First Bank Announces Second Quarter 2024 Net Income of $11.1 Million
First Bank (FRBA) reported net income of $11.1 million for Q2 2024, or $0.44 per diluted share, up from $6.8 million in Q2 2023. Key highlights include:
- Return on average assets increased to 1.23%
- Net interest margin rose to 3.62%
- Total deposits remained stable at $2.97 billion
- Total loans were $3.00 billion
- Nonperforming assets decreased to 0.56% of total assets
- Tangible book value per share grew to $13.46
The bank maintained a strong capital position and continued to prioritize commercial and industrial lending while reducing its investor real estate portfolio. First Bank also declared a quarterly cash dividend of $0.06 per share.
First Bank (FRBA) ha riportato un reddito netto di 11,1 milioni di dollari per il secondo trimestre del 2024, ovvero 0,44 dollari per azione depurata, in aumento rispetto ai 6,8 milioni di dollari del secondo trimestre del 2023. I principali punti salienti includono:
- Il ritorno sugli attivi medi è aumentato all'1,23%
- Il margine di interesse netto è salito al 3,62%
- I depositi totali sono rimasti stabili a 2,97 miliardi di dollari
- I prestiti totali sono stati pari a 3,00 miliardi di dollari
- Gli attivi in sofferenza sono diminuiti allo 0,56% del totale degli attivi
- Il valore contabile tangibile per azione è cresciuto a 13,46 dollari
La banca ha mantenuto una solida posizione di capitale e ha continuato a dare priorità ai prestiti commerciali e industriali, riducendo nel contempo il suo portafoglio immobiliare per investitori. First Bank ha anche dichiarato un dividendo in contante trimestrale di 0,06 dollari per azione.
First Bank (FRBA) reportó un ingresos neto de 11,1 millones de dólares para el segundo trimestre de 2024, o 0,44 dólares por acción diluida, un aumento respecto a los 6,8 millones de dólares del segundo trimestre de 2023. Los aspectos clave incluyen:
- El retorno sobre activos promedio aumentó al 1,23%
- El margen de interés neto subió al 3,62%
- Los depósitos totales se mantuvieron estables en 2,97 mil millones de dólares
- Los préstamos totales fueron de 3,00 mil millones de dólares
- Los activos no productivos disminuyeron al 0,56% del total de activos
- El valor contable tangible por acción creció a 13,46 dólares
El banco mantuvo una sólida posición de capital y continuó priorizando los préstamos comerciales e industriales, mientras reducían su cartera de bienes raíces para inversores. First Bank también declaró un dividendo en efectivo trimestral de 0,06 dólares por acción.
퍼스트 뱅크(FRBA)는 2024년 2분기에 1110만 달러의 순이익을 보고했으며, 이는 희석주당 0.44달러에 해당하며, 2023년 2분기의 680만 달러에 비해 증가한 수치입니다. 주요 사항은 다음과 같습니다:
- 평균 자산 수익률이 1.23%로 증가했습니다.
- 순 이자 마진이 3.62%로 상승했습니다.
- 총 예금은 29.7억 달러로 안정세를 유지했습니다.
- 총 대출은 30억 달러였습니다.
- 부실 자산 비율이 총 자산의 0.56%로 감소했습니다.
- 주당 유형 자산 가치는 13.46달러로 증가했습니다.
은행은 강력한 자본 위치를 유지하고 있으며 상업 및 산업 대출에 우선순위를 두면서 투자용 부동산 포트폴리오는 줄이고 있습니다. 퍼스트 뱅크는 또한 주당 0.06달러의 분기 현금 배당금을 선언했습니다.
First Bank (FRBA) a rapporté un revenu net de 11,1 millions de dollars pour le deuxième trimestre 2024, soit 0,44 dollar par action diluée, en hausse par rapport à 6,8 millions de dollars au deuxième trimestre 2023. Les points saillants incluent :
- Le retour sur les actifs moyens a augmenté à 1,23%
- La marge d'intérêt nette a augmenté à 3,62%
- Les dépôts totaux sont restés stables à 2,97 milliards de dollars
- Les prêts totaux étaient de 3,00 milliards de dollars
- Les actifs non performants ont diminué à 0,56% de l'ensemble des actifs
- La valeur comptable tangible par action a augmenté à 13,46 dollars
La banque a maintenu une position de capital solide et a continué à donner la priorité aux prêts commerciaux et industriels tout en réduisant son portefeuille immobilier pour investisseurs. First Bank a également déclaré un dividende en espèces trimestriel de 0,06 dollar par action.
Die First Bank (FRBA) meldete einen Nettoeinkommen von 11,1 Millionen Dollar für das 2. Quartal 2024, was 0,44 Dollar pro verwässerter Aktie entspricht und im Vergleich zu 6,8 Millionen Dollar im 2. Quartal 2023 gestiegen ist. Die wichtigsten Highlights umfassen:
- Die Rendite auf das durchschnittliche Vermögen stieg auf 1,23%
- Die Nettozinsspanne stieg auf 3,62%
- Die Gesamteinlagen blieben stabil bei 2,97 Milliarden Dollar
- Die Gesamtdarlehen beliefen sich auf 3,00 Milliarden Dollar
- Die notleidenden Vermögenswerte sanken auf 0,56% der Gesamtsumme der Vermögenswerte
- Der materielle Buchwert pro Aktie erhöhte sich auf 13,46 Dollar
Die Bank hielt eine starke Kapitalposition aufrecht und setzte weiterhin Prioritäten auf Geschäfts- und Industriefinanzierung, während sie ihr Immobilienportfolio für Investoren reduzierte. Die First Bank erklärte zudem eine vierteljährliche Bardividende von 0,06 Dollar pro Aktie.
