FRBA: Reports Good Loan Growth, Expense Control; Maintaining Target Price and Reaffirming Neutral Rating.

First Bank reported 2Q19 net income of $2.8 million, down 33.5% from the $4.3 million recorded in the prior quarter. On a per share basis, earnings were $0.15 compared to the $0.23 recorded in 1Q19. The 2Q19 results came in well below our $0.21 estimate and the $0.23 median Street estimate. For the quarter, greater-than-expected NIM compression, a higher loan loss provision, and a higher effective tax rate drove the shortfall versus our estimate. Some of the more notable items reported for 2Q19 included:

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Media Contact: Joseph Gladue, CFA, PRM

Joseph Gladue has over 30 years industry experience with over 25 years focused on banking research. Mr. Gladue was Director of Research at several firms including Cohen & Company and Merion Capital Group. Previously he was a senior research analyst at B. Riley and worked in finance at Bank of the Internet. Joe has covered small and mid-cap banks across the US and has also follow companies in other financial service industries. Joe also provides his banking expertise in the asset management arena for Bluestone Capital Partners. Joe can be reached at jgladue@aldensecurities.com, 215-572-8700.

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