First Bank (NAS:FRBA)

Q1 2026 FIRST BANK (Hamilton) Earnings Call Transcript

Apr 28, 2026 / 01:00PM GMT

Release Date Price: $15.41 (-7.95%)

Transcript

Key Points

Positve

First Bank (FRBA) reported strong loan growth in April, with net loan growth up $50 million, indicating a positive start to the second quarter.
The bank's net interest margin remained strong at 3.69%, comparing favorably to peers despite a slight decline in the first quarter.
Non-interest income increased to $2.4 million in Q1 2026, up from $2.3 million in the previous quarter, driven by higher earnings from small business investment funds.
First Bank (FRBA) maintained strong capital ratios, allowing for potential share buybacks and continued shareholder value through core earnings and dividends.
The bank's efficiency ratio remained below 60% for the 27th consecutive quarter, positioning it as a top quartile performer among peers.

Negative

Earnings for the first quarter came in below expectations due to elevated credit costs in the small business portfolio.
Net interest income decreased by $2.2 million compared to the fourth quarter, primarily due to lower average loan balances and high loan payoff activity.
Net charge-offs increased significantly to $5 million, primarily related to the small business portfolio, impacting credit loss expenses.
The yield on average loans declined by 21 basis points, contributing to a 5 basis point decline in the net interest margin.
First quarter expenses were elevated due to seasonal factors like payroll taxes and snow removal, impacting overall profitability.

Operator

Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to the First Bank earnings conference call first quarter 2026. (Operator Instructions)

I would now like to turn the call over to Patrick Ryan, President and CEO. Please go ahead.

Patrick Ryan;Hamilton;President

FIRST BANK;Chief Executive Officer, Director

()- -

Thank you. I'd like to welcome everyone today to First Bank's first quarter 2026 earnings call. I'm joined by Andrew Hibshman, our CFO; Darleen Gillespie, our Chief Retail Banking Officer; and Peter Cahill, our Chief Lending Officer. Before we begin, Andrew will read the Safe Harbor statement.

Andrew Hibshman;Hamilton;Chief Financial Officer

FIRST BANK;Executive Vice President

()- -

The following discussion may contain forward-looking statements concerning the financial condition, results of operations, and business of First Bank. We

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