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 (Nasdaq: FRBA) announced a quarterly cash dividend of $0.06 per share, representing a 100% increase from the previous $0.03. The dividend is payable on November 19, 2021, to stockholders of record by November 5, 2021. This increase corresponds to an annualized yield of 1.57% based on the stock’s closing price of $15.25 on October 19, 2021. First Bank aims to drive long-term value for shareholders through this dividend, reflecting its strong financial position.
First Bank (FRBA) will host an earnings conference call on October 27, 2021, at 9:00 a.m. Eastern Time, to discuss its third quarter financial results for the period ending September 30, 2021. The company will release its earnings report on October 26, 2021, after market close. The call will feature insights from key executives, including Patrick L. Ryan, CEO, and Andrew L. Hibshman, CFO. Investors can participate via a dedicated toll-free dial-in number or access the call online. Detailed information will also be available on the company’s website.
First Bank (FRBA) announced that Kroll Bond Rating Agency has affirmed its credit ratings with a stable outlook. The Bank received a BBB+ rating for deposits and senior unsecured debt, and a PPP ROA of 1.95% for 1H21, indicating strong profitability. Notable improvements include a decline in time deposits from 47% to 23% and an increase in noninterest-bearing accounts from 17% to 26%. The hiring of a Chief Deposit Officer has enhanced core deposit growth, allowing for meaningful NIM expansion. First Bank's effective integration of acquisitions has led to cost savings and improved earnings capacity.
First Bank (NASDAQ: FRBA) has announced its acquisition of two New Jersey branches from OceanFirst Bank, involving roughly $124 million in deposits and $14 million in loans, based on June 30, 2021 balances. The branches are expected to enhance First Bank's presence in the New York City to Philadelphia corridor. The deal entails a 2% premium on deposits and is projected to provide significant earnings accretion of $0.10 per share. The transaction is pending regulatory approval and is expected to conclude in Q4 2021.
First Bank (FRBA) reported strong financial results for Q2 and the first half of 2021, achieving a net income of $8.9 million for Q2 and $18.6 million year-to-date. This represents a significant increase from $4.1 million and $7.4 million in 2020. Total net revenue rose by 19.5% to $21.8 million. Asset quality remained robust, evidenced by net charge-offs of only 0.02% of average loans. Total deposits reached a record $2.04 billion, marking a 7% increase from year-end 2020. The bank continues to benefit from effective management of non-interest expenses, enhancing its efficiency ratio to 46.66%.
First Bank (Nasdaq: FRBA) announces a conference call to discuss its second quarter financial results on July 27, 2021, at 9:00 a.m. ET. The management presentation will include insights from key executives and a Q&A session. The full financial results will be available after market close on July 26, 2021. First Bank, based in New Jersey and Pennsylvania, has $2.41 billion in assets and offers a range of banking services in the NYC to Philadelphia corridor. Details for accessing the conference call are provided.
First Bank (FRBA) reported a record net income of $9.7 million ($0.49/share) for Q1 2021, up from $3.2 million ($0.16/share) a year earlier. Total net revenue increased by 30.8% to $22.3 million, with total loans growing 15% year-over-year to $2.02 billion. The efficiency ratio improved to 47.66% from 58.03%, and non-interest-bearing deposits surged 71.3%. Asset quality remained stable, with nonperforming loans at 0.53%. A quarterly dividend of $0.03 was declared, payable on May 21, 2021.
First Bank (Nasdaq: FRBA) will host an earnings conference call on April 27, 2021, at 9:00 a.m. ET to discuss its financial performance for the first quarter ending March 31, 2021. The call will be led by CEO Patrick L. Ryan and other executives, presenting a summary of results followed by a Q&A session. The financial results will be released after market close on April 26, 2021, and accessible through the Company’s website under the Investor Relations section.
First Bank (FRBA) reported a strong financial performance for full year 2020, achieving a net income of $19.4 million, a significant increase from $13.4 million in 2019. The fourth quarter net income rose to $6.2 million, up from $5.2 million year-over-year. Total net revenue for 2020 was $75.9 million, a 21.7% increase. Total loans grew 18.8% to $2.05 billion, while total deposits also increased 16.0% to $1.90 billion. The efficiency ratio improved to 52.5%, reflecting effective expense management amid ongoing economic uncertainties.
First Bank (FRBA) will host an earnings conference call on January 28, 2021, at 9:00 a.m. ET to discuss the fourth quarter 2020 financial results. The report will be issued after market close on January 27, 2021. Key executives including CEO Patrick L. Ryan and CFO Stephen F. Carman will present the results, followed by a Q&A session. First Bank operates 18 branches across New Jersey and Pennsylvania, with assets totaling $2.3 billion as of September 30, 2020.
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