At March 31, 2023, assets totaled $1.4 billion, which was an increase of $2.9 million from December 31, 2022, and a decrease of $45.3 million, or 3%, from March 31, 2022. Total assets increased from the prior quarter primarily due to a $13.7 million increase in interest-bearing deposits in banks, which was partially offset by decreases in cash and due from banks, securities, loans, and other assets. "During what was an eventful quarter for the banking industry, First Bank stood firm on its strong foundation of core deposit relationships that was built in our communities over the last 116 years," said Scott C. Harvard, president and chief executive officer of First National. "Unlike the two banks that recently failed, our banking company has a diverse customer base and does not have deposit concentrations in certain industries, geographies, or individuals. While the last month was full of talking heads fanning the fire of a banking crisis, it was business as usual on the ground for First Bank. I am proud of our entire team for building block by block, the service culture and the fortress balance sheet that resulted in a strong liquidity position and equipped the Bank for the operating environment. In spite of increasing deposit costs pressuring the net interest margin, First National’s financial performance was excellent for the first quarter."
Published first on TheFly
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