First Bank reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, total interest and dividend income was $10.2 million against $8.2 million last year. Net interest income was $7.8 million against $6.1 million last year. Income before income taxes was $2.7 million against $0.8 million last year. Net income was $1.8 million or $0.16 per basic and diluted share against $0.7 million or $0.07 per basic and diluted share last year. Tangible book value per share was $7.76 against $7.23 at December 31, 2015. Book value per share was $7.78 against $7.26 at December 31, 2015. Return on average assets was 0.70% against 0.33% last year. Return on average equity was 8.10% against 3.97% last year. The increase in fourth quarter net income was driven by net interest income growth of 27.9%, which reflected continued strong loan generation, along with effective management of the bank's non-interest expense. Total net revenue increased by 31.2%, or $2.0 million, to $8.4 million, compared to the prior year quarter. Net interest income growth was driven by a 24.9% increase in interest and dividend income primarily a result of a $212.0 million increase in average loan balances compared with the fourth quarter of 2015. This was somewhat offset by increased interest expense of $337,000 for the comparative quarters, which reflected average balance increases for both time deposits and transaction accounts.

For the year, total interest and dividend income was $38.3 million against $30.8 million last year. Net interest income was $28.9 million against $23.8 million last year. Income before income taxes was $9.5 million against $5.1 million last year. Net income was $6.4 million or $0.61 per basic and diluted share against $3.9 million or $0.41 per basic and diluted share last year. The increase in net income for the full year was also driven by 21.3% net interest income growth coupled with managed expense growth of only 3.4%. The increase in 2016 net interest income was also driven by the same strong growth in average loans which increased by $207.8 million from the prior year period.

Net charge-offs were $0.4 million for the fourth quarter of 2016, compared to $0.2 million for the fourth quarter of 2015.