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First Bank Announces Third Quarter 2024 Net Income of $8.2 Million

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First Bank (FRBA) reported Q3 2024 net income of $8.2 million, or $0.32 per diluted share, compared to a net loss of $1.3 million in Q3 2023. Total loans grew to $3.09 billion, increasing 11.9% annualized from Q2 2024, while deposits reached $3.05 billion, up 11.1% annualized. The bank's tangible book value per share increased to $13.84, growing 11.2% annualized. Asset quality remained strong with nonperforming assets decreasing to 0.47% of total assets. The bank completed strategic initiatives including investment securities sales and BOLI portfolio restructuring, maintaining an efficiency ratio below 60% for the 21st consecutive quarter.

First Bank (FRBA) ha riportato un utile netto per il terzo trimestre del 2024 di 8,2 milioni di dollari, ovvero 0,32 dollari per azione diluita, rispetto a una perdita netta di 1,3 milioni di dollari nel terzo trimestre del 2023. I prestiti totali sono aumentati a 3,09 miliardi di dollari, con una crescita annualizzata dell'11,9% rispetto al secondo trimestre del 2024, mentre i depositi hanno raggiunto 3,05 miliardi di dollari, in aumento dell'11,1% annualizzato. Il valore contabile tangibile per azione della banca è aumentato a 13,84 dollari, crescendo dell'11,2% annualizzato. La qualità degli attivi è rimasta forte con la riduzione degli attivi non performanti allo 0,47% degli attivi totali. La banca ha completato iniziative strategiche tra cui la vendita di titoli di investimento e la ristrutturazione del portafoglio BOLI, mantenendo un rapporto di efficienza inferiore al 60% per il ventunesimo trimestre consecutivo.

First Bank (FRBA) reportó una utilidad neta para el tercer trimestre de 2024 de 8,2 millones de dólares, o 0,32 dólares por acción diluida, en comparación con una pérdida neta de 1,3 millones de dólares en el tercer trimestre de 2023. Los préstamos totales crecieron a 3,09 mil millones de dólares, aumentando un 11,9% anualizado desde el segundo trimestre de 2024, mientras que los depósitos alcanzaron 3,05 mil millones de dólares, un aumento del 11,1% anualizado. El valor contable tangible de la acción del banco aumentó a 13,84 dólares, creciendo un 11,2% anualizado. La calidad de los activos se mantuvo sólida, con los activos no productivos disminuyendo al 0,47% de los activos totales. El banco completó iniciativas estratégicas, incluyendo la venta de valores de inversión y la reestructuración de la cartera BOLI, manteniendo una relación de eficiencia por debajo del 60% durante el vigésimo primer trimestre consecutivo.

퍼스트 뱅크 (FRBA)는 2024년 3분기 순이익이 820만 달러, 즉 희석 주당 0.32달러로 보고되었으며, 이는 2023년 3분기 순손실 130만 달러와 비교됩니다. 총 대출은 30억 9천만 달러로 증가하여 2024년 2분기 대비 연율 11.9% 증가하였고, 예금은 30억 5천만 달러에 도달하여 연율 11.1% 증가하였습니다. 은행의 주당 유산 가치가 13.84달러로 증가했으며, 연율 11.2% 성장하였습니다. 자산 품질은 여전히 강력하여 부실 자산 비율이 총 자산의 0.47%로 감소하였습니다. 이 은행은 투자 증권 판매 및 BOLI 포트폴리오 리구성을 포함한 전략적 이니셔티브를 완료하였으며, 21분기 연속으로 효율성 비율이 60% 이하를 유지하고 있습니다.

First Bank (FRBA) a déclaré un bénéfice net pour le troisième trimestre 2024 de 8,2 millions de dollars, soit 0,32 dollar par action diluée, contre une perte nette de 1,3 million de dollars au troisième trimestre 2023. Le total des prêts a augmenté pour atteindre 3,09 milliards de dollars, ce qui représente une augmentation annualisée de 11,9% par rapport au deuxième trimestre 2024, tandis que les dépôts ont atteint 3,05 milliards de dollars, en hausse de 11,1% annualisé. La valeur comptable tangible par action de la banque a augmenté à 13,84 dollars, avec une croissance annualisée de 11,2%. La qualité des actifs est restée solide avec une diminution des actifs non performants à 0,47% des actifs totaux. La banque a réalisé des initiatives stratégiques, comprenant la vente de titres d'investissement et la restructuration du portefeuille BOLI, maintenant un ratio d'efficacité inférieur à 60% pour le vingt et unième trimestre consécutif.

First Bank (FRBA) meldete im dritten Quartal 2024 einen Nettogewinn von 8,2 Millionen Dollar, was 0,32 Dollar pro verwässerter Aktie entspricht, im Vergleich zu einem Nettoverlust von 1,3 Millionen Dollar im dritten Quartal 2023. Die Gesamtdarlehen stiegen auf 3,09 Milliarden Dollar, was einer annualisierten Steigerung von 11,9% gegenüber dem zweiten Quartal 2024 entspricht, während die Einlagen 3,05 Milliarden Dollar erreichten, was einer annualisierten Steigerung von 11,1% entspricht. Der tangible Buchwert pro Aktie der Bank stieg auf 13,84 Dollar, was einer annualisierten Steigerung von 11,2% entspricht. Die Asset-Qualität blieb stark, mit einem Rückgang der nicht leistungsfähigen Vermögenswerte auf 0,47% der gesamten Vermögenswerte. Die Bank hat strategische Initiativen abgeschlossen, darunter den Verkauf von Investitionswertpapieren und die Neugestaltung des BOLI-Portfolios, und hält das Effizienzverhältnis seit dem einundzwanzigsten Quartal in Folge unter 60%.

