Remer Y. Brinson III, president and CEO of the company, said the increase could be attributed to reductions in provisions for loan losses and non-interest expenses.
"Asset quality continues to be a primary focus in this weakened economy and we continue to maintain a healthy allowance," he said.
Brinson said First Bank has increased its loan allowance this year to 2.29 percent, up from 1.54 percent at this time last year.
Deposits grew from the end of 2010, from $414 million to $428 million at the end of March.
Assets also grew, from $495 million in December to $510 million in March.