First Bank Announces First Quarter 2026 Net Income of $7.6 Million
Rhea-AI Summary
First Bank (Nasdaq: FRBA) reported first quarter 2026 net income of $7.6 million or $0.30 diluted EPS, down from $9.4 million a year earlier. Net interest income was $34.0 million and tax-equivalent NIM was 3.69%. Total loans were $3.30 billion and deposits $3.23 billion at March 31, 2026. Credit loss expense was $5.6 million and net charge-offs were $5.0 million. Tangible book value per share grew to $15.90. The board declared a $0.09 quarterly dividend and repurchased 33,619 shares year-to-date.
Positive
- Net interest income of $34.0 million
- Tax-equivalent NIM of 3.69%
- Tangible book value per share $15.90 (+9.9% YoY)
- Total loans $3.30 billion (+2.1% YoY)
- Total deposits $3.23 billion (+3.5% YoY)
- Declared quarterly dividend $0.09 per share
Negative
- Net income declined to $7.6 million (-19% YoY)
- Credit loss expense increased to $5.6 million
- Net charge-offs of $5.0 million in Q1 2026
- Nonperforming assets rose to $26.2 million (0.66% of assets)
News Market Reaction – FRBA
In the Apr 28 session, FRBA declined 7.95%, reflecting a notable negative market reaction. Argus tracked a trough of -4.9% from its starting point during tracking. Our momentum scanner triggered 6 alerts that day, indicating moderate trading interest and price volatility. Trading volume was elevated at 2.0x the daily average, suggesting increased selling activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jan 26 | Q4 2025 earnings | Positive | -0.7% | Strong Q4 and FY2025 results with higher credit costs and dividend increase. |
| Oct 22 | Q3 2025 earnings | Positive | +0.2% | Higher net income, solid NIM and efficiency, dividend and active share repurchases. |
| Jul 22 | Q2 2025 earnings | Neutral | -0.8% | Net income slightly lower year over year but strong loan and deposit growth. |
| Apr 22 | Q1 2025 earnings | Neutral | -3.0% | Lower earnings versus prior year but healthy growth, NIM improvement, solid asset quality. |
| Jan 23 | Q4 2024 earnings | Positive | +3.6% | Strong quarterly and full-year earnings with loan growth and stable asset quality. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings headlines have produced relatively small average moves (-0.16%) with a mix of aligned and diverging reactions; the stock has occasionally sold off on otherwise positive operational updates.
Over the past five earnings cycles from Jan 2024 through Jan 2026, First Bank has reported steady loan and deposit growth, sustained sub-60% efficiency ratios, and rising tangible book value per share. Credit costs tied to the small business portfolio and nonperforming assets have periodically pressured sentiment. The current Q1 2026 report continues themes of solid margin and efficiency alongside higher credit loss expense and rising nonperforming assets, fitting into the narrative of growth balanced against evolving credit risk.
Key Terms
net interest margin financial
efficiency ratio financial
nonperforming assets financial
credit loss expense financial
Tier 1 Leverage ratio regulatory
Common Equity Tier 1 Capital ratio regulatory
Total Risk-Based capital ratio regulatory
non-interest income financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Strong net interest margin and operating efficiency support tangible book value expansion
HAMILTON, N.J., April 27, 2026 (GLOBE NEWSWIRE) -- First Bank (Nasdaq Global Market: FRBA) ("the Bank") today announced results for the first quarter of 2026. Net income for the first quarter of 2026 was
First Quarter 2026 Performance Highlights:
| ● | Total loans were | |
| ● | Total deposits were | |
| ● | Net interest margin remained strong and stable, measuring | |
| ● | Net interest income of | |
| ● | Efficiency ratioii measured | |
| ● | Tangible book value per shareiii grew to |
Patrick L. Ryan, President and CEO of First Bank, reflecting on the Bank’s performance, stated, “We generated modest growth in loans and deposits during the first quarter, and our strong margin and efficient operations supported solid year-over-year expansion in income, excluding credit loss expenses. However, our performance in Q1 did not live up to our internal standards. Continued clean-up in the credit-scored, small business portfolio drove elevated credit costs which led to lower overall profitability. Steps taken starting in mid-2025 to modify the product structure and sales process have tightened things significantly, which should lead to better performance going forward. We believe we have fully captured expenses tied to any known problems, and future credit costs tied to this portfolio should come down significantly as we move forward."