Positive
  • Net income improved to $8.2 million from a loss of $1.3 million YoY
  • Strong loan growth of 11.9% annualized to $3.09 billion
  • Solid deposit growth of 11.1% annualized to $3.05 billion
  • Tangible book value per share increased 11.2% annualized to $13.84
  • Improved asset quality with nonperforming assets decreasing to 0.47%
Negative
  • Net interest income decreased $446,000 (1.5%) from Q2 2024
  • Net interest margin declined 13 basis points from Q2 2024
  • Higher credit loss expense of $1.6 million vs $63,000 in Q2 2024
  • Increased effective tax rate of 33.9% vs 16.2% in Q2 2024

Insights

The Q3 2024 results show a significant turnaround from the $1.3 million loss in Q3 2023, with net income reaching $8.2 million ($0.32 per diluted share). Key performance metrics include:

  • Strong loan growth of $89.5 million (11.9% annualized)
  • Deposit growth of $82.4 million (11.1% annualized)
  • Improved asset quality with nonperforming assets decreasing to 0.47% of total assets
  • Tangible book value per share growth of 11.2% annualized to $13.84

The bank's strategic initiatives, including BOLI restructuring and investment securities sales, demonstrate proactive balance sheet management. The newly approved share repurchase program for up to 1 million shares (max $16 million) signals management's confidence in the bank's financial position and commitment to shareholder returns.

Asset quality metrics remain robust with total nonperforming loans decreasing significantly from $25.0 million to $12.0 million over nine months. The allowance for credit losses ratio stands at 1.21%, reflecting stable credit quality despite economic uncertainties. The bank maintains strong capital ratios, with Tier 1 Leverage at 9.53% and Total Risk-Based capital at 11.55%, well above regulatory requirements. The diversified loan portfolio growth, particularly in C&I and owner-occupied CRE, indicates a strategic shift toward relationship-based lending while managing exposure to higher-risk sectors.

Results reflect strong loan and deposit growth, solid asset quality, and balance sheet optimization initiatives

HAMILTON, N.J., Oct. 23, 2024 (GLOBE NEWSWIRE) -- First Bank (Nasdaq Global Market: FRBA) (the Bank) today announced results for the third quarter of 2024. Net income for the third quarter of 2024 was $8.2 million, or $0.32 per diluted share. Return on average assets, return on average equity and return on average tangible equity[i] for the third quarter of 2024 were 0.88%, 8.15% and 9.42%, respectively. The Bank recorded a net loss of $1.3 million, or a loss of $0.05 per diluted share, and losses on average assets, equity, and tangible equityi of 0.14%, 1.43%, and 1.66%, respectively, for the third quarter of 2023. Financial results for the third quarter of 2023 were negatively impacted by the Malvern Bancorp acquisition, completed in July 2023, primarily due to the merger-related expenses and the initial credit loss expense on acquired loans.

Third Quarter 2024 Performance Highlights:

  • Total loans of $3.09 billion at September 30, 2024 grew $89.5 million, or 11.9%, annualized, from the linked quarter ended June 30, 2024. Loan growth occurred late in the quarter, which is reflected in average loan balance increase of only $12.2 million during the quarter ended September 30, 2024. The growth was primarily driven by $56.9 million expansion within the Commercial and Industrial and Owner-occupied commercial real estate loan categories.
  • Total deposits of $3.05 billion at September 30, 2024 grew $82.4 million, or 11.1%, annualized, from the linked quarter. Growth occurred across all deposit categories, as non-interest bearing demand, interest bearing demand, money market and savings, and time deposits increased $19.3 million, $23.3 million, $36.3 million, and $3.6 million, respectively, from the second quarter of 2024.
  • Tangible book value per share[ii] grew to $13.84 at September 30, 2024, increasing 11.2%, annualized, from $13.46 at June 30, 2024.
  • The Bank continued to prioritize balance sheet efficiency, selling approximately $11.7 million of investment securities during the quarter ended September 30, 2024 which resulted in a $555,000 net loss on the sale of investments during the quarter. The Bank also completed a restructuring of its bank-owned life insurance (BOLI) portfolio during the quarter which resulted in approximately $24 million in terminated policies and the acquisition of approximately $20 million in new policies. As a result of the restructure, the Bank recorded a $1.1 million enhancement to the cash surrender value and recognized additional income tax expense totaling $1.2 million.
  • Strong asset quality continued, with nonperforming assets decreasing by 9 basis points to 0.47% of total assets at September 30, 2024 from 0.56% at June 30, 2024.

Patrick L. Ryan, President and CEO of First Bank, reflected on the Bank’s performance, stating, “First Bank’s outstanding third quarter growth is an outcome of a well-executed long-term strategy. We have worked to build teams, products, and operating structures that promote quality growth over the long term, and the results are evident. Our teams added high-quality loans and deposits across all categories. We also continued to optimize the Bank’s efficiency as our efficiency ratio[iii] remained below 60% for the 21st consecutive quarter. We continued to enact strategies to enhance future profitability and complement our organic growth efforts including ongoing balance sheet restructuring through the sale of certain lower-yielding investment securities, and we opportunistically restructured our BOLI policies during the quarter, an initiative that will be accretive to future earnings. The current quarter highlighted our efforts to build our core community banking customer base while we expand our specialty banking teams and continued investment in technology to improve the customer experience.”   

Mr. Ryan added, “We are pleased with our ability to generate solid returns for our shareholders, including this quarter’s 11% annualized growth in tangible book value per share. We continue to explore a variety of opportunities to drive future earnings. Our recent receipt of regulatory approval to initiate stock repurchases also adds to our toolkit of options to support continued and growing returns for our shareholders.”

