FirstBank Reports Record First Quarter 2016 Earnings
Net Income of $14.9 Million Up 25.2 Percent Over 2015 First Quarter
NASHVILLE, Tenn. (May 1, 2016) – FirstBank reported net income of $14.9 million for the quarter ended March 31, 2016, a 25.2 percent increase over net income of $11.9 million for the comparable quarter of 2015 and the highest quarterly earnings in the bank’s history.
“Our first quarter earnings reflect a continuation of the momentum we established in 2015,” said FirstBank CEO and President Chris Holmes. “During the first quarter, we officially opened our new banking location on West End Avenue in Nashville and continued planning the conversion of our core banking platform and integration of Northwest Georgia Bank (NWGB), which will be completed in the second quarter.” The acquisition of NWGB closed in September 2015.
“Our team also did a great job in growing revenues, loans and deposits across our footprint, and we continue to provide record levels of home mortgages,” Holmes said.
Highlights from the first quarter 2016 results:
- Total revenues for the quarter ended March 31, 2016, were $57.3 million, up 36.4 percent from $42.0 million for the comparable 2015 quarter.
- Net interest income was $26.3 million for the quarter ended March 31, 2016, up 18.5 percent from $22.2 million for the comparable 2015 quarter. Net interest margin (NIM) increased to 4.09 percent for the quarter ended March 31, 2016, from 4.07 percent for the comparable 2015 quarter.
- Non-interest income was $31.0 million for the quarter ended March 31, 2016, up 56.6 percent from $19.8 million for the comparable 2015 quarter.
- Loans held for investment were $1.71 billion at March 31, 2016, up $258.8 million, or 17.9 percent, from $1.45 billion at March 31, 2015.
- FirstBank Mortgage Partners originated $749.8 million in mortgage loans during the quarter ended March 31, 2016, up from the $564.2 million originated in the comparable 2015 quarter, helping 3,588 families achieve their homeownership dreams.
- Total customer deposits totaled $2.47 billion at March 31, 2016, up $447.1 million, or 22.3 percent, from $2.02 billion at March 31, 2015. Non-interest-bearing deposits increased to $618.5 million at March 31, 2016, from $484.3 million at March 31, 2015, or 27.7 percent. Total deposit costs for the first quarter of 2016 were 29 basis points, compared to 32 basis points for the comparable 2015 quarter.
- Nonperforming assets as a percentage of total assets continued to decrease, to 0.80 percent at March 31, 2016, from 0.86 percent at Dec. 31, 2015.
- Efficiency ratio was 72.15 percent for the first quarter of 2016, compared to 69.50 percent for the comparable 2015 quarter.
- Capital position remained strong at March 31, 2016, with a total risk-based capital ratio of 11.0 percent, which is above the well-capitalized threshold of 10 percent.
“We continue to execute our strategic plan focused on providing exceptional customer service and establishing deep relationships with our consumer and business customers. Each of our 1,036 team members works diligently each day to achieve our strategic goals for growth and profitability,” Holmes said.
FirstBank has been named as one of Middle Tennessee’s Top Workplaces by The Tennessean for four years running, winning the 2018 Hall of Fame award. To be a Top Workplace, FirstBank met high standards for a healthy workplace culture as ranked by its own employees.