First Bank Announces Second Quarter 2026 Net Income of $10.9 Million
Rhea-AI Summary
First Bank (Nasdaq: FRBA) reported second quarter 2026 net income of $10.9 million, or $0.43 per diluted share, up from $10.2 million, or $0.41, a year earlier. Return on average assets was 1.09% and return on average equity was 9.62%.
Total loans reached $3.37 billion and total deposits $3.32 billion at June 30, 2026, reflecting annualized linked-quarter growth of 8.3% and 12.0%, respectively. The tax-equivalent net interest margin was 3.68%, roughly stable, while the efficiency ratio improved to 54.52%. Tangible book value per share rose to $16.27, up over 9% annualized versus both the prior quarter and prior year.
Asset quality metrics were mixed: credit loss expense fell to $2.2 million versus $5.6 million in Q1 2026, but nonperforming assets increased to $32.7 million and criticized loans rose to 2.69% of total loans. The board declared a quarterly cash dividend of $0.09 per share and the bank repurchased 325,388 shares at an average price of $15.45 under its ongoing buyback program.
Positive
- Net income $10.9M, up from $10.2M in Q2 2025
- EPS $0.43 vs. $0.41 in prior-year quarter
- Loan growth to $3.37B; +$68.0M linked, +$44.8M YoY
- Deposit growth to $3.32B; +$96.2M linked, +$155.5M YoY
- Efficiency ratio improved to 54.52% from 57.55% linked quarter
- Tangible book value/share $16.27; >9% annualized growth vs. prior year
Negative
- Nonperforming assets increased to $32.7M from $18.4M at year-end 2025
- Criticized loans up to $90.9M, 2.69% of loans
- Net charge-offs $1.6M vs. $796K in Q2 2025
- Non-interest income down to $2.1M vs. $2.7M prior-year quarter
- Effective tax rate rose to 25.5% from 22.9% a year earlier
News Explained
The release adds that First Bank’s share-repurchase program permits purchases of up to
News Market Reaction – FRBA
In the Jul 24 session, FRBA gained 2.80%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 27 | 1Q26 earnings | Negative | -8.0% | Net income declined while credit loss expense and net charge-offs increased. |
| Jan 26 | 4Q25 earnings | Positive | -0.7% | Quarterly earnings and dividend increased despite higher credit costs. |
| Oct 22 | 3Q25 earnings | Positive | +0.2% | Net income increased with improved efficiency and continued tangible book value growth. |
| Jul 22 | 2Q25 earnings | Negative | -0.8% | Net income declined year over year despite loan and deposit growth. |
| Apr 22 | 1Q25 earnings | Negative | -3.0% | Net income declined year over year while loan growth and margin improved. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings-tag history showed an average reaction of -2.47%, with negative reactions in four of five selected events.
Key Terms
net interest margin financial
non-accrual status financial
criticized loans financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Strong loan and deposit growth and operating efficiency drive tangible book value expansion
HAMILTON, N.J., July 23, 2026 (GLOBE NEWSWIRE) -- First Bank (Nasdaq Global Market: FRBA) ("the Bank") today announced results for the second quarter of 2026. Net income for the second quarter of 2026 was
Second Quarter 2026 Performance Highlights:
| ● | Total loans grew to | |
| ● | Total deposits grew to | |
| ● | Net interest margin remained strong and stable, measuring | |
| ● | Efficiency ratioii improved to | |
| ● | Tangible book value per shareiii grew to | |
Patrick L. Ryan, President and CEO of First Bank, reflecting on the Bank’s performance, stated, “Our team’s outstanding execution drove our strong and improved performance in the second quarter. Pre-provision net revenueiv expanded by nearly
Mr. Ryan continued, “Overall credit quality remains within acceptable historical ranges. Our ratio of allowance for credit losses on loans to total loans remained flat to the linked quarter. The increase in non-performing assets reflected the addition of one commercial real estate credit that moved to non-accrual status. 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. “Over the past twelve months, we grew tangible book value per share over
Income Statement
In the second 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 second quarter of 2026 was
Non-interest expense for the second quarter of 2026 decreased
Income tax expense for the second quarter of 2026 was
Balance Sheet
The Bank reported total assets of
Total assets increased
Total deposits increased to
During the six months ended June 30, 2026, stockholders’ equity increased by
As of June 30, 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 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 July 21, 2026, the Bank’s Board of Directors declared a quarterly cash dividend of
Share Repurchase Program
During the second quarter of 2026, the Bank repurchased 325,388 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/daf9708b-882b-4e58-9643-28a13c87789f
First Bank will host its earnings call on Friday, July 24, 2026 at 9:00 AM Eastern Time. The direct dial number for the call is 1-833-461-5787, toll free, using the meeting ID 872 094 274. 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 "Investor Relations" page of the Bank’s website, www.myfirstbank.com.