Income Statement

In the third quarter of 2024, the Bank’s net interest income increased to $30.1 million, growing $1.5 million, or 5.2%, compared to the same period in 2023. The increase was primarily due to net interest margin expansion in the third quarter of 2024 compared to the third quarter of 2023. Net interest income decreased $446,000, or 1.5%, from the linked second quarter of 2024. The modest decrease was primarily due to net interest margin compression and the timing of our loan growth, which occurred late in the third quarter, limiting interest income received during the quarter. During the third quarter, a $606,000 increase in interest income compared to the second quarter of 2024 was primarily related to higher earning asset balances, which was offset by a $1.1 million increase in interest expense, resulting from increased deposit costs and a higher level of average borrowings.

The Bank’s tax equivalent net interest margin of 3.49% for the third quarter of 2024 represented an increase of 13 basis points from the quarter ended September 30, 2023 and a decrease of 13 basis points from the linked quarter ended June 30, 2024. The Bank’s tax equivalent net interest margin includes the impact of amortization and accretion of premiums and discounts from fair value measurements of assets acquired and liabilities assumed in acquisitions. Amortization of premiums and accretion of discounts from fair value measurements of assets acquired and liabilities assumed in acquisitions totaled $3.4 million during the third quarter of 2024, compared to $2.7 million for the quarter ended September 30, 2023 and $3.6 million for the quarter ended June 30, 2024. The Bank’s net interest margin declined compared to the linked second quarter due to lower acquisition accounting accretion income, increased levels of average borrowings, lower average loan yields, and higher interest bearing deposit costs.

The Bank recorded a credit loss expense totaling $1.6 million during the third quarter of 2024, compared to $63,000 recorded during the second quarter of 2024 and $6.7 million recorded for the third quarter of 2023. The Bank’s credit loss expense for the third quarter of 2024 was commensurate with robust organic loan growth during the quarter and continued to reflect strong and stable asset quality. Credit loss expense for the third quarter of 2023 included a $5.5 million credit loss recorded to establish the allowance for credit losses on the acquired Malvern loan portfolio.

In the third quarter of 2024, the Bank recorded non-interest income of $2.5 million, compared to $193,000 during the same period in 2023 and $689,000 in the second quarter of 2024. The increase in non-interest income was primarily related to approximately $1.1 million in one-time enhancement to the cash surrender value of BOLI that resulted from the aforementioned BOLI restructuring transaction during the quarter, as well as higher yields earned on the new BOLI policies purchased during the quarter. Additionally, the Bank recorded $135,000 in net gains on the sale of loans during third quarter 2024, compared to net losses on the sale of loans totaling $900,000 and $704,000 in the linked and prior year quarters, respectively. This was partially offset by $555,000 in net losses on the sale of investment securities during third quarter 2024, while no investment securities sales were executed in the linked quarter, and $527,000 in net losses were recognized during the third quarter of 2023.

Non-interest expense for the third quarter of 2024 was $18.6 million, a decrease of $4.8 million, or 20.6%, compared to $23.4 million for the prior year quarter. Lower non-interest expense was largely due to $7.0 million in merger-related expenses recorded during the third quarter of 2023. Excluding merger-related expenses, non-interest expense grew $2.2 million, or 13.3%, including an increase of $849,000 in salaries and employee benefits due to merit increases and a larger employee base. Other real estate owned (OREO) expense totaled $662,000 during third quarter 2024, with no similar expense recorded in third quarter 2023. The increase reflects a $363,000 impairment of an OREO asset along with other legal and real estate tax expenses recorded during the quarter. Additionally, other professional fees increased $312,000 primarily related to increases in personnel placement costs, consulting fees, and tax services.

On a linked quarter basis, non-interest expense increased $691,000, or 3.8%, from $18.0 million for the second quarter of 2024. The largest impact on expenses compared to the linked quarter is the aforementioned $363,000 OREO impairment expense during third quarter 2024. Salaries and employee benefits expense increased by $207,000 primarily due to a larger employee base. These were partially offset by modest decreases in marketing and advertising costs, as well as travel and entertainment expenses.

Income tax expense for the three months ended September 30, 2024 was $4.2 million with an effective tax rate of 33.9%, compared to an income tax benefit of $78,000 for the third quarter of 2023 and an income tax expense of $2.1 million with an effective tax rate of 16.2% for the second quarter of 2024. The effective tax rate for the third quarter of 2024 included approximately $1.2 million of tax expense recorded related to the BOLI restructuring. Excluding this impact, the effective tax rate would have been approximately 24% for the third quarter of 2024. The effective tax rate for the second quarter of 2024 was lower compared to the first quarter due to the recently enacted New Jersey Corporate Transit Fee, which resulted in a change in tax rate and a revaluation of the Bank’s deferred tax assets. A tax benefit of $1.1 million was booked as a discrete item in the second quarter for this change in tax rate.  With the expected negative ongoing impact of the New Jersey Corporate Transit Fee, we anticipate our future effective tax rate will range between 24% and 25%.

Balance Sheet

Total assets increased $148.3 million, or 4.1%, from December 31, 2023 to September 30, 2024. Total loans increased $66.0 million, or 2.2%, from December 31, 2023 to September 30, 2024. Growth totaling $116.3 million across the owner-occupied commercial real estate and commercial and industrial loan portfolios was partially offset by a decline of commercial investor real estate loans totaling $47.8 million, including multi-family and construction and development, during the first nine months of 2024. The Bank continues to prioritize relationship-based commercial and industrial lending while actively managing our exposure in investor real estate lending.

