Latest news with #FirstBank
Yahoo
13 hours ago
- Business
- Yahoo
First Bank Second Quarter 2025 Earnings: Revenues Beat Expectations, EPS Lags
First Bank (NASDAQ:FRBA) Second Quarter 2025 Results Key Financial Results Revenue: US$34.2m (up 9.6% from 2Q 2024). Net income: US$10.2m (down 7.5% from 2Q 2024). Profit margin: 30% (down from 36% in 2Q 2024). The decrease in margin was driven by higher expenses. EPS: US$0.41 (down from US$0.44 in 2Q 2024). This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality. All figures shown in the chart above are for the trailing 12 month (TTM) period First Bank Revenues Beat Expectations, EPS Falls Short Revenue exceeded analyst estimates by 4.5%. Earnings per share (EPS) missed analyst estimates by 2.4%. Looking ahead, revenue is forecast to grow 8.4% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Banks industry in the US. Performance of the American Banks industry. The company's share price is broadly unchanged from a week ago. Valuation Following the latest earnings results, First Bank may be undervalued based on 6 different valuation benchmarks we assess. To explore our complete evaluation click here and get an understanding of what analysts are thinking about the company's future. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Zawya
7 days ago
- Business
- Zawya
Nigerian banks face uncertainty over looming Eurobond maturities: IFR
A cliff-edge fall is approaching for bonds maturing in the next 18 months issued by Nigeria's banks, which have been heavily affected by a rapid depreciation of the naira and a subsequent weakening of their capital ratios. Banks' balance sheets have been materially affected, raising concerns over how and whether they can repay and refinance their upcoming bonds. From October 2025 through to November 2026, five Nigerian banks face a combined US$2.2bn in Eurobond payments for maturing or callable bonds. The securities in question are First Bank of Nigeria's US$350m 8.625% October 2025s, Ecobank's US$150m 7.125% February 2026s, Access Bank's US$500m 6.125% September 2026s, Access Bank's US$500m 9.125% Additional Tier 1 note callable in October 2026, Fidelity Bank's US$400m 7.625% October 2026s and United Bank of Africa's US$300m 6.75% November 2026s. According to LSEG data, since June 2023, the naira has depreciated around 70% against the US dollar, due to the country's reforms which included a liberalisation of the currency. 'The devaluation of the currency inflated foreign currency assets and risk-weighted assets in local currency terms, which put downward pressures on capital ratios,' said Tim Slater, director, banks, at Fitch Ratings. The macroeconomic backdrop has not helped the country's lenders either, with the Central Bank of Nigeria having tightened monetary conditions significantly through rate hikes and tools such as open market operations. Meanwhile, inflation is set to remain stubbornly high and falling oil prices have not been helpful either. 'The banking sector's exposure to the oil sector is significant at around 29% of gross loans as of December last year,' said Slater. 'This oil exposure has historically been a source of bad asset quality and solvency pressures during episodes of low oil prices and low oil production.' All of these issues have raised some concerns about how easily Nigeria's banks will meet their upcoming Eurobond payments, although these worries have become less acute over the past few months. 'Since the second half of last year, the currency has stabilised and we are starting to see the benefits of the currency liberalisation coming through for the banking sector, particularly in terms of foreign currency liquidity,' said Slater. 'This is timely considering the upcoming Eurobond maturities.' 'Over the past 12 months, the foreign-currency liquidity of Nigerian banks has improved significantly, with the banking sector returning to a net foreign asset position,' he added. Ecobank Nigeria's CAR woes Of the five Nigerian banks with upcoming maturities, the biggest concern lies with Ecobank Nigeria, which has been in breach of its capital adequacy ratio since last year. The breach of its CAR requirement led S&P and Fitch to downgrade Ecobank Nigeria to CCC from B– and CCC+, respectively, deep into junk status. Ecobank Nigeria is more sensitive to the devaluation of the naira against the US dollar due to its balance sheet being more dollarised. The bank also has a significantly higher exposure to oil and gas compared to other banks in Nigeria. The bank recently completed a tender offer to buy back half of its previously outstanding US$300m 7.125% February 2026 bond while removing a covenant on the bond relating to the bank's CAR. This has mitigated concerns for the bank meeting its maturity payment. 