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 public health emergencies; 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 adjusted non-interest expense 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 tangible equity (equity minus goodwill and other intangible assets) by common shares outstanding. 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 Pre-provision net revenue is a non-U.S. GAAP financial measure and is calculated by adding net interest income and non-interest income and subtracting non-interest expense adjusted by certain non-recurring items. For a reconciliation of this non-U.S. GAAP financial measure, along with the other non-U.S. 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.
v 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, 2026 | December 31, 2025 | ||||||||
| Assets | |||||||||
| Cash and due from banks | $ | 27,257 | $ | 22,141 | |||||
| Restricted cash | 9,690 | 7,780 | |||||||
| Interest bearing deposits with banks | 314,576 | 279,299 | |||||||
| Cash and cash equivalents | 351,523 | 309,220 | |||||||
| Interest bearing time deposits with banks | 498 | 747 | |||||||
| Investment securities available for sale, at fair value (amortized cost of | 112,969 | 104,740 | |||||||
| Investment securities held to maturity, net of allowance for credit losses of | 42,803 | 40,424 | |||||||
| Equity securities, at fair value | 1,910 | 1,930 | |||||||
| Restricted investment in bank stocks | 14,119 | 13,877 | |||||||
| Other investments | 14,512 | 16,033 | |||||||
| Loans held for sale | 800 | - | |||||||
| Loans, net of deferred fees and costs | 3,372,136 | 3,293,225 | |||||||
| Less: Allowance for credit losses | (46,631 | ) | (45,384 | ) | |||||
| Net loans | 3,325,505 | 3,247,841 | |||||||
| Premises and equipment, net | 17,735 | 18,367 | |||||||
| Accrued interest receivable | 14,920 | 14,382 | |||||||
| Bank-owned life insurance | 89,991 | 88,475 | |||||||
| Goodwill | 44,166 | 44,166 | |||||||
| Other intangible assets, net | 6,307 | 7,124 | |||||||
| Deferred income taxes, net | 23,051 | 22,623 | |||||||
| Other assets | 26,597 | 28,087 | |||||||
| Total assets | $ | 4,087,406 | $ | 3,958,036 | |||||
| Liabilities and Stockholders' Equity | |||||||||
| Liabilities: | |||||||||
| Non-interest bearing deposits | $ | 607,104 | $ | 572,349 | |||||
| Interest bearing deposits | 2,716,573 | 2,629,959 | |||||||
| Total deposits | 3,323,677 | 3,202,308 | |||||||
| Borrowings | 241,542 | 236,672 | |||||||
| Subordinated debentures | 34,453 | 34,384 | |||||||
| Accrued interest payable | 5,236 | 4,763 | |||||||
| Other liabilities | 29,274 | 36,407 | |||||||
| Total liabilities | 3,634,182 | 3,514,534 | |||||||
| Stockholders' Equity: | |||||||||
| Preferred stock, par value | - | - | |||||||
| Common stock, par value | 138,180 | 136,788 | |||||||
| Additional paid-in capital | 127,033 | 126,334 | |||||||
| Retained earnings | 228,473 | 214,458 | |||||||
| Accumulated other comprehensive loss | (3,710 | ) | (2,875 | ) | |||||
| Treasury stock, 3,202,749 and 2,843,742 shares, respectively | (36,752 | ) | (31,203 | ) | |||||
| Total stockholders' equity | 453,224 | 443,502 | |||||||
| Total liabilities and stockholders' equity | $ | 4,087,406 | $ | 3,958,036 | |||||
| FIRST BANK CONSOLIDATED STATEMENTS OF INCOME (in thousands, except for share data, unaudited) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Interest and Dividend Income | ||||||||||||||||