“Our loan pipelines heading into the second quarter are strong, and we anticipate our community banking and specialty banking teams’ strong execution will continue to grow deep commercial relationships that will support our growth goals. Elevated payoff activity continued to compress our loan balances in the first quarter, although at a moderated pace compared to the fourth quarter. We operated with an efficiency ratio that remained below
Mr. Ryan continued, “Overall, credit quality remains at manageable levels. Non-performing assets rose during the quarter, but at 66 basis points of total assets, the overall level is in line with historical averages. The first quarter increase relates to an isolated situation in which a strong commercial real estate borrower is constrained by the impact of a broader corporate restructuring. Our ratio of criticized loans to total loans increased modestly to
“We track tangible book value per share as a critical measure of progress toward our strategic goals,” Mr. Ryan added. “During the last twelve months, we delivered
Income Statement
In the first quarter of 2026, the Bank’s net interest income increased to
The Bank’s tax equivalent net interest margin measured
The Bank recorded a credit loss expense totaling
The Bank recorded non-interest income totaling
Non-interest expense for the first quarter of 2026 was
Non-interest expense increased
Income tax expense for the first quarter of 2026 was
Balance Sheet
Total assets increased
The Bank reported total assets of
Total deposits increased by
During the three months ended March 31, 2026, stockholders’ equity increased by
As of March 31, 2026, the Bank continued to exceed all regulatory capital requirements to be considered well-capitalized, with a Tier 1 Leverage ratio of
Asset Quality
Total nonperforming assets, comprised exclusively of nonperforming loans in both periods, increased from
The Bank recorded net charge-offs of
Total criticized loans, which includes loans classified as substandard and special mention, increased slightly to
Liquidity and Borrowings
Management believes the Bank’s current on-balance sheet liquidity position, coupled with our various contingent funding sources, provides the Bank with a strong liquidity base and a diverse source of funding options. The Bank’s cash and cash equivalents increased by
Cash Dividend Declared
On April 21, 2026, the Bank’s Board of Directors declared a quarterly cash dividend of
Share Repurchase Program
During the first quarter of 2026 the Bank repurchased 33,619 shares of common stock at an average price 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/6bc39b00-8745-48bd-9684-cf396ee9f42e
First Bank will host its earnings call on Tuesday, April 28, 2026 at 9:00 AM Eastern Time. The direct dial number for the call is 1-800-715-9871, toll free, using the access code 3623576. The conference call will also be available (listen-only) via the internet by accessing FRBA conference call. For those unable to participate in the call, a replay will be available on the Bank’s website, www.myfirstbank.com. The conference call information is also available by accessing the Bank’s website: www.myfirstbank.com, on the – "Investor Relations" page.
About First Bank
First Bank is a New Jersey state-chartered bank with a branch network that traverses the New York to Philadelphia corridor and includes a single location in Palm Beach County, 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 statements regarding First Bank’s future financial and business performance, business and growth strategy, projected plans, objectives for our business, products and risk management, integration of the acquired businesses and anticipated results related thereto, our ability to recognize anticipated operational efficiencies, our market presence and desirability of the markets we operate in, competition in our markets, our competitive strength, consumers behavior and relative expectations, our share repurchase programs, anticipated changes in statutes, regulations or regulatory policies applicable to us and their impacts on our business, and other projections based on macroeconomic and industry conditions and 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 important factors that could affect First Bank’s future results and cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to: whether First Bank can: successfully implement its growth strategy, including identifying acquisition targets, consummating and integrating suitable acquisitions and realizing 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 inflation, declines in housing markets and public sentiment regarding the financial services industry; the chance that we may experience material weaknesses in our internal control over financial reporting or otherwise fail to maintain an effective system of internal controls in the future; 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; changes in market interest rates may increase funding costs or reduce earning asset yields thus reducing margin; the impact of changes in interest rates, both up and down, 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; decreases in the value of securities and other assets, adequacy of loan loss reserves, or deposit levels necessitating increased borrowing to fund loans and investments; operational risks, including, but not limited to, cybersecurity incidents, fraud, natural disasters and future pandemic; the extensive federal and state regulation, supervision and examination governing almost every aspect of First Bank’s operations, including the effect of any 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 the 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, accounting standards, laws and regulations and other activities of governments, agencies, and similar organizations. For discussion of these and other risks, uncertainties, and assumptions, including the important factors 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 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.