'Ecobank Nigeria was the one that made me worried when it came to refinancing,' said Damilola Olupona, an Africa fixed income analyst at StoneX, based in Nigeria. ' We thought it could even default on its 2026 bond. Outside of this, we have no worries. On the macro front, the landscape has improved significantly in terms of FX liquidity in Nigeria. This improved liquidity feeds into the banks making them able to meet their debt obligations.' Union Bank of Nigeria is also in breach of its 10% minimum CAR requirement. However, the bank does not have any outstanding Eurobonds. To refi or not? While concerns have eased on Nigerian banks in meeting their upcoming maturities, the attention has turned to whether they will be able to access the market to refinance these bonds. 'The big question is how many of the bank will come back to the market,' said Olupona. Slater said: 'The vast majority of Nigerian banks have enough cash on their balance sheets to repay those bonds without relying on refinancing them'. Nevertheless, he said banks might still look to refinance depending on market conditions closer to the time of maturity. One of the banks most likely to refinance is Access Bank, which has the senior US$500m September 2026s and US$500m of AT1 callable October 2026. Given the combined US$1bn due in such a short space of time, the bank might look to lean on refinancing one of these bonds to reduce the impact on its balance sheet, according to market participants. The rest of the banks will likely adopt a wait and see approach to see if levels for refinancing reach sustainable levels. 'At today's rates, the banks would have to refinance at around 9.25%–9.5% but Nigeria's sovereign yield curve is contracting at the five-year point so these banks could potentially price much lower in the near future,' said Samuel Sule, chief executive officer at Renaissance Capital Africa, based in Nigeria. Having a number of banks reenter the market over a similar timeframe might be difficult. 'There has to be synchronised market access to enable a clear, sustainable path for refinancing,' said Sule. 'This has been the case historically'.
Yahoo
01-07-2025
- Business
- Yahoo
FirstBank's Cube Hunt Campaign Surprises Communities and Supports Small Businesses
Find the FirstBank Cube at nine business storefronts and score giveaways LAKEWOOD, Colo., July 01, 2025 (GLOBE NEWSWIRE) -- FirstBank, one of the nation's largest privately held banks with a focus on 'banking for good,' is bringing a wave of excitement to Colorado this summer with its 'our cube means business' campaign. From July 11 through September 5, Coloradans will be provided hints and urged to keep their eyes peeled for the bank's signature orange cube at select businesses and storefronts across the foothills every Friday. Each surprise event will feature exclusive giveaways, major discounts, and other fun items, all first come, first served. The initiative aims to not only spotlight and support local businesses but also create uplifting community moments that reflect FirstBank's core values. Bank representatives will be on-site each week to hand out giveaways and connect with attendees. 'Our goal is to celebrate and strengthen small businesses while fostering a sense of community in a fun and memorable way,' said Kevin Classen, CEO of FirstBank. 'Whether someone leaves with a generous gift card or discovers a new neighborhood favorite, everyone benefits—and that's something to feel good about.' To keep things exciting, the featured business locations will remain a mystery until the day before each event, with clues revealed on FirstBank's Instagram, Facebook, and every Thursday. The campaign encourages the community to follow along, join the fun, and discover hidden gems right in their backyard. Event Details: What: 'Our cube means business' pop-up events. When: Every Friday from July 11 to September 5, 2025. Where: Locations announced on Thursdays on FirstBank social media and Why: To support small businesses and surprise attendees with exclusive giveaways. Note: Events are first come, first served while supplies last. No purchase necessary. To learn more about the event, visit About FirstBankFirstBank began providing banking services in 1963. Today, it's known as an industry leader in digital banking. It has grown to be one of the top-performing and largest privately held banks in the United States. FirstBank offers a variety of consumer deposit accounts, home equity loans, mortgages, rental property loans, and a full range of commercial banking services, including business financing, commercial real estate loans, treasury management, and more. Since 2000, FirstBank has been recognized as a top corporate philanthropist, contributing more than $90 million and thousands of volunteer hours to charitable organizations. The company is also unique in that a large portion of its stock is owned by management and employees, giving employees a financial stake in the bank's success through its Employee Stock Ownership Program. For more information, visit Member FDIC. Media ContactCody Wheeler(303) 228-6986 x 148Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
