First Bank Announces First Quarter 2025 Net Income of $9.4 Million
First Bank (FRBA) reported Q1 2025 net income of $9.4 million ($0.37 per diluted share), down from $12.5 million ($0.50 per diluted share) in Q1 2024. Key highlights include:
Total loans grew to $3.24 billion, increasing 11.8% annualized from Q4 2024. Total deposits reached $3.12 billion, up 8.5% annualized from previous quarter. Net interest margin improved to 3.65%, up 11 basis points from Q4 2024.
The bank maintained strong asset quality with nonperforming assets at 0.42% of total assets, improving from 0.46% in Q4 2024. The efficiency ratio remained below 60% for the 23rd consecutive quarter. First Bank continues its strategic evolution from a traditional community bank to a full-service, middle market commercial bank, focusing on C&I lending and deposit-focused business units.
First Bank (FRBA) ha riportato un utile netto nel primo trimestre 2025 di 9,4 milioni di dollari (0,37 dollari per azione diluita), in calo rispetto ai 12,5 milioni di dollari (0,50 dollari per azione diluita) del primo trimestre 2024. I punti salienti includono:
I prestiti totali sono cresciuti fino a 3,24 miliardi di dollari, con un aumento annualizzato dell'11,8% rispetto al quarto trimestre 2024. I depositi totali hanno raggiunto 3,12 miliardi di dollari, in aumento dell'8,5% annualizzato rispetto al trimestre precedente. Il margine di interesse netto è migliorato al 3,65%, con un incremento di 11 punti base rispetto al quarto trimestre 2024.
La banca ha mantenuto una solida qualità degli attivi, con gli attivi non performanti al 0,42% del totale degli attivi, in miglioramento rispetto allo 0,46% del quarto trimestre 2024. Il rapporto di efficienza è rimasto sotto il 60% per il 23° trimestre consecutivo. First Bank continua la sua evoluzione strategica da banca comunitaria tradizionale a banca commerciale a servizio completo per il mercato medio, concentrandosi su prestiti C&I e unità di business orientate ai depositi.
First Bank (FRBA) reportó un ingreso neto en el primer trimestre de 2025 de 9,4 millones de dólares (0,37 dólares por acción diluida), disminuyendo desde 12,5 millones de dólares (0,50 dólares por acción diluida) en el primer trimestre de 2024. Los aspectos clave incluyen:
Los préstamos totales crecieron hasta 3,24 mil millones de dólares, con un aumento anualizado del 11,8% desde el cuarto trimestre de 2024. Los depósitos totales alcanzaron 3,12 mil millones de dólares, un aumento anualizado del 8,5% respecto al trimestre anterior. El margen neto de interés mejoró a 3,65%, subiendo 11 puntos básicos desde el cuarto trimestre de 2024.
El banco mantuvo una sólida calidad de activos con activos no productivos en 0,42% del total de activos, mejorando desde 0,46% en el cuarto trimestre de 2024. La ratio de eficiencia se mantuvo por debajo del 60% por el 23º trimestre consecutivo. First Bank continúa su evolución estratégica de un banco comunitario tradicional a un banco comercial de servicios completos para el mercado medio, enfocándose en préstamos C&I y unidades de negocio orientadas a depósitos.
퍼스트 뱅크(FRBA)는 2025년 1분기 순이익이 940만 달러(희석 주당 0.37달러)로, 2024년 1분기 1,250만 달러(희석 주당 0.50달러) 대비 감소했다고 보고했습니다. 주요 내용은 다음과 같습니다:
총 대출은 32억 4천만 달러로 2024년 4분기 대비 연율 기준 11.8% 증가했습니다. 총 예금은 31억 2천만 달러로 전분기 대비 연율 8.5% 증가했습니다. 순이자마진은 3.65%로 2024년 4분기 대비 11bp 상승했습니다.
은행은 총자산 대비 부실자산 비율을 0.42%로 유지하며 2024년 4분기 0.46%에서 개선된 강한 자산 건전성을 유지했습니다. 효율성 비율은 23분기 연속 60% 이하를 유지했습니다. 퍼스트 뱅크는 전통적인 지역 은행에서 중견 시장을 대상으로 하는 종합 상업은행으로 전략적 전환을 지속하며, 기업금융(C&I) 대출과 예금 중심 사업부에 중점을 두고 있습니다.
First Bank (FRBA) a annoncé un bénéfice net au premier trimestre 2025 de 9,4 millions de dollars (0,37 dollar par action diluée), en baisse par rapport à 12,5 millions de dollars (0,50 dollar par action diluée) au premier trimestre 2024. Les points clés incluent :
Les prêts totaux ont augmenté pour atteindre 3,24 milliards de dollars, soit une hausse annualisée de 11,8 % par rapport au quatrième trimestre 2024. Les dépôts totaux ont atteint 3,12 milliards de dollars, en hausse de 8,5 % annualisée par rapport au trimestre précédent. La marge nette d'intérêt s'est améliorée à 3,65 %, en hausse de 11 points de base par rapport au quatrième trimestre 2024.
