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.
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