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First Bank - FRBA STOCK NEWS

Welcome to our dedicated page for First Bank news (Ticker: FRBA), a resource for investors and traders seeking the latest updates and insights on First Bank stock.

First Bank (FRBA) is a full-service commercial bank dedicated to providing personal and business financial services to individuals and small to mid-sized businesses. With a robust portfolio targeting all segments of the retail and corporate market, First Bank offers a variety of financial services designed to meet the needs of its diverse customer base. Its Business Banking division provides commercial deposit accounts, business loans, online banking, and cash management services tailored for businesses of all sizes.

First Bank has recently expanded its presence in the highly desirable New York City to Philadelphia corridor, reflecting its growing influence and strategic market penetration. Notably, the successful completion of the Malvern Bancorp merger has significantly boosted First Bank's total assets, which now exceed $3.5 billion. This achievement is complemented by improved geographic diversification and a stronger projected earnings profile.

In the latest quarterly results, First Bank highlighted its continued balance sheet repositioning and strong asset quality, underscoring its solid financial condition. The bank's return on average tangible equity is a testament to its effective financial strategies and operational efficiencies. Additionally, the expanded customer base and the declaration of a cash dividend demonstrate First Bank’s commitment to delivering value to its shareholders.

First Bank continues to adapt to evolving market conditions and regulatory landscapes. The bank's operations are governed by extensive federal and state regulations, ensuring compliance and financial stability. Despite the challenges posed by recent economic trends, including fluctuations in market interest rates and the impact of public health emergencies like COVID-19, First Bank remains focused on its growth strategy. This includes identifying and integrating acquisitions, sustaining internal growth, and providing competitive products and services that appeal to its target markets.

First Bank's proactive approach to risk management, strong asset quality, and strategic growth initiatives position it as a reliable financial partner in its operating regions. As it navigates the complex financial landscape, First Bank aims to maintain its upward trajectory and continue delivering exceptional financial services to its customers.

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First Bank completes acquisition of Malvern Bancorp, expanding its presence in the New York City to Philadelphia corridor.
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First Bank and Malvern Bancorp receive regulatory approvals for acquisition
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First Bank (FRBA) will hold an earnings conference call to discuss its financial and operating performance for Q2 2023 on July 27, 2023 at 9:00 a.m. ET. The call will include an overview of the results by the President and CEO, CFO, and Chief Lending Officer. The Q2 results will be released on July 26, 2023.
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First Bank (FRBA) reported its first quarter 2023 financial results, showcasing resilience amid economic challenges. The Bank achieved a net income of $7.0 million, or $0.36 per diluted share, while maintaining solid returns on assets and equity at 1.03% and 9.70%, respectively. Adjusted earnings per share stood at $0.38, reflecting ongoing strategic initiatives despite broader industry pressures like rising interest rates.

Loan growth reached $2.39 billion, up 2.3% from the prior quarter, while total deposits decreased by 2.3% to $2.24 billion. Asset quality remained strong with nonperforming loans at 0.33%. The Bank declared a dividend of $0.06 per share, reinforcing shareholder value. Future growth is anticipated through strategic expansions and the Malvern Bancorp acquisition, expected to close on June 30, 2023.

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First Bank (Nasdaq: FRBA) announced a conference call scheduled for April 27, 2023, at 9:00 a.m. ET to discuss its financial and operating results for Q1 2023. The call will feature management, including CEO Patrick L. Ryan and CFO Andrew L. Hibshman, for a presentation followed by a Q&A session. The financial results will be released after market close on April 26, 2023, and will be accessible on the company's website. As of December 31, 2022, First Bank held $2.73 billion in assets and operates 19 branches across New Jersey and Pennsylvania.

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First Bank (FRBA) reported strong financial results for Q4 and full year 2022, with net income at $9.1 million ($0.46 per diluted share), up from $7.8 million ($0.40) a year prior.