______________________
This press release contains “non-GAAP” financial measures, which management uses in its analysis of First Bank’s performance. Management believes these non-GAAP financial measures allow for better comparability of period to period operating performance. Additionally, First Bank believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. A reconciliation of the non-GAAP measures used in this presentation to the most directly comparable GAAP measures is provided in the accompanying financial tables.
i Return on average tangible equity is a non-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-GAAP financial measure, along with the other non-GAAP financial measures in this press release, to their comparable GAAP measures, see the financial reconciliations at the end of this press release.
ii 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-GAAP financial measure, along with the other non-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 book value per share is a non-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-GAAP financial measure, along with the other non-GAAP financial measures in this press release, to their comparable GAAP measures, see the financial reconciliations at the end of this press release.
iv Tangible stockholders' equity to tangible assets ratio is a non-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-GAAP financial measure, along with the other non-GAAP financial measures in this press release, to their comparable 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) | |||||||||
| March 31, 2026 | December 31, 2025 | ||||||||
| Assets | |||||||||
| Cash and due from banks | $ | 29,496 | $ | 22,141 | |||||
| Restricted cash | 9,280 | 7,780 | |||||||
| Interest bearing deposits with banks | 279,402 | 279,299 | |||||||
| Cash and cash equivalents | 318,178 | 309,220 | |||||||
| Interest bearing time deposits with banks | 747 | 747 | |||||||
| Investment securities available for sale, at fair value (amortized cost of | 100,604 | 104,740 | |||||||
| Investment securities held to maturity, net of allowance for credit losses of | 40,951 | 40,424 | |||||||
| Equity securities, at fair value | 1,918 | 1,930 | |||||||
| Restricted investment in bank stocks | 13,202 | 13,877 | |||||||
| Other investments | 14,152 | 16,033 | |||||||
| Loans, net of deferred fees and costs | 3,304,110 | 3,293,225 | |||||||
| Less: Allowance for credit losses | (45,919 | ) | (45,384 | ) | |||||
| Net loans | 3,258,191 | 3,247,841 | |||||||
| Premises and equipment, net | 18,036 | 18,367 | |||||||
| Accrued interest receivable | 14,887 | 14,382 | |||||||
| Bank-owned life insurance | 89,223 | 88,475 | |||||||
| Goodwill | 44,166 | 44,166 | |||||||
| Other intangible assets, net | 6,739 | 7,124 | |||||||
| Deferred income taxes, net | 22,965 | 22,623 | |||||||
| Other assets | 26,802 | 28,087 | |||||||
| Total assets | $ | 3,970,761 | $ | 3,958,036 | |||||
| Liabilities and Stockholders' Equity | |||||||||
| Liabilities: | |||||||||
| Non-interest bearing deposits | $ | 561,963 | $ | 572,349 | |||||
| Interest bearing deposits | 2,665,476 | 2,629,959 | |||||||
| Total deposits | 3,227,439 | 3,202,308 | |||||||
| Borrowings | 221,606 | 236,672 | |||||||
| Subordinated debentures | 34,419 | 34,384 | |||||||
| Accrued interest payable | 4,746 | 4,763 | |||||||
| Other liabilities | 33,173 | 36,407 | |||||||
| Total liabilities | 3,521,383 | 3,514,534 | |||||||
| Stockholders' Equity: | |||||||||
| Preferred stock, par value | - | - | |||||||
| Common stock, par value | 138,049 | 136,788 | |||||||
| Additional paid-in capital | 126,588 | 126,334 | |||||||
