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First Banks Turns To Profit In Q1

First Banks, Inc. (FBSPRA: Quote), the holding company of First Bank, reported first-quarter net income attributable to the company of $6.9 million or $58.63 per share, compared to a net loss of $6.1 million or $481.41 per share last year.

Net interest income for the quarter declined to $43.8 million from $48.8 million a year ago. Net interest margin dropped to 2.86 percent from 2.90 percent in the prior-year quarter.

Non-interest income for the quarter increased to $17.2 million from $14.4 million last year.

Provision for loan losses for the latest quarter reduced to $2.0 million from $10.0 million in the comparable quarter last year.

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by RTT Staff Writer

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