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First Resource Bancorp, Inc. (OTCQX: FRSB) reported its financial results for Q1 2023, showing substantial growth amidst economic challenges. Key figures include:
- Total interest income increased 41% year-over-year, reaching $6.4 million.
- Net interest income stood at $4.3 million, down 6% sequentially.
- Total deposits grew by 8% to $466.2 million.
- Total loans increased 5%, amounting to $483.1 million.
- Net income was $1.3 million, or $0.43 per share.
- Book value per share rose to $14.10.
Despite the increases, net interest margin compressed to 3.57%, and total interest expense jumped significantly due to rising rates.