| Investment securities—taxable | $ | 1,420 | $ | 1,246 | $ | 2,760 | $ | 2,434 | ||||||||
| Investment securities—tax-exempt | 47 | 41 | 95 | 92 | ||||||||||||
| Interest bearing deposits with banks, Federal funds sold and other | 2,675 | 3,487 | 5,492 | 6,484 | ||||||||||||
| Loans, including fees | 53,131 | 54,394 | 104,779 | 105,946 | ||||||||||||
| Total interest and dividend income | 57,273 | 59,168 | 113,126 | 114,956 | ||||||||||||
| Interest Expense | ||||||||||||||||
| Deposits | 19,584 | 21,276 | 38,736 | 42,120 | ||||||||||||
| Borrowings | 2,224 | 3,256 | 4,258 | 5,668 | ||||||||||||
| Subordinated debentures | 658 | 627 | 1,316 | 1,067 | ||||||||||||
| Total interest expense | 22,466 | 25,159 | 44,310 | 48,855 | ||||||||||||
| Net interest income | 34,807 | 34,009 | 68,816 | 66,101 | ||||||||||||
| Credit loss expense | 2,232 | 2,558 | 7,785 | 4,102 | ||||||||||||
| Net interest income after credit loss expense | 32,575 | 31,451 | 61,031 | 61,999 | ||||||||||||
| Non-Interest Income | ||||||||||||||||
| Service fees on deposit accounts | 356 | 382 | 714 | 738 | ||||||||||||
| Loan fees | 123 | 568 | 379 | 894 | ||||||||||||
| Income from bank-owned life insurance | 768 | 723 | 1,516 | 1,516 | ||||||||||||
| Gains on sale of loans, net | 104 | 75 | 344 | 104 | ||||||||||||
| Gains on recovery of acquired loans | 299 | 100 | 360 | 124 | ||||||||||||
| Gain on sale of other assets | - | 397 | - | 397 | ||||||||||||
| Other non-interest income | 497 | 457 | 1,218 | 900 | ||||||||||||
| Total non-interest income | 2,147 | 2,702 | 4,531 | 4,673 | ||||||||||||
| Non-Interest Expense | ||||||||||||||||
| Salaries and employee benefits | 11,410 | 11,959 | 23,730 | 23,077 | ||||||||||||
| Occupancy and equipment | 2,301 | 2,350 | 4,882 | 4,814 | ||||||||||||
| Legal fees | 354 | 279 | 593 | 647 | ||||||||||||
| Other professional fees | 876 | 924 | 1,647 | 1,650 | ||||||||||||
| Regulatory fees | 565 | 684 | 1,186 | 1,368 | ||||||||||||
| Directors' fees | 265 | 260 | 520 | 542 | ||||||||||||
| Data processing | 785 | 893 | 1,576 | 1,698 | ||||||||||||
| Marketing and advertising | 521 | 503 | 954 | 902 | ||||||||||||
| Travel and entertainment | 274 | 251 | 556 | 487 | ||||||||||||
| Insurance | 171 | 233 | 353 | 447 | ||||||||||||
| Other real estate owned expense, net | - | 69 | - | 989 | ||||||||||||
| Other expense | 2,624 | 2,462 | 5,092 | 4,630 | ||||||||||||
| Total non-interest expense | 20,146 | 20,867 | 41,089 | 41,251 | ||||||||||||
| Income Before Income Taxes | 14,576 | 13,286 | 24,473 | 25,421 | ||||||||||||
| Income tax expense | 3,718 | 3,047 | 5,969 | 5,801 | ||||||||||||
| Net Income | $ | 10,858 | $ | 10,239 | $ | 18,504 | $ | 19,620 | ||||||||
| Basic earnings per common share | $ | 0.44 | $ | 0.41 | $ | 0.74 | $ | 0.78 | ||||||||
| Diluted earnings per common share | $ | 0.43 | $ | 0.41 | $ | 0.74 | $ | 0.77 | ||||||||
| Cash dividends per common share | $ | 0.09 | $ | 0.06 | $ | 0.18 | $ | 0.12 | ||||||||
| Basic weighted average common shares outstanding | 24,916,914 | 25,029,164 | 24,932,612 | 25,073,368 | ||||||||||||
| Diluted weighted average common shares outstanding | 25,074,625 | 25,234,120 | 25,156,888 | 25,335,743 | ||||||||||||
| FIRST BANK AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES (dollars in thousands, unaudited) | ||||||||||||||||||||||||
| Three Months Ended June 30, | ||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||
| Average | Average | Average | Average | |||||||||||||||||||||
