus 42c

Reports Q1 revenue $32.28M, consensus $31.41M. Reports Q1 tangible book value per share grew to $13.06. Reports Q1 CET1 capital ratio 9.46%. Reports Q1 net charge-offs .71%. Patrick Ryan, president and CEO of First Bank, reflected on the Bank’s performance, stating, “First Bank’s first quarter 2024 performance demonstrated our ability to deliver outstanding results in a challenging environment. We entered 2024 primed for profitability with a reconfigured balance sheet, an expanded customer base, outstanding asset quality, and a solid liquidity position. During the first quarter we continued to drive core deposits, produced a solid net interest margin of 3.64%, grew tangible book value per share by an annualized 13%, and maintained an efficiency ratio under 60% for the nineteenth consecutive quarter – all without growing the balance sheet. Our results demonstrate our ability to build on the momentum we created in 2023.”