First Bank posts higher Q3 profit, raises dividend and sets buyback
First Bank reported third-quarter 2026 net income of $12.2 million, with diluted earnings of $0.49 per share versus $0.43 in the prior quarter and $0.47 a year earlier. Net interest margin rose to 3.74%, while loans and deposits increased from June 30 and nonperforming assets also rose. The quarterly dividend was raised to $0.12 per share, and a new program permits repurchases of up to 1.2 million shares capped at $24.0 million through September 30, 2027.
First Bank’s third-quarter 2026 results showed net income of $12.2 million and diluted earnings of $0.49 per share, compared with $0.43 in the prior quarter and $0.47 a year earlier. Its net interest margin was 3.74%, up from 3.68% and 3.71%, respectively.
At September 30, loans stood at $3.42 billion and deposits at $3.37 billion, both higher than at June 30, while borrowings dropped $90.1 million to $151.5 million. Nonperforming assets rose to $35.7 million from $32.7 million in June and $14.4 million a year earlier. The dividend rose to $0.12 per share, and the buyback allows up to 1.2 million shares or $24.0 million through September 30, 2027.
The higher dividend and buyback could affect shareholders and local borrowers and depositors. Rising nonperforming assets may signal pressure on some borrowers and could lead to tighter credit or higher loan-loss provisions, affecting households and small businesses in First Bank’s markets. The bank’s larger loan and deposit base may support lending capacity, while buyback spending could reduce capital available for other uses.