| Balance | Interest | Rate (5) | Balance | Interest | Rate (5) | |||||||||||||||||||
| Interest earning assets | ||||||||||||||||||||||||
| Investment securities (1) (2) | $ | 152,237 | $ | 1,477 | 3.89 | % | $ | 135,094 | $ | 1,295 | 3.84 | % | ||||||||||||
| Loans (3) | 3,365,954 | 53,131 | 6.33 | % | 3,296,031 | 54,394 | 6.62 | % | ||||||||||||||||
| Interest bearing deposits with banks, | ||||||||||||||||||||||||
| Federal funds sold and other | 250,376 | 2,310 | 3.70 | % | 276,488 | 3,079 | 4.47 | % | ||||||||||||||||
| Restricted investment in bank stocks | 14,055 | 243 | 6.93 | % | 17,960 | 276 | 6.16 | % | ||||||||||||||||
| Other investments | 16,160 | 122 | 3.03 | % | 15,402 | 132 | 3.44 | % | ||||||||||||||||
| Total interest earning assets (2) | 3,798,782 | 57,283 | 6.05 | % | 3,740,975 | 59,176 | 6.34 | % | ||||||||||||||||
| Allowance for credit losses | (46,710 | ) | (39,507 | ) | ||||||||||||||||||||
| Non-interest earning assets | 243,774 | 251,475 | ||||||||||||||||||||||
| Total assets | $ | 3,995,846 | $ | 3,952,943 | ||||||||||||||||||||
| Interest bearing liabilities | ||||||||||||||||||||||||
| Interest bearing demand deposits | $ | 583,931 | $ | 3,162 | 2.17 | % | $ | 606,838 | $ | 3,701 | 2.45 | % | ||||||||||||
| Money market deposits | 1,079,797 | 7,960 | 2.96 | % | 1,064,363 | 8,917 | 3.36 | % | ||||||||||||||||
| Savings deposits | 155,134 | 658 | 1.70 | % | 140,301 | 694 | 1.98 | % | ||||||||||||||||
| Time deposits | 865,849 | 7,804 | 3.62 | % | 781,299 | 7,964 | 4.09 | % | ||||||||||||||||
| Total interest bearing deposits | 2,684,711 | 19,584 | 2.93 | % | 2,592,801 | 21,276 | 3.29 | % | ||||||||||||||||
| Borrowings | 234,268 | 2,224 | 3.81 | % | 319,494 | 3,256 | 4.09 | % | ||||||||||||||||
| Subordinated debentures | 34,430 | 658 | 7.64 | % | 34,966 | 627 | 7.17 | % | ||||||||||||||||
| Total interest bearing liabilities | 2,953,409 | 22,466 | 3.05 | % | 2,947,261 | 25,159 | 3.42 | % | ||||||||||||||||
| Non-interest bearing deposits | 554,860 | 548,279 | ||||||||||||||||||||||
| Other liabilities | 35,031 | 36,960 | ||||||||||||||||||||||
| Stockholders' equity | 452,546 | 420,443 | ||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 3,995,846 | $ | 3,952,943 | ||||||||||||||||||||
| Net interest income/interest rate spread (2) | 34,817 | 3.01 | % | 34,017 | 2.92 | % | ||||||||||||||||||
| Net interest margin (2) (4) | 3.68 | % | 3.65 | % | ||||||||||||||||||||
| Tax equivalent adjustment (2) | (10 | ) | (8 | ) | ||||||||||||||||||||
| Net interest income | $ | 34,807 | $ | 34,009 | ||||||||||||||||||||
| (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, | ||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||
| Average | Average | Average | Average | |||||||||||||||||||||
| Balance | Interest | Rate (5) | Balance | Interest | Rate (5) | |||||||||||||||||||
| Interest earning assets | ||||||||||||||||||||||||
| Investment securities (1) (2) | $ | 149,522 | $ | 2,875 | 3.88 | % | $ | 134,686 | $ | 2,545 | 3.81 | % | ||||||||||||
| Loans (3) | 3,331,408 | 104,779 | 6.34 | % | 3,233,747 | 105,946 | 6.61 | % | ||||||||||||||||
| Interest bearing deposits with banks, | ||||||||||||||||||||||||
| Federal funds sold and other | 258,173 | 4,735 | 3.70 | % | 255,378 | 5,654 | 4.46 | % | ||||||||||||||||
| Restricted investment in bank stocks | 13,586 | 527 | 7.82 | % | 16,059 | 576 | 7.23 | % | ||||||||||||||||
| Other investments | 17,029 | 230 | 2.72 | % | 14,731 | 254 | 3.48 | % | ||||||||||||||||
