Net loans grew $16.1 million, or 6.3%, through the first nine months of fiscal 2018, resulting in year-to-date net interest income improving $827,000 over the same period last year. At the same time, noninterest expenses were $690,000 over last year's total with staffing costs primarily responsible for the increase. In addition to a modest decrease in noninterest revenues, the company recorded an $89,000 one-time charge to income tax expense due to the tax reform legislation passed in December 2017.
At approximately 8.5%, First Federal's tier one capital ratio at March 31, 2018, was well in excess of the five percent regulatory standard for "well-capitalized" financial institutions. The bank's other capital measurements also continue to comfortably exceed "well-capitalized" standards. In addition, First Bancorp has paid a dividend of 15.5 cents per outstanding share for 40 consecutive quarters.
Certain information in this press release may constitute forward-looking information that involves risks and uncertainties that could cause actual results to differ materially from those estimated. Persons are cautioned that such forward-looking statements are not guarantees of future performance and are subject to various factors that could cause actual results to differ materially from those estimated. Undue reliance should not be placed on such forward-looking statements.
Contact
Michael H Head
President & CEO
***@fbei.net
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