First Bank Q3 net income rises 43% on loan and deposit growth

Overview

• First Bank Q3 net income rises to $11.7 mln, reflecting strong earnings growth

• Net interest income for Q3 increases by $5.5 mln year-over-year

• Company repurchased 119,493 shares in Q3 under its share repurchase program

Outlook

• First Bank expects loan growth to slow in Q4 due to increased payoffs

• Company anticipates 2026 balance sheet growth around 5%

• First Bank increases Allowance for Credit Losses due to small business segment concerns

Result Drivers

• LOAN AND DEPOSIT GROWTH - Co cites meaningful loan and deposit growth with favorable pricing as key drivers of Q3 results

• NET INTEREST MARGIN - Improved net interest margin driven by higher loan yields and lower deposit costs

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for FIRST BANK (Hamilton) is $19.00, about 18.3% above its October 21 closing price of $15.53

• The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 9 three months ago

Press Release: ID:nGNX2S1Xtv

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)