| Total interest earning assets (2) | 3,769,718 | 113,146 | 6.05 | % | 3,654,601 | 114,975 | 6.34 | % | ||||||||||||||||
| Allowance for credit losses | (46,354 | ) | (38,847 | ) | ||||||||||||||||||||
| Non-interest earning assets | 244,291 | 256,261 | ||||||||||||||||||||||
| Total assets | $ | 3,967,655 | $ | 3,872,015 | ||||||||||||||||||||
| Interest bearing liabilities | ||||||||||||||||||||||||
| Interest bearing demand deposits | $ | 593,197 | $ | 6,446 | 2.19 | % | $ | 625,682 | $ | 7,728 | 2.49 | % | ||||||||||||
| Money market deposits | 1,064,840 | 15,562 | 2.95 | % | 1,054,742 | 17,548 | 3.36 | % | ||||||||||||||||
| Savings deposits | 152,687 | 1,266 | 1.67 | % | 141,395 | 1,344 | 1.92 | % | ||||||||||||||||
| Time deposits | 853,418 | 15,462 | 3.65 | % | 749,765 | 15,500 | 4.17 | % | ||||||||||||||||
| Total interest bearing deposits | 2,664,142 | 38,736 | 2.93 | % | 2,571,584 | 42,120 | 3.30 | % | ||||||||||||||||
| Borrowings | 223,894 | 4,258 | 3.84 | % | 277,245 | 5,668 | 4.12 | % | ||||||||||||||||
| Subordinated debentures | 34,413 | 1,316 | 7.65 | % | 32,478 | 1,067 | 6.57 | % | ||||||||||||||||
| Total interest bearing liabilities | 2,922,449 | 44,310 | 3.06 | % | 2,881,307 | 48,855 | 3.42 | % | ||||||||||||||||
| Non-interest bearing deposits | 555,088 | 534,877 | ||||||||||||||||||||||
| Other liabilities | 38,971 | 38,755 | ||||||||||||||||||||||
| Stockholders' equity | 451,147 | 417,076 | ||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 3,967,655 | $ | 3,872,015 | ||||||||||||||||||||
| Net interest income/interest rate spread (2) | 68,836 | 2.99 | % | 66,120 | 2.92 | % | ||||||||||||||||||
| Net interest margin (2) (4) | 3.68 | % | 3.65 | % | ||||||||||||||||||||
| Tax equivalent adjustment (2) | (20 | ) | (19 | ) | ||||||||||||||||||||
| Net interest income | $ | 68,816 | $ | 66,101 | ||||||||||||||||||||
| (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 | |||||||||||||||||||||
| 6/30/2026 | 3/31/2026 | 12/31/2025 | 9/30/2025 | 6/30/2025 | |||||||||||||||||
| EARNINGS | |||||||||||||||||||||
| Net interest income | $ | 34,807 | $ | 34,009 | $ | 36,177 | $ | 35,544 | $ | 34,009 | |||||||||||
| Credit loss expense | 2,232 | 5,553 | 4,789 | 2,998 | 2,558 | ||||||||||||||||
| Non-interest income | 2,147 | 2,384 | 2,283 | 2,421 | 2,702 | ||||||||||||||||
| Non-interest expense | 20,146 | 20,943 | 17,085 | 19,670 | 20,867 | ||||||||||||||||
| Income tax expense | 3,718 | 2,251 | 4,262 | 3,582 | 3,047 | ||||||||||||||||
| Net income | 10,858 | 7,646 | 12,324 | 11,715 | 10,239 | ||||||||||||||||
| PERFORMANCE RATIOS | |||||||||||||||||||||
| Return on average assets (1) | 1.09 | % | 0.79 | % | 1.21 | % | 1.16 | % | 1.04 | % | |||||||||||
| Return on average equity (1) | 9.62 | % | 6.89 | % | 11.11 | % | 10.85 | % | 9.77 | % | |||||||||||
| Return on average tangible equity (1) (2) | 10.84 | % | 7.78 | % | 12.58 | % | 12.35 | % | 11.16 | % | |||||||||||
| Net interest margin (1) (3) | 3.68 | % | 3.69 | % | 3.74 | % | 3.71 | % | 3.65 | % | |||||||||||
| Yield on loans (1) | 6.33 | % | 6.35 | % | 6.57 | % | 6.66 | % | 6.62 | % | |||||||||||
| Total cost of deposits (1) | 2.42 | % | 2.43 | % | 2.54 | % | 2.69 | % | 2.72 | % | |||||||||||
| Efficiency ratio (2) | 54.52 | % | 57.55 | % | 49.46 | % | 51.81 | % | 56.13 | % | |||||||||||
| SHARE DATA | |||||||||||||||||||||
| Common shares outstanding | 24,747,673 | 25,061,700 | 24,800,244 | 24,799,049 | 24,905,790 | ||||||||||||||||
| Basic earnings per share | $ | 0.44 | $ | 0.31 | $ | 0.50 | $ | 0.47 | $ | 0.41 | |||||||||||
