First Bank Announces Second Quarter 2025 Net Income of $10.2 Million
First Bank (NASDAQ:FRBA) reported Q2 2025 net income of $10.2 million ($0.41 per diluted share), compared to $11.1 million ($0.44 per diluted share) in Q2 2024. The bank demonstrated strong performance with total loans growing to $3.33 billion, up 11.3% annualized from Q1 2025, while deposits increased to $3.17 billion, up 6.2% annualized.
Key metrics include a net interest margin of 3.65%, stable compared to Q1 2025, and improved asset quality with nonperforming assets decreasing to 0.40% of total assets. The bank completed a $35.0 million subordinated notes issuance at 7.125% fixed rate and announced a quarterly dividend of $0.06 per share.
First Bank (NASDAQ:FRBA) ha riportato un utile netto di 10,2 milioni di dollari nel secondo trimestre 2025 (0,41 dollari per azione diluita), rispetto a 11,1 milioni di dollari (0,44 dollari per azione diluita) nel secondo trimestre 2024. La banca ha mostrato una solida performance con un aumento totale dei prestiti a 3,33 miliardi di dollari, in crescita dell'11,3% su base annua rispetto al primo trimestre 2025, mentre i depositi sono saliti a 3,17 miliardi di dollari, con un incremento annuo del 6,2%.
Le metriche chiave includono un margine di interesse netto del 3,65%, stabile rispetto al primo trimestre 2025, e un miglioramento della qualità degli attivi con gli attivi non performanti che sono diminuiti allo 0,40% del totale degli attivi. La banca ha completato un'emissione di obbligazioni subordinate per 35,0 milioni di dollari con un tasso fisso del 7,125% e ha annunciato un dividendo trimestrale di 0,06 dollari per azione.
First Bank (NASDAQ:FRBA) reportó un ingreso neto de 10,2 millones de dólares en el segundo trimestre de 2025 (0,41 dólares por acción diluida), en comparación con 11,1 millones de dólares (0,44 dólares por acción diluida) en el segundo trimestre de 2024. El banco mostró un sólido desempeño con un crecimiento total de préstamos a 3,33 mil millones de dólares, un aumento anualizado del 11,3% desde el primer trimestre de 2025, mientras que los depósitos aumentaron a 3,17 mil millones de dólares, un incremento anualizado del 6,2%.
Las métricas clave incluyen un margen neto de interés del 3,65%, estable en comparación con el primer trimestre de 2025, y una mejora en la calidad de los activos con activos no productivos que disminuyeron al 0,40% del total de activos. El banco completó una emisión de notas subordinadas por 35,0 millones de dólares a una tasa fija del 7,125% y anunció un dividendo trimestral de 0,06 dólares por acción.
퍼스트 뱅크 (NASDAQ:FRBA)는 2025년 2분기 순이익이 1,020만 달러 (희석 주당 0.41달러)를 기록했으며, 이는 2024년 2분기의 1,110만 달러 (희석 주당 0.44달러)와 비교됩니다. 은행은 총 대출금이 33억 3천만 달러로 2025년 1분기 대비 연율 11.3% 증가했고, 예금은 31억 7천만 달러로 연율 6.2% 증가하는 등 강한 실적을 보였습니다.
주요 지표로는 2025년 1분기와 비슷한 순이자마진 3.65%와 총자산 대비 부실자산 비율이 0.40%로 개선된 자산 건전성이 포함됩니다. 은행은 연 7.125% 고정금리로 3,500만 달러 규모의 후순위채권 발행을 완료했으며, 주당 0.06달러의 분기 배당금을 발표했습니다.
First Bank (NASDAQ:FRBA) a annoncé un bénéfice net de 10,2 millions de dollars au deuxième trimestre 2025 (0,41 dollar par action diluée), contre 11,1 millions de dollars (0,44 dollar par action diluée) au deuxième trimestre 2024. La banque a affiché une solide performance avec une croissance totale des prêts à 3,33 milliards de dollars, en hausse de 11,3 % annualisé par rapport au premier trimestre 2025, tandis que les dépôts ont augmenté à 3,17 milliards de dollars, en hausse de 6,2 % annualisé.
Les indicateurs clés incluent une marge nette d'intérêt de 3,65%, stable par rapport au premier trimestre 2025, ainsi qu'une amélioration de la qualité des actifs avec une diminution des actifs non performants à 0,40 % du total des actifs. La banque a finalisé une émission de 35,0 millions de dollars de billets subordonnés à un taux fixe de 7,125 % et a annoncé un dividende trimestriel de 0,06 dollar par action.
First Bank (NASDAQ:FRBA) meldete für das zweite Quartal 2025 einen Nettogewinn von 10,2 Millionen US-Dollar (0,41 US-Dollar je verwässerte Aktie), verglichen mit 11,1 Millionen US-Dollar (0,44 US-Dollar je verwässerte Aktie) im zweiten Quartal 2024. Die Bank zeigte eine starke Leistung mit einem Gesamtwachstum der Kredite auf 3,33 Milliarden US-Dollar, was einem annualisierten Anstieg von 11,3 % gegenüber dem ersten Quartal 2025 entspricht, während die Einlagen auf 3,17 Milliarden US-Dollar anstiegen, ein annualisiertes Wachstum von 6,2 %.
