First Bank boosts 2nd quarter profits

FB Financial Corp, the parent company of FirstBank, reported net income of $43.3 million, or 90 cents per share, in the second quarter of 2020.

The bank’s profits were up from the 70 cents per share earned in the same quarter a year ago but down from the $1.10 per share earned in the first quarter.

First Bank recorded growth in loans held for investment of $151.6 million in the second quarter, or 8.63% annualized. Excluding Paycheck Protection Program loans, the bank recorded loan growth of $239.9 million, or 13.9% annualized.

“The team delivered an outstanding quarter of loan growth and also lowered deposit costs by 10 basis points during the quarter,” said Christopher Holmes, president and CEO of FirstBank. “These efforts contributed to net interest income growth of 4.83% quarter over quarter, or 19.4% annualized. We also added value for our shareholders by increasing our tangible book value per share at an annualized rate of 15.8%, during the first half of the year.”