| Diluted earnings per share | 0.43 | 0.30 | 0.49 | 0.47 | 0.41 | ||||||||||||||||
| Book value per share | 18.31 | 17.93 | 17.88 | 17.41 | 16.96 | ||||||||||||||||
| Tangible book value per share (2) | 16.27 | 15.90 | 15.81 | 15.33 | 14.87 | ||||||||||||||||
| MARKET DATA | |||||||||||||||||||||
| Market value per share | $ | 17.73 | $ | 16.00 | $ | 16.46 | $ | 16.29 | $ | 15.47 | |||||||||||
| Market value / Tangible book value (2) | 108.94 | % | 100.63 | % | 104.08 | % | 106.24 | % | 104.03 | % | |||||||||||
| Market capitalization | $ | 438,776 | $ | 400,987 | $ | 408,212 | $ | 403,977 | $ | 385,293 | |||||||||||
| CAPITAL & LIQUIDITY | |||||||||||||||||||||
| Stockholders' equity / assets | 11.09 | % | 11.32 | % | 11.21 | % | 10.71 | % | 10.51 | % | |||||||||||
| Tangible stockholders' equity / tangible assets (2) | 9.98 | % | 10.17 | % | 10.04 | % | 9.55 | % | 9.34 | % | |||||||||||
| Loans / deposits | 101.46 | % | 102.38 | % | 102.84 | % | 104.66 | % | 105.02 | % | |||||||||||
| ASSET QUALITY | |||||||||||||||||||||
| Net charge-offs (recoveries) | $ | 1,625 | $ | 5,034 | $ | 1,686 | $ | 1,737 | $ | 796 | |||||||||||
| Nonperforming loans | 32,662 | 26,169 | 18,381 | 14,420 | 15,978 | ||||||||||||||||
| Nonperforming assets | 32,662 | 26,169 | 18,381 | 14,420 | 15,978 | ||||||||||||||||
| Net charge offs (recoveries)/ average loans (1) | 0.19 | % | 0.62 | % | 0.20 | % | 0.21 | % | 0.10 | % | |||||||||||
| Nonperforming loans / total loans | 0.97 | % | 0.79 | % | 0.56 | % | 0.43 | % | 0.48 | % | |||||||||||
| Nonperforming assets / total assets | 0.80 | % | 0.66 | % | 0.46 | % | 0.36 | % | 0.40 | % | |||||||||||
| Allowance for credit losses on loans / total loans | 1.38 | % | 1.39 | % | 1.38 | % | 1.25 | % | 1.23 | % | |||||||||||
| Allowance for credit losses on loans / nonperforming loans | 142.77 | % | 175.47 | % | 246.91 | % | 292.73 | % | 255.83 | % | |||||||||||
| OTHER DATA | |||||||||||||||||||||
| Total assets | $ | 4,087,406 | $ | 3,970,761 | $ | 3,958,036 | $ | 4,032,636 | $ | 4,019,335 | |||||||||||
| Total loans | 3,372,136 | 3,304,110 | 3,293,225 | 3,373,910 | 3,327,288 | ||||||||||||||||
| Total deposits | 3,323,677 | 3,227,439 | 3,202,308 | 3,223,607 | 3,168,213 | ||||||||||||||||
| Total stockholders' equity | 453,224 | 449,378 | 443,502 | 431,875 | 422,379 | ||||||||||||||||
| Number of full-time equivalent employees | 338 | 327 | 334 | 332 | 335 | ||||||||||||||||
| (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 | ||||||||||||||||||||
| 6/30/2026 | 3/31/2026 | 12/31/2025 | 9/30/2025 | 6/30/2025 | ||||||||||||||||
| LOAN COMPOSITION | ||||||||||||||||||||
| Commercial and industrial | $ | 752,208 | $ | 722,312 | $ | 727,075 | $ | 740,350 | $ | 706,849 | ||||||||||
| Commercial real estate: | ||||||||||||||||||||
| Owner-occupied | 722,838 | 670,240 | 662,245 | 685,277 | 707,766 | |||||||||||||||
| Investor | 1,180,531 | 1,165,319 | 1,148,297 | 1,211,491 | 1,192,716 | |||||||||||||||
| Construction and development | 177,671 | 184,252 | 193,312 | 181,855 | 161,361 | |||||||||||||||
| Multi-family | 270,951 | 284,134 | 282,854 | 284,983 | 309,189 | |||||||||||||||
| Total commercial real estate | 2,351,991 | 2,303,945 | 2,286,708 | 2,363,606 | 2,371,032 | |||||||||||||||
| Residential real estate: | ||||||||||||||||||||
| Residential mortgage and first lien home equity loans | 141,914 | 154,533 | 154,167 | 151,372 | 160,935 | |||||||||||||||