La banque a maintenu une solide qualité d'actifs avec des actifs non performants représentant 0,42 % du total des actifs, en amélioration par rapport à 0,46 % au quatrième trimestre 2024. Le ratio d'efficacité est resté en dessous de 60 % pour le 23e trimestre consécutif. First Bank poursuit son évolution stratégique, passant d'une banque communautaire traditionnelle à une banque commerciale complète pour le marché intermédiaire, en se concentrant sur les prêts C&I et les unités commerciales axées sur les dépôts.
First Bank (FRBA) meldete für das erste Quartal 2025 einen Nettogewinn von 9,4 Millionen US-Dollar (0,37 US-Dollar je verwässerter Aktie), gegenüber 12,5 Millionen US-Dollar (0,50 US-Dollar je verwässerter Aktie) im ersten Quartal 2024. Wichtige Highlights sind:
Die Gesamtkredite stiegen auf 3,24 Milliarden US-Dollar, was einer annualisierten Steigerung von 11,8 % gegenüber dem vierten Quartal 2024 entspricht. Die Gesamteinlagen erreichten 3,12 Milliarden US-Dollar, ein annualisiertes Wachstum von 8,5 % gegenüber dem Vorquartal. Die Nettozinsmarge verbesserte sich auf 3,65 %, ein Anstieg um 11 Basispunkte gegenüber dem vierten Quartal 2024.
Die Bank hielt eine starke Vermögensqualität mit notleidenden Krediten von 0,42 % der Gesamtaktiva, eine Verbesserung gegenüber 0,46 % im vierten Quartal 2024. Die Effizienzquote blieb im 23. Quartal in Folge unter 60 %. First Bank setzt ihre strategische Entwicklung von einer traditionellen Regionalbank zu einer vollumfänglichen mittelständischen Geschäftsbank fort, mit Fokus auf Gewerbe- und Industriekredite (C&I) sowie einlagenorientierte Geschäftsbereiche.
- Strong loan growth of 11.8% annualized in Q1 2025
- Deposit growth of 8.5% annualized in Q1 2025
- Net interest margin improved to 3.65%, up 11 basis points from Q4 2024
- Maintained efficiency ratio below 60% for 23rd consecutive quarter
- Improved asset quality with nonperforming assets decreasing to 0.42% of total assets
- Net income declined to $9.4 million from $12.5 million in Q1 2024
- EPS decreased to $0.37 from $0.50 in Q1 2024
- Return on average assets declined to 1.00% from 1.41% year-over-year
- Higher non-interest expense, up 14.5% year-over-year
- $815,000 impairment charge on OREO asset in Q1 2025
Insights
First Bank shows strong loan/deposit growth and improving margins but significant earnings decline compared to last year, indicating operational transition.
First Bank's Q1 2025 results present a mixed financial picture with growth metrics contrasting against a substantial earnings decline. Net income fell to
Despite the earnings decline, the bank demonstrated robust balance sheet growth with loans increasing
The bank's net interest margin improved to
The
Asset quality remains a bright spot, with nonperforming assets decreasing to
The bank maintained its
First Bank's efficiency ratio remained below
Results highlighted by strong loan growth, continued operating efficiency, and solid asset quality
HAMILTON, N.J., April 22, 2025 (GLOBE NEWSWIRE) -- First Bank (Nasdaq Global Market: FRBA) ("the Bank") today announced results for the first quarter of 2025. Net income for the first quarter of 2025 was
First Quarter 2025 Performance Highlights:
- Total loans of
$3.24 billion at March 31, 2025 grew$91.8 million , or11.8% , annualized, from the linked quarter ended December 31, 2024. - Total deposits were
$3.12 billion at March 31, 2025, increasing$63.9 million , or8.5% annualized from the linked quarter ended December 31, 2024. - Net interest margin measured
3.65% for the first quarter of 2025, increasing 11 basis points from3.54% for the linked quarter ended December 31, 2024. - Tangible book value per shareii grew to
$14.47 at March 31, 2025, increasing8.0% , annualized, from$14.19 at December 31, 2024. - Strong asset quality continued, with nonperforming assets decreasing to
0.42% of total assets at March 31, 2025, compared to0.46% at December 31, 2024 and0.64% at March 31, 2024.
“We are pleased to report high-quality loan and deposit growth in the first quarter of 2025,” Patrick L. Ryan, President and CEO of First Bank, reflecting on the Bank’s performance. “Our team produced excellent Commercial and Industrial (“C&I”) loan growth during the quarter with an improved net interest margin and sustained asset quality. We are especially pleased to have achieved this with an efficiency ratio that remained below
Mr. Ryan continued, “Our success demonstrates a deep commitment to continuing our evolution from a traditional community bank into a full-service, middle market commercial bank. We are executing with a clear vision for our future success, growing our balance sheet and earnings power through strategic initiatives focused on diversification and profitability. Our goal is to achieve top-quartile performance among our peers in any economic environment. We expect our strong underwriting and diversification strategies will support quality growth in 2025 and beyond. As our new business units continue to scale up, we expect to see even better efficiency and profitability moving forward. Additionally, we are pleased to continue driving returns for shareholders through successful share buybacks and meaningful dividends.”
