Liquidity management has tightened significantly, with cash and cash equivalents declining from $335.7 million in 2025Q2 to $38.8 million in 2026Q1 as the bank prioritizes operational funding.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | 56.38M | 65.56M | 27.63M | 143.84M | 36.88M | 28.04M | 24.51M | 16.05M | 36.92M | 16.53M | 9.16M | 5.14M | 4.84M | 5.75M | 4.39M |
| Operating CF Growth % | 1472.98% | 137.33% | -80.79% | 290.01% | 31.52% | 14.42% | 52.67% | -56.52% | 123.34% | 80.47% | 78.24% | 6.27% | -15.85% | 31.03% | - |
| Net Income | 41.92M | 43.66M | 42.24M | 20.9M | 36.29M | 35.43M | 19.45M | 13.45M | 17.59M | 6.99M | 6.41M | 3.89M | 5.84M | 1.71M | 2.59M |
| Depreciation & Amortization | 4.16M | 4.21M | 4.32M | 2.85M | 1.56M | 1.58M | 1.91M | 1.69M | 1.4M | 714K | 628K | 608K | 497K | 392K | 408K |
| Deferred Taxes | 0 | 2.18M | 5.27M | 318K | 358K | 659K | -1.27M | 1.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 7.03M | -1.65M | -14.3M | 125.44M | -3.41M | -14.37M | 5.23M | 183K | 17.21M | 6.87M | 1.6M | 1.99M | -2.11M | 2.76M | 1.39M |
| Working Capital Changes | 2.73M | 15.11M | -11.96M | -7.29M | 869K | 3.74M | -1.84M | -2.02M | -71K | 1.52M | 205K | -1.55M | 498K | 829K | 13K |
| Cash from Investing | -67.79M | -155.11M | -107.2M | 20.33M | -233.07M | 7.04M | -327.18M | -76.42M | -140.67M | -167.88M | -222.31M | -166.46M | -82.38M | -120.69M | -85.64M |
| Purchase of Investments | -55.65M | -65.87M | -53.34M | -63.47M | -53.78M | -75.87M | -42.18M | -10.89M | -5.15M | -25.83M | -34.08M | -44.28M | 0 | 0 | 0 |
| Sale/Maturity of Investments | 28.86M | 28.81M | 46.83M | 132.27M | 20.42M | 36.55M | 37.39M | 23.62M | 37.84M | 10.54M | 29.4M | 18.71M | 0 | 0 | 0 |
| Net Investment Activity | -26.8M | -37.05M | -6.51M | 68.79M | -33.37M | -39.32M | -4.79M | 12.74M | 32.69M | -15.29M | -4.68M | -25.57M | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | -16.25M | 0 | 86.49M | 0 | 30.78M | 8.04M | 11.76M | 0 | 0 | 24.69M | 0 | 0 |
| Other Investing | -62.09M | -115.15M | -97.78M | -29.1M | -197.8M | -39.95M | -322.04M | -118.91M | -179.61M | -163.91M | -217.17M | -140.36M | -106.65M | -120.41M | -85.47M |
| Cash from Financing | 41.51M | 126.85M | 123.53M | -62.13M | 167.6M | 23.95M | 316.36M | 86.73M | 115.8M | 164.44M | 210.11M | 174.29M | 74.2M | 114.73M | 83.35M |
| Dividends Paid | -6.71M | -5.98M | -6.03M | -5.32M | -4.68M | -2.94M | -2.38M | -2.3M | -2.2M | -1.11M | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -5.14M | -8.49M | -1.34M | -5.54M | -3.52M | -4.13M | -8.18M | -113K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 1.07M | 1.05M | 0 | 0 | 0 | 0 | 0 | 113K | 743K | 37.48M | 13.41M | 0 | 0 | 0 | 4.17M |
| Net Stock Activity | -4.08M | -7.44M | -1.34M | -5.54M | -3.52M | -4.13M | -8.18M | 0 | 743K | 37.48M | 13.41M | 0 | 0 | 0 | 4.17M |
| Debt Issuance (Net) | -2M | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K |
| Other Financing | 108.18M | 146.16M | 88.05M | 1.3M | 180.16M | 110.33M | 263.82M | 76.91M | 118.72M | 117.76M | 156.19M | 142.82M | 74.2M | 110.95M | 74.39M |
| Net Change in Cash | 30.09M | 37.31M | 43.96M | 102.03M | -28.59M | 59.03M | 13.68M | 26.36M | 12.05M | 13.09M | -3.04M | 12.96M | -3.34M | -214K | 2.09M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 309.22M | 271.91M | 227.95M | 125.92M | 154.51M | 95.47M | 81.79M | 55.43M | 43.38M | 30.29M | 33.33M | 20.37M | 23.71M | 23.93M | 21.83M |
| Cash at End | 318.18M | 309.22M | 271.91M | 227.95M | 125.92M | 154.51M | 95.47M | 81.79M | 55.43M | 43.38M | 30.29M | 33.33M | 20.37M | 23.71M | 23.93M |