| Retained earnings | 219,867 | 214,458 | |||||||
| Accumulated other comprehensive loss | (3,402 | ) | (2,875 | ) | |||||
| Treasury stock, 2,877,361 and 2,843,742 shares, respectively | (31,724 | ) | (31,203 | ) | |||||
| Total stockholders' equity | 449,378 | 443,502 | |||||||
| Total liabilities and stockholders' equity | $ | 3,970,761 | $ | 3,958,036 | |||||
| FIRST BANK CONSOLIDATED STATEMENTS OF INCOME (in thousands, except for share data, unaudited) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Interest and Dividend Income | ||||||||
| Investment securities—taxable | $ | 1,340 | $ | 1,188 | ||||
| Investment securities—tax-exempt | 48 | 51 | ||||||
| Interest bearing deposits with banks, Federal funds sold and other | 2,817 | 2,997 | ||||||
| Loans, including fees | 51,648 | 51,552 | ||||||
| Total interest and dividend income | 55,853 | 55,788 | ||||||
| Interest Expense | ||||||||
| Deposits | 19,152 | 20,844 | ||||||
| Borrowings | 2,034 | 2,412 | ||||||
| Subordinated debentures | 658 | 440 | ||||||
| Total interest expense | 21,844 | 23,696 | ||||||
| Net interest income | 34,009 | 32,092 | ||||||
| Credit loss expense | 5,553 | 1,544 | ||||||
| Net interest income after credit loss expense | 28,456 | 30,548 | ||||||
| Non-Interest Income | ||||||||
| Service fees on deposit accounts | 358 | 356 | ||||||
| Loan fees | 256 | 326 | ||||||
| Income from bank-owned life insurance | 748 | 793 | ||||||
| Gains on sale of loans, net | 240 | 29 | ||||||
| Gains on recovery of acquired loans | 61 | 24 | ||||||
| Other non-interest income | 721 | 443 | ||||||
| Total non-interest income | 2,384 | 1,971 | ||||||
| Non-Interest Expense | ||||||||
| Salaries and employee benefits | 12,320 | 11,118 | ||||||
| Occupancy and equipment | 2,581 | 2,464 | ||||||
| Legal fees | 239 | 368 | ||||||
| Other professional fees | 771 | 726 | ||||||
| Regulatory fees | 621 | 684 | ||||||
| Directors' fees | 255 | 282 | ||||||
| Data processing | 791 | 805 | ||||||
| Marketing and advertising | 433 | 399 | ||||||
| Travel and entertainment | 282 | 236 | ||||||
| Insurance | 182 | 214 | ||||||
| Other real estate owned expense, net | - | 920 | ||||||
| Other expense | 2,468 | 2,168 | ||||||
| Total non-interest expense | 20,943 | 20,384 | ||||||
| Income Before Income Taxes | 9,897 | 12,135 | ||||||
| Income tax expense | 2,251 | 2,754 | ||||||
| Net Income | $ | 7,646 | $ | 9,381 | ||||
| Basic earnings per common share | $ | 0.31 | $ | 0.37 | ||||
| Diluted earnings per common share | $ | 0.30 | $ | 0.37 | ||||
| Cash dividends per common share | $ | 0.09 | $ | 0.06 | ||||
| Basic weighted average common shares outstanding | 24,948,484 | 25,118,062 | ||||||
| Diluted weighted average common shares outstanding | 25,199,782 | 25,269,002 | ||||||
| FIRST BANK AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES (dollars in thousands, unaudited) | |||||||||||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||
| Average | Average | Average | Average | ||||||||||||||||||||||||||
| Balance | Interest | Rate (5) | Balance | Interest | Rate (5) | ||||||||||||||||||||||||
| Interest earning assets | |||||||||||||||||||||||||||||
| Investment securities(1)(2) | $ | 146,775 | $ | 1,398 | 3.86 | % | $ | 134,274 | $ | 1,250 | 3.78 | % | |||||||||||||||||
| Loans(3) | 3,296,478 | 51,648 | 6.35 | % | 3,170,772 | 51,552 | 6.59 | % | |||||||||||||||||||||
| Interest bearing deposits with banks, | |||||||||||||||||||||||||||||
| Federal funds sold and other | 266,057 | 2,425 | 3.70 | % | 234,032 | 2,575 | 4.46 | % | |||||||||||||||||||||
| Restricted investment in bank stocks | 13,112 | 284 | 8.78 | % | 14,137 | 300 | 8.61 | % | |||||||||||||||||||||