Total assets grew $141.9 million, or 15.6% annualized, during the quarter ended September 30, 2024. Growth included an increase of $71.5 million in cash and cash equivalents related to the opportunistic addition of FHLB advances when interest rates declined during the quarter. Total loans increased by $89.5 million, or 11.9%, annualized, during the quarter ended September 30, 2024. Growth across the owner-occupied commercial real estate and commercial and industrial loan portfolios totaled $56.9 million, while commercial investor real estate loans, including multi-family and construction and development, grew $27.5 million, and consumer and residential real estate loans grew $5.2 million.

Total deposits increased by $82.4 million, or 11.1% annualized, during the quarter ended September 30, 2024. Growth occurred across all categories, with non-interest bearing demand, interest bearing demand, money market and savings, and time deposits increasing $19.3 million, $23.3 million, $36.3 million, and $3.6 million, respectively, from the second quarter of 2024. Our team continued to focus on attracting new deposit relationships while maintaining existing core balances.

Nearly all of the Bank’s deposit growth for the first nine months of 2024 occurred during the quarter ended September 30, 2024. We also experienced a slight shift in the mix of customer balances over the nine-month period. The Bank grew non-interest bearing demand deposits by $17.3 million in a challenging interest rate environment, while total interest-bearing deposits experienced a shift toward higher-costing deposits. During the first nine months of 2024, increases in money market and savings deposits and time deposits totaled $64.2 million and $32.3 million, respectively, partially offset by a decline in interest bearing demand deposits totaling $31.3 million.

During the nine months ended September 30, 2024, stockholders’ equity increased by $31.2 million, primarily due to net income, partially offset by dividends.

As of September 30, 2024, the Bank continued to exceed all regulatory capital requirements to be considered well-capitalized, with a Tier 1 Leverage ratio of 9.53%, a Tier 1 Risk-Based capital ratio of 9.65%, a Common Equity Tier 1 Capital ratio of 9.65%, and a Total Risk-Based capital ratio of 11.55%. The tangible stockholders' equity to tangible assets ratio[IV] increased to 9.41% as of September 30, 2024 compared to 8.89% at December 31, 2023.

Asset Quality

First Bank's asset quality metrics for the third quarter of 2024 remained favorable. Total nonperforming loans declined from $25.0 million at December 31, 2023 to $12.0 million at September 30, 2024, while total nonperforming assets declined from $25.0 million to $17.7 million during the same period. 

The Bank recorded net charge-offs of $386,000 during the third quarter of 2024, compared to net charge-offs of $175,000 during the second quarter of 2024 and net charge-offs of $1.1 million in the third quarter of 2023. The allowance for credit losses on loans as a percentage of total loans measured 1.21% at September 30, 2024, compared to 1.21% at June 30, 2024 and 1.40% at December 31, 2023.  The decline from December 31, 2023 to September 30, 2024 reflected the $5.5 million charge-off and elimination of the Bank’s reserves on a purchase credit deteriorated loan transferred to OREO during the first quarter of 2024.

Liquidity and Borrowings

The Bank increased its liquidity position in the third quarter of 2024. Total cash and cash equivalents increased by $71.5 million to $312.3 million at September 30, 2024. Borrowings increased by $49.9 million compared to June 30, 2024, as the Bank increased its FHLB borrowings.

Management believes the Bank’s current liquidity position, coupled with our various contingent funding sources, provides us with a strong liquidity base and a diverse source of funding options.    

Cash Dividend Declared

On October 15, 2024, the Bank’s Board of Directors declared a quarterly cash dividend of $0.06 per share to common stockholders of record at the close of business on November 8, 2024, payable on November 22, 2024.

Share Repurchase Program

The Board of Directors has authorized and the Bank has received regulatory approvals for a new share repurchase program. The program provides for the repurchase of up to 1.0 million shares of First Bank common stock for an aggregate repurchase amount of up to $16.0 million. The timing, price and volume of repurchases will be based on market conditions, relevant securities laws and other factors. The stock repurchases may be made from time to time on the open market or in privately negotiated transactions. The stock repurchase program does not require First Bank to repurchase any specific number of shares, and First Bank may terminate the repurchase program at any time. The share repurchase program will expire on September 30, 2025.

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/8c344bfa-6975-4f79-872b-2307433b1520

First Bank will host its earnings call on Thursday, October 24, 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 1578641. 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 January 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 (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 $3.76 billion in assets as of September 30, 2024, First Bank offers a full range of deposit and loan products to individuals and businesses throughout the New York City to Philadelphia corridor. First Bank's common stock is listed on the Nasdaq Global Market under the symbol “FRBA.”

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 on funding costs, yield on interest earning assets, 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 The efficiency ratio is a non-U.S. GAAP financial measure and is calculated by dividing non-interest expense less merger-related expenses by adjusted total revenue (net interest income plus non-interest income).  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.

iv 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)
 
 September 30,
2024		 December 31,
2023
Assets     
Cash and due from banks$35,456  $25,652 
Restricted cash 9,200   13,770 
Interest bearing deposits with banks 267,643   188,529 
Cash and cash equivalents 312,299   227,951 
Interest bearing time deposits with banks 743   996 
Investment securities available for sale, at fair value 74,549   94,142 
Investment securities held to maturity, net of allowance for credit losses of $206 at September 30, 2024 and $200 at December 31, 2023 (fair value of $39,049 and $38,486 at September 30, 2024 and December 31, 2023, respectively) 43,659   44,059 
Equity securities, at fair value 1,860   1,888 
Restricted investment in bank stocks 13,845   10,469 
Other investments 11,141   9,841 
Loans, net of deferred fees and costs 3,087,488   3,021,501 
Less: Allowance for credit losses (37,434)  (42,397)
Net loans 3,050,054   2,979,104 
Premises and equipment, net 20,331   21,627 
Other real estate owned, net 5,637   - 
Accrued interest receivable 13,502   14,763 
Bank-owned life insurance 84,727   86,435 
Goodwill 44,166   44,166 
Other intangible assets, net 9,318   10,812 
Deferred income taxes, net 31,448   30,875 
Other assets 40,374   32,199 
Total assets$3,757,653  $3,609,327 
      
