First Banks Inc. of St. Louis, reported earnings Thursday of $29 million for the first quarter, up 31% from the same quarter last year. Diluted earnings per share were also up 31%, to $1,202.46.
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As of March 27, First Banks had 23,661 shares outstanding.
The $9.4 billion-asset company attributed the earnings growth to increases in its net interest income and noninterest income, and reduced income tax provision. First Banks' net interest income increased by 15%, to $89.9 million. Noninterest income was up 20%, to $25.5 million. Its net interest margin rose to 4.3%, from 3.97% in the first quarter of last year.