Income Statement
In the first quarter of 2025, the Bank’s net interest income increased to
The Bank’s tax equivalent net interest margin measured
The Bank recorded a credit loss expense totaling
In the first quarter of 2025, the Bank recorded non-interest income totaling
Non-interest expense for the first quarter of 2025 was
On a linked quarter basis, non-interest expense increased
Income tax expense for the three months ended March 31, 2025 was
Balance Sheet
Total assets increased
The Bank reported total assets of
Total deposits increased by
During the three months ended March 31, 2025, stockholders’ equity increased by
As of March 31, 2025, the Bank continued to exceed all regulatory capital requirements to be considered well-capitalized, with a Tier 1 Leverage ratio of
Asset Quality
First Bank's asset quality metrics remained favorable during the first quarter of 2025. Total nonperforming loans declined from
The Bank recorded net recoveries of
Liquidity and Borrowings
Management believes the Bank’s current liquidity position, coupled with our various contingent funding sources, provides the Bank with a strong liquidity base and a diverse source of funding options. The Bank’s cash and cash equivalents increased by
Cash Dividend Declared
On February 21, 2025, the Bank paid
On April 15, 2025, the Bank’s Board of Directors declared a quarterly cash dividend of
Share Repurchase Program
During the first quarter of 2025 the Bank repurchased 256,454 shares of common stock at an average price of
Conference Call and Earnings Release Supplement
Additional details on the quarterly results and the Bank are included in the attached earnings release supplement. http://ml.globenewswire.com/Resource/Download/b39afd8e-20bb-4429-bcd7-61a0762ab19e
First Bank will host its earnings call on Wednesday, April 23, 2025 at 9:00 AM Eastern Time. The direct dial toll free number for the live call is 1-800-715-9871 and the access code is 3909613. For those unable to participate in the call, a replay will be available by dialing 1-800-770-2030 (access code 3909613) from one hour after the end of the conference call until July 22, 2025. Replay information will also be available on First Bank’s website at www.firstbanknj.com under the “About Us” tab. Click on “Investor Relations” to access the replay of the conference call.
About First Bank
First Bank is a New Jersey state-chartered bank with 26 full-service branches in Cinnaminson, Delanco, Denville, Ewing, Fairfield, Flemington, Hamilton, Lawrence, Monroe, Morristown, Pennington, Randolph, Somerset, Trenton and Williamstown, New Jersey; and Coventry, Devon, Doylestown, Lionville, Malvern, Media, Paoli, Trevose, Warminster and West Chester, Pennsylvania; and Palm Beach, Florida. With
Forward Looking Statements
This press release contains certain forward-looking statements, either express or implied, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information regarding First Bank’s future financial performance, business and growth strategy, projected plans and objectives, and related transactions, integration of acquired businesses, ability to recognize anticipated operational efficiencies, and other projections based on macroeconomic and industry trends, which are inherently unreliable due to the multiple factors that impact economic trends, and any such variations may be material. Such forward-looking statements are based on various facts and derived utilizing important assumptions, current expectations, estimates and projections about First Bank, any of which may change over time and some of which may be beyond First Bank’s control. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. Further, certain factors that could affect our future results and cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to: whether First Bank can: successfully implement its growth strategy, including identifying acquisition targets and consummating suitable acquisitions, integrate acquired entities and realize anticipated efficiencies, sustain its internal growth rate, and provide competitive products and services that appeal to its customers and target markets; difficult market conditions and unfavorable economic trends in the United States generally, and particularly in the market areas in which First Bank operates and in which its loans are concentrated, including the effects of declines in housing market values; the impact of public health emergencies, on First Bank, its operations and its customers and employees; an increase in unemployment levels and slowdowns in economic growth; First Bank's level of nonperforming assets and the costs associated with resolving any problem loans including litigation and other costs; changes in market interest rates may increase funding costs and reduce earning asset yields thus reducing margin; the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes on the market value of First Bank's investment securities portfolio; the extensive federal and state regulation, supervision and examination governing almost every aspect of First Bank's operations, including changes in regulations affecting financial institutions and expenses associated with complying with such regulations; uncertainties in tax estimates and valuations, including due to changes in state and federal tax law; First Bank's ability to comply with applicable capital and liquidity requirements, including First Bank’s ability to generate liquidity internally or raise capital on favorable terms, including continued access to the debt and equity capital markets; and possible changes in trade, monetary and fiscal policies, laws and regulations and other activities of governments, agencies, and similar organizations. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to “Forward-Looking Statements” and “Risk Factors” in First Bank’s Annual Report on Form 10-K and any updates to those risk factors set forth in First Bank’s proxy statement, subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if First Bank’s underlying assumptions prove to be incorrect, actual results may differ materially from what First Bank anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and First Bank does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. All forward-looking statements expressed or implied, included in this communication are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that First Bank or persons acting on First Bank’s behalf may issue.