Liabilities and Stockholders' Equity     
Liabilities:     
Non-interest bearing deposits$519,079  $501,763 
Interest bearing deposits 2,530,991   2,465,806 
Total deposits 3,050,070   2,967,569 
Borrowings 236,999   179,140 
Subordinated debentures 29,926   55,261 
Accrued interest payable 5,078   2,813 
Other liabilities 33,510   33,644 
Total liabilities 3,355,583   3,238,427 
Stockholders' Equity:     
Preferred stock, par value $2 per share; 10,000,000 shares authorized; no shares issued and outstanding -   - 
Common stock, par value $5 per share; 40,000,000 shares authorized; 27,367,984 shares issued and 25,186,920 shares outstanding at September 30, 2024 and 27,149,186 shares issued and 24,968,122 shares outstanding at December 31, 2023 135,415   134,552 
Additional paid-in capital 124,014   122,881 
Retained earnings 167,792   140,563 
Accumulated other comprehensive loss (3,773)  (5,718)
Treasury stock, 2,181,064 shares at September 30, 2024 and December 31, 2023 (21,378)  (21,378)
Total stockholders' equity 402,070   370,900 
Total liabilities and stockholders' equity$3,757,653  $3,609,327 
        


FIRST BANK
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except for share data, unaudited)
 
 Three Months Ended Nine Months Ended
 September 30, September 30,
 2024
 2023
 2024
 2023
Interest and Dividend Income           
Investment securities—taxable$1,201  $1,151  $3,661  $3,128 
Investment securities—tax-exempt 35   86   109   158 
Interest bearing deposits with banks, Federal funds sold and other 3,972   2,593   10,479   6,029 
Loans, including fees 50,957   46,088   151,039   111,536 
Total interest and dividend income 56,165   49,918   165,288   120,851 
            
Interest Expense           
Deposits 23,081   18,470   66,253   40,574 
Borrowings 2,550   1,914   6,859   4,939 
Subordinated debentures 440   940   1,224   1,821 
Total interest expense 26,071   21,324   74,336   47,334 
Net interest income 30,094   28,594   90,952   73,517 
Credit loss expense 1,579   6,650   944   8,237 
Net interest income after credit loss expense 28,515   21,944   90,008   65,280 
            
Non-Interest Income           
Service fees on deposit accounts 362   280   1,056   741 
Loan fees 218   152   437   259 
Income from bank-owned life insurance 1,819   544   3,213   1,291 
Losses on sale of investment securities, net (555)  (527)  (555)  (734)
Gains (losses) on sale of loans, net 135   (704)  (536)  (393)
Gains on recovery of acquired loans 35   24   209   95 
Other non-interest income 465   424   1,308   1,026 
Total non-interest income 2,479   193   5,132   2,285 
            
Non-Interest Expense           
Salaries and employee benefits 10,175   9,326   30,181   25,320 
Occupancy and equipment 2,080   1,915   6,188   5,107 
Legal fees 245   270   801   671 
Other professional fees 943   631   2,628   1,880 
Regulatory fees 728   595   1,970   1,345 
Directors' fees 272   224   784   631 
Data processing 800   907   2,355   2,206 
Marketing and advertising 310   220   983   693 
Travel and entertainment 233   140   762   519 
Insurance 245   272   740   624 
Other real estate owned expense, net 662   -   879   38 
Merger-related expenses -   7,028   -   7,710 
Other expense 1,951   1,958   6,136   4,020 
Total non-interest expense 18,644   23,486   54,407   50,764 
Income Before Income Taxes 12,350   (1,349)  40,733   16,801 
Income tax expense 4,188   (78)  8,986   4,284 
Net Income (loss)$8,162  $(1,271) $31,747  $12,517 
            
Basic earnings (loss) per common share$0.32  $(0.05) $1.26  $0.60 
Diluted earnings (loss) per common share$0.32  $(0.05) $1.26  $0.59 
            
Basic weighted average common shares outstanding 25,172,927   23,902,478   25,114,685   20,928,847 
Diluted weighted average common shares outstanding 25,342,462   23,902,478   25,265,250   21,057,655 
                


FIRST BANK
AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES
(dollars in thousands, unaudited)
 
 Three Months Ended September 30,
 2024 2023
 Average    Average Average    Average
 Balance Interest Rate(5) Balance Interest Rate(5)
Interest earning assets                
Investment securities (1) (2)$137,216  $1,244  3.61% $169,244  $1,255   2.94%
Loans (3) 3,010,116   50,957  6.73%  3,003,703   46,088   6.09%
Interest bearing deposits with banks,                
Federal funds sold and other 265,474   3,593  5.38%  182,128   2,395   5.22%
Restricted investment in bank stocks 12,768   257  8.01%  10,284   196   7.56%
Other investments 12,776   122  3.80%  9,162   2   0.09%
Total interest earning assets (2) 3,438,350   56,173  6.50%  3,374,521   49,936   5.87%
Allowance for credit losses (36,612)       (41,216)      
Non-interest earning assets 271,105        232,045       
Total assets$3,672,843       $3,565,350       
                 