- Net income increased to $11.1 million in Q2 2024, up from $6.8 million in Q2 2023
- Return on average assets improved to 1.23%, up 26 basis points year-over-year
- Net interest margin increased to 3.62%, up 34 basis points from Q2 2023
- Nonperforming assets decreased to 0.56% of total assets, down from 0.64% in Q1 2024
- Tangible book value per share grew to $13.46, increasing 12.32% annualized from Q1 2024
- Efficiency ratio remained below 60% for the 20th consecutive quarter
- The bank recorded a $1.2 million loss on the sale of $23.8 million of commercial real estate loans
- Non-interest income declined to $689,000 in Q2 2024, down from $1.1 million in Q2 2023
- Non-interest expense increased by $4.2 million or 30.3% year-over-year
- Total loans decreased by $23.5 million or 0.8% from December 31, 2023 to June 30, 2024
Insights
First Bank's Q2 2024 results demonstrate solid performance and strategic positioning in a challenging market environment. The bank reported
Key performance indicators show notable improvements:
- Return on average assets increased by 26 basis points to
1.23% - Return on average equity rose by 229 basis points to
11.52% - Net interest margin expanded by 34 basis points to
3.62%
The bank's balance sheet remains robust with
Asset quality metrics remain favorable, with nonperforming loans decreasing from
First Bank's strategic focus on commercial and industrial lending while reducing exposure to investor real estate demonstrates a prudent approach to balance sheet management. The
The bank's strong capital position, with all regulatory ratios well above 'well-capitalized' thresholds, provides a solid foundation for future growth and potential market opportunities. The declared quarterly cash dividend of
First Bank's Q2 2024 results reveal a nuanced picture of its market positioning and strategic direction. The bank's focus on becoming a "true, middle-market commercial bank" is evident in its actions and performance metrics.
The
First Bank's decision to sell
The bank's efficiency ratio remaining below
The slight shift in deposit mix, with non-interest demand deposits increasing by
The bank's proactive approach to balance sheet management, including the reduction of investor real estate exposure and prioritization of relationship-based commercial and industrial lending, aligns well with current market trends and regulatory preferences. This strategy may provide a competitive advantage in terms of risk profile and earnings stability in the long run.
Overall, First Bank's Q2 2024 results indicate a well-executed transition towards becoming a more focused, middle-market commercial bank, with the potential for sustainable growth and improved market positioning in the coming years.
Results reflect a strong and stable net interest margin, a well-positioned balance sheet, and solid asset quality
HAMILTON, N.J., July 24, 2024 (GLOBE NEWSWIRE) -- First Bank (Nasdaq Global Market: FRBA) (the Bank) today announced results for the second quarter of 2024. Net income for the second quarter of 2024 was
Second Quarter 2024 Performance Highlights:
- The Bank’s primary measures of profitability broadly improved from the second quarter of 2023. Return on average assets increased 26 basis points, return on average equity increased 229 basis points, return on average tangible equity increased 353 basis points, and net interest margin increased 34 basis points to
3.62% . - Total deposits of
$2.97 billion at June 30, 2024 remained in line with balances for the linked quarter ended March 31, 2024. The mix of deposits shifted favorably, as non-interest demand deposits increased$29.0 million from the first quarter of 2024, while money market, savings, and time deposits decreased$31.6 million . - Total loans were
$3.00 billion at June 30, 2024, and remaining in line with balances for the linked quarter. During the quarter ended June 30, 2024, the Bank sold$23.8 million of commercial real estate loans, resulting in a$1.2 million loss on the sale of loans. The Bank continued to prioritize profitable commercial and industrial lending while reducing its investor real estate portfolio. - Strong asset quality continued, with nonperforming assets decreasing by
0.08% to0.56% of total assets at June 30, 2024 from0.64% at March 31, 2024. - Tangible book value per share[ii] grew to
$13.46 at June 30, 2024, increasing12.32% , annualized, from$13.06 at March 31, 2024.
Patrick L. Ryan, President and CEO of First Bank, reflected on the Bank’s performance, stating, “First Bank produced outstanding second quarter results, reflecting solid core earnings power that continues to augment our strong capital position. We maintained our net interest margin in a persistently challenging rate environment, while our efficiency ratio remained below
Mr. Ryan added, “Our strong profitability affords us flexibility as we continue to develop into a true, middle-market commercial bank. During this quarter, we executed
Income Statement
In the second quarter of 2024, the Bank’s net interest income increased to
The Bank’s tax equivalent net interest margin was
The Bank recorded a credit loss expense totaling
In the second quarter of 2024, the Bank recorded non-interest income of
Non-interest expense for the second quarter of 2024 was
On a linked quarter basis, non-interest expense increased
Income tax expense for the three months ended June 30, 2024 was
Balance Sheet
The Bank reported total assets of
Total assets increased
As of June 30, 2024, the Bank's total deposits were
While deposits remained stable at
Total deposits declined slightly by
During the six months ended June 30, 2024, stockholders’ equity increased by
As of June 30, 2024, 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 for the second quarter of 2024 remained favorable. Total nonperforming loans declined from
The Bank recorded net charge-offs of
Liquidity and Borrowings
The Bank increased its liquidity position in the second quarter of 2024. Total cash and cash equivalents increased by
Management believes the Bank’s current liquidity position coupled with the balance sheet flexibility gained after the Malvern acquisition provides us with a strong liquidity base and a diverse source of funding options.
Cash Dividend Declared
On July 16, 2024, the Bank’s Board of Directors declared a quarterly cash dividend 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/a6e0c5a0-fa3a-47af-b450-67e63c776979
First Bank will host its earnings call on Thursday, July 25, 2024 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 8550862. For those unable to participate in the call, a replay will be available by dialing 1-800-770-2030 (access code 8550862) from one hour after the end of the conference call until October 23, 2024. 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 (2), Hamilton, Lawrence, Monroe, Morristown, Pennington, Randolph, Somerset and Williamstown, New Jersey; and Coventry, Devon, Doylestown, Glenn Mills, Lionville, Malvern, 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: 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; 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 effects of the recent turmoil in the banking industry (including the failures of two financial institutions in early 2023); the impact of public health emergencies, such as COVID-19, 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; 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.
