First Capital Reports Q1 Net Interest Margin of 4.25%
Reports Q1 net interest margin 4.25% vs. 4.18% the prior quarter. Tangible book value per share was $38.57 from $37.83 at previous quarter end. Q1 common equity tier 1 risk-based capital ratio was 13.77% from 14.12% last quarter. CEO Neal Arnold commented, "Q1 results reflect the continued strength of our core franchise, highlighted by robust loan growth of 16.2% annualized, a consistently strong net interest margin of 4.25%, and a balanced revenue profile with noninterest income representing 24.7% of total revenue. While we saw higher credit costs this quarter, we believe our relationship focused and well-diversified business model and our presence across some of the most dynamic markets in the country position us for continued success. Additionally, we are pleased to welcome the customers and team members from First Foundation and are encouraged by the momentum observed during the initial stages of integration following closing. Our teams are focused on execution, and we are progressing in line with our expectations on our merger-related balance sheet repositioning while also beginning to realize identified operating synergies. As we move forward, we are confident in our ability to deliver enhanced value-added solutions to our customers across our expanded footprint while driving sustainable long-term value for our stockholders."