Interest bearing liabilities                
Interest bearing demand deposits$587,045  $3,974  2.69% $674,417  $4,038   2.38%
Money market deposits 1,064,045   10,573  3.95%  952,042   8,386   3.49%
Savings deposits 149,057   563  1.50%  174,412   490   1.11%
Time deposits 690,723   7,902  4.55%  655,288   5,556   3.36%
Total interest bearing deposits 2,490,870   23,012  3.68%  2,456,159   18,470   2.98%
Borrowings 206,588   2,550  4.91%  163,746   1,914   4.64%
Subordinated debentures 29,908   440  5.88%  51,101   940   7.36%
Total interest bearing liabilities 2,727,366   26,002  3.79%  2,671,006   21,324   3.17%
Non-interest bearing deposits 506,084        507,866       
Other liabilities 40,858        33,106       
Stockholders' equity 398,535        353,372       
Total liabilities and stockholders' equity$3,672,843       $3,565,350       
Net interest income/interest rate spread (2)    30,171  2.71%     28,612   2.70%
Net interest margin (2) (4)      3.49%        3.36%
Tax equivalent adjustment (2)    (8)       (18)   
Net interest income   $30,163       $28,594    
                   

(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 21%. 
(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)
 
 Nine Months Ended September 30,
 2024
 2023
 Average    Average Average    Average
 Balance Interest Rate(5) Balance Interest Rate(5)
Interest earning assets               
Investment securities (1) (2)$143,528  $3,793  3.53% $155,128  $3,319  2.86%
Loans (3) 2,995,895   151,039  6.73%  2,590,409   111,536  5.76%
Interest bearing deposits with banks,               
Federal funds sold and other 231,171   9,404  5.43%  143,922   5,403  5.02%
Restricted investment in bank stocks 11,461   699  8.15%  9,327   454  6.51%
Other investments 12,262   376  4.10%  8,902   172  2.58%
Total interest earning assets (2) 3,394,317   165,311  6.51%  2,907,688   120,884  5.56%
Allowance for credit losses (37,000)       (33,664)     
Non-interest earning assets 265,368        174,246      
Total assets$3,622,685       $3,048,270      
                
Interest bearing liabilities               
Interest bearing demand deposits$599,025  $11,453  2.55% $445,318  $6,492  1.95%
Money market deposits 1,046,911   30,921  3.95%  840,688   20,177  3.21%
Savings deposits 156,416   1,756  1.50%  155,370   1,202  1.03%
Time deposits 680,194   22,054  4.33%  586,827   12,703  2.89%
Total interest bearing deposits 2,482,546   66,184  3.56%  2,028,203   40,574  2.67%
Borrowings 181,844   6,859  5.04%  149,042   4,939  4.43%
Subordinated debentures 34,071   1,224  4.79%  36,949   1,821  6.57%
Total interest bearing liabilities 2,698,461   74,267  3.68%  2,214,194   47,334  2.86%
Non-interest bearing deposits 494,971        490,211      
Other liabilities 41,971        29,939      
Stockholders' equity 387,282        313,926      
Total liabilities and stockholders' equity$3,622,685       $3,048,270      
Net interest income/interest rate spread (2)    91,044  2.83%     73,550  2.70%
Net interest margin (2) (4)      3.58%       3.38%
Tax equivalent adjustment (2)    (23)       (33)  
Net interest income   $91,021       $73,517   
                  

(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 21%.
(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
 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023
EARNINGS              
Net interest income$30,094  $30,540  $30,318  $30,999  $28,594 
Credit loss (benefit) expense 1,579   63   (698)  (294)  6,650 
Non-interest income 2,479   689   1,964   (3,000)  193 
Non-interest expense 18,644   17,953   17,810   17,936   23,486 
Income tax expense 4,188   2,140   2,658   1,977   (78)
Net income 8,162   11,073   12,512   8,380   (1,271)
               
PERFORMANCE RATIOS              
Return on average assets (1) 0.88%  1.23%  1.41%  0.93%  (0.14%)
Adjusted return on average assets (1) (2) 0.93%  1.31%  1.39%  1.38%  1.07%
Return on average equity (1) 8.15%  11.52%  13.36%  9.06%  (1.43%)
Adjusted return on average equity (1) (2) 8.56%  12.26%  13.17%  13.38%  10.75%
Return on average tangible equity (1) (2) 9.42%  13.40%  15.64%  10.67%  (1.66%)
Adjusted return on average tangible equity (1) (2) 9.89%  14.26%  15.41%  15.75%  12.50%
Net interest margin (1) (3) 3.49%  3.62%  3.64%  3.68%  3.36%
Yield on loans (1) 6.73%  6.81%  6.66%  6.49%  6.09%
Total cost of deposits (1) 3.05%  3.01%  2.83%  2.63%  2.47%
Efficiency ratio (2) 58.49%  55.88%  55.56%  53.79%  54.83%
               
SHARE DATA              
Common shares outstanding 25,186,920   25,144,983   25,096,449   24,968,122   24,926,919 
Basic earnings per share$0.32  $0.44  $0.50  $0.34  $(0.05)
Diluted earnings per share 0.32   0.44   0.50   0.33   (0.05)
Adjusted diluted earnings per share (2) 0.34   0.47   0.49   0.49   0.40 
Book value per share 15.96   15.61   15.23   14.85   14.48 
Tangible book value per share (2) 13.84   13.46   13.06   12.65   12.26 
               
MARKET DATA              
Market value per share$15.20  $12.74  $13.74  $14.70  $10.78 
Market value / Tangible book value 109.83%  94.65%  105.20%  116.18%  87.96%
Market capitalization$382,841  $320,347  $344,825  $367,031  $268,712 
               