_______________
i Return on average tangible equity is a non-U.S. 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-U.S. GAAP financial measure, along with the other non-U.S. GAAP financial measures in this press release, to their comparable U.S. GAAP measures, see the financial reconciliations at the end of this press release.
ii Tangible book value per share is a non-U.S. 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-U.S. GAAP financial measure, along with the other non-U.S. GAAP financial measures in this press release, to their comparable U.S. GAAP measures, see the financial reconciliations at the end of this press release.
iii Tangible stockholders' equity to tangible assets ratio is a non-U.S. 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-U.S. GAAP financial measure, along with the other non-U.S. GAAP financial measures in this press release, to their comparable U.S. 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) | ||||||||
| June 30, 2024 | December 31, 2023 | |||||||
| Assets | ||||||||
| Cash and due from banks | $ | 24,924 | $ | 25,652 | ||||
| Restricted cash | 14,660 | 13,770 | ||||||
| Interest bearing deposits with banks | 201,176 | 188,529 | ||||||
| Cash and cash equivalents | 240,760 | 227,951 | ||||||
| Interest bearing time deposits with banks | 1,241 | 996 | ||||||
| Investment securities available for sale, at fair value | 96,748 | 94,142 | ||||||
| Investment securities held to maturity, net of allowance for credit losses of | 43,813 | 44,059 | ||||||
| Equity securities, at fair value | 1,860 | 1,888 | ||||||
| Restricted investment in bank stocks | 11,594 | 10,469 | ||||||
| Other investments | 10,796 | 9,841 | ||||||
| Loans, net of deferred fees and costs | 2,998,029 | 3,021,501 | ||||||
| Less: Allowance for credit losses | (36,252 | ) | (42,397 | ) | ||||
| Net loans | 2,961,777 | 2,979,104 | ||||||
| Premises and equipment, net | 21,553 | 21,627 | ||||||
| Other real estate owned, net | 6,000 | - | ||||||
| Accrued interest receivable | 14,314 | 14,763 | ||||||
| Bank-owned life insurance | 87,319 | 86,435 | ||||||
| Goodwill | 44,166 | 44,166 | ||||||
| Other intangible assets, net | 9,860 | 10,812 | ||||||
| Deferred income taxes, net | 32,142 | 30,875 | ||||||
| Other assets | 31,788 | 32,199 | ||||||
| Total assets | $ | 3,615,731 | $ | 3,609,327 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Liabilities: | ||||||||
| Non-interest bearing deposits | $ | 499,765 | $ | 501,763 | ||||
| Interest bearing deposits | 2,467,869 | 2,465,806 | ||||||
| Total deposits | 2,967,634 | 2,967,569 | ||||||
| Borrowings | 187,064 | 179,140 | ||||||
| Subordinated debentures | 29,898 | 55,261 | ||||||
| Accrued interest payable | 4,259 | 2,813 | ||||||
| Other liabilities | 34,387 | 33,644 | ||||||
| Total liabilities | 3,223,242 | 3,238,427 | ||||||
| Stockholders' Equity: | ||||||||
| Preferred stock, par value | - | - | ||||||
| Common stock, par value | 135,202 | 134,552 | ||||||
| Additional paid-in capital | 123,353 | 122,881 | ||||||
| Retained earnings | 161,140 | 140,563 | ||||||
| Accumulated other comprehensive loss | (5,828 | ) | (5,718 | ) | ||||
| Treasury stock, 2,181,064 shares at June 30, 2024 and December 31, 2023 | (21,378 | ) | (21,378 | ) | ||||
| Total stockholders' equity | 392,489 | 370,900 | ||||||
| Total liabilities and stockholders' equity | $ | 3,615,731 | $ | 3,609,327 | ||||
| FIRST BANK CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except for share data, unaudited) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Interest and Dividend Income | ||||||||||||||||
| Investment securities—taxable | $ | 1,278 | $ | 955 | $ | 2,460 | $ | 1,977 | ||||||||
| Investment securities—tax-exempt | 36 | 34 | 74 | 72 | ||||||||||||
| Interest bearing deposits with banks, Federal funds sold and other | 3,482 | 2,184 | 6,507 | 3,436 | ||||||||||||
| Loans, including fees | 50,763 | 33,748 | 100,082 | 65,448 | ||||||||||||
| Total interest and dividend income | 55,559 | 36,921 | 109,123 | 70,933 | ||||||||||||
| Interest Expense | ||||||||||||||||
| Deposits | 22,386 | 12,691 | 43,172 | 22,104 | ||||||||||||
| Borrowings | 2,193 | 1,661 | 4,309 | 3,025 | ||||||||||||
| Subordinated debentures | 440 | 441 | 784 | 881 | ||||||||||||
| Total interest expense | 25,019 | 14,793 | 48,265 | 26,010 | ||||||||||||
| Net interest income | 30,540 | 22,128 | 60,858 | 44,923 | ||||||||||||
