First Bank Announces Third Quarter 2026 Net Income of $12.2 Million
Final regulatory approvals are in place for the new repurchase program, while problem loans increased during the quarter.
Sentiment and the balance of points
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Rhea-AI Summary
First Bank (FRBA) reported third-quarter 2026 net income of $12.2 million, exceeding both the preceding quarter and the year-earlier period. Diluted earnings were $0.49 per share, versus $0.43 in second-quarter 2026 and $0.47 in third-quarter 2025. Net interest margin rose to 3.74%, from 3.68% and 3.71%, respectively.
Loans reached $3.42 billion and deposits $3.37 billion at September 30, increasing $50.2 million and $43.0 million from June 30. Borrowings fell $90.1 million to $151.5 million. Nonperforming assets increased to $35.7 million, versus $32.7 million in June and $14.4 million a year earlier.
The quarterly dividend increased to $0.12 per share from $0.09, payable November 20, 2026, to holders of record November 6. A newly authorized repurchase program permits purchases of up to 1.2 million shares, capped at $24.0 million, through September 30, 2027.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointThird-quarter net income of $12.2 million exceeded $10.9 million in second-quarter 2026 and $11.7 million a year earlier.
- Moderate pointQuarterly dividend increased to $0.12 from $0.09, payable November 20, 2026.
- Moderate point. Forward-looking: it has not happened yet and may not happen.New repurchase authorization permits up to 1.2 million shares and $24.0 million through September 30, 2027; regulatory approvals received. 5.5% of market cap
- Moderate pointNet interest income reached $36.8 million, up 5.6% sequentially and 3.4% year over year.
- Moderate pointNet interest margin reached 3.74%, versus 3.68% in second-quarter 2026 and 3.71% a year earlier.
- Moderate pointLoans reached $3.42 billion, up $50.2 million from June and $129.1 million from December 2025.
- Moderate pointDeposits reached $3.37 billion, up $43.0 million from June and $164.4 million from December 2025.
- Moderate pointBorrowings declined $90.1 million, or 37.3%, from June 30 to $151.5 million at September 30.
- Moderate pointEfficiency ratio improved to 52.37% from 54.52% in second-quarter 2026; lower means less expense per revenue dollar.
10 minor points
- Minor pointDiluted EPS of $0.49 exceeded $0.43 in second-quarter 2026 and $0.47 in third-quarter 2025.
- Minor pointLoan yield increased 15 basis points sequentially to 6.48% in third-quarter 2026.
- Minor pointNoninterest expense to average assets improved to 1.97% in third-quarter 2026.
- Minor pointCredit loss expense of $2.2 million was essentially unchanged sequentially and below $3.0 million a year earlier.
- Minor pointTangible book value per share increased at a 7.8% annualized rate during third-quarter 2026.
- Minor pointStockholders’ equity increased $17.3 million, or 3.9%, during the nine months ended September 30, 2026.
- Minor pointTangible equity to tangible assets reached 10.26%, versus 10.04% at December 31, 2025.
- Minor pointRegulatory capital exceeded all well-capitalized requirements; September 30 total risk-based capital ratio was 13.03%.
- Minor pointThird-quarter returns were 1.18% on average assets, 10.50% on average equity and 11.79% on average tangible equity, annualized.
- Minor point$5.6 million nonperforming-loan paydown after quarter-end brought total nonperforming assets below June 30, 2026 levels.
Negative
- Moderate pointNonperforming assets rose to $35.7 million, versus $32.7 million in June and $14.4 million in September 2025.
- Moderate pointLoan-loss allowance coverage fell to 1.32 times nonperforming loans, versus 1.43 times in June and 2.93 times a year earlier.
- Moderate pointCriticized loans—loans flagged for credit concerns—reached $91.1 million, versus $90.9 million in June and $70.9 million in September 2025.
- Minor pointNonperforming assets reached 0.88% of assets, versus 0.80% in June and 0.36% in September 2025.
- Minor pointNet charge-offs reached $1.9 million, versus $1.6 million sequentially and $1.7 million a year earlier.
6 minor points
- Minor pointLoan-loss allowance was 1.37% of loans, versus 1.38% in June and 1.25% in September 2025.
- Minor pointCriticized loans represented 2.66% of loans, below June’s 2.69% but above September 2025’s 2.10%.
- Minor pointNoninterest income fell to $2.0 million, versus $2.1 million sequentially and $2.4 million a year earlier.
- Minor pointNoninterest expense rose to $20.3 million, versus $20.1 million sequentially and $19.7 million a year earlier.
- Minor pointTotal deposit cost increased five basis points sequentially to 2.47% in third-quarter 2026.
- Minor pointIncome tax expense rose to $4.0 million, versus $3.7 million sequentially and $3.6 million a year earlier.
News Explained
A post-quarter loan paydown brought nonperforming assets below their June 30 level.
The approved buyback does not commit First Bank to purchase shares or spend money: the bank says it need not repurchase any specific number of shares and may terminate the program at any time.
