FirstBank reported net income of $16.3 million for the quarter ended June 30, a 41.7 percent increase over net income of $11.5 million for the second quarter of 2015. Net income was $31.2 million for the six months ended June 30, compared to $23.3 million for the first half of 2015.
"FirstBank is continuing to benefit from a well-executed growth strategy," said FirstBank CEO and President Chris Holmes. "Our teammates are keeping their eyes on the fundamentals and looking for new opportunities to bring our products and services to more customers across our footprint."
Highlights from the second quarter and year-to-date 2016 results:
Total revenues for the quarter ended June 30 were $62.2 million, up 42.6 percent from $43.6 million for the comparable 2015 quarter, while total revenues for the first half of 2016 totaled $116.9 million compared to $85.0 million for the first half of 2015, up 37.5 percent.
Net interest income was $29.5 million for the quarter ended June 30, up 30.0 percent from $22.7 million for the comparable 2015 quarter, and was $55.7 million for the first half of 2016 compared to $44.8 million for the first half of 2015. Net interest margin increased 10 basis point to 4.11 percent for the first half of 2016, from 4.01 percent for the first half of 2015.
Noninterest income was $32.8 million for the quarter ended June 30, up 44.5 percent from $20.8 million for the comparable 2015 quarter, while noninterest income for the first half of 2016 was $61.2 million compared to $40.2 for the first half of 2015, up 52.2 percent.
Loans held for investment were $1.75 billion at June 30, up $242.7 million, or 16.1 percent, from $1.45 billion at June 30, 2015.
FirstBank Mortgage Partners originated $1.76 billion in mortgage loans during the first half of 2016, up from the $1.28 billion originated in the first half of 2015, helping thousands of families achieve their homeownership dreams.
Customer deposits totaled $2.53 billion at June 30, up $500.0 million, or 24.7 percent, from $2.03 billion at June 30, 2015. Noninterest-bearing deposits increased to $693.5 million at June 30, from $512.9 million at June 30, 2015, or 35.2 percent. Total deposit costs for the first half of 2016 were 28 basis points, compared to 31 basis points for the first half of 2015.
Nonperforming assets as a percentage of total assets continued to decrease, to 0.78 percent at June 30, from 0.86 percent at Dec. 31, 2015.
Operating efficiency ratio, excluding certain non-operating items, was 69.78 percent for the first half of 2016, compared to 71.63 percent for the first half of 2015.
Capital position remained strong at June 30, with a total risk-based capital ratio of 10.9 percent, which is above the well-capitalized threshold of 10 percent.
“The entire FirstBank team understands that our success depends on providing customers with the best service possible and helping meet their needs with trust, reliability and innovation,” Mr. Holmes said. “I am proud of the hard work and dedication of our management team and all of our associates in making that happen.”