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.
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.
First Bank (Nasdaq: FRBA) announces a conference call on October 26, 2022, at 9:00 a.m. ET to discuss Q3 2022 financial results. The call will feature executives Patrick L. Ryan, Andrew L. Hibshman, and Peter J. Cahill, providing insights into the bank's performance. Investors can access the results after market close on October 25, 2022. First Bank operates 18 branches across New Jersey and Pennsylvania and reported $2.6 billion in assets as of June 30, 2022. For further details, visit the Investor Relations section of their website.
First Bank (FRBA) announced an affirmation of its credit ratings by Kroll Bond Rating Agency (KBRA) with a stable outlook. The Bank's ratings include a BBB+ for deposits and senior unsecured debt, supported by improved earnings, a strong core deposit base, and successful growth initiatives. CEO Patrick L. Ryan expressed confidence in the ratings reflecting the Bank’s sound operating environment. With assets totaling $2.6 billion, First Bank operates 18 branches across New Jersey and Pennsylvania, continuing to enhance its market presence.
First Bank (FRBA) reported its second quarter 2022 results, showcasing a net income of $8.8 million, equal to $0.45 per diluted share. Key performance metrics include a return on average assets of 1.38% and a net interest margin of 3.76%, up 19 basis points from the previous quarter. Total loans rose to $2.22 billion, a 5.1% increase year-over-year, while deposits decreased slightly by 0.6% from the prior quarter. The bank maintained solid asset quality with net charge-offs at 0.07% and nonperforming loans at 0.57%. A quarterly dividend of $0.06 was declared, reflecting an annualized yield of 1.69%.
First Bank (FRBA) announces an earnings conference call for its second quarter ended June 30, 2022, scheduled for July 27, 2022, at 9:00 a.m. ET. CEO Patrick L. Ryan, CFO Andrew L. Hibshman, and CLO Peter J. Cahill will present the financial results, which will be released the day prior, after market close. The conference call can be accessed via dial-in numbers for U.S. and international participants, with access code 212059. First Bank operates 18 branches across New Jersey and Pennsylvania, holding $2.57 billion in assets as of March 31, 2022.
First Bank (FRBA) reported first-quarter 2022 net income of $8.2 million, or $0.41 per diluted share, marking a decline from $9.7 million in Q1 2021. Total loans reached $2.15 billion, with strong organic growth excluding PPP loans. Deposits also grew by 3% to $2.18 billion, enhancing the bank's deposit mix. Asset quality metrics remained solid, with nonperforming loans at 0.59%. The bank declared a $0.06 quarterly dividend, reflecting a 1.68% yield. The efficiency ratio stood at 49.62%, and net interest income increased by 5.5% year-over-year, emphasizing financial stability despite challenges.
First Bank (FRBA) will hold an earnings conference call on April 26, 2022, at 9:00 a.m. ET to discuss its financial performance for the first quarter ended March 31, 2022. The management team, including the CEO and CFO, will present results followed by a Q&A session. The first quarter results will be released after market close on April 25, 2022, and available on the company's website. First Bank operates 18 branches and had assets totaling $2.51 billion as of December 31, 2021.
First Bank (FRBA) reported strong financial results for the fourth quarter and full year 2021, with net income rising to $7.8 million, or $0.40 per diluted share, up from $6.2 million in Q4 2020.
For the full year, net income reached $35.4 million, an increase of 82.2% compared to 2020. Total net revenue for Q4 was $22.9 million, an 8.6% increase year-over-year, driven by organic loan growth and the acquisition of two branches adding $100.9 million in deposits.
Asset quality remained solid, with low net charge-offs and a continued efficiency ratio below 50%. A quarterly dividend of $0.06 per share has been declared.
First Bank (Nasdaq: FRBA) will hold an earnings conference call on January 27, 2022, at 9:00 a.m. ET to discuss its fourth quarter 2021 financial performance. The call will feature insights from key executives, including Patrick L. Ryan, Andrew L. Hibshman, and Peter J. Cahill. Fourth quarter results will be released after market close on January 26, 2022, available on the Company’s website. Investors can access the call through a toll-free number and will have the opportunity to participate in Q&A following the management presentation.
First Bank has successfully completed its acquisition of two branches from OceanFirst Bank, located in Flemington and Monroe, New Jersey. As part of the transaction, First Bank has acquired approximately $101 million in deposits and $11 million in loans, further enhancing its presence along the New York City to Philadelphia corridor. The branches officially reopened on December 6, 2021, following a seamless conversion process. Despite a $23 million reduction in deposits pre-closing, the CEO emphasized long-term value creation and customer integration.
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