01-07-2025
- Business
- Yahoo
FirstBank's Cube Hunt Campaign Surprises Communities and Supports Small Businesses
Find the FirstBank Cube at nine business storefronts and score giveaways LAKEWOOD, Colo., July 01, 2025 (GLOBE NEWSWIRE) -- FirstBank, one of the nation's largest privately held banks with a focus on 'banking for good,' is bringing a wave of excitement to Colorado this summer with its 'our cube means business' campaign. From July 11 through September 5, Coloradans will be provided hints and urged to keep their eyes peeled for the bank's signature orange cube at select businesses and storefronts across the foothills every Friday. Each surprise event will feature exclusive giveaways, major discounts, and other fun items, all first come, first served. The initiative aims to not only spotlight and support local businesses but also create uplifting community moments that reflect FirstBank's core values. Bank representatives will be on-site each week to hand out giveaways and connect with attendees. 'Our goal is to celebrate and strengthen small businesses while fostering a sense of community in a fun and memorable way,' said Kevin Classen, CEO of FirstBank. 'Whether someone leaves with a generous gift card or discovers a new neighborhood favorite, everyone benefits—and that's something to feel good about.' To keep things exciting, the featured business locations will remain a mystery until the day before each event, with clues revealed on FirstBank's Instagram, Facebook, and every Thursday. The campaign encourages the community to follow along, join the fun, and discover hidden gems right in their backyard. Event Details: What: 'Our cube means business' pop-up events. When: Every Friday from July 11 to September 5, 2025. Where: Locations announced on Thursdays on FirstBank social media and Why: To support small businesses and surprise attendees with exclusive giveaways. Note: Events are first come, first served while supplies last. No purchase necessary. To learn more about the event, visit About FirstBankFirstBank began providing banking services in 1963. Today, it's known as an industry leader in digital banking. It has grown to be one of the top-performing and largest privately held banks in the United States. FirstBank offers a variety of consumer deposit accounts, home equity loans, mortgages, rental property loans, and a full range of commercial banking services, including business financing, commercial real estate loans, treasury management, and more. Since 2000, FirstBank has been recognized as a top corporate philanthropist, contributing more than $90 million and thousands of volunteer hours to charitable organizations. The company is also unique in that a large portion of its stock is owned by management and employees, giving employees a financial stake in the bank's success through its Employee Stock Ownership Program. For more information, visit Member FDIC. Media ContactCody Wheeler(303) 228-6986 x 148Sign in to access your portfolio
Business Journals
20-06-2025
- Business
- Business Journals
Cherry Creek's example: What Denver can learn from its most resilient office submarket — Table of Experts
Denver's office market remains in flux — with metro vacancy now at 26.8%, according to CBRE's first quarter report — but in Cherry Creek, optimism is easier to come by. New buildings are leasing up, old landmarks are coming down and top developers are betting big on continued demand. But what can this submarket's resilience teach us about the rest of the city? That was the backdrop for a recent Denver Business Journal Publisher's Dinner, held at Toro Latin Kitchen & Lounge in Cherry Creek and presented by FirstBank. A group of local commercial real estate leaders gathered for an intimate conversation about downtown recovery, the role of government and how Cherry Creek might serve as a model — or at least a contrast — to other parts of the metro area. In attendance were Ferd Belz, president, LC Fulenwider; Keith Dennis, president and publisher, DBJ; Rhys Duggan, president and CEO, Revesco; Aubrey Ebbs, president Cherry Creek market, FirstBank; Brad Farber, principal, Elevation Development Group; Dan Huml, managing partner, Magnetic Capital; Derek Longwell, market president Downtown Denver, FirstBank; Evan Makovsky, managing partner, Shames Makovsky; Jessica Ostermick, market leader, CBRE; Marc Perusse, founder and CEO, E2M Ventures; and James Roupp, managing director, JLL. One clear theme emerged: While Cherry Creek pushes ahead, the broader market faces headwinds: some cyclical, others structural. 