First Bank reported Q1 2025 net income of $9.4 million with an ROA of 1%, despite an $815,000 write-down on a New York City OREO asset. The bank achieved strong loan growth of $92 million (12% annualized), concentrated in strategic areas including asset-based lending and private equity fund banking. According to CEO Patrick Ryan, First Bank plans to significantly expand these specialized lending units, projecting growth to $150-$200 million each over the next few years, while also targeting small business lending growth to $125-$150 million. The bank improved its net interest margin to 3.65%, up 11 basis points from the previous quarter, though deposit growth of $64 million (8.5% annualized) continued to lag behind loan growth. Management outlined plans for branch expansions in New Jersey and Florida to support deposit gathering efforts in an increasingly competitive funding environment.
Forward for Specialty Finance