| Interest Paid | 96.59M | 97.32M | 97.64M | 69.5M | 11.04M | 9.36M | 20.14M | 25.88M | 17.77M | 11.18M | 9.4M | 6.67M | 0 | 0 | 0 |
| Income Taxes Paid | 6.26M | 6.24M | 4.7M | 7.83M | 10.72M | 11.55M | 6.71M | 3.86M | 4.18M | 5.58M | 2.88M | 2.63M | 0 | 0 | 0 |
| Free Cash Flow | 53.75M | 62.66M | 24.72M | 140.72M | 34.97M | 27.85M | 24.15M | 15.03M | 35.13M | 16.1M | 8.7M | 4.6M | 4.41M | 5.47M | 4.22M |
| FCF Growth % | 55.42% | 153.51% | -82.44% | 302.37% | 25.57% | 15.33% | 60.7% | -57.22% | 118.15% | 85.07% | 89.15% | 4.28% | -19.35% | 29.72% | - |
CRE portfolio credit deterioration
According to recent SEC filings, First Bank's net income of $7.6M in 2026Q1, while lower than the 2025 peak, continues to provide a foundation for capital retention, though the OCF/NI ratio of 1.44 suggests that cash generation remains highly sensitive to the bank's underlying loan origination and provision activity.
The bank's ability to generate internal capital appears to be under pressure as net income trends downward from the 2025 highs. Investors should monitor whether the current pace of earnings retention is sufficient to support regulatory capital requirements given the recent increase in loan loss provisions.
As reported in financial statements, the bank's investment activity shows a shift toward liquidity preservation, with $7.2M in sales during 2026Q1 offsetting $4.2M in purchases, reflecting a cautious approach to managing the securities portfolio amidst the current interest rate environment and potential funding cost pressures.
The net positive cash flow from investment securities suggests that management may be liquidating assets to bolster liquidity or fund loan growth. This activity warrants further investigation to determine if the bank is realizing losses on its portfolio to manage its overall balance sheet duration.
Based on the bank's reported figures, the provision for loan losses surged to $5.6M in 2026Q1, a significant escalation from the $234K recorded in 2024Q4, which indicates that management is aggressively adjusting its credit loss expectations in response to the current commercial real estate cycle.
The sharp increase in provisions suggests that the bank is preparing for potential credit deterioration within its CRE-heavy loan book. This proactive stance may be necessary, but it directly impacts the bank's cash flow profile by reducing the net cash available from operating activities.
As indicated by the bank's recent filings, dividend payments have remained relatively stable at $2.2M in 2026Q1, despite the decline in quarterly net income, which may suggest that management is prioritizing shareholder returns even as the bank's internal capital generation capacity faces increased cyclical headwinds.
While the dividend appears consistent, the payout ratio is rising as earnings contract, which may limit the bank's flexibility for future share buybacks. Investors should monitor whether this dividend level remains sustainable if the current trend of margin compression and rising credit costs persists.
Quick answers to the most common questions about buying FRBA stock.
First Bank (FRBA) generated $65.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
First Bank (FRBA) generated $62.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
First Bank (FRBA) spent $2.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, First Bank (FRBA) returned $6.0M to shareholders via cash dividends and spent $8.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.