Wichtige Kennzahlen umfassen eine Nettozinsmarge von 3,65%, stabil im Vergleich zum ersten Quartal 2025, sowie eine verbesserte Vermögensqualität mit notleidenden Krediten, die auf 0,40 % der Gesamtaktiva zurückgingen. Die Bank schloss eine Emission von 35,0 Millionen US-Dollar nachrangigen Schuldverschreibungen mit einem festen Zinssatz von 7,125 % ab und kündigte eine Quartalsdividende von 0,06 US-Dollar je Aktie an.
- Total loans grew by $91.2 million (11.3% annualized) from previous quarter
- Deposits increased by $48.4 million (6.2% annualized) quarter-over-quarter
- Tangible book value per share grew to $14.87, increasing 11.1% annualized
- Asset quality improved with nonperforming assets decreasing to 0.40% from 0.56% year-over-year
- Net interest income increased by $3.5 million (11.4%) year-over-year
- Efficiency ratio remained below 60% for 24th consecutive quarter
- Net income decreased to $10.2 million from $11.1 million year-over-year
- Credit loss expense increased to $2.6 million from $63,000 year-over-year
- Non-interest expense increased by $2.9 million (16.2%) year-over-year
- Net charge-offs of $796,000 compared to net recoveries of $15,000 in previous quarter
Insights
First Bank delivered solid Q2 2025 results with strong loan growth and stable NIM, despite lower net income year-over-year.
First Bank reported
Loan growth was particularly robust, with total loans reaching
Deposit growth remained healthy at
The net interest margin held steady at
Asset quality metrics remained favorable with nonperforming assets decreasing to
The bank's efficiency continues to be a strength, with the efficiency ratio remaining below
First Bank also completed a strategic subordinated debt issuance of
Tangible book value per share grew to
Results highlighted by robust loan growth, strong net interest margin, and continued operating efficiency
HAMILTON, N.J. , July 22, 2025 (GLOBE NEWSWIRE) -- First Bank (Nasdaq Global Market: FRBA) ("the Bank") today announced results for the second quarter of 2025. Net income for the second quarter of 2025 was
Second Quarter 2025 Performance Highlights:
- Total loans of
$3.33 billion at June 30, 2025 grew$91.2 million , or11.3% , annualized, from the linked quarter ended March 31, 2025. - Total deposits were
$3.17 billion at June 30, 2025, increasing$48.4 million , or6.2% annualized, from the linked quarter ended March 31, 2025. - Net interest margin measured
3.65% for the second quarter of 2025, remaining stable compared to the first quarter of 2025. - Tangible book value per shareii grew to
$14.87 at June 30, 2025, increasing11.1% , annualized, from$14.47 at March 31, 2025. - Strong asset quality continued, with nonperforming assets decreasing to
0.40% of total assets at June 30, 2025, compared to0.42% at March 31, 2025 and0.56% at June 30, 2024.
“We are pleased to report growth in high-quality loans and deposits that continues to enhance our core earnings profile,” said Patrick L. Ryan, President and CEO of First Bank. “Our team’s robust performance in expanding commercial and industrial (“C&I”) loans and non-interest bearing deposits during the first half of 2025 demonstrates effective execution of our strategy to grow deep middle market commercial relationships. We have achieved substantial organic growth in our primary areas of focus while maintaining a stable net interest margin, solid asset quality, and an efficiency ratio that remained below
Mr. Ryan added, “We anticipate our pace of loan growth will likely moderate in the second half of 2025 as we continue to prioritize relationship-building and profitability over volume amid continued competition in the deposit market. With a focus on continuing to maximize our risk-adjusted returns on shareholders’ equity, we expect to realize additional benefits from the prudent management of our capital, such as the reduced debt costs afforded by our recent subordinated debt issuance, and by delivering enhanced returns to our shareholders through share buybacks. Furthermore, we remain committed to proactive investments designed to scale our business and achieve top quartile profitability relative to our peers.”
Income Statement
In the second quarter of 2025, 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
In the second quarter of 2025, the Bank recorded non-interest income totaling
Non-interest expense for the second quarter of 2025 was
On a linked quarter basis, non-interest expense increased
Income tax expense for the three months ended June 30, 2025 was
On July 4, 2025, subsequent to the end of the Company’s second fiscal quarter, the one big beautiful bill (“OBBB”) was enacted into law. The legislation includes a number of significant tax-related provisions, including changes affecting corporate tax incentives, international tax provisions, and various business credits and deductions. Pursuant to ASC 740, Income Taxes, the Company will recognize the effects of the OBBB in the third fiscal quarter of 2025, the period in which the legislation was enacted. The Company is currently evaluating the potential impact of the OBBB on its financial statements and, based on its preliminary assessment, does not expect the legislation to have a material impact.