| Home equity–second lien loans and revolving lines of credit | 75,718 | 72,584 | 72,919 | 65,129 | 62,738 | |||||||||||||||
| Total residential real estate | 217,632 | 227,117 | 227,086 | 216,501 | 223,673 | |||||||||||||||
| Consumer and other | 54,177 | 54,235 | 55,862 | 57,222 | 29,248 | |||||||||||||||
| Total loans prior to deferred loan fees and costs | 3,376,008 | 3,307,609 | 3,296,731 | 3,377,679 | 3,330,802 | |||||||||||||||
| Net deferred loan fees and costs | (3,872 | ) | (3,499 | ) | (3,506 | ) | (3,769 | ) | (3,514 | ) | ||||||||||
| Total loans | $ | 3,372,136 | $ | 3,304,110 | $ | 3,293,225 | $ | 3,373,910 | $ | 3,327,288 | ||||||||||
| LOAN MIX | ||||||||||||||||||||
| Commercial and industrial | 22.3 | % | 21.9 | % | 22.1 | % | 21.9 | % | 21.2 | % | ||||||||||
| Commercial real estate: | ||||||||||||||||||||
| Owner-occupied | 21.4 | % | 20.3 | % | 20.1 | % | 20.3 | % | 21.3 | % | ||||||||||
| Investor | 35.0 | % | 35.2 | % | 34.9 | % | 35.9 | % | 35.8 | % | ||||||||||
| Construction and development | 5.3 | % | 5.6 | % | 5.9 | % | 5.4 | % | 4.8 | % | ||||||||||
| Multi-family | 8.0 | % | 8.6 | % | 8.5 | % | 8.5 | % | 9.3 | % | ||||||||||
| Total commercial real estate | 69.7 | % | 69.7 | % | 69.4 | % | 70.1 | % | 71.3 | % | ||||||||||
| Residential real estate: | ||||||||||||||||||||
| Residential mortgage and first lien home equity loans | 4.2 | % | 4.7 | % | 4.7 | % | 4.5 | % | 4.8 | % | ||||||||||
| Home equity–second lien loans and revolving lines of credit | 2.3 | % | 2.2 | % | 2.2 | % | 1.9 | % | 1.9 | % | ||||||||||
| Total residential real estate | 6.5 | % | 6.9 | % | 6.9 | % | 6.4 | % | 6.7 | % | ||||||||||
| Consumer and other | 1.6 | % | 1.6 | % | 1.7 | % | 1.7 | % | 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 | ||||||||||||||||||||
| 6/30/2026 | 3/31/2026 | 12/31/2025 | 9/30/2025 | 6/30/2025 | ||||||||||||||||
| DEPOSIT COMPOSITION | ||||||||||||||||||||
| Non-interest bearing demand deposits | $ | 607,104 | $ | 561,963 | $ | 572,349 | $ | 578,345 | $ | 590,209 | ||||||||||
| Interest bearing demand deposits | 595,751 | 582,519 | 608,076 | 561,365 | 553,909 | |||||||||||||||
| Money market and savings deposits | 1,211,116 | 1,228,983 | 1,205,275 | 1,228,758 | 1,241,277 | |||||||||||||||
| Time deposits | 909,706 | 853,974 | 816,608 | 855,139 | 782,818 | |||||||||||||||
| Total Deposits | $ | 3,323,677 | $ | 3,227,439 | $ | 3,202,308 | $ | 3,223,607 | $ | 3,168,213 | ||||||||||
| DEPOSIT MIX | ||||||||||||||||||||
| Non-interest bearing demand deposits | 18.3 | % | 17.4 | % | 17.9 | % | 18.0 | % | 18.6 | % | ||||||||||
| Interest bearing demand deposits | 17.9 | % | 18.0 | % | 19.0 | % | 17.4 | % | 17.5 | % | ||||||||||
| Money market and savings deposits | 36.4 | % | 38.1 | % | 37.6 | % | 38.1 | % | 39.2 | % | ||||||||||
| Time deposits | 27.4 | % | 26.5 | % | 25.5 | % | 26.5 | % | 24.7 | % | ||||||||||
| 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 | ||||||||||||||||||||
| 6/30/2026 | 3/31/2026 | 12/31/2025 | 9/30/2025 | 6/30/2025 | ||||||||||||||||
| Return on Average Tangible Equity | ||||||||||||||||||||
| Net income (numerator) | $ | 10,858 | $ | 7,646 | $ | 12,324 | $ | 11,715 | $ | 10,239 | ||||||||||
| Average stockholders' equity | $ | 452,546 | $ | 449,734 | $ | 440,059 | $ | 428,359 | $ | 420,443 | ||||||||||
| Less: Average Goodwill and other intangible assets, net | 50,705 | 51,143 | 51,434 | 51,882 | 52,301 | |||||||||||||||
| Average Tangible stockholders' equity (denominator) | $ | 401,841 | $ | 398,591 | $ | 388,625 | $ | 376,477 | $ | 368,142 | ||||||||||