| Other investments | 17,909 | 108 | 2.45 | % | 14,054 | 122 | 3.52 | % | |||||||||||||||||||||
| Total interest earning assets(2) | 3,740,331 | 55,863 | 6.06 | % | 3,567,269 | 55,799 | 6.34 | % | |||||||||||||||||||||
| Allowance for credit losses | (45,994 | ) | (38,181 | ) | |||||||||||||||||||||||||
| Non-interest earning assets | 244,814 | 261,101 | |||||||||||||||||||||||||||
| Total assets | $ | 3,939,151 | $ | 3,790,189 | |||||||||||||||||||||||||
| Interest bearing liabilities | |||||||||||||||||||||||||||||
| Interest bearing demand deposits | $ | 602,566 | $ | 3,284 | 2.21 | % | $ | 644,736 | $ | 4,027 | 2.53 | % | |||||||||||||||||
| Money market deposits | 1,049,717 | 7,602 | 2.94 | % | 1,045,013 | 8,631 | 3.35 | % | |||||||||||||||||||||
| Savings deposits | 150,213 | 608 | 1.64 | % | 142,502 | 650 | 1.85 | % | |||||||||||||||||||||
| Time deposits | 840,849 | 7,658 | 3.69 | % | 717,881 | 7,536 | 4.26 | % | |||||||||||||||||||||
| Total interest bearing deposits | 2,643,345 | 19,152 | 2.94 | % | 2,550,132 | 20,844 | 3.31 | % | |||||||||||||||||||||
| Borrowings | 213,406 | 2,034 | 3.87 | % | 234,526 | 2,412 | 4.17 | % | |||||||||||||||||||||
| Subordinated debentures | 34,396 | 658 | 7.65 | % | 29,963 | 440 | 5.87 | % | |||||||||||||||||||||
| Total interest bearing liabilities | 2,891,147 | 21,844 | 3.06 | % | 2,814,621 | 23,696 | 3.41 | % | |||||||||||||||||||||
| Non-interest bearing deposits | 555,321 | 521,326 | |||||||||||||||||||||||||||
| Other liabilities | 42,949 | 40,570 | |||||||||||||||||||||||||||
| Stockholders' equity | 449,734 | 413,672 | |||||||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 3,939,151 | $ | 3,790,189 | |||||||||||||||||||||||||
| Net interest income/interest rate spread(2) | 34,019 | 3.00 | % | 32,103 | 2.93 | % | |||||||||||||||||||||||
| Net interest margin(2)(4) | 3.69 | % | 3.65 | % | |||||||||||||||||||||||||
| Tax equivalent adjustment(2) | (10 | ) | (11 | ) | |||||||||||||||||||||||||
| Net interest income | $ | 34,009 | $ | 32,092 | |||||||||||||||||||||||||
| (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 | |||||||||||||||||||||||||
| 3/31/2026 | 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | |||||||||||||||||||||
| EARNINGS | |||||||||||||||||||||||||
| Net interest income | $ | 34,009 | $ | 36,177 | $ | 35,544 | $ | 34,009 | $ | 32,092 | |||||||||||||||
| Credit loss expense | 5,553 | 4,789 | 2,998 | 2,558 | 1,544 | ||||||||||||||||||||
| Non-interest income | 2,384 | 2,283 | 2,421 | 2,702 | 1,971 | ||||||||||||||||||||
| Non-interest expense | 20,943 | 17,085 | 19,670 | 20,867 | 20,384 | ||||||||||||||||||||
| Income tax expense | 2,251 | 4,262 | 3,582 | 3,047 | 2,754 | ||||||||||||||||||||
| Net income | 7,646 | 12,324 | 11,715 | 10,239 | 9,381 | ||||||||||||||||||||
| PERFORMANCE RATIOS | |||||||||||||||||||||||||
| Return on average assets(1) | 0.79 | % | 1.21 | % | 1.16 | % | 1.04 | % | 1.00 | % | |||||||||||||||
| Return on average equity(1) | 6.89 | % | 11.11 | % | 10.85 | % | 9.77 | % | 9.20 | % | |||||||||||||||
| Return on average tangible equity(1)(2) | 7.78 | % | 12.58 | % | 12.35 | % | 11.16 | % | 10.54 | % | |||||||||||||||
| Net interest margin(1)(3) | 3.69 | % | 3.74 | % | 3.71 | % | 3.65 | % | 3.65 | % | |||||||||||||||
| Yield on loans(1) | 6.35 | % | 6.57 | % | 6.66 | % | 6.62 | % | 6.59 | % | |||||||||||||||
| Total cost of deposits(1) | 2.43 | % | 2.54 | % | 2.69 | % | 2.72 | % | 2.75 | % | |||||||||||||||
| Efficiency ratio(2) | 57.55 | % | 49.46 | % | 51.81 | % | 56.13 | % | 57.60 | % | |||||||||||||||
| SHARE DATA | |||||||||||||||||||||||||
| Common shares outstanding | 25,061,700 | 24,800,244 | 24,799,049 | 24,905,790 | 25,045,612 | ||||||||||||||||||||
