First Bank Q3 net income rises 43% on loan and deposit growth
First Bank reported a 43% increase in Q3 net income to $11.7 million, driven by strong loan and deposit growth. Net interest income rose by $5.5 million year-over-year, and the bank repurchased 119,493 shares. However, loan growth is expected to slow in Q4. Analysts maintain a "buy" rating, with a median 12-month price target of $19.00, reflecting an 18.3% upside from the recent closing price of $15.53.
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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
Metric Beat/Mis Actual Consensu
s s
Estimate
Q3 EPS $0.47
Q3 Net $11.71
Income mln
Q3 Net $35.54
Interest mln
Income
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: For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact . (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.)
