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.
First BankBank reports strong loan growth, deposit growth, and net income beat, with management reaffirming $200M loan growth target.