First Priority Bank reported that net income for the three months ended March 31, 2018 totaled $762,000, or $0.10 per basic and fully diluted common share, inclusive of merger-related costs totaling $92,000.

Comparatively, net income for the first three months of 2017 totaled $782,000, or $0.11 per basic and fully diluted common share.

At March 31, 2018, total assets were $614.6 million, total loans were $518.3 million, and total deposits were $512.0 million.

[uam_ad id=”54865″]

“First Priority’s earnings and balance sheet remained strong in the current quarter,” said David E. Sparks, Chairman and CEO. “Net income for the first quarter of 2018 declined slightly compared to the same period in the prior year as incremental expenses to support growth opportunities and merger costs were offset by the benefit of the lower corporate tax rate for 2018.”

First Priority opened its new West Chester branch on Feb. 26.

“We believe there are superb new business opportunities in West Chester, and this action is consistent with the bank’s goal to strengthen our banking business in both existing and new markets.”

Planning for First Priority’s combination with Mid Penn Bancorp is currently under way, as is the required regulatory review process.

[uam_ad id=”54875″]