Balance Sheet
The Bank reported total assets of
Total assets increased
The Bank reported total deposits of
During the six months ended June 30, 2025, stockholders’ equity increased by
As of June 30, 2025, the Bank continued to exceed all regulatory capital requirements to be considered well-capitalized. The tangible stockholders' equity to tangible assets ratioiii measured
Asset Quality
First Bank's asset quality metrics remained favorable during the second quarter of 2025. Total nonperforming assets declined from
The Bank recorded net charge-offs of
Liquidity and Borrowings
Management believes the Bank’s current 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
Subordinated Debt Issuance
On June 18, 2025, the Bank announced the closing of a
Cash Dividend Declared
On July 15, 2025, the Bank’s Board of Directors declared a quarterly cash dividend of
Share Repurchase Program
During the second quarter of 2025 the Bank repurchased 193,185 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/5917a538-bdcd-4a25-b364-99fd7d36addb
First Bank will host its earnings call on Wednesday, July 23, 2025 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 3909613. For those unable to participate in the call, a replay will be available by dialing 1-800-770-2030 (access code 3909613) from one hour after the end of the conference call until October 21, 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 27 full-service branches in Cinnaminson, Delanco, Denville, Ewing, Fairfield, Flemington, Hamilton, Lawrence, Monroe, Morristown, Pennington, Randolph, Somerset, Summit, Trenton and Williamstown, New Jersey; Coventry, Devon, Doylestown, Lionville, Malvern, Media, Paoli, Trevose, Warminster and West Chester, Pennsylvania; and Palm Beach, 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 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: 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 impact of public health emergencies, 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; changes in market interest rates may increase funding costs and reduce earning asset yields thus reducing margin; the impact of changes in interest rates 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; 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.
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 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.
iii 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) | ||||||||
| June 30, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Cash and due from banks | $ | 35,860 | $ | 18,252 | ||||
| Restricted cash | 9,900 | 14,270 | ||||||
| Interest bearing deposits with banks | 299,131 | 239,392 | ||||||
| Cash and cash equivalents | 344,891 | 271,914 | ||||||
| Interest bearing time deposits with banks | 747 | 743 | ||||||
| Investment securities available for sale, at fair value (amortized cost of | 81,891 | 77,413 | ||||||
| Equity securities, at fair value | 1,904 | 1,870 | ||||||
| Investment securities held to maturity, net of allowance for credit losses of | 45,749 | 47,123 | ||||||
| Restricted investment in bank stocks | 18,009 | 14,333 | ||||||
| Other investments | 13,556 | 11,612 | ||||||
| Loans held for sale | 2,127 | - | ||||||
| Loans, net of deferred fees and costs | 3,327,288 | 3,144,266 | ||||||
| Less: Allowance for credit losses | (40,877) | (37,773) | ||||||
| Net loans | 3,286,411 | 3,106,493 | ||||||
| Premises and equipment, net | 17,987 | 21,351 | ||||||
| Other real estate owned, net | - | 5,637 | ||||||
| Accrued interest receivable | 14,505 | 14,267 | ||||||
| Bank-owned life insurance | 86,980 | 85,553 | ||||||
| Goodwill | 44,166 | 44,166 | ||||||
| Other intangible assets, net | 7,860 | 8,827 | ||||||
| Deferred income taxes, net | 25,032 | 25,528 | ||||||
| Other assets | 27,520 | 43,516 | ||||||
| Total assets | $ | 4,019,335 | $ | 3,780,346 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Liabilities: | ||||||||
| Non-interest bearing deposits | $ | 590,209 | $ | 519,320 | ||||
| Interest bearing deposits | 2,578,004 | 2,536,576 | ||||||
| Total deposits | 3,168,213 | 3,055,896 | ||||||