| Basic earnings per share | $ | 0.31 | $ | 0.50 | $ | 0.47 | $ | 0.41 | $ | 0.37 | |||||||||||||||
| Diluted earnings per share | 0.30 | 0.49 | 0.47 | 0.41 | 0.37 | ||||||||||||||||||||
| Book value per share | 17.93 | 17.88 | 17.41 | 16.96 | 16.57 | ||||||||||||||||||||
| Tangible book value per share(2) | 15.90 | 15.81 | 15.33 | 14.87 | 14.47 | ||||||||||||||||||||
| MARKET DATA | |||||||||||||||||||||||||
| Market value per share | $ | 16.00 | $ | 16.46 | $ | 16.29 | $ | 15.47 | $ | 14.81 | |||||||||||||||
| Market value / Tangible book value(2) | 100.63 | % | 104.08 | % | 106.24 | % | 104.03 | % | 102.35 | % | |||||||||||||||
| Market capitalization | $ | 400,987 | $ | 408,212 | $ | 403,977 | $ | 385,293 | $ | 370,926 | |||||||||||||||
| CAPITAL & LIQUIDITY | |||||||||||||||||||||||||
| Stockholders' equity / assets | 11.32 | % | 11.21 | % | 10.71 | % | 10.51 | % | 10.69 | % | |||||||||||||||
| Tangible stockholders' equity / tangible assets(2) | 10.17 | % | 10.04 | % | 9.55 | % | 9.34 | % | 9.47 | % | |||||||||||||||
| Loans / deposits | 102.38 | % | 102.84 | % | 104.66 | % | 105.02 | % | 103.73 | % | |||||||||||||||
| ASSET QUALITY | |||||||||||||||||||||||||
| Net charge-offs (recoveries) | $ | 5,034 | $ | 1,686 | $ | 1,737 | $ | 796 | $ | (15 | ) | ||||||||||||||
| Nonperforming loans | 26,169 | 18,381 | 14,420 | 15,978 | 11,584 | ||||||||||||||||||||
| Nonperforming assets | 26,169 | 18,381 | 14,420 | 15,978 | 16,406 | ||||||||||||||||||||
| Net charge offs (recoveries)/ average loans(1) | 0.62 | % | 0.20 | % | 0.21 | % | 0.10 | % | (0.00 | %) | |||||||||||||||
| Nonperforming loans / total loans | 0.79 | % | 0.56 | % | 0.43 | % | 0.48 | % | 0.36 | % | |||||||||||||||
| Nonperforming assets / total assets | 0.66 | % | 0.46 | % | 0.36 | % | 0.40 | % | 0.42 | % | |||||||||||||||
| Allowance for credit losses on loans / total loans | 1.39 | % | 1.38 | % | 1.25 | % | 1.23 | % | 1.21 | % | |||||||||||||||
| Allowance for credit losses on loans / nonperforming loans | 175.47 | % | 246.91 | % | 292.73 | % | 255.83 | % | 338.60 | % | |||||||||||||||
| OTHER DATA | |||||||||||||||||||||||||
| Total assets | $ | 3,970,761 | $ | 3,958,036 | $ | 4,032,636 | $ | 4,019,335 | $ | 3,880,759 | |||||||||||||||
| Total loans | 3,304,110 | 3,293,225 | 3,373,910 | 3,327,288 | 3,236,039 | ||||||||||||||||||||
| Total deposits | 3,227,439 | 3,202,308 | 3,223,607 | 3,168,213 | 3,119,794 | ||||||||||||||||||||
| Total stockholders' equity | 449,378 | 443,502 | 431,875 | 422,379 | 414,915 | ||||||||||||||||||||
| Number of full-time equivalent employees | 327 | 334 | 332 | 335 | 315 | ||||||||||||||||||||
| (1) Annualized. | |
| (2) Non-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-GAAP Financial Measures," for calculation and reconciliation. | |
| (3) Tax equivalent using a federal income tax rate of |
| FIRST BANK QUARTERLY FINANCIAL HIGHLIGHTS (dollars in thousands, unaudited) | ||||||||||||||||||||||||
| As of the Quarter Ended | ||||||||||||||||||||||||
| 3/31/2026 | 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | ||||||||||||||||||||
| LOAN COMPOSITION | ||||||||||||||||||||||||
| Commercial and industrial | $ | 722,312 | $ | 727,075 | $ | 740,350 | $ | 706,849 | $ | 651,690 | ||||||||||||||
| Commercial real estate: | ||||||||||||||||||||||||
| Owner-occupied | 670,240 | 662,245 | 685,277 | 707,766 | 694,113 | |||||||||||||||||||
| Investor | 1,165,319 | 1,148,297 | 1,211,491 | 1,192,716 | 1,160,549 | |||||||||||||||||||
| Construction and development | 184,252 | 193,312 | 181,855 | 161,361 | 200,262 | |||||||||||||||||||