| Credit loss expense (benefit) | 63 | 496 | (635 | ) | 1,587 | |||||||||||
| Net interest income after credit (benefit) loss expense | 30,477 | 21,632 | 61,493 | 43,336 | ||||||||||||
| Non-Interest Income | ||||||||||||||||
| Service fees on deposit accounts | 350 | 233 | 694 | 461 | ||||||||||||
| Loan fees | 117 | 18 | 219 | 107 | ||||||||||||
| Income from bank-owned life insurance | 609 | 378 | 1,394 | 747 | ||||||||||||
| Losses on sale of investment securities, net | - | - | - | (207 | ) | |||||||||||
| (Losses) gains on sale of loans, net | (900 | ) | 170 | (671 | ) | 311 | ||||||||||
| Gains on recovery of acquired loans | 56 | 14 | 174 | 71 | ||||||||||||
| Other non-interest income | 457 | 315 | 843 | 602 | ||||||||||||
| Total non-interest income | 689 | 1,128 | 2,653 | 2,092 | ||||||||||||
| Non-Interest Expense | ||||||||||||||||
| Salaries and employee benefits | 9,968 | 8,122 | 20,006 | 15,994 | ||||||||||||
| Occupancy and equipment | 2,082 | 1,613 | 4,108 | 3,192 | ||||||||||||
| Legal fees | 240 | 198 | 556 | 401 | ||||||||||||
| Other professional fees | 929 | 598 | 1,685 | 1,249 | ||||||||||||
| Regulatory fees | 640 | 516 | 1,242 | 750 | ||||||||||||
| Directors' fees | 270 | 193 | 512 | 407 | ||||||||||||
| Data processing | 749 | 681 | 1,555 | 1,299 | ||||||||||||
| Marketing and advertising | 377 | 233 | 673 | 473 | ||||||||||||
| Travel and entertainment | 285 | 160 | 529 | 379 | ||||||||||||
| Insurance | 251 | 179 | 495 | 352 | ||||||||||||
| Other real estate owned expense, net | 129 | 20 | 217 | 38 | ||||||||||||
| Merger-related expenses | - | 221 | - | 682 | ||||||||||||
| Other expense | 2,033 | 1,041 | 4,185 | 2,062 | ||||||||||||
| Total non-interest expense | 17,953 | 13,775 | 35,763 | 27,278 | ||||||||||||
| Income Before Income Taxes | 13,213 | 8,985 | 28,383 | 18,150 | ||||||||||||
| Income tax expense | 2,140 | 2,186 | 4,798 | 4,362 | ||||||||||||
| Net Income | $ | 11,073 | $ | 6,799 | $ | 23,585 | $ | 13,788 | ||||||||
| Basic earnings per common share | $ | 0.44 | $ | 0.35 | $ | 0.94 | $ | 0.71 | ||||||||
| Diluted earnings per common share | $ | 0.44 | $ | 0.35 | $ | 0.93 | $ | 0.71 | ||||||||
| Basic weighted average common shares outstanding | 25,129,199 | 19,332,703 | 25,084,558 | 19,417,388 | ||||||||||||
| Diluted weighted average common shares outstanding | 25,258,785 | 19,434,522 | 25,228,888 | 19,546,949 | ||||||||||||
FIRST BANK
AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES
(dollars in thousands, unaudited)
| Three Months Ended June 30, | ||||||||||||||||||||||||
| 2024 | 2023 | |||||||||||||||||||||||
| Average | Average | Average | Average | |||||||||||||||||||||
| Balance | Interest | Rate (5) | Balance | Interest | Rate (5) | |||||||||||||||||||
| Interest earning assets | ||||||||||||||||||||||||
| Investment securities (1) (2) | $ | 146,289 | $ | 1,321 | 3.63 | % | $ | 142,209 | $ | 996 | 2.81 | % | ||||||||||||
| Loans (3) | 2,997,892 | 50,763 | 6.81 | % | 2,397,121 | 33,748 | 5.65 | % | ||||||||||||||||
| Interest bearing deposits with banks, | ||||||||||||||||||||||||
| Federal funds sold and other | 224,503 | 3,101 | 5.56 | % | 152,623 | 1,924 | 5.06 | % | ||||||||||||||||
| Restricted investment in bank stocks | 11,178 | 243 | 8.74 | % | 9,418 | 157 | 6.69 | % | ||||||||||||||||
| Other investments | 12,136 | 138 | 4.57 | % | 8,898 | 103 | 4.64 | % | ||||||||||||||||
| Total interest earning assets (2) | 3,391,998 | 55,566 | 6.59 | % | 2,710,269 | 36,928 | 5.47 | % | ||||||||||||||||
| Allowance for credit losses | (36,784 | ) | (30,315 | ) | ||||||||||||||||||||
| Non-interest earning assets | 263,698 | 145,259 | ||||||||||||||||||||||
| Total assets | $ | 3,618,912 | $ | 2,825,213 | ||||||||||||||||||||
| Interest bearing liabilities | ||||||||||||||||||||||||
| Interest bearing demand deposits | $ | 591,222 | $ | 3,813 | 2.59 | % | $ | 338,392 | $ | 1,475 | 1.75 | % | ||||||||||||
| Money market deposits | 1,061,593 | 10,559 | 4.00 | % | 811,385 | 6,804 | 3.36 | % | ||||||||||||||||
| Savings deposits | 158,158 | 619 | 1.57 | % | 137,830 | 366 | 1.07 | % | ||||||||||||||||
| Time deposits | 678,197 | 7,395 | 4.39 | % | 570,850 | 4,046 | 2.84 | % | ||||||||||||||||
| Total interest bearing deposits | 2,489,170 | 22,386 | 3.62 | % | 1,858,457 | 12,691 | 2.74 | % | ||||||||||||||||
| Borrowings | 171,533 | 2,193 | 5.14 | % | 151,810 | 1,661 | 4.39 | % | ||||||||||||||||
| Subordinated debentures | 29,880 | 440 | 5.89 | % | 29,769 | 441 | 5.93 | % | ||||||||||||||||