CAPITAL & LIQUIDITY              
Stockholders' equity / assets 10.70%  10.86%  10.64%  10.28%  10.15%
Tangible stockholders' equity / tangible assets (2) 9.41%  9.50%  9.27%  8.89%  8.72%
Loans / deposits 101.23%  101.02%  100.75%  101.82%  101.80%
               
ASSET QUALITY              
Net charge-offs$386  $175  $5,293  $209  $1,122 
Net charge-offs (recoveries), excluding PCD loan charge-off (4) 386   175   (201)  209   1,122 
Nonperforming loans 12,014   14,227   17,054   24,989   24,158 
Nonperforming assets 17,651   20,226   23,053   24,989   24,158 
Net charge offs / average loans (1) 0.05%  0.02%  0.72%  0.03%  0.15%
Net charge offs (recoveries), excluding PCD loan charge-off / average loans (1) (4) 0.05%  0.02%  (0.03%)  0.03%  0.15%
Nonperforming loans / total loans 0.39%  0.47%  0.57%  0.83%  0.80%
Nonperforming assets / total assets 0.47%  0.56%  0.64%  0.69%  0.68%
Allowance for credit losses on loans / total loans 1.21%  1.21%  1.22%  1.40%  1.42%
Allowance for credit losses on loans / nonperforming loans 311.59%  254.81%  213.42%  169.66%  177.50%
               
OTHER DATA              
Total assets$3,757,653  $3,615,731  $3,591,398  $3,609,327  $3,558,426 
Total loans 3,087,488   2,998,029   2,992,423   3,021,501   3,020,778 
Total deposits 3,050,070   2,967,634   2,970,262   2,967,569   2,967,455 
Total stockholders' equity 402,070   392,489   382,254   370,900   361,037 
Number of full-time equivalent employees 313   294   288   286   286 
                    

(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 21%.
(4) Excludes $5.5 million in a PCD loan charge-off in first quarter of 2024, which was reserved for through purchase accounting marks at the time of the Malvern acquisition.

FIRST BANK
QUARTERLY FINANCIAL HIGHLIGHTS
(dollars in thousands, unaudited)
 
 As of the Quarter Ended
 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023
LOAN COMPOSITION              
Commercial and industrial$546,541  $530,996  $508,911  $506,849  $478,120 
Commercial real estate:              
Owner-occupied 688,988   647,625   625,643   612,352   607,888 
Investor 1,170,508   1,143,954   1,172,311   1,221,702   1,269,134 
Construction and development 193,460   190,108   184,816   186,829   168,192 
Multi-family 267,861   270,238   279,668   271,058   275,825 
Total commercial real estate 2,320,817   2,251,925   2,262,438   2,291,941   2,321,039 
Residential real estate:              
Residential mortgage and first lien home equity loans 143,953   144,978   154,704   156,024   158,487 
Home equity–second lien loans and revolving lines of credit 49,891   46,882   45,869   44,698   46,239 
Total residential real estate 193,844   191,860   200,573   200,722   204,726 
Consumer and other 29,518   26,321   23,702   25,343   20,208 
Total loans prior to deferred loan fees and costs 3,090,720   3,001,102   2,995,624   3,024,855   3,024,093 
Net deferred loan fees and costs (3,232)  (3,073)  (3,201)  (3,354)  (3,315)
Total loans$3,087,488  $2,998,029  $2,992,423  $3,021,501  $3,020,778 
               
LOAN MIX              
Commercial and industrial 17.7%  17.7%  17.0%  16.8%  15.8%
Commercial real estate:              
Owner-occupied 22.3%  21.6%  20.9%  20.3%  20.1%
Investor 37.9%  38.2%  39.2%  40.4%  42.0%
Construction and development 6.3%  6.3%  6.2%  6.2%  5.6%
Multi-family 8.7%  9.0%  9.3%  9.0%  9.1%
Total commercial real estate 75.2%  75.1%  75.6%  75.9%  76.8%
Residential real estate:              
Residential mortgage and first lien home equity loans 4.7%  4.8%  5.2%  5.1%  5.3%
Home equity–second lien loans and revolving lines of credit 1.6%  1.6%  1.5%  1.5%  1.5%
Total residential real estate 6.3%  6.4%  6.7%  6.6%  6.8%
Consumer and other 0.9%  0.9%  0.8%  0.8%  0.7%
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
 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023
DEPOSIT COMPOSITION              
Non-interest bearing demand deposits$519,079  $499,765  $470,749  $501,763  $493,703 
Interest bearing demand deposits 597,802   574,515   580,864   629,110   623,338 
Money market and savings deposits 1,235,637   1,199,382   1,219,634   1,171,440   1,228,832 
Time deposits 697,552   693,972   699,015   665,256   621,582 
Total Deposits$3,050,070  $2,967,634  $2,970,262  $2,967,569  $2,967,455 
               
DEPOSIT MIX              
Non-interest bearing demand deposits 17.0%  16.8%  15.8%  16.9%  16.6%
Interest bearing demand deposits 19.6%  19.4%  19.6%  21.2%  21.0%
Money market and savings deposits 40.5%  40.4%  41.1%  39.5%  41.4%
Time deposits 22.9%  23.4%  23.5%  22.4%  21.0%
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
 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023
Return on Average Tangible Equity              
Net income (numerator)$8,162  $11,073  $12,512  $8,380  $(1,271)
               
Average stockholders' equity$398,535  $386,644  $376,542  $366,950  $353,372 
Less: Average Goodwill and other intangible assets, net 53,823   54,347   54,790   55,324   49,491 
Average Tangible stockholders' equity (denominator)$344,712  $332,297  $321,752  $311,626  $303,881 
               