| Borrowings | 326,802 | 246,933 | ||||||
| Subordinated debentures | 64,343 | 29,954 | ||||||
| Accrued interest payable | 4,443 | 3,820 | ||||||
| Other liabilities | 33,155 | 34,587 | ||||||
| Total liabilities | 3,596,956 | 3,371,190 | ||||||
| Stockholders' Equity: | ||||||||
| Preferred stock, par value | - | - | ||||||
| Common stock, par value | 136,640 | 135,495 | ||||||
| Additional paid-in capital | 125,290 | 124,524 | ||||||
| Retained earnings | 193,395 | 176,779 | ||||||
| Accumulated other comprehensive loss | (3,525) | (4,925) | ||||||
| Treasury stock, 2,724,249 and 2,274,610 shares, respectively | (29,421) | (22,717) | ||||||
| Total stockholders' equity | 422,379 | 409,156 | ||||||
| Total liabilities and stockholders' equity | $ | 4,019,335 | $ | 3,780,346 | ||||
| FIRST BANK CONSOLIDATED STATEMENTS OF INCOME (in thousands, except for share data, unaudited) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Interest and Dividend Income | ||||||||||||||||
| Investment securities—taxable | $ | 1,246 | $ | 1,278 | $ | 2,434 | $ | 2,460 | ||||||||
| Investment securities—tax-exempt | 41 | 36 | 92 | 74 | ||||||||||||
| Interest bearing deposits with banks, Federal funds sold and other | 3,487 | 3,482 | 6,484 | 6,507 | ||||||||||||
| Loans, including fees | 54,394 | 50,763 | 105,946 | 100,082 | ||||||||||||
| Total interest and dividend income | 59,168 | 55,559 | 114,956 | 109,123 | ||||||||||||
| Interest Expense | ||||||||||||||||
| Deposits | 21,276 | 22,386 | 42,120 | 43,172 | ||||||||||||
| Borrowings | 3,256 | 2,193 | 5,668 | 4,309 | ||||||||||||
| Subordinated debentures | 627 | 440 | 1,067 | 784 | ||||||||||||
| Total interest expense | 25,159 | 25,019 | 48,855 | 48,265 | ||||||||||||
| Net interest income | 34,009 | 30,540 | 66,101 | 60,858 | ||||||||||||
| Credit loss expense (benefit) | 2,558 | 63 | 4,102 | (635) | ||||||||||||
| Net interest income after credit loss expense (benefit) | 31,451 | 30,477 | 61,999 | 61,493 | ||||||||||||
| Non-Interest Income | ||||||||||||||||
| Service fees on deposit accounts | 382 | 350 | 738 | 694 | ||||||||||||
| Loan fees | 568 | 117 | 894 | 219 | ||||||||||||
| Income from bank-owned life insurance | 723 | 609 | 1,516 | 1,394 | ||||||||||||
| Gains on sale of loans, net | 75 | (900) | 104 | (671) | ||||||||||||
| Gains on recovery of acquired loans | 100 | 56 | 124 | 174 | ||||||||||||
| Gain on sale of other assets | 397 | - | 397 | - | ||||||||||||
| Other non-interest income | 457 | 457 | 900 | 843 | ||||||||||||
| Total non-interest income | 2,702 | 689 | 4,673 | 2,653 | ||||||||||||
| Non-Interest Expense | ||||||||||||||||
| Salaries and employee benefits | 11,959 | 9,968 | 23,077 | 20,006 | ||||||||||||
| Occupancy and equipment | 2,350 | 2,082 | 4,814 | 4,108 | ||||||||||||
| Legal fees | 279 | 240 | 647 | 556 | ||||||||||||
| Other professional fees | 924 | 929 | 1,650 | 1,685 | ||||||||||||
| Regulatory fees | 684 | 640 | 1,368 | 1,242 | ||||||||||||
| Directors' fees | 260 | 270 | 542 | 512 | ||||||||||||
| Data processing | 893 | 749 | 1,698 | 1,555 | ||||||||||||
| Marketing and advertising | 503 | 377 | 902 | 673 | ||||||||||||
| Travel and entertainment | 251 | 285 | 487 | 529 | ||||||||||||
| Insurance | 233 | 251 | 447 | 495 | ||||||||||||
| Other real estate owned expense, net | 69 | 129 | 989 | 217 | ||||||||||||
| Other expense | 2,462 | 2,033 | 4,630 | 4,185 | ||||||||||||
| Total non-interest expense | 20,867 | 17,953 | 41,251 | 35,763 | ||||||||||||
| Income Before Income Taxes | 13,286 | 13,213 | 25,421 | 28,383 | ||||||||||||
| Income tax expense | 3,047 | 2,140 | 5,801 | 4,798 | ||||||||||||
| Net Income | $ | 10,239 | $ | 11,073 | $ | 19,620 | $ | 23,585 | ||||||||
| Basic earnings per common share | $ | 0.41 | $ | 0.44 | $ | 0.78 | $ | 0.94 | ||||||||
| Diluted earnings per common share | $ | 0.41 | $ | 0.44 | $ | 0.77 | $ | 0.93 | ||||||||
| Basic weighted average common shares outstanding | 25,029,164 | 25,129,199 | 25,073,368 | 25,084,558 | ||||||||||||
| Diluted weighted average common shares outstanding | 25,234,120 | 25,258,785 | 25,335,743 | 25,228,888 | ||||||||||||