| Total interest bearing liabilities | 2,690,583 | 25,019 | 3.74 | % | 2,040,036 | 14,793 | 2.91 | % | ||||||||||||||||
| Non-interest bearing deposits | 497,205 | 462,692 | ||||||||||||||||||||||
| Other liabilities | 44,480 | 26,925 | ||||||||||||||||||||||
| Stockholders' equity | 386,644 | 295,560 | ||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 3,618,912 | $ | 2,825,213 | ||||||||||||||||||||
| Net interest income/interest rate spread (2) | 30,547 | 2.85 | % | 22,135 | 2.56 | % | ||||||||||||||||||
| Net interest margin (2) (4) | 3.62 | % | 3.28 | % | ||||||||||||||||||||
| Tax equivalent adjustment (2) | (7 | ) | (7 | ) | ||||||||||||||||||||
| Net interest income | $ | 30,540 | $ | 22,128 | ||||||||||||||||||||
(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 AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES (dollars in thousands, unaudited) | ||||||||||||||||||||||||
| Six Months Ended June 30, | ||||||||||||||||||||||||
| 2024 | 2023 | |||||||||||||||||||||||
| Average | Average | Average | Average | |||||||||||||||||||||
| Balance | Interest | Rate (5) | Balance | Interest | Rate (5) | |||||||||||||||||||
| Interest earning assets | ||||||||||||||||||||||||
| Investment securities (1) (2) | $ | 146,719 | $ | 2,549 | 3.49 | % | $ | 147,953 | $ | 2,064 | 2.81 | % | ||||||||||||
| Loans (3) | 2,988,707 | 100,082 | 6.73 | % | 2,380,336 | 65,448 | 5.54 | % | ||||||||||||||||
| Interest bearing deposits with banks, | ||||||||||||||||||||||||
| Federal funds sold and other | 213,831 | 5,811 | 5.46 | % | 124,503 | 3,008 | 4.87 | % | ||||||||||||||||
| Restricted investment in bank stocks | 10,800 | 442 | 8.23 | % | 8,841 | 258 | 5.88 | % | ||||||||||||||||
| Other investments | 12,003 | 254 | 4.26 | % | 8,770 | 170 | 3.91 | % | ||||||||||||||||
| Total interest earning assets (2) | 3,372,060 | 109,138 | 6.51 | % | 2,670,403 | 70,948 | 5.36 | % | ||||||||||||||||
| Allowance for credit losses | (37,196 | ) | (29,826 | ) | ||||||||||||||||||||
| Non-interest earning assets | 262,465 | 144,867 | ||||||||||||||||||||||
| Total assets | $ | 3,597,329 | $ | 2,785,444 | ||||||||||||||||||||
| Interest bearing liabilities | ||||||||||||||||||||||||
| Interest bearing demand deposits | $ | 605,081 | $ | 7,479 | 2.49 | % | $ | 328,870 | $ | 2,454 | 1.50 | % | ||||||||||||
| Money market deposits | 1,038,250 | 20,348 | 3.94 | % | 784,089 | 11,791 | 3.03 | % | ||||||||||||||||
| Savings deposits | 160,135 | 1,193 | 1.50 | % | 145,691 | 712 | 0.99 | % | ||||||||||||||||
| Time deposits | 674,872 | 14,152 | 4.22 | % | 552,028 | 7,147 | 2.61 | % | ||||||||||||||||
| Total interest bearing deposits | 2,478,338 | 43,172 | 3.50 | % | 1,810,678 | 22,104 | 2.46 | % | ||||||||||||||||
| Borrowings | 169,337 | 4,309 | 5.12 | % | 141,567 | 3,025 | 4.31 | % | ||||||||||||||||
| Subordinated debentures | 36,175 | 784 | 4.33 | % | 29,756 | 881 | 5.92 | % | ||||||||||||||||
| Total interest bearing liabilities | 2,683,850 | 48,265 | 3.62 | % | 1,982,001 | 26,010 | 2.65 | % | ||||||||||||||||
| Non-interest bearing deposits | 489,353 | 481,237 | ||||||||||||||||||||||
| Other liabilities | 42,534 | 28,330 | ||||||||||||||||||||||
| Stockholders' equity | 381,592 | 293,876 | ||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 3,597,329 | $ | 2,785,444 | ||||||||||||||||||||
| Net interest income/interest rate spread (2) | 60,873 | 2.89 | % | 44,938 | 2.71 | % | ||||||||||||||||||
| Net interest margin (2) (4) | 3.63 | % | 3.39 | % | ||||||||||||||||||||
| Tax equivalent adjustment (2) | (15 | ) | (15 | ) | ||||||||||||||||||||
| Net interest income | $ | 60,858 | $ | 44,923 | ||||||||||||||||||||
(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 | ||||||||||||||||||||
| 6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | ||||||||||||||||
| EARNINGS | ||||||||||||||||||||
| Net interest income | $ | 30,540 | $ | 30,318 | $ | 30,999 | $ | 28,594 | $ | 22,128 | ||||||||||
| Credit loss expense | 63 | (698 | ) | (294 | ) | 6,650 | 496 | |||||||||||||
| Non-interest income | 689 | 1,964 | (3,000 | ) | 193 | 1,128 | ||||||||||||||
| Non-interest expense | 17,953 | 17,810 | 17,936 | 23,486 | 13,775 | |||||||||||||||
| Income tax expense | 2,140 | 2,658 | 1,977 | (78 | ) | 2,186 | ||||||||||||||
| Net income | 11,073 | 12,512 | 8,380 | (1,271 | ) | 6,799 | ||||||||||||||
| PERFORMANCE RATIOS | ||||||||||||||||||||