______________________
This press release contains “non-GAAP” financial measures, which management uses in its analysis of First Bank’s performance. Management believes these non-GAAP financial measures allow for better comparability of period to period operating performance. Additionally, First Bank believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. A reconciliation of the non-GAAP measures used in this presentation to the most directly comparable GAAP measures is provided in the accompanying financial tables.
i Return on average tangible equity is a non-GAAP financial measure and is calculated by dividing net income by average tangible equity (average equity minus average goodwill and other intangible assets). For a reconciliation of this non-GAAP financial measure, along with the other non-GAAP financial measures in this press release, to their comparable GAAP measures, see the financial reconciliations at the end of this press release
ii Tangible book value per share is a non-GAAP financial measure and is calculated by dividing common shares outstanding by tangible equity (equity minus goodwill and other intangible assets). For a reconciliation of this non-GAAP financial measure, along with the other non-GAAP financial measures in this press release, to their comparable GAAP measures, see the financial reconciliations at the end of this press release.
iii Tangible stockholders' equity to tangible assets ratio is a non-GAAP financial measure and is calculated by dividing tangible equity (equity minus goodwill and other intangible assets) by tangible assets (total assets minus goodwill and other intangible assets). For a reconciliation of this non-GAAP financial measure, along with the other non-GAAP financial measures in this press release, to their comparable GAAP measures, see the financial reconciliations at the end of this press release.
| FIRST BANK CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (in thousands, except for share data, unaudited) | ||||||||||
| March 31, 2025 | December 31, 2024 | |||||||||
| Assets | ||||||||||
| Cash and due from banks | $ | 32,396 | $ | 18,252 | ||||||
| Restricted cash | 11,910 | 14,270 | ||||||||
| Interest bearing deposits with banks | 243,778 | 239,392 | ||||||||
| Cash and cash equivalents | 288,084 | 271,914 | ||||||||
| Interest bearing time deposits with banks | 743 | 743 | ||||||||
| Investment securities available for sale, at fair value (amortized cost of | 85,059 | 77,413 | ||||||||
| Equity securities, at fair value | 1,860 | 1,870 | ||||||||
| Investment securities held to maturity, net of allowance for credit losses of | 46,387 | 47,123 | ||||||||
| Restricted investment in bank stocks | 15,933 | 14,333 | ||||||||
| Other investments | 13,388 | 11,612 | ||||||||
| Loans held for sale | 618 | - | ||||||||
| Loans, net of deferred fees and costs | 3,236,039 | 3,144,266 | ||||||||
| Less: Allowance for credit losses | (39,223) | (37,773) | ||||||||
| Net loans | 3,196,816 | 3,106,493 | ||||||||
| Premises and equipment, net | 21,267 | 21,351 | ||||||||
| Other real estate owned, net | 4,822 | 5,637 | ||||||||
| Accrued interest receivable | 14,889 | 14,267 | ||||||||
| Bank-owned life insurance | 86,258 | 85,553 | ||||||||
| Goodwill | 44,166 | 44,166 | ||||||||
| Other intangible assets, net | 8,341 | 8,827 | ||||||||
| Deferred income taxes, net | 25,178 | 25,528 | ||||||||
| Other assets | 26,950 | 43,516 | ||||||||
| Total assets | $ | 3,880,759 | $ | 3,780,346 | ||||||
| Liabilities and Stockholders' Equity | ||||||||||
| Liabilities: | ||||||||||
| Non-interest bearing deposits | $ | 535,584 | $ | 519,320 | ||||||
| Interest bearing deposits | 2,584,210 | 2,536,576 | ||||||||
| Total deposits | 3,119,794 | 3,055,896 | ||||||||
| Borrowings | 281,867 | 246,933 | ||||||||
| Subordinated debentures | 29,981 | 29,954 | ||||||||
| Accrued interest payable | 4,887 | 3,820 | ||||||||
| Other liabilities | 29,315 | 34,587 | ||||||||
| Total liabilities | 3,465,844 | 3,371,190 | ||||||||
| Stockholders' Equity: | ||||||||||
| Preferred stock, par value | - | - | ||||||||
| Common stock, par value | 136,220 | 135,495 | ||||||||
| Additional paid-in capital | 124,555 | 124,524 | ||||||||
| Retained earnings | 184,657 | 176,779 | ||||||||
| Accumulated other comprehensive loss | (3,938) | (4,925) | ||||||||