| FIRST BANK AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES (dollars in thousands, unaudited) | ||||||||||||||||||||||||
| Three Months Ended June 30, | ||||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||||
| Average | Average | Average | Average | |||||||||||||||||||||
| Balance | Interest | Rate (5) | Balance | Interest | Rate (5) | |||||||||||||||||||
| Interest earning assets | ||||||||||||||||||||||||
| Investment securities (1) (2) | $ | 135,094 | $ | 1,295 | 3.84 | % | $ | 146,289 | $ | 1,321 | 3.63 | % | ||||||||||||
| Loans (3) | 3,296,031 | 54,394 | 6.62 | % | 2,997,892 | 50,763 | 6.81 | % | ||||||||||||||||
| Interest bearing deposits with banks, | ||||||||||||||||||||||||
| Federal funds sold and other | 276,488 | 3,079 | 4.47 | % | 224,503 | 3,101 | 5.56 | % | ||||||||||||||||
| Restricted investment in bank stocks | 17,960 | 276 | 6.16 | % | 11,178 | 243 | 8.74 | % | ||||||||||||||||
| Other investments | 15,402 | 132 | 3.44 | % | 12,136 | 138 | 4.57 | % | ||||||||||||||||
| Total interest earning assets (2) | 3,740,975 | 59,176 | 6.34 | % | 3,391,998 | 55,566 | 6.59 | % | ||||||||||||||||
| Allowance for credit losses | (39,507) | (36,784) | ||||||||||||||||||||||
| Non-interest earning assets | 251,475 | 263,698 | ||||||||||||||||||||||
| Total assets | $ | 3,952,943 | $ | 3,618,912 | ||||||||||||||||||||
| Interest bearing liabilities | ||||||||||||||||||||||||
| Interest bearing demand deposits | $ | 606,838 | $ | 3,701 | 2.45 | % | $ | 591,222 | $ | 3,813 | 2.59 | % | ||||||||||||
| Money market deposits | 1,064,363 | 8,917 | 3.36 | % | 1,061,593 | 10,559 | 4.00 | % | ||||||||||||||||
| Savings deposits | 140,301 | 694 | 1.98 | % | 158,158 | 619 | 1.57 | % | ||||||||||||||||
| Time deposits | 781,299 | 7,964 | 4.09 | % | 678,197 | 7,395 | 4.39 | % | ||||||||||||||||
| Total interest bearing deposits | 2,592,801 | 21,276 | 3.29 | % | 2,489,170 | 22,386 | 3.62 | % | ||||||||||||||||
| Borrowings | 319,494 | 3,256 | 4.09 | % | 171,533 | 2,193 | 5.14 | % | ||||||||||||||||
| Subordinated debentures | 34,966 | 627 | 7.17 | % | 29,880 | 440 | 5.89 | % | ||||||||||||||||
| Total interest bearing liabilities | 2,947,261 | 25,159 | 3.42 | % | 2,690,583 | 25,019 | 3.74 | % | ||||||||||||||||
| Non-interest bearing deposits | 548,279 | 497,205 | ||||||||||||||||||||||
| Other liabilities | 36,960 | 44,480 | ||||||||||||||||||||||
| Stockholders' equity | 420,443 | 386,644 | ||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 3,952,943 | $ | 3,618,912 | ||||||||||||||||||||
| Net interest income/interest rate spread (2) | 34,017 | 2.92 | % | 30,547 | 2.85 | % | ||||||||||||||||||
| Net interest margin (2) (4) | 3.65 | % | 3.62 | % | ||||||||||||||||||||
| Tax equivalent adjustment (2) | (8) | (7) | ||||||||||||||||||||||
| Net interest income | $ | 34,009 | $ | 30,540 | ||||||||||||||||||||
| (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 AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES (dollars in thousands, unaudited) | ||||||||||||||||||||||||
| Six Months Ended June 30, | ||||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||||
| Average | Average | Average | Average | |||||||||||||||||||||
| Balance | Interest | Rate (5) | Balance | Interest | Rate (5) | |||||||||||||||||||
| Interest earning assets | ||||||||||||||||||||||||
| Investment securities(1) (2) | $ | 134,686 | $ | 2,545 | 3.81 | % | $ | 146,719 | $ | 2,549 | 3.49 | % | ||||||||||||
| Loans(3) | 3,233,747 | 105,946 | 6.61 | % | 2,988,707 | 100,082 | 6.73 | % | ||||||||||||||||
| Interest bearing deposits with banks, | ||||||||||||||||||||||||
| Federal funds sold and other | 255,378 | 5,654 | 4.46 | % | 213,831 | 5,811 | 5.46 | % | ||||||||||||||||
| Restricted investment in bank stocks | 16,059 | 576 | 7.23 | % | 10,800 | 442 | 8.23 | % | ||||||||||||||||
| Other investments | 14,731 | 254 | 3.48 | % | 12,003 | 254 | 4.26 | % | ||||||||||||||||
| Total interest earning assets(2) | 3,654,601 | 114,975 | 6.34 | % | 3,372,060 | 109,138 | 6.51 | % | ||||||||||||||||
| Allowance for credit losses | (38,847) | (37,196) | ||||||||||||||||||||||
| Non-interest earning assets | 256,261 | 262,465 | ||||||||||||||||||||||