| Return on average assets (1) | 1.23 | % | 1.41 | % | 0.93 | % | (0.14 | %) | 0.97 | % | ||||||||||
| Adjusted return on average assets (1) (2) | 1.31 | % | 1.39 | % | 1.38 | % | 1.07 | % | 0.97 | % | ||||||||||
| Return on average equity (1) | 11.52 | % | 13.36 | % | 9.06 | % | (1.43 | %) | 9.23 | % | ||||||||||
| Adjusted return on average equity (1) (2) | 12.26 | % | 13.17 | % | 13.38 | % | 10.75 | % | 9.28 | % | ||||||||||
| Return on average tangible equity (1) (2) | 13.40 | % | 15.64 | % | 10.67 | % | (1.66 | %) | 9.87 | % | ||||||||||
| Adjusted return on average tangible equity (1) (2) | 14.26 | % | 15.41 | % | 15.75 | % | 12.50 | % | 9.93 | % | ||||||||||
| Net interest margin (1) (3) | 3.62 | % | 3.64 | % | 3.68 | % | 3.36 | % | 3.28 | % | ||||||||||
| Yield on loans (1) | 6.81 | % | 6.66 | % | 6.49 | % | 6.09 | % | 5.65 | % | ||||||||||
| Total cost of deposits (1) | 3.01 | % | 2.83 | % | 2.63 | % | 2.47 | % | 2.19 | % | ||||||||||
| Efficiency ratio (2) | 55.88 | % | 55.56 | % | 53.79 | % | 54.83 | % | 58.71 | % | ||||||||||
| SHARE DATA | ||||||||||||||||||||
| Common shares outstanding | 25,144,983 | 25,096,449 | 24,968,122 | 24,926,919 | 19,041,343 | |||||||||||||||
| Basic earnings per share | $ | 0.44 | $ | 0.50 | $ | 0.34 | $ | (0.05 | ) | $ | 0.35 | |||||||||
| Diluted earnings per share | 0.44 | 0.50 | 0.33 | (0.05 | ) | 0.35 | ||||||||||||||
| Adjusted diluted earnings per share (2) | 0.47 | 0.49 | 0.49 | 0.40 | 0.35 | |||||||||||||||
| Book value per share | 15.61 | 15.23 | 14.85 | 14.48 | 15.45 | |||||||||||||||
| Tangible book value per share (2) | 13.46 | 13.06 | 12.65 | 12.26 | 14.44 | |||||||||||||||
| MARKET DATA | ||||||||||||||||||||
| Market value per share | $ | 12.74 | $ | 13.74 | $ | 14.70 | $ | 10.78 | $ | 10.38 | ||||||||||
| Market value / Tangible book value | 94.65 | % | 105.20 | % | 116.18 | % | 87.96 | % | 71.91 | % | ||||||||||
| Market capitalization | $ | 320,347 | $ | 344,825 | $ | 367,031 | $ | 268,712 | $ | 197,649 | ||||||||||
| CAPITAL & LIQUIDITY | ||||||||||||||||||||
| Stockholders' equity / assets | 10.86 | % | 10.64 | % | 10.28 | % | 10.15 | % | 10.23 | % | ||||||||||
| Tangible stockholders' equity / tangible assets (2) | 9.50 | % | 9.27 | % | 8.89 | % | 8.72 | % | 9.63 | % | ||||||||||
| Loans / deposits | 101.02 | % | 100.75 | % | 101.82 | % | 101.80 | % | 101.53 | % | ||||||||||
| ASSET QUALITY | ||||||||||||||||||||
| Net charge-offs (recoveries) | $ | 175 | $ | 5,293 | $ | 209 | $ | 1,122 | $ | (109 | ) | |||||||||
| Net charge-offs (recoveries), excluding PCD loan charge-off (5) | 175 | (201 | ) | 209 | $ | 1,122 | $ | (109 | ) | |||||||||||
| Nonperforming loans | 14,227 | 17,054 | 24,989 | 24,158 | 10,342 | |||||||||||||||
| Nonperforming assets | 20,227 | 23,053 | 24,989 | 24,158 | 10,342 | |||||||||||||||
| Net charge offs (recoveries) / average loans (1) | 0.02 | % | 0.72 | % | 0.03 | % | 0.15 | % | (0.02 | %) | ||||||||||
| Net charge offs (recoveries), excluding PCD loan charge-off / average loans (1) (5) | 0.02 | % | (0.03 | %) | 0.03 | % | 0.15 | % | (0.02 | %) | ||||||||||
| Nonperforming loans / total loans | 0.47 | % | 0.57 | % | 0.83 | % | 0.80 | % | 0.42 | % | ||||||||||
| Nonperforming assets / total assets | 0.56 | % | 0.64 | % | 0.69 | % | 0.68 | % | 0.36 | % | ||||||||||
| Allowance for credit losses on loans / total loans | 1.21 | % | 1.22 | % | 1.40 | % | 1.42 | % | 1.25 | % | ||||||||||
| Allowance for credit losses on loans / nonperforming loans | 254.81 | % | 213.42 | % | 169.66 | % | 177.50 | % | 294.44 | % | ||||||||||
| OTHER DATA | ||||||||||||||||||||
| Total assets | $ | 3,615,731 | $ | 3,591,398 | $ | 3,609,327 | $ | 3,558,426 | $ | 2,874,425 | ||||||||||
| Total loans | 2,998,029 | 2,992,423 | 3,021,501 | 3,020,778 | 2,436,708 | |||||||||||||||
| Total deposits | 2,967,634 | 2,970,262 | 2,967,569 | 2,967,455 | 2,399,900 | |||||||||||||||
| Total stockholders' equity | 392,489 | 382,254 | 370,900 | 361,037 | 294,161 | |||||||||||||||
| Number of full-time equivalent employees (4) | 294 | 288 | 286 | 286 | 261 | |||||||||||||||
(1) Annualized.
(2) Non-U.S. GAAP financial measure that we believe provides management and investors with information that is useful in understanding our financial performance and condition. See accompanying table, "Non-U.S. GAAP Financial Measures," for calculation and reconciliation.
(3) Tax equivalent using a federal income tax rate of
(4) Includes 5 full-time equivalent seasonal interns as of June 30, 2023.