| Treasury stock, 2,531,064 and 2,274,610 shares, respectively | (26,579) | (22,717) | ||||||||
| Total stockholders' equity | 414,915 | 409,156 | ||||||||
| Total liabilities and stockholders' equity | $ | 3,880,759 | $ | 3,780,346 | ||||||
| FIRST BANK CONSOLIDATED STATEMENTS OF INCOME (in thousands, except for share data, unaudited) | |||||||||
| Three Months Ended | |||||||||
| March 31, | |||||||||
| 2025 | 2024 | ||||||||
| Interest and Dividend Income | |||||||||
| Investment securities—taxable | $ | 1,188 | $ | 1,182 | |||||
| Investment securities—tax-exempt | 51 | 38 | |||||||
| Interest bearing deposits with banks, Federal funds sold and other | 2,997 | 3,025 | |||||||
| Loans, including fees | 51,552 | 49,319 | |||||||
| Total interest and dividend income | 55,788 | 53,564 | |||||||
| Interest Expense | |||||||||
| Deposits | 20,844 | 20,786 | |||||||
| Borrowings | 2,412 | 2,116 | |||||||
| Subordinated debentures | 440 | 344 | |||||||
| Total interest expense | 23,696 | 23,246 | |||||||
| Net interest income | 32,092 | 30,318 | |||||||
| Credit loss expense (benefit) | 1,544 | (698) | |||||||
| Net interest income after credit loss expense | 30,548 | 31,016 | |||||||
| Non-Interest Income | |||||||||
| Service fees on deposit accounts | 356 | 344 | |||||||
| Loan fees | 326 | 102 | |||||||
| Income from bank-owned life insurance | 793 | 785 | |||||||
| Gains on sale of loans, net | 29 | 229 | |||||||
| Gains on recovery of acquired loans | 24 | 118 | |||||||
| Other non-interest income | 443 | 386 | |||||||
| Total non-interest income | 1,971 | 1,964 | |||||||
| Non-Interest Expense | |||||||||
| Salaries and employee benefits | 11,118 | 10,038 | |||||||
| Occupancy and equipment | 2,464 | 2,026 | |||||||
| Legal fees | 368 | 316 | |||||||
| Other professional fees | 726 | 756 | |||||||
| Regulatory fees | 684 | 602 | |||||||
| Directors' fees | 282 | 242 | |||||||
| Data processing | 805 | 806 | |||||||
| Marketing and advertising | 399 | 296 | |||||||
| Travel and entertainment | 236 | 244 | |||||||
| Insurance | 214 | 244 | |||||||
| Other real estate owned expense, net | 920 | 88 | |||||||
| Other expense | 2,168 | 2,152 | |||||||
| Total non-interest expense | 20,384 | 17,810 | |||||||
| Income Before Income Taxes | 12,135 | 15,170 | |||||||
| Income tax expense | 2,754 | 2,658 | |||||||
| Net Income | $ | 9,381 | $ | 12,512 | |||||
| Basic earnings per common share | $ | 0.37 | $ | 0.50 | |||||
| Diluted earnings per common share | $ | 0.37 | $ | 0.50 | |||||
| Basic weighted average common shares outstanding | 25,118,062 | 25,039,949 | |||||||
| Diluted weighted average common shares outstanding | 25,269,002 | 25,199,381 | |||||||
| FIRST BANK AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES (dollars in thousands, unaudited) | |||||||||||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||||||||||||
| Average | Average | Average | Average | ||||||||||||||||||||||||||
| Balance | Interest | Rate (5) | Balance | Interest | Rate (5) | ||||||||||||||||||||||||
| Interest earning assets | |||||||||||||||||||||||||||||
| Investment securities (1) (2) | $ | 134,274 | $ | 1,250 | $ | 147,147 | $ | 1,228 | |||||||||||||||||||||
| Loans (3) | 3,170,772 | 51,552 | 2,979,522 | 49,319 | |||||||||||||||||||||||||
| Interest bearing deposits with banks, | |||||||||||||||||||||||||||||
| Federal funds sold and other | 234,032 | 2,575 | 203,158 | 2,710 | |||||||||||||||||||||||||
| Restricted investment in bank stocks | 14,137 | 300 | 10,421 | 199 | |||||||||||||||||||||||||
| Other investments | 14,054 | 122 | 11,870 | 116 | |||||||||||||||||||||||||
| Total interest earning assets (2) | 3,567,269 | 55,799 | 3,352,118 | 53,572 | |||||||||||||||||||||||||
| Allowance for credit losses | (38,181) | (37,607) | |||||||||||||||||||||||||||
| Non-interest earning assets | 261,101 | 261,237 | |||||||||||||||||||||||||||
| Total assets | $ | 3,790,189 | $ | 3,575,748 | |||||||||||||||||||||||||
| Interest bearing liabilities | |||||||||||||||||||||||||||||
| Interest bearing demand deposits | $ | 644,736 | $ | 4,027 | $ | 618,941 | $ | 3,666 | |||||||||||||||||||||
| Money market deposits | 1,045,013 | 8,631 | 1,014,906 | 9,789 | |||||||||||||||||||||||||
| Savings deposits | 142,502 | 650 | 162,113 | 574 | |||||||||||||||||||||||||
| Time deposits | 717,881 | 7,536 | 671,546 | 6,757 | |||||||||||||||||||||||||