| Total assets | $ | 3,872,015 | $ | 3,597,329 | ||||||||||||||||||||
| Interest bearing liabilities | ||||||||||||||||||||||||
| Interest bearing demand deposits | $ | 625,682 | $ | 7,728 | 2.49 | % | $ | 605,081 | $ | 7,479 | 2.49 | % | ||||||||||||
| Money market deposits | 1,054,742 | 17,548 | 3.36 | % | 1,038,250 | 20,348 | 3.94 | % | ||||||||||||||||
| Savings deposits | 141,395 | 1,344 | 1.92 | % | 160,135 | 1,193 | 1.50 | % | ||||||||||||||||
| Time deposits | 749,765 | 15,500 | 4.17 | % | 674,872 | 14,152 | 4.22 | % | ||||||||||||||||
| Total interest bearing deposits | 2,571,584 | 42,120 | 3.30 | % | 2,478,338 | 43,172 | 3.50 | % | ||||||||||||||||
| Borrowings | 277,245 | 5,668 | 4.12 | % | 169,337 | 4,309 | 5.12 | % | ||||||||||||||||
| Subordinated debentures | 32,478 | 1,067 | 6.57 | % | 36,175 | 784 | 4.33 | % | ||||||||||||||||
| Total interest bearing liabilities | 2,881,307 | 48,855 | 3.42 | % | 2,683,850 | 48,265 | 3.62 | % | ||||||||||||||||
| Non-interest bearing deposits | 534,877 | 489,353 | ||||||||||||||||||||||
| Other liabilities | 38,755 | 42,534 | ||||||||||||||||||||||
| Stockholders' equity | 417,076 | 381,592 | ||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 3,872,015 | $ | 3,597,329 | ||||||||||||||||||||
| Net interest income/interest rate spread(2) | 66,120 | 2.92 | % | 60,873 | 2.89 | % | ||||||||||||||||||
| Net interest margin(2) (4) | 3.65 | % | 3.63 | % | ||||||||||||||||||||
| Tax equivalent adjustment(2) | (19) | (15) | ||||||||||||||||||||||
| Net interest income | $ | 66,101 | $ | 60,858 | ||||||||||||||||||||
(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 | ||||||||||||||||||||
| 6/30/2025 | 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | ||||||||||||||||
| EARNINGS | ||||||||||||||||||||
| Net interest income | $ | 34,009 | $ | 32,092 | $ | 31,594 | $ | 30,094 | $ | 30,540 | ||||||||||
| Credit loss expense | 2,558 | 1,544 | 234 | 1,579 | 63 | |||||||||||||||
| Non-interest income | 2,702 | 1,971 | 2,176 | 2,479 | 689 | |||||||||||||||
| Non-interest expense | 20,867 | 20,384 | 19,124 | 18,644 | 17,953 | |||||||||||||||
| Income tax expense | 3,047 | 2,754 | 3,915 | 4,188 | 2,140 | |||||||||||||||
| Net income | 10,239 | 9,381 | 10,497 | 8,162 | 11,073 | |||||||||||||||
| PERFORMANCE RATIOS | ||||||||||||||||||||
| Return on average assets(1) | ||||||||||||||||||||
| Return on average equity(1) | ||||||||||||||||||||
| Return on average tangible equity(1) (2) | ||||||||||||||||||||
| Net interest margin(1) (3) | ||||||||||||||||||||
| Yield on loans(1) | ||||||||||||||||||||
| Total cost of deposits(1) | ||||||||||||||||||||
| Efficiency ratio(2) | ||||||||||||||||||||
| SHARE DATA | ||||||||||||||||||||
| Common shares outstanding | 24,905,790 | 25,045,612 | 25,100,829 | 25,186,920 | 25,144,983 | |||||||||||||||
| Basic earnings per share | $ | 0.41 | $ | 0.37 | $ | 0.42 | $ | 0.32 | $ | 0.44 | ||||||||||
| Diluted earnings per share | 0.41 | 0.37 | 0.41 | 0.32 | 0.44 | |||||||||||||||
| Book value per share | 16.96 | 16.57 | 16.30 | 15.96 | 15.61 | |||||||||||||||
| Tangible book value per share(2) | 14.87 | 14.47 | 14.19 | 13.84 | 13.46 | |||||||||||||||
| MARKET DATA | ||||||||||||||||||||
| Market value per share | $ | 15.47 | $ | 14.81 | $ | 14.07 | $ | 15.20 | $ | 12.74 | ||||||||||
| Market value / Tangible book value(2) | ||||||||||||||||||||
| Market capitalization | $ | 385,293 | $ | 370,926 | $ | 353,169 | $ | 382,841 | $ | 320,347 | ||||||||||
| CAPITAL & LIQUIDITY | ||||||||||||||||||||
| Stockholders' equity / assets | ||||||||||||||||||||
| Tangible stockholders' equity / tangible assets(2) | ||||||||||||||||||||
| Loans / deposits | ||||||||||||||||||||
| ASSET QUALITY | ||||||||||||||||||||
| Net charge-offs (recoveries) | $ | 796 | $ | (15) | $ | (155) | $ | 386 | $ | 175 | ||||||||||
| Nonperforming loans | 15,978 | 11,584 | 11,677 | 12,014 | 14,227 | |||||||||||||||
| Nonperforming assets | 15,978 | 16,406 | 17,314 | 17,651 | 20,226 | |||||||||||||||
| Net charge offs (recoveries)/ average loans(1) | ( | ( | ||||||||||||||||||
| Nonperforming loans / total loans | ||||||||||||||||||||