| Return on average tangible equity (1) | 10.84 | % | 7.78 | % | 12.58 | % | 12.35 | % | 11.16 | % | ||||||||||
| Tangible Book Value Per Share | ||||||||||||||||||||
| Stockholders' equity | $ | 453,224 | $ | 449,378 | $ | 443,502 | $ | 431,875 | $ | 422,379 | ||||||||||
| Less: Goodwill and other intangible assets, net | 50,473 | 50,905 | 51,290 | 51,633 | 52,026 | |||||||||||||||
| Tangible stockholders' equity (numerator) | $ | 402,751 | $ | 398,473 | $ | 392,212 | $ | 380,242 | $ | 370,353 | ||||||||||
| Common shares outstanding (denominator) | 24,747,673 | 25,061,700 | 24,800,244 | 24,799,049 | 24,905,790 | |||||||||||||||
| Tangible book value per share | $ | 16.27 | $ | 15.90 | $ | 15.81 | $ | 15.33 | $ | 14.87 | ||||||||||
| Tangible Equity / Tangible Assets | ||||||||||||||||||||
| Stockholders' equity | $ | 453,224 | $ | 449,378 | $ | 443,502 | $ | 431,875 | $ | 422,379 | ||||||||||
| Less: Goodwill and other intangible assets, net | 50,473 | 50,905 | 51,290 | 51,633 | 52,026 | |||||||||||||||
| Tangible stockholders' equity (numerator) | $ | 402,751 | $ | 398,473 | $ | 392,212 | $ | 380,242 | $ | 370,353 | ||||||||||
| Total assets | $ | 4,087,406 | $ | 3,970,761 | $ | 3,958,036 | $ | 4,032,636 | $ | 4,019,335 | ||||||||||
| Less: Goodwill and other intangible assets, net | 50,473 | 50,905 | 51,290 | 51,633 | 52,026 | |||||||||||||||
| Tangible total assets (denominator) | $ | 4,036,933 | $ | 3,919,856 | $ | 3,906,746 | $ | 3,981,003 | $ | 3,967,309 | ||||||||||
| Tangible stockholders' equity / tangible assets | 9.98 | % | 10.17 | % | 10.04 | % | 9.55 | % | 9.34 | % | ||||||||||
| Efficiency Ratio | ||||||||||||||||||||
| Non-interest expense | $ | 20,146 | $ | 20,943 | $ | 17,085 | $ | 19,670 | $ | 20,867 | ||||||||||
| Less: Executive officer severance benefits | - | - | - | - | 863 | |||||||||||||||
| Add: Gains on sale of other real estate owned | - | - | 1,938 | - | - | |||||||||||||||
| Adjusted non-interest expense (numerator) | $ | 20,146 | $ | 20,943 | $ | 19,023 | $ | 19,670 | $ | 20,004 | ||||||||||
| Net interest income | $ | 34,807 | $ | 34,009 | $ | 36,177 | $ | 35,544 | $ | 34,009 | ||||||||||
| Non-interest income | 2,147 | 2,384 | 2,283 | 2,421 | 2,702 | |||||||||||||||
| Total revenue | 36,954 | 36,393 | 38,460 | 37,965 | 36,711 | |||||||||||||||
| Less: Gain on sale of other assets | - | - | - | - | (397 | ) | ||||||||||||||
| Adjusted total revenue (denominator) | $ | 36,954 | $ | 36,393 | $ | 38,460 | $ | 37,965 | $ | 36,314 | ||||||||||
| Efficiency ratio | 54.52 | % | 57.55 | % | 49.46 | % | 51.81 | % | 55.09 | % | ||||||||||
| Pre-Provision Net Revenue | ||||||||||||||||||||
| Net interest income | $ | 34,807 | $ | 34,009 | $ | 36,177 | $ | 35,544 | $ | 34,009 | ||||||||||
| Non-interest income | 2,147 | 2,384 | 2,283 | 2,421 | 2,702 | |||||||||||||||
| Subtract: Gain on sale of other assets | - | - | - | - | (397 | ) | ||||||||||||||
| Subtract: Gains on sale of other real estate owned | - | - | (1,938 | ) | - | - | ||||||||||||||
| Add: Executive officer severance benefits | - | - | - | - | 863 | |||||||||||||||
| Less: Non-interest expense | (20,146 | ) | (20,943 | ) | (17,085 | ) | (19,670 | ) | (20,867 | ) | ||||||||||
| Pre-provision net revenue | $ | 16,808 | $ | 15,450 | $ | 19,437 | $ | 18,295 | $ | 16,310 | ||||||||||
| (1) Annualized. |
CONTACT: Andrew Hibshman, Chief Financial Officer
(609) 643-0058, andrew.hibshman@myfirstbank.com