| Total interest bearing deposits | 2,550,132 | 20,844 | 2,467,506 | 20,786 | |||||||||||||||||||||||||
| Borrowings | 234,526 | 2,412 | 167,141 | 2,116 | |||||||||||||||||||||||||
| Subordinated debentures | 29,963 | 440 | 42,470 | 344 | |||||||||||||||||||||||||
| Total interest bearing liabilities | 2,814,621 | 23,696 | 2,677,117 | 23,246 | |||||||||||||||||||||||||
| Non-interest bearing deposits | 521,326 | 481,503 | |||||||||||||||||||||||||||
| Other liabilities | 40,570 | 40,586 | |||||||||||||||||||||||||||
| Stockholders' equity | 413,672 | 376,542 | |||||||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 3,790,189 | $ | 3,575,748 | |||||||||||||||||||||||||
| Net interest income/interest rate spread (2) | 32,103 | 30,326 | |||||||||||||||||||||||||||
| Net interest margin (2) (4) | |||||||||||||||||||||||||||||
| Tax equivalent adjustment (2) | (11) | (8) | |||||||||||||||||||||||||||
| Net interest income | $ | 32,092 | $ | 30,318 | |||||||||||||||||||||||||
| (1) Average balance of investment securities available for sale is based on amortized cost. |
| (2) Interest and average rates are presented on a tax equivalent basis using a federal income tax rate of |
| (3) Average balances of loans include loans on nonaccrual status. |
| (4) Net interest income divided by average total interest earning assets. |
| (5) Annualized. |
| FIRST BANK QUARTERLY FINANCIAL HIGHLIGHTS (in thousands, except for share and employee data, unaudited) | |||||||||||||||||||||||||
| As of or For the Quarter Ended | |||||||||||||||||||||||||
| 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | |||||||||||||||||||||
| EARNINGS | |||||||||||||||||||||||||
| Net interest income | $ | 32,092 | $ | 31,594 | $ | 30,094 | $ | 30,540 | $ | 30,318 | |||||||||||||||
| Credit loss expense (benefit) | 1,544 | 234 | 1,579 | 63 | (698) | ||||||||||||||||||||
| Non-interest income | 1,971 | 2,176 | 2,479 | 689 | 1,964 | ||||||||||||||||||||
| Non-interest expense | 20,384 | 19,124 | 18,644 | 17,953 | 17,810 | ||||||||||||||||||||
| Income tax expense | 2,754 | 3,915 | 4,188 | 2,140 | 2,658 | ||||||||||||||||||||
| Net income | 9,381 | 10,497 | 8,162 | 11,073 | 12,512 | ||||||||||||||||||||
| PERFORMANCE RATIOS | |||||||||||||||||||||||||
| Return on average assets (1) | |||||||||||||||||||||||||
| Return on average equity (1) | |||||||||||||||||||||||||
| Return on average tangible equity (1) (2) | |||||||||||||||||||||||||
| Net interest margin (1) (3) | |||||||||||||||||||||||||
| Yield on loans (1) | |||||||||||||||||||||||||
| Total cost of deposits (1) | |||||||||||||||||||||||||
| Efficiency ratio (2) | |||||||||||||||||||||||||
| SHARE DATA | |||||||||||||||||||||||||
| Common shares outstanding | 25,045,612 | 25,100,829 | 25,186,920 | 25,144,983 | 25,096,449 | ||||||||||||||||||||
| Basic earnings per share | $ | 0.37 | $ | 0.42 | $ | 0.32 | $ | 0.44 | $ | 0.50 | |||||||||||||||
| Diluted earnings per share | 0.37 | 0.41 | 0.32 | 0.44 | 0.50 | ||||||||||||||||||||
| Book value per share | 16.57 | 16.30 | 15.96 | 15.61 | 15.23 | ||||||||||||||||||||
| Tangible book value per share (2) | 14.47 | 14.19 | 13.84 | 13.46 | 13.06 | ||||||||||||||||||||
| MARKET DATA | |||||||||||||||||||||||||
| Market value per share | $ | 14.81 | $ | 14.07 | $ | 15.20 | $ | 12.74 | $ | 13.74 | |||||||||||||||
| Market value / Tangible book value | |||||||||||||||||||||||||
| Market capitalization | $ | 370,926 | $ | 353,169 | $ | 382,841 | $ | 320,347 | $ | 344,825 | |||||||||||||||
| CAPITAL & LIQUIDITY | |||||||||||||||||||||||||
| Stockholders' equity / assets | |||||||||||||||||||||||||
| Tangible stockholders' equity / tangible assets (2) | |||||||||||||||||||||||||
| Loans / deposits | |||||||||||||||||||||||||
| ASSET QUALITY | |||||||||||||||||||||||||
| Net charge-offs | $ | (15) | $ | (155) | $ | 386 | $ | 175 | $ | 5,293 | |||||||||||||||
| Net charge-offs (recoveries), excluding PCD loan charge-off (4) | (15) | (155) | 386 | 175 | (201) | ||||||||||||||||||||
| Nonperforming loans | 11,584 | 11,677 | 12,014 | 14,227 | 17,054 | ||||||||||||||||||||
| Nonperforming assets | 16,406 | 17,314 | 17,651 | 20,226 | 23,053 | ||||||||||||||||||||
| Net charge offs / average loans (1) | ( | ||||||||||||||||||||||||
| Net charge offs (recoveries), excluding PCD loan charge-off / average loans (1) (4) | ( | ( | ( | ||||||||||||||||||||||
| Nonperforming loans / total loans | |||||||||||||||||||||||||