| Multi-family | 284,134 | 282,854 | 284,983 | 309,189 | 308,217 | |||||||||||||||||||
| Total commercial real estate | 2,303,945 | 2,286,708 | 2,363,606 | 2,371,032 | 2,363,141 | |||||||||||||||||||
| Residential real estate: | ||||||||||||||||||||||||
| Residential mortgage and first lien home equity loans | 154,533 | 154,167 | 151,372 | 160,935 | 142,298 | |||||||||||||||||||
| Home equity–second lien loans and revolving lines of credit | 72,584 | 72,919 | 65,129 | 62,738 | 52,438 | |||||||||||||||||||
| Total residential real estate | 227,117 | 227,086 | 216,501 | 223,673 | 194,736 | |||||||||||||||||||
| Consumer and other | 54,235 | 55,862 | 57,222 | 29,248 | 29,760 | |||||||||||||||||||
| Total loans prior to deferred loan fees and costs | 3,307,609 | 3,296,731 | 3,377,679 | 3,330,802 | 3,239,327 | |||||||||||||||||||
| Net deferred loan fees and costs | (3,499 | ) | (3,506 | ) | (3,769 | ) | (3,514 | ) | (3,288 | ) | ||||||||||||||
| Total loans | $ | 3,304,110 | $ | 3,293,225 | $ | 3,373,910 | $ | 3,327,288 | $ | 3,236,039 | ||||||||||||||
| LOAN MIX | ||||||||||||||||||||||||
| Commercial and industrial | 21.9 | % | 22.1 | % | 21.9 | % | 21.2 | % | 20.1 | % | ||||||||||||||
| Commercial real estate: | ||||||||||||||||||||||||
| Owner-occupied | 20.3 | % | 20.1 | % | 20.3 | % | 21.3 | % | 21.5 | % | ||||||||||||||
| Investor | 35.2 | % | 34.9 | % | 35.9 | % | 35.8 | % | 35.9 | % | ||||||||||||||
| Construction and development | 5.6 | % | 5.9 | % | 5.4 | % | 4.8 | % | 6.2 | % | ||||||||||||||
| Multi-family | 8.6 | % | 8.5 | % | 8.5 | % | 9.3 | % | 9.5 | % | ||||||||||||||
| Total commercial real estate | 69.7 | % | 69.4 | % | 70.1 | % | 71.3 | % | 73.1 | % | ||||||||||||||
| Residential real estate: | ||||||||||||||||||||||||
| Residential mortgage and first lien home equity loans | 4.7 | % | 4.7 | % | 4.5 | % | 4.8 | % | 4.4 | % | ||||||||||||||
| Home equity–second lien loans and revolving lines of credit | 2.2 | % | 2.2 | % | 1.9 | % | 1.9 | % | 1.6 | % | ||||||||||||||
| Total residential real estate | 6.9 | % | 6.9 | % | 6.4 | % | 6.7 | % | 6.0 | % | ||||||||||||||
| Consumer and other | 1.6 | % | 1.7 | % | 1.7 | % | 0.9 | % | 0.9 | % | ||||||||||||||
| 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 | ||||||||||||||||||||||||
| 3/31/2026 | 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | ||||||||||||||||||||
| DEPOSIT COMPOSITION | ||||||||||||||||||||||||
| Non-interest bearing demand deposits | $ | 561,963 | $ | 572,349 | $ | 578,345 | $ | 590,209 | $ | 535,584 | ||||||||||||||
| Interest bearing demand deposits | 582,519 | 608,076 | 561,365 | 553,909 | 629,974 | |||||||||||||||||||
| Money market and savings deposits | 1,228,983 | 1,205,275 | 1,228,758 | 1,241,277 | 1,197,517 | |||||||||||||||||||
| Time deposits | 853,974 | 816,608 | 855,139 | 782,818 | 756,719 | |||||||||||||||||||
| Total Deposits | $ | 3,227,439 | $ | 3,202,308 | $ | 3,223,607 | $ | 3,168,213 | $ | 3,119,794 | ||||||||||||||
| DEPOSIT MIX | ||||||||||||||||||||||||
| Non-interest bearing demand deposits | 17.4 | % | 17.9 | % | 18.0 | % | 18.6 | % | 17.2 | % | ||||||||||||||
| Interest bearing demand deposits | 18.0 | % | 19.0 | % | 17.4 | % | 17.5 | % | 20.2 | % | ||||||||||||||
| Money market and savings deposits | 38.1 | % | 37.6 | % | 38.1 | % | 39.2 | % | 38.4 | % | ||||||||||||||
| Time deposits | 26.5 | % | 25.5 | % | 26.5 | % | 24.7 | % | 24.2 | % | ||||||||||||||
| Total Deposits | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||
| FIRST BANK NON-GAAP FINANCIAL MEASURES (in thousands, except for share data, unaudited) | ||||||||||||||||||||||||
| As of or For the Quarter Ended | ||||||||||||||||||||||||