Return on assets was 1.35%, and return on equity reached 12.61%. Total net revenue rose 10.3% to $25.2 million for Q4, driven by a loan portfolio growth of 10% year-over-year.

The bank announced an agreement to acquire Malvern Bancorp, adding approximately $785 million in deposits. Asset quality metrics remained strong, with nonperforming loans at 0.27% and a continued focus on cost efficiency.

First Bank's Board declared a quarterly cash dividend of $0.06 per share.

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First Bank (Nasdaq: FRBA) will host an earnings conference call on January 26, 2023, at 9:00 a.m. ET to discuss its financial performance for the fourth quarter ended December 31, 2022. The results will be released after market close on January 25, 2023. Management, including CEO Patrick L. Ryan and CFO Andrew L. Hibshman, will provide insights into the quarterly results, followed by a Q&A session. Interested participants can join via dial-in numbers provided in the release.

First Bank has 18 branches and reported $2.64 billion in assets as of September 30, 2022.

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First Bank has announced its acquisition of Malvern Bancorp, Inc. for approximately $149.5 million. This merger, unanimously approved by both boards, aims to enhance First Bank's market position and deposit share in eastern Pennsylvania and expand its service area. Following the deal's completion in Q2 2023, First Bank's total assets will increase to $3.68 billion with 27 branches across multiple states. The transaction involves stock and cash components, expected to be immediately accretive to earnings per share.

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First Bank (FRBA) reported strong third quarter 2022 results, achieving a net income of $10.2 million ($0.52 per diluted share), up from $9.0 million in Q3 2021. Total loans rose by 6.6% year-over-year to $2.25 billion, with a 1.4% increase from Q2 2022. Net interest income increased 18.2% year-over-year to $24.6 million, driven by higher loan rates. The bank's asset quality improved with nonperforming loans down to 0.23%. A quarterly dividend of $0.06 per share was declared, reflecting a 1.65% yield based on the recent stock price.

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FAQ

What is the current stock price of First Bank (FRBA)?

The current stock price of First Bank (FRBA) is $14.07 as of January 1, 2025.

What is the market cap of First Bank (FRBA)?

The market cap of First Bank (FRBA) is approximately 354.1M.

What services does First Bank offer?

First Bank provides personal and business financial services, including commercial deposit accounts, business loans, online banking, and cash management.

What recent achievements has First Bank accomplished?

First Bank has expanded its presence in the New York City to Philadelphia corridor and successfully completed the Malvern Bancorp merger, boosting total assets to over $3.5 billion.

How is First Bank performing financially?

First Bank's latest quarterly results highlight strong asset quality, improved geographic diversification, and continued balance sheet repositioning.

What is the significance of the Malvern Bancorp merger for First Bank?

The merger has significantly increased First Bank's total assets, enhanced geographic diversification, and strengthened its projected earnings profile.

How does First Bank ensure compliance with regulations?

First Bank operates under extensive federal and state regulations, ensuring financial stability and compliance through rigorous adherence to regulatory requirements.

How does First Bank manage economic fluctuations?

First Bank adapts to market conditions by employing effective risk management strategies, maintaining asset quality, and focusing on strategic growth initiatives.

What distinguishes First Bank's business banking services?

First Bank's business banking services include commercial deposit accounts, business loans, online banking, and cash management, tailored to businesses of all sizes.

What is First Bank's approach to growth?

First Bank's growth strategy involves identifying and integrating acquisitions, sustaining internal growth, and offering competitive products and services to its target markets.

How has First Bank responded to the COVID-19 pandemic?

First Bank has maintained operational resilience and continued to support its customers and employees while navigating the challenges posed by the COVID-19 pandemic.

What factors influence First Bank's financial performance?

Factors include market interest rates, regulatory changes, economic conditions, credit quality, and the bank's ability to implement growth strategies and manage risks effectively.
First Bank

Nasdaq:FRBA

FRBA Rankings

FRBA Stock Data

354.07M
21.29M
7.22%
57.22%
0.15%
Banks - Regional
Financial Services
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United States of America
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