| Nonperforming assets / total assets | ||||||||||||||||||||
| Allowance for credit losses on loans / total loans | ||||||||||||||||||||
| Allowance for credit losses on loans / nonperforming loans | ||||||||||||||||||||
| OTHER DATA | ||||||||||||||||||||
| Total assets | $ | 4,019,335 | $ | 3,880,759 | $ | 3,780,346 | $ | 3,757,653 | $ | 3,615,731 | ||||||||||
| Total loans | 3,327,288 | 3,236,039 | 3,144,266 | 3,087,488 | 2,998,029 | |||||||||||||||
| Total deposits | 3,168,213 | 3,119,794 | 3,055,896 | 3,050,070 | 2,967,634 | |||||||||||||||
| Total stockholders' equity | 422,379 | 414,915 | 409,156 | 402,070 | 392,489 | |||||||||||||||
| Number of full-time equivalent employees | 335 | 315 | 318 | 313 | 294 | |||||||||||||||
(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
| FIRST BANK QUARTERLY FINANCIAL HIGHLIGHTS (dollars in thousands, unaudited) | ||||||||||||||||||||
| As of the Quarter Ended | ||||||||||||||||||||
| 6/30/2025 | 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | ||||||||||||||||
| LOAN COMPOSITION | ||||||||||||||||||||
| Commercial and industrial | $ | 706,849 | $ | 651,690 | $ | 576,625 | $ | 546,541 | $ | 530,996 | ||||||||||
| Commercial real estate: | ||||||||||||||||||||
| Owner-occupied | 707,766 | 694,113 | 671,357 | 688,988 | 647,625 | |||||||||||||||
| Investor | 1,192,716 | 1,160,549 | 1,181,684 | 1,170,508 | 1,143,954 | |||||||||||||||
| Construction and development | 161,361 | 200,262 | 205,096 | 193,460 | 190,108 | |||||||||||||||
| Multi-family | 309,189 | 308,217 | 287,843 | 267,861 | 270,238 | |||||||||||||||
| Total commercial real estate | 2,371,032 | 2,363,141 | 2,345,980 | 2,320,817 | 2,251,925 | |||||||||||||||
| Residential real estate: | ||||||||||||||||||||
| Residential mortgage and first lien home equity loans | 160,935 | 142,298 | 142,769 | 144,081 | 144,978 | |||||||||||||||
| Home equity–second lien loans and revolving lines of credit | 62,738 | 52,438 | 51,020 | 49,763 | 46,882 | |||||||||||||||
| Total residential real estate | 223,673 | 194,736 | 193,789 | 193,844 | 191,860 | |||||||||||||||
| Consumer and other | 29,248 | 29,760 | 31,324 | 29,518 | 26,321 | |||||||||||||||
| Total loans prior to deferred loan fees and costs | 3,330,802 | 3,239,327 | 3,147,718 | 3,090,720 | 3,001,102 | |||||||||||||||
| Net deferred loan fees and costs | (3,514) | (3,288) | (3,452) | (3,232) | (3,073) | |||||||||||||||
| Total loans | $ | 3,327,288 | $ | 3,236,039 | $ | 3,144,266 | $ | 3,087,488 | $ | 2,998,029 | ||||||||||
| LOAN MIX | ||||||||||||||||||||
| Commercial and industrial | ||||||||||||||||||||
| Commercial real estate: | ||||||||||||||||||||
| Owner-occupied | ||||||||||||||||||||
| Investor | ||||||||||||||||||||
| Construction and development | ||||||||||||||||||||
| Multi-family | ||||||||||||||||||||
| Total commercial real estate | ||||||||||||||||||||
| Residential real estate: | ||||||||||||||||||||
| Residential mortgage and first lien home equity loans | ||||||||||||||||||||
| Home equity–second lien loans and revolving lines of credit | ||||||||||||||||||||
| Total residential real estate | ||||||||||||||||||||
| Consumer and other | ||||||||||||||||||||
| Net deferred loan fees and costs | ( | ( | ( | ( | ( | |||||||||||||||
| Total loans | ||||||||||||||||||||
| FIRST BANK QUARTERLY FINANCIAL HIGHLIGHTS (dollars in thousands, unaudited) | ||||||||||||||||||||
| As of the Quarter Ended | ||||||||||||||||||||
| 6/30/2025 | 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | ||||||||||||||||
| DEPOSIT COMPOSITION | ||||||||||||||||||||
| Non-interest bearing demand deposits | $ | 590,209 | $ | 535,584 | $ | 519,320 | $ | 519,079 | $ | 499,765 | ||||||||||
| Interest bearing demand deposits | 553,909 | 629,974 | 629,099 | 597,802 | 574,515 | |||||||||||||||
| Money market and savings deposits | 1,241,277 | 1,197,517 | 1,198,039 | 1,235,637 | 1,199,382 | |||||||||||||||
| Time deposits | 782,818 | 756,719 | 709,438 | 697,552 | 693,972 | |||||||||||||||
| Total Deposits | $ | 3,168,213 | $ | 3,119,794 | $ | 3,055,896 | $ | 3,050,070 | $ | 2,967,634 | ||||||||||
| DEPOSIT MIX | ||||||||||||||||||||