'In Cherry Creek, we're seeing demand change now more than ever with tenants looking for north of 20,000 square feet in office space,' said Dan Huml, founder and managing partner of Magnetic Capital. 'We're also seeing diversification. It used to be just financial, professional services and real estate. Now we're seeing tech for the first time, oil and gas, educational services. The big question is: How do you get employees into the office? And that's the beauty of Cherry Creek — the neighborhood, the amenities, you can walk to your favorite restaurant. It's going to be full and active all day, and that's the kind of environment you want your employees coming into every day versus downtown that can feel unsafe and empty.' Downtown Denver, in particular, continues to lag. CBRE's data pegs the submarket's total vacancy at 35.3%, with Class B buildings reaching nearly 40% vacant. But panelists noted there's still activity. The Colorado Department of Labor and Employment recently leased 131,000 square feet at 707 17th St., and Class A assets downtown posted positive net absorption for just the second time in three quarters. Still, employees are ultimately calling the shots when it comes to the location a company calls home, JLL Managing Director Jamie Roupp said. He pointed to the 16th Street Mall's multiyear closure as well as downtown's relatively aging buildings as potential turnoffs for employees looking for vibrant, activated office neighborhoods. 'The power has shifted,' Roupp said. Projects like Cherry Lane in Cherry Creek — the redevelopment of the former Sears site led by BMC Investments, Prism Places and Invesco — are reshaping the neighborhood. That project will bring 379 apartments, 59,000 square feet of office and 133,000 square feet of retail, with developers already claiming interest from luxury tenants found on Fifth Avenue and Rodeo Drive. CBRE's first-quarter figures back up that enthusiasm. The Cherry Creek submarket has the lowest office vacancy in the city at just 8.3%, and more than 220,000 square feet of office is currently under construction. The average asking rent is $35.49 per square foot, which is below downtown's $41.57 going rate, but trending upward. Still, attendees acknowledged the Cherry Creek formula isn't easily replicated elsewhere. The submarket's density, walkability and wealth — not to mention its private business improvement district — make it an outlier. Downtown gets an unfair rap, some said, and it's up to developers to change that narrative. 'We have to work on changing that perception that downtown isn't safe,' said Brad Farber, principal at Elevation Development Group. 'Restaurants are open again, there is vibrancy. It's not going to be easy by any means, but we need to help people see the value in moving downtown.' Several experts said Denver needs to rethink its approach to housing, especially downtown. The state's construction-defects rules resurfaced, with multiple developers pointing to liability costs and insurance barriers as reasons why condos remain rare. Gov. Jared Polis just signed House Bill 25-1272, which was designed to encourage condo construction. Shames Makovsky Managing Partner Evan Makovsky described a recent visit to Austin, Texas, where he was struck by how many young families now live downtown. 'At about 6:00 in the evening, suddenly there are people with strollers, families, young couples, bicycles. You can't walk on the streets, they are so packed. They are living in condos. We don't have condos because of the current legal landscape,' Makovsky said, noting that Austin's cost of living isn't 'cheap.' 'Getting more people living downtown here in Denver, like in Austin, will be a major driver,' Makovsky said 'We have to create those opportunities. That, in and of itself, is what will drive growth in both office and retail.' 'That's the difference,' he said. 'They've built a lifestyle product that's affordable enough and attractive enough for people to actually live there.' Makovsky told a story from the 2008 financial crisis and recalled advice from the late banker, Don Sturm: 'No matter what, there will always be a tomorrow. The question is whether you're prepared for it.' His message? The business community can't sit on the sidelines — not now. It was a call not just to engage, but to lead — in Cherry Creek, in downtown and across Denver's evolving urban core.