| 3/31/2026 | 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | ||||||||||||||||||||
| Return on Average Tangible Equity | ||||||||||||||||||||||||
| Net income (numerator) | $ | 7,646 | $ | 12,324 | $ | 11,715 | $ | 10,239 | $ | 9,381 | ||||||||||||||
| Average stockholders' equity | $ | 449,734 | $ | 440,059 | $ | 428,359 | $ | 420,443 | $ | 413,672 | ||||||||||||||
| Less: Average Goodwill and other intangible assets, net | 51,143 | 51,434 | 51,882 | 52,301 | 52,805 | |||||||||||||||||||
| Average Tangible stockholders' equity (denominator) | $ | 398,591 | $ | 388,625 | $ | 376,477 | $ | 368,142 | $ | 360,867 | ||||||||||||||
| Return on average tangible equity(1) | 7.78 | % | 12.58 | % | 12.35 | % | 11.16 | % | 10.54 | % | ||||||||||||||
| Tangible Book Value Per Share | ||||||||||||||||||||||||
| Stockholders' equity | $ | 449,378 | $ | 443,502 | $ | 431,875 | $ | 422,379 | $ | 414,915 | ||||||||||||||
| Less: Goodwill and other intangible assets, net | 50,905 | 51,290 | 51,633 | 52,026 | 52,507 | |||||||||||||||||||
| Tangible stockholders' equity (numerator) | $ | 398,473 | $ | 392,212 | $ | 380,242 | $ | 370,353 | $ | 362,408 | ||||||||||||||
| Common shares outstanding (denominator) | 25,061,700 | 24,800,244 | 24,799,049 | 24,905,790 | 25,045,612 | |||||||||||||||||||
| Tangible book value per share | $ | 15.90 | $ | 15.81 | $ | 15.33 | $ | 14.87 | $ | 14.47 | ||||||||||||||
| Tangible Equity / Tangible Assets | ||||||||||||||||||||||||
| Stockholders' equity | $ | 449,378 | $ | 443,502 | $ | 431,875 | $ | 422,379 | $ | 414,915 | ||||||||||||||
| Less: Goodwill and other intangible assets, net | 50,905 | 51,290 | 51,633 | 52,026 | 52,507 | |||||||||||||||||||
| Tangible stockholders' equity (numerator) | $ | 398,473 | $ | 392,212 | $ | 380,242 | $ | 370,353 | $ | 362,408 | ||||||||||||||
| Total assets | $ | 3,970,761 | $ | 3,958,036 | $ | 4,032,636 | $ | 4,019,335 | $ | 3,880,759 | ||||||||||||||
| Less: Goodwill and other intangible assets, net | 50,905 | 51,290 | 51,633 | 52,026 | 52,507 | |||||||||||||||||||
| Tangible total assets (denominator) | $ | 3,919,856 | $ | 3,906,746 | $ | 3,981,003 | $ | 3,967,309 | $ | 3,828,252 | ||||||||||||||
| Tangible stockholders' equity / tangible assets | 10.17 | % | 10.04 | % | 9.55 | % | 9.34 | % | 9.47 | % | ||||||||||||||
| Efficiency Ratio | ||||||||||||||||||||||||
| Non-interest expense | $ | 20,943 | $ | 17,085 | $ | 19,670 | $ | 20,867 | $ | 20,384 | ||||||||||||||
| Less: Other real estate owned write-down, net | - | - | - | - | 815 | |||||||||||||||||||
| Less: Executive officer severance benefits | - | - | - | 863 | - | |||||||||||||||||||
| Add: Gains on sale of other real estate owned | - | 1,938 | - | - | - | |||||||||||||||||||
| Adjusted non-interest expense (numerator) | $ | 20,943 | $ | 19,023 | $ | 19,670 | $ | 20,004 | $ | 19,569 | ||||||||||||||
| Net interest income | $ | 34,009 | $ | 36,177 | $ | 35,544 | $ | 34,009 | $ | 32,092 | ||||||||||||||
| Non-interest income | 2,384 | 2,283 | 2,421 | 2,702 | 1,971 | |||||||||||||||||||
| Total revenue | 36,393 | 38,460 | 37,965 | 36,711 | 34,063 | |||||||||||||||||||
| Subtract: Gain on sale of other assets | - | - | - | (397 | ) | - | ||||||||||||||||||
| Less: Bank owned life insurance incentive | - | - | - | - | (88 | ) | ||||||||||||||||||
| Adjusted total revenue (denominator) | $ | 36,393 | $ | 38,460 | $ | 37,965 | $ | 36,314 | $ | 33,975 | ||||||||||||||
| Efficiency ratio | 57.55 | % | 49.46 | % | 51.81 | % | 55.09 | % | 57.60 | % | ||||||||||||||
| (1) Annualized. | ||||||||||||||||||||||||
| CONTACT: Andrew Hibshman, Chief Financial Officer |
| (609) 643-0058, andrew.hibshman@firstbanknj.com |