| Non-interest bearing demand deposits | ||||||||||||||||||||
| Interest bearing demand deposits | ||||||||||||||||||||
| Money market and savings deposits | ||||||||||||||||||||
| Time deposits | ||||||||||||||||||||
| Total Deposits | ||||||||||||||||||||
| FIRST BANK NON-GAAP FINANCIAL MEASURES (in thousands, except for share data, unaudited) | ||||||||||||||||||||
| As of or For the Quarter Ended | ||||||||||||||||||||
| 6/30/2025 | 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | ||||||||||||||||
| Return on Average Tangible Equity | ||||||||||||||||||||
| Net income (numerator) | $ | 10,239 | $ | 9,381 | $ | 10,497 | $ | 8,162 | $ | 11,073 | ||||||||||
| Average stockholders' equity | $ | 420,443 | $ | 413,672 | $ | 406,579 | $ | 398,535 | $ | 386,644 | ||||||||||
| Less: Average Goodwill and other intangible assets, net | 52,301 | 52,805 | 53,278 | 53,823 | 54,347 | |||||||||||||||
| Average Tangible stockholders' equity (denominator) | $ | 368,142 | $ | 360,867 | $ | 353,301 | $ | 344,712 | $ | 332,297 | ||||||||||
| Return on average tangible equity(1) | ||||||||||||||||||||
| Tangible Book Value Per Share | ||||||||||||||||||||
| Stockholders' equity | $ | 422,379 | $ | 414,915 | $ | 409,156 | $ | 402,070 | $ | 392,489 | ||||||||||
| Less: Goodwill and other intangible assets, net | 52,026 | 52,507 | 52,993 | 53,484 | 54,026 | |||||||||||||||
| Tangible stockholders' equity (numerator) | $ | 370,353 | $ | 362,408 | $ | 356,163 | $ | 348,586 | $ | 338,463 | ||||||||||
| Common shares outstanding (denominator) | 24,905,790 | 25,045,612 | 25,100,829 | 25,186,920 | 25,144,983 | |||||||||||||||
| Tangible book value per share | $ | 14.87 | $ | 14.47 | $ | 14.19 | $ | 13.84 | $ | 13.46 | ||||||||||
| Tangible Equity / Tangible Assets | ||||||||||||||||||||
| Stockholders' equity | $ | 422,379 | $ | 414,915 | $ | 409,156 | $ | 402,070 | $ | 392,489 | ||||||||||
| Less: Goodwill and other intangible assets, net | 52,026 | 52,507 | 52,993 | 53,484 | 54,026 | |||||||||||||||
| Tangible stockholders' equity (numerator) | $ | 370,353 | $ | 362,408 | $ | 356,163 | $ | 348,586 | $ | 338,463 | ||||||||||
| Total assets | $ | 4,019,335 | $ | 3,880,759 | $ | 3,780,346 | $ | 3,757,653 | $ | 3,615,731 | ||||||||||
| Less: Goodwill and other intangible assets, net | 52,026 | 52,507 | 52,993 | 53,484 | 54,026 | |||||||||||||||
| Tangible total assets (denominator) | $ | 3,967,309 | $ | 3,828,252 | $ | 3,727,353 | $ | 3,704,169 | $ | 3,561,705 | ||||||||||
| Tangible stockholders' equity / tangible assets | ||||||||||||||||||||
| Efficiency Ratio | ||||||||||||||||||||
| Non-interest expense | $ | 20,867 | $ | 20,384 | $ | 19,124 | $ | 18,644 | $ | 17,953 | ||||||||||
| Less: Other real estate owned write-down | - | 815 | - | 362 | - | |||||||||||||||
| Adjusted non-interest expense (numerator) | $ | 20,867 | $ | 19,569 | $ | 19,124 | $ | 18,282 | $ | 17,953 | ||||||||||
| Net interest income | $ | 34,009 | $ | 32,092 | $ | 31,594 | $ | 30,094 | $ | 30,540 | ||||||||||
| Non-interest income | 2,702 | 1,971 | 2,176 | 2,479 | 689 | |||||||||||||||
| Total revenue | 36,711 | 34,063 | 33,770 | 32,573 | 31,229 | |||||||||||||||
| Add: Losses on sale of investment securities, net | - | - | - | 555 | - | |||||||||||||||
| (Subtract) Add: (Gains) losses on sale of loans, net | (75) | (29) | (38) | (135) | 900 | |||||||||||||||
| (Subtract): Gain on sale of other assets | (397) | - | - | - | - | |||||||||||||||
| Less: Bank Owned Life Insurance Incentive | - | (88) | (168) | (1,116) | - | |||||||||||||||
| Add: Executive Officer Severance Benefits | 863 | - | - | - | - | |||||||||||||||
| Adjusted total revenue (denominator) | $ | 37,102 | $ | 33,946 | $ | 33,564 | $ | 31,877 | $ | 32,129 | ||||||||||
| Efficiency ratio | ||||||||||||||||||||
(1) Annualized.
| CONTACT: Andrew Hibshman, Chief Financial Officer |
| (609) 643-0058, andrew.hibshman@firstbanknj.com |
FAQ
What was First Bank's (FRBA) earnings per share in Q2 2025?
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What was First Bank's (FRBA) net interest margin in Q2 2025?
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