Return on Average Tangible equity (1) 9.42%  13.40%  15.64%  10.67%  -1.66%
               
Tangible Book Value Per Share              
Stockholders' equity$402,070  $392,489  $382,254  $370,900  $361,037 
Less: Goodwill and other intangible assets, net 53,484   54,026   54,483   54,978   55,554 
Tangible stockholders' equity (numerator)$348,586  $338,463  $327,771  $315,922  $305,483 
               
Common shares outstanding (denominator) 25,186,920   25,144,983   25,096,449   24,968,122   24,926,919 
               
Tangible book value per share$13.84  $13.46  $13.06  $12.65  $12.26 
               
Tangible Equity / Tangible Assets              
Stockholders' equity$402,070  $392,489  $382,254  $370,900  $361,037 
Less: Goodwill and other intangible assets, net 53,484   54,026   54,483   54,978   55,554 
Tangible stockholders' equity (numerator)$348,586  $338,463  $327,771  $315,922  $305,483 
               
Total assets$3,757,653  $3,615,731  $3,591,398  $3,609,327  $3,558,426 
Less: Goodwill and other intangible assets, net 53,484   54,026   54,483   54,978   55,554 
Tangible total assets (denominator)$3,704,169  $3,561,705  $3,536,915  $3,554,349  $3,502,872 
               
Tangible stockholders' equity / tangible assets 9.41%  9.50%  9.27%  8.89%  8.72%
               
Efficiency Ratio              
Non-interest expense$18,644  $17,953  $17,810  $17,936  $23,486 
Less: Merger-related expenses -   -   -   338   7,028 
Adjusted non-interest expense (numerator)$18,644  $17,953  $17,810  $17,598  $16,458 
               
Net interest income$30,094  $30,540  $30,318  $30,999  $28,594 
Non-interest income 2,479   689   1,964   (3,000)  193 
Total revenue 32,573   31,229   32,282   27,999   28,787 
Add: Losses on sale of investment securities, net 555   -   -   916   527 
(Subtract) Add: (Gains) losses on sale of loans, net (135)  900   (229)  3,799   704 
Less: Bank Owned Life Insurance Enhancement (1,116)  -   -   -   - 
Adjusted total revenue (denominator)$31,877  $32,129  $32,053  $32,714  $30,018 
               
Efficiency ratio 58.49%  55.88%  55.56%  53.79%  54.83%
                    

(1) Annualized.

FIRST BANK
NON-U.S. GAAP FINANCIAL MEASURES
(dollars in thousands, except for share data, unaudited)
 
 For the Quarter Ended
 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023
               
Adjusted diluted earnings per share,              
Adjusted return on average assets, and              
Adjusted return on average equity              
               
Net income$8,162  $11,073  $12,512  $8,380  $(1,271)
Add: Merger-related expenses(1) -   -   -   267   5,552 
Add: Credit loss expense on acquired loan portfolio(1) -   -   -   -   4,323 
Add (subtract): Losses (gains) on sale of loans, net(1) (107)  711   (181)  3,001   556 
Add: Losses on sale of investment securities, net(1) 438   -   -   724   416 
Add: Net Impact of Bank Owned Life Insurance Restructuring(2) 79   -   -   -   - 
Adjusted net income$8,572  $11,784  $12,331  $12,372  $9,576 
               
Diluted weighted average common shares outstanding 25,342,462   25,258,785   25,199,381   25,089,495   24,029,910 
Average assets$3,672,843  $3,618,912  $3,575,748  $3,561,261  $3,565,350 
Average equity$398,535  $386,644  $376,542  $366,950  $353,372 
Average Tangible Equity$344,712  $332,297  $321,752  $311,626  $303,881 
               
Adjusted diluted earnings per share$0.34  $0.47  $0.49  $0.49  $0.40 
Adjusted return on average assets(3) 0.93%  1.31%  1.39%  1.38%  1.07%
Adjusted return on average equity(3) 8.56%  12.26%  13.17%  13.38%  10.75%
Adjusted return on average tangible equity(3) 9.89%  14.26%  15.41%  15.75%  12.50%
                    

(1) Items are tax-effected using a federal income tax rate of 21%.
(2) Includes the net impact of the new Bank Owned Life Insurance enhancement and the increased tax expense on the terminated policies.
(3) Annualized.

CONTACT: Andrew Hibshman, Chief Financial Officer
(609) 643-0058, andrew.hibshman@firstbanknj.com

FAQ

What was First Bank's (FRBA) net income in Q3 2024?

First Bank reported net income of $8.2 million, or $0.32 per diluted share, in Q3 2024.

How much did First Bank's (FRBA) loans grow in Q3 2024?

Total loans grew by $89.5 million, or 11.9% annualized, reaching $3.09 billion in Q3 2024.

What was First Bank's (FRBA) deposit growth in Q3 2024?

Total deposits increased by $82.4 million, or 11.1% annualized, reaching $3.05 billion in Q3 2024.

What is First Bank's (FRBA) new quarterly dividend for Q3 2024?

First Bank declared a quarterly cash dividend of $0.06 per share, payable on November 22, 2024.

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FRBA Rankings

#3347 Ranked by Market Cap
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FRBA Latest News

Sep 26, 2024
First Bank Announces Third Quarter 2024 Earnings Conference Call
Jul 24, 2024
First Bank Announces Second Quarter 2024 Net Income of $11.1 Million
Jun 26, 2024
First Bank Announces Second Quarter 2024 Earnings Conference Call
Apr 22, 2024
First Bank Announces First Quarter 2024 Net Income of $12.5 Million
Mar 28, 2024
First Bank Announces First Quarter 2024 Earnings Conference Call

FRBA Stock Data

375.26M
25.25M
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54.72%
0.18%
Banks - Regional
Financial Services
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United States of America
Hamilton