| Nonperforming assets / total assets | |||||||||||||||||||||||||
| Allowance for credit losses on loans / total loans | |||||||||||||||||||||||||
| Allowance for credit losses on loans / nonperforming loans | |||||||||||||||||||||||||
| OTHER DATA | |||||||||||||||||||||||||
| Total assets | $ | 3,880,759 | $ | 3,780,346 | $ | 3,757,653 | $ | 3,615,731 | $ | 3,591,398 | |||||||||||||||
| Total loans | 3,236,039 | 3,144,266 | 3,087,488 | 2,998,029 | 2,992,423 | ||||||||||||||||||||
| Total deposits | 3,119,794 | 3,055,896 | 3,050,070 | 2,967,634 | 2,970,262 | ||||||||||||||||||||
| Total stockholders' equity | 414,915 | 409,156 | 402,070 | 392,489 | 382,254 | ||||||||||||||||||||
| Number of full-time equivalent employees | 315 | 318 | 313 | 294 | 288 | ||||||||||||||||||||
| (1) Annualized. |
| (2) Non-GAAP financial measure that we believe provides management and investors with information that is useful in understanding our financial performance and condition. See the accompanying table, "Non-GAAP Financial Measures," for calculation and reconciliation. |
| (3) Tax equivalent using a federal income tax rate of |
| (4) Excludes |
| FIRST BANK QUARTERLY FINANCIAL HIGHLIGHTS (dollars in thousands, unaudited) | |||||||||||||||||||||||||
| As of the Quarter Ended | |||||||||||||||||||||||||
| 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | |||||||||||||||||||||
| LOAN COMPOSITION | |||||||||||||||||||||||||
| Commercial and industrial | $ | 651,690 | $ | 576,625 | $ | 546,541 | $ | 530,996 | $ | 508,911 | |||||||||||||||
| Commercial real estate: | |||||||||||||||||||||||||
| Owner-occupied | 694,113 | 671,357 | 688,988 | 647,625 | 625,643 | ||||||||||||||||||||
| Investor | 1,160,549 | 1,181,684 | 1,170,508 | 1,143,954 | 1,172,311 | ||||||||||||||||||||
| Construction and development | 200,262 | 205,096 | 193,460 | 190,108 | 184,816 | ||||||||||||||||||||
| Multi-family | 308,217 | 287,843 | 267,861 | 270,238 | 279,668 | ||||||||||||||||||||
| Total commercial real estate | 2,363,141 | 2,345,980 | 2,320,817 | 2,251,925 | 2,262,438 | ||||||||||||||||||||
| Residential real estate: | |||||||||||||||||||||||||
| Residential mortgage and first lien home equity loans | 142,298 | 142,769 | 144,081 | 144,978 | 154,704 | ||||||||||||||||||||
| Home equity–second lien loans and revolving lines of credit | 52,438 | 51,020 | 49,763 | 46,882 | 45,869 | ||||||||||||||||||||
| Total residential real estate | 194,736 | 193,789 | 193,844 | 191,860 | 200,573 | ||||||||||||||||||||
| Consumer and other | 29,760 | 31,324 | 29,518 | 26,321 | 23,702 | ||||||||||||||||||||
| Total loans prior to deferred loan fees and costs | 3,239,327 | 3,147,718 | 3,090,720 | 3,001,102 | 2,995,624 | ||||||||||||||||||||
| Net deferred loan fees and costs | (3,288) | (3,452) | (3,232) | (3,073) | (3,201) | ||||||||||||||||||||
| Total loans | $ | 3,236,039 | $ | 3,144,266 | $ | 3,087,488 | $ | 2,998,029 | $ | 2,992,423 | |||||||||||||||
| LOAN MIX | |||||||||||||||||||||||||
| Commercial and industrial | |||||||||||||||||||||||||
| Commercial real estate: | |||||||||||||||||||||||||
| Owner-occupied | |||||||||||||||||||||||||
| Investor | |||||||||||||||||||||||||
| Construction and development | |||||||||||||||||||||||||
| Multi-family | |||||||||||||||||||||||||
| Total commercial real estate | |||||||||||||||||||||||||
| Residential real estate: | |||||||||||||||||||||||||
| Residential mortgage and first lien home equity loans | |||||||||||||||||||||||||
| Home equity–second lien loans and revolving lines of credit | |||||||||||||||||||||||||
| Total residential real estate | |||||||||||||||||||||||||
| Consumer and other | |||||||||||||||||||||||||
| Net deferred loan fees and costs | ( | ( | ( | ( | ( | ||||||||||||||||||||
| Total loans | |||||||||||||||||||||||||
| FIRST BANK QUARTERLY FINANCIAL HIGHLIGHTS (dollars in thousands, unaudited) | |||||||||||||||||||||||||
| As of the Quarter Ended | |||||||||||||||||||||||||
| 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | |||||||||||||||||||||
| DEPOSIT COMPOSITION | |||||||||||||||||||||||||
| Non-interest bearing demand deposits | $ | 535,584 | $ | 519,320 | $ | 519,079 | $ | 499,765 | $ | 470,749 | |||||||||||||||
| Interest bearing demand deposits | 629,974 | 629,099 | 597,802 | 574,515 | 580,864 | ||||||||||||||||||||