(5) Excludes
| FIRST BANK QUARTERLY FINANCIAL HIGHLIGHTS (dollars in thousands, unaudited) | ||||||||||||||||||||
| As of the Quarter Ended | ||||||||||||||||||||
| 6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | ||||||||||||||||
| LOAN COMPOSITION | ||||||||||||||||||||
| Commercial and industrial | $ | 530,996 | $ | 508,911 | $ | 506,849 | $ | 478,120 | $ | 419,836 | ||||||||||
| Commercial real estate: | ||||||||||||||||||||
| Owner-occupied | 647,625 | 625,643 | 612,352 | 607,888 | 560,878 | |||||||||||||||
| Investor | 1,143,954 | 1,172,311 | 1,221,702 | 1,269,134 | 965,339 | |||||||||||||||
| Construction and development | 190,108 | 184,816 | 186,829 | 168,192 | 136,615 | |||||||||||||||
| Multi-family | 270,238 | 279,668 | 271,058 | 275,825 | 223,784 | |||||||||||||||
| Total commercial real estate | 2,251,925 | 2,262,438 | 2,291,941 | 2,321,039 | 1,886,616 | |||||||||||||||
| Residential real estate: | ||||||||||||||||||||
| Residential mortgage and first lien home equity loans | 144,978 | 154,704 | 156,024 | 158,487 | 91,260 | |||||||||||||||
| Home equity–second lien loans and revolving lines of credit | 46,882 | 45,869 | 44,698 | 46,239 | 29,983 | |||||||||||||||
| Total residential real estate | 191,860 | 200,573 | 200,722 | 204,726 | 121,243 | |||||||||||||||
| Consumer and other | 26,321 | 23,702 | 25,343 | 20,208 | 12,514 | |||||||||||||||
| Total loans prior to deferred loan fees and costs | 3,001,102 | 2,995,624 | 3,024,855 | 3,024,093 | 2,440,209 | |||||||||||||||
| Net deferred loan fees and costs | (3,073 | ) | (3,201 | ) | (3,354 | ) | (3,315 | ) | (3,501 | ) | ||||||||||
| Total loans | $ | 2,998,029 | $ | 2,992,423 | $ | 3,021,501 | $ | 3,020,778 | $ | 2,436,708 | ||||||||||
| LOAN MIX | ||||||||||||||||||||
| Commercial and industrial | 17.7 | % | 17.0 | % | 16.8 | % | 15.8 | % | 17.2 | % | ||||||||||
| Commercial real estate: | ||||||||||||||||||||
| Owner-occupied | 21.6 | % | 20.9 | % | 20.3 | % | 20.1 | % | 23.0 | % | ||||||||||
| Investor | 38.2 | % | 39.2 | % | 40.4 | % | 42.0 | % | 39.6 | % | ||||||||||
| Construction and development | 6.3 | % | 6.2 | % | 6.2 | % | 5.6 | % | 5.6 | % | ||||||||||
| Multi-family | 9.0 | % | 9.3 | % | 9.0 | % | 9.1 | % | 9.2 | % | ||||||||||
| Total commercial real estate | 75.1 | % | 75.6 | % | 75.9 | % | 76.8 | % | 77.4 | % | ||||||||||
| Residential real estate: | ||||||||||||||||||||
| Residential mortgage and first lien home equity loans | 4.8 | % | 5.2 | % | 5.1 | % | 5.3 | % | 3.8 | % | ||||||||||
| Home equity–second lien loans and revolving lines of credit | 1.6 | % | 1.5 | % | 1.5 | % | 1.5 | % | 1.2 | % | ||||||||||
| Total residential real estate | 6.4 | % | 6.7 | % | 6.6 | % | 6.8 | % | 5.0 | % | ||||||||||
| Consumer and other | 0.9 | % | 0.8 | % | 0.8 | % | 0.7 | % | 0.5 | % | ||||||||||
| Net deferred loan fees and costs | (0.1 | %) | (0.1 | %) | (0.1 | %) | (0.1 | %) | (0.1 | %) | ||||||||||
| Total loans | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||
| FIRST BANK QUARTERLY FINANCIAL HIGHLIGHTS (dollars in thousands, unaudited) | ||||||||||||||||||||
| As of the Quarter Ended | ||||||||||||||||||||
| 6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | ||||||||||||||||
| DEPOSIT COMPOSITION | ||||||||||||||||||||
| Non-interest bearing demand deposits | $ | 499,765 | $ | 470,749 | $ | 501,763 | $ | 493,703 | $ | 476,733 | ||||||||||
| Interest bearing demand deposits | 574,515 | 580,864 | 629,110 | 623,338 | 376,948 | |||||||||||||||
| Money market and savings deposits | 1,199,382 | 1,219,634 | 1,171,440 | 1,228,832 | 979,524 | |||||||||||||||
| Time deposits | 693,972 | 699,015 | 665,256 | 621,582 | 566,695 | |||||||||||||||
| Total Deposits | $ | 2,967,634 | $ | 2,970,262 | $ | 2,967,569 | $ | 2,967,455 | $ | 2,399,900 | ||||||||||
| DEPOSIT MIX | ||||||||||||||||||||
| Non-interest bearing demand deposits | 16.8 | % | 15.8 | % | 16.9 | % | 16.6 | % | 19.9 | % | ||||||||||
| Interest bearing demand deposits | 19.4 | % | 19.6 | % | 21.2 | % | 21.0 | % | 15.7 | % | ||||||||||
| Money market and savings deposits | 40.4 | % | 41.1 | % | 39.5 | % | 41.4 | % | 40.8 | % | ||||||||||
| Time deposits | 23.4 | % | 23.5 | % | 22.4 | % | 21.0 | % | 23.6 | % | ||||||||||
| Total Deposits | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||
| FIRST BANK NON-U.S. GAAP FINANCIAL MEASURES (in thousands, except for share data, unaudited) | ||||||||||||||||||||
| As of or For the Quarter Ended | ||||||||||||||||||||
| 6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | ||||||||||||||||
| Return on Average Tangible Equity | ||||||||||||||||||||
| Net income (numerator) | $ | 11,073 | $ | 12,512 | $ | 8,380 | $ | (1,271 | ) | $ | 6,799 | |||||||||
| Average stockholders' equity | $ | 386,644 | $ | 376,542 | $ | 366,950 | $ | 353,372 | $ | 295,560 | ||||||||||
| Less: Average Goodwill and other intangible assets, net | 54,347 | 54,790 | 55,324 | 49,491 | 19,324 | |||||||||||||||
