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What does First Bank do and what are its main business segments?

- **Profitability surge**: Net income +43% YoY, EPS +46%, driven by loan/deposit growth and margin expansion. 
- **Credit strength**: NPAs down 36% YoY, allowance coverage 2.93%. 
- **Share buybacks**: 120k shares repurchased at $14.91, with potential for more if stock near tangible book. 
- **Economic resilience**: 12% deposits tied to Fed rate, enabling quick cost adjustments.

**【Management Opening Remarks】**
- CEO Patrick Ryan highlighted Q3 net income growth of $11.7 million (43% YoY) and EPS of $0.47 (46% YoY increase). Net interest income rose $1.5 million Q/Q and $5 million YoY, driven by loan/deposit growth and 6 bps margin expansion. Credit quality improved with NPAs down $1.6 million and allowance coverage at 2.93%. Share buybacks totaled 120,000 shares at $14.91.

**【CEO Commentary】**
- Loan growth of $47 million (5.6% annualized) reflected strategic focus on C&I and owner-occupied CRE. Deposit growth of $55 million (7% annualized) included promotional campaigns. Subordinated debt expense added $486,000 Q/Q. Economic outlook remains uncertain, but the bank is well-positioned for rate changes.

**【CFO Financial Commentary】**
- Noninterest income declined $300k Q/Q due to lower swap fees, but expenses fell $1.2 million YoY through cost control. Efficiency ratio improved to 52%. Tax rate stabilized at 23.4%. Tangible book value grew $0.46 to $15.33. Q4 expenses may rise slightly due to new branches, but cost mitigation initiatives will limit impact.

**【Q&A Highlights】**
- On expenses: No major new costs expected; focus on maintaining expense base flat. Deposit cost management: 12% of deposits tied to Fed funds rate, allowing quick adjustments. Buybacks: Stock near tangible book makes repurchases attractive; capital ratio target is ~11.5%.

First Bank (FRBA) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

FRBA

FRBA fundamentals

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