| Money market and savings deposits | 1,197,517 | 1,198,039 | 1,235,637 | 1,199,382 | 1,219,634 | ||||||||||||||||||||
| Time deposits | 756,719 | 709,438 | 697,552 | 693,972 | 699,015 | ||||||||||||||||||||
| Total Deposits | $ | 3,119,794 | $ | 3,055,896 | $ | 3,050,070 | $ | 2,967,634 | $ | 2,970,262 | |||||||||||||||
| DEPOSIT MIX | |||||||||||||||||||||||||
| Non-interest bearing demand deposits | |||||||||||||||||||||||||
| Interest bearing demand deposits | |||||||||||||||||||||||||
| Money market and savings deposits | |||||||||||||||||||||||||
| Time deposits | |||||||||||||||||||||||||
| Total Deposits | |||||||||||||||||||||||||
| FIRST BANK NON-GAAP FINANCIAL MEASURES (in thousands, except for share data, unaudited) | |||||||||||||||||||||||||
| As of or For the Quarter Ended | |||||||||||||||||||||||||
| 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | |||||||||||||||||||||
| Return on Average Tangible Equity | |||||||||||||||||||||||||
| Net income (numerator) | $ | 9,381 | $ | 10,497 | $ | 8,162 | $ | 11,073 | $ | 12,512 | |||||||||||||||
| Average stockholders' equity | $ | 413,672 | $ | 406,579 | $ | 398,535 | $ | 386,644 | $ | 376,542 | |||||||||||||||
| Less: Average Goodwill and other intangible assets, net | 52,805 | 53,278 | 53,823 | 54,347 | 54,790 | ||||||||||||||||||||
| Average Tangible stockholders' equity (denominator) | $ | 360,867 | $ | 353,301 | $ | 344,712 | $ | 332,297 | $ | 321,752 | |||||||||||||||
| Return on average tangible equity (1) | |||||||||||||||||||||||||
| Tangible Book Value Per Share | |||||||||||||||||||||||||
| Stockholders' equity | $ | 414,915 | $ | 409,156 | $ | 402,070 | $ | 392,489 | $ | 382,254 | |||||||||||||||
| Less: Goodwill and other intangible assets, net | 52,507 | 52,993 | 53,484 | 54,026 | 54,483 | ||||||||||||||||||||
| Tangible stockholders' equity (numerator) | $ | 362,408 | $ | 356,163 | $ | 348,586 | $ | 338,463 | $ | 327,771 | |||||||||||||||
| Common shares outstanding (denominator) | 25,045,612 | 25,100,829 | 25,186,920 | 25,144,983 | 25,096,449 | ||||||||||||||||||||
| Tangible book value per share | $ | 14.47 | $ | 14.19 | $ | 13.84 | $ | 13.46 | $ | 13.06 | |||||||||||||||
| Tangible Equity / Tangible Assets | |||||||||||||||||||||||||
| Stockholders' equity | $ | 414,915 | $ | 409,156 | $ | 402,070 | $ | 392,489 | $ | 382,254 | |||||||||||||||
| Less: Goodwill and other intangible assets, net | 52,507 | 52,993 | 53,484 | 54,026 | 54,483 | ||||||||||||||||||||
| Tangible stockholders' equity (numerator) | $ | 362,408 | $ | 356,163 | $ | 348,586 | $ | 338,463 | $ | 327,771 | |||||||||||||||
| Total assets | $ | 3,880,759 | $ | 3,780,346 | $ | 3,757,653 | $ | 3,615,731 | $ | 3,591,398 | |||||||||||||||
| Less: Goodwill and other intangible assets, net | 52,507 | 52,993 | 53,484 | 54,026 | 54,483 | ||||||||||||||||||||
| Tangible total assets (denominator) | $ | 3,828,252 | $ | 3,727,353 | $ | 3,704,169 | $ | 3,561,705 | $ | 3,536,915 | |||||||||||||||
| Tangible stockholders' equity / tangible assets | |||||||||||||||||||||||||
| Efficiency Ratio | |||||||||||||||||||||||||
| Non-interest expense | $ | 20,384 | $ | 19,124 | $ | 18,644 | $ | 17,953 | $ | 17,810 | |||||||||||||||
| Less: Other real estate owned write-down | 815 | - | 362 | - | - | ||||||||||||||||||||
| Adjusted non-interest expense (numerator) | $ | 19,569 | $ | 19,124 | $ | 18,282 | $ | 17,953 | $ | 17,810 | |||||||||||||||
| Net interest income | $ | 32,092 | $ | 31,594 | $ | 30,094 | $ | 30,540 | $ | 30,318 | |||||||||||||||
| Non-interest income | 1,971 | 2,176 | 2,479 | 689 | 1,964 | ||||||||||||||||||||
| Total revenue | 34,063 | 33,770 | 32,573 | 31,229 | 32,282 | ||||||||||||||||||||
| Add: Losses on sale of investment securities, net | - | - | 555 | - | - | ||||||||||||||||||||
| (Subtract) Add: (Gains) losses on sale of loans, net | (29) | (38) | (135) | 900 | (229) | ||||||||||||||||||||
| Less: Bank Owned Life Insurance Incentive | (88) | (168) | (1,116) | - | - | ||||||||||||||||||||
| Adjusted total revenue (denominator) | $ | 33,946 | $ | 33,564 | $ | 31,877 | $ | 32,129 | $ | 32,053 | |||||||||||||||
| Efficiency ratio | |||||||||||||||||||||||||
| (1) Annualized. | |||||||||||||||||||||||||
| CONTACT: Andrew Hibshman, Chief Financial Officer |
| (609) 643-0058, andrew.hibshman@firstbanknj.com |
FAQ
What was First Bank's (FRBA) earnings per share in Q1 2025?
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