| Average Tangible stockholders' equity (denominator) | $ | 332,297 | $ | 321,752 | $ | 311,626 | $ | 303,881 | $ | 276,236 | ||||||||||
| Return on Average Tangible equity (1) | 13.40 | % | 15.64 | % | 10.67 | % | -1.66 | % | 9.87 | % | ||||||||||
| Tangible Book Value Per Share | ||||||||||||||||||||
| Stockholders' equity | $ | 392,489 | $ | 382,254 | $ | 370,900 | $ | 361,037 | $ | 294,161 | ||||||||||
| Less: Goodwill and other intangible assets, net | 54,026 | 54,483 | 54,978 | 55,554 | 19,289 | |||||||||||||||
| Tangible stockholders' equity (numerator) | $ | 338,463 | $ | 327,771 | $ | 315,922 | $ | 305,483 | $ | 274,872 | ||||||||||
| Common shares outstanding (denominator) | 25,144,983 | 25,096,449 | 24,968,122 | 24,926,919 | 19,041,343 | |||||||||||||||
| Tangible book value per share | $ | 13.46 | $ | 13.06 | $ | 12.65 | $ | 12.26 | $ | 14.44 | ||||||||||
| Tangible Equity / Tangible Assets | ||||||||||||||||||||
| Stockholders' equity | $ | 392,489 | $ | 382,254 | $ | 370,900 | $ | 361,037 | $ | 294,161 | ||||||||||
| Less: Goodwill and other intangible assets, net | 54,026 | 54,483 | 54,978 | 55,554 | 19,289 | |||||||||||||||
| Tangible stockholders' equity (numerator) | $ | 338,463 | $ | 327,771 | $ | 315,922 | $ | 305,483 | $ | 274,872 | ||||||||||
| Total assets | $ | 3,615,731 | $ | 3,591,398 | $ | 3,609,327 | $ | 3,558,426 | $ | 2,874,425 | ||||||||||
| Less: Goodwill and other intangible assets, net | 54,026 | 54,483 | 54,978 | 55,554 | 19,289 | |||||||||||||||
| Tangible total assets (denominator) | $ | 3,561,705 | $ | 3,536,915 | $ | 3,554,349 | $ | 3,502,872 | $ | 2,855,136 | ||||||||||
| Tangible stockholders' equity / tangible assets | 9.50 | % | 9.27 | % | 8.89 | % | 8.72 | % | 9.63 | % | ||||||||||
| Efficiency Ratio | ||||||||||||||||||||
| Non-interest expense | $ | 17,953 | $ | 17,810 | $ | 17,936 | $ | 23,486 | $ | 13,775 | ||||||||||
| Less: Merger-related expenses | - | - | 338 | 7,028 | 221 | |||||||||||||||
| Adjusted non-interest expense (numerator) | $ | 17,953 | $ | 17,810 | $ | 17,598 | $ | 16,458 | $ | 13,554 | ||||||||||
| Net interest income | $ | 30,540 | $ | 30,318 | $ | 30,999 | $ | 28,594 | $ | 22,128 | ||||||||||
| Non-interest income | 689 | 1,964 | (3,000 | ) | 193 | 1,128 | ||||||||||||||
| Total revenue | 31,229 | 32,282 | 27,999 | 28,787 | 23,256 | |||||||||||||||
| Add: Losses on sale of investment securities, net | - | - | 916 | 527 | - | |||||||||||||||
| Add (subtract): Losses (gains) on sale of loans, net | 900 | (229 | ) | 3,799 | 704 | (170 | ) | |||||||||||||
| Adjusted total revenue (denominator) | $ | 32,129 | $ | 32,053 | $ | 32,714 | $ | 30,018 | $ | 23,086 | ||||||||||
| Efficiency ratio | 55.88 | % | 55.56 | % | 53.79 | % | 54.83 | % | 58.71 | % | ||||||||||
(1) Annualized.
FIRST BANK
NON-U.S. GAAP FINANCIAL MEASURES
(dollars in thousands, except for share data, unaudited)
| For the Quarter Ended | ||||||||||||||||||||
| 6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | ||||||||||||||||
| Adjusted diluted earnings per share, | ||||||||||||||||||||
| Adjusted return on average assets, and | ||||||||||||||||||||
| Adjusted return on average equity | ||||||||||||||||||||
| Net income | $ | 11,073 | $ | 12,512 | $ | 8,380 | $ | (1,271 | ) | $ | 6,799 | |||||||||
| Add: Merger-related expenses(1) | - | - | 267 | 5,552 | 175 | |||||||||||||||
| Add: Credit loss expense on acquired loan portfolio(1) | - | - | - | 4,323 | - | |||||||||||||||
| Add (subtract): Losses (gains) on sale of loans, net(1) | 711 | (181 | ) | 3,001 | 556 | (134 | ) | |||||||||||||
| Add: Losses on sale of investment securities, net(1) | - | - | 724 | 416 | - | |||||||||||||||
| Adjusted net income | $ | 11,784 | $ | 12,331 | $ | 12,372 | $ | 9,576 | $ | 6,839 | ||||||||||
| Diluted weighted average common shares outstanding | 25,258,785 | 25,199,381 | 25,089,495 | 24,029,910 | 19,434,522 | |||||||||||||||
| Average assets | $ | 3,618,912 | $ | 3,575,748 | $ | 3,561,261 | $ | 3,565,350 | $ | 2,825,213 | ||||||||||
| Average equity | $ | 386,644 | $ | 376,542 | $ | 366,950 | $ | 353,372 | $ | 295,560 | ||||||||||
| Average Tangible Equity | $ | 332,297 | $ | 321,752 | $ | 311,626 | $ | 303,881 | $ | 276,236 | ||||||||||
| Adjusted diluted earnings per share | $ | 0.47 | $ | 0.49 | $ | 0.49 | $ | 0.40 | $ | 0.35 | ||||||||||
| Adjusted return on average assets (2) | 1.31 | % | 1.39 | % | 1.38 | % | 1.07 | % | 0.97 | % | ||||||||||
| Adjusted return on average equity (2) | 12.26 | % | 13.17 | % | 13.38 | % | 10.75 | % | 9.28 | % | ||||||||||
| Adjusted return on average tangible equity (2) | 14.26 | % | 15.41 | % | 15.75 | % | 12.50 | % | 9.93 | % | ||||||||||
(1) Items are tax-effected using a federal income tax rate of
(2) Annualized.
CONTACT: Andrew Hibshman, Chief Financial Officer
(609) 643-0058, andrew.hibshman@firstbanknj.com
FAQ
What was First Bank's (FRBA) net income for Q2 2024?
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