FirstBank sees its revenues fall in the first quarter | Finance

FB Financial Corp. released its first quarter results as revenue fell and deposits rose.

Specifically, and according to a statement, FirstBank reported net income of $35.2 million, or $0.74 per share, compared to net income of $52.87 million, or $1.10 per share, in the same quarter of 2021. Marks were $42.82 million, or $1.02 per share. share, in the fourth quarter of last year.

Chris Holmes

During the first quarter, total deposits increased by $159.4 million to $10.99 billion, with the number for the first quarter of 2021 being approximately $10.35 billion. Non-interest bearing deposits increased by $47.5 million, or 7.03%.

The Nashville-based company’s return on average assets for the first quarter was 1.13%, return on average common equity was 10.1% and return on tangible common equity was 12.4%.

For the quarter, FB Financial reported a 21.3% growth in loans held for an investment of $400.3 million.

“Our team delivered strong results across most of our key performance drivers in the first quarter,” Chris Holmes, FirstBank president and chief executive, said in the release. “Prime Bank delivered impressive loan growth, steady growth in non-interest bearing deposits, clean credit metrics and continued momentum in adjusted earnings per share and adjusted tangible book value growth.

“The interest rate environment is challenging for our mortgage business, but the bank is positioned for significant upside as rates rise,” Holmes added.

FB Financial is the parent company of FirstBank, which bills itself as the third-largest Tennessee-based bank. It has approximately $11.9 billion in assets.

FirstBank shares (symbol: FBK) ended Tuesday at $41.84, up 0.60%.