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First Bank targets $200 million loan growth as pipelines hold near $323 million
First Bank CEO Patrick Ryan said the bank expects to meet or exceed its $200 million loan growth goal for the year, supported by strong pipelines and a rebound in second-quarter performance. Loans grew $68 million and deposits grew $96 million in the second quarter, while the net interest margin held at 3.68%. New loans closed and funded in the quarter totaled $174 million, up 64% from the first quarter, and the pipeline of probable fundings stood at $323 million. Net income was $10.9 million, or $0.43 per diluted share, helped by a $3.3 million decline in credit loss expense. Management also targets $200 million in deposit growth for the year, though it flagged ongoing competitive pressure on deposit pricing.