After quarter-end, the bank received a
Key Figures
- Net income
- $12.2 million
- Third quarter 2026
- Diluted earnings per share
- $0.49
- Third quarter 2026
- Net interest margin
- 3.74%
- Third quarter 2026; compared with 3.68% in the linked quarter
- Total loans
- $3.42 billion; increased $50.2 million, or 5.9% annualized
- At September 30, 2026, compared with June 30, 2026
- Total deposits
- $3.37 billion; increased $43.0 million, or 5.1% annualized
- At September 30, 2026, compared with June 30, 2026
- Quarterly cash dividend
- $0.12 per share, increased from $0.09
- Fourth quarter 2026 dividend
- Share repurchase authorization
- Up to 1.2 million shares and $24.0 million
- New program; expires September 30, 2027
- Nonperforming assets
- $35.7 million
- At September 30, 2026; compared with $32.7 million at June 30, 2026
Previous Earnings Reports
-
Q2 2026 reported $10.9 million net income and a 3.68% net interest margin.
-
Q3 2025 reported $11.7 million net income, providing the year-over-year comparison.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
net interest margin financial
tangible book value financial
tier 1 leverage ratio regulatory
net charge-offs financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Net interest margin expansion, loan and deposit growth, and operating efficiency drive increased earnings and tangible book value
Dividend increase declared to
HAMILTON, N.J., Oct. 22, 2026 (GLOBE NEWSWIRE) -- First Bank (Nasdaq Global Market: FRBA) (the Bank) today announced net income of
Third Quarter 2026 Performance Highlights:
- High-Quality Earnings Growth Drives Increased Tangible Book Valueii. Net income, and diluted earnings per share rose by
12.0% and12.5% , respectively, compared to the linked quarter. These results drove continued and strong internal capital generation, including a7.8% annualized increase in tangible book value per share. - Broad-Based Loan Growth. Total loans grew to
$3.42 billion at September 30, 2026, increasing$50.2 million , or5.9% annualized, from June 30, 2026. Growth was strong across the Bank’s commercial and industrial, owner-occupied commercial real estate (CRE), and construction and development portfolios. Average loan yields expanded by 15 basis points from the linked quarter. - Robust Deposit Generation and Effective Deposit Cost Management. Total deposits grew to
$3.37 billion at September 30, 2026, increasing$43.0 million , or5.1% annualized, from June 30, 2026. The Bank’s substantial deposit growth throughout the third quarter supported management’s ability to reduce higher-cost borrowings by$90 million . - Net Interest Margin Expansion. Net interest margin increased to
3.74% for the third quarter of 2026, compared to3.68% and3.71% for the linked and prior year quarters, respectively. Improvement from the linked quarter reflects relationship-driven loan and deposit growth coupled with pricing discipline and efficient balance sheet positioning. - Expense Containment Reflected in Efficiency Measures. Expense growth remained well-contained, contributing to a third quarter efficiency ratioiii of
52.37% , compared to54.52% for the linked quarter. The Bank also evaluates the ratio of noninterest expense to average assets as a measure of its efficiency. During the third quarter of 2026, this measure improved to1.97% , reflecting the success of the Bank’s cost containment and balance sheet growth initiatives.
Patrick L. Ryan, President and CEO of First Bank, stated, “We are pleased to report strong third quarter results that reflect continued momentum across our franchise. Earnings improved over both the linked and prior-year quarters, producing a healthy return on average assets of
Mr. Ryan continued, “Our margin benefited from higher loan yields, the paydown of higher-cost borrowings and a favorable earning asset mix. We grew loans and deposits by an annualized
Mr. Ryan added, “Nonperforming assets increased slightly during the quarter; however, we received a
“Strong earnings generation supported growth in our capital position,” Mr. Ryan continued, “We are pleased to announce our Board of Directors’ approval of a
Income Statement
Net interest income increased to
The tax-equivalent net interest margin was
Credit loss expense was
Non-interest income was
Non-interest expense was
Income tax expense for the third quarter of 2026 was
Balance Sheet
Total assets were
Total loans, net of deferred fees and costs, grew
Total deposits grew
Borrowings were
During the nine months ended September 30, 2026, stockholders’ equity increased by
As of September 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, were
Net charge-offs were
The allowance for credit losses on loans was
Total criticized loans, which includes loans classified as substandard and special mention, increased to
Liquidity, Investments and Borrowings
Management believes the Bank’s current on-balance sheet liquidity position, coupled with its various contingent funding sources, provides the Bank with a strong liquidity base and a diverse source of funding options. Cash and cash equivalents were
Cash Dividend Declared
On October 20, 2026, the Bank’s Board of Directors declared a quarterly cash dividend of
Share Repurchase Program
During the third quarter of 2026, the Bank did not repurchase shares of common stock. Through September 30, 2026, 359,007 shares were repurchased from the share repurchase plan which was authorized in November 2025 and expired on September 30, 2026, with a total cost of
The Board of Directors authorized and the Bank received final regulatory approvals for a new share repurchase program, allowing for the repurchase of up to 1.2 million shares of First Bank common stock with an aggregate repurchase amount of up to
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/c2497111-2354-4774-a3e3-3420c40d6c07
First Bank will host its earnings call on October 23, 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 747 757 245. 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 press release 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 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.
iii The efficiency ratio is a non-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 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) | |||||||||
| September 30, 2026 | December 31, 2025 | ||||||||
| Assets | |||||||||
| Cash and due from banks | $ | 24,259 | $ | 22,141 | |||||
| Restricted cash | 13,920 | 7,780 | |||||||
| Interest bearing deposits with banks | 181,812 | 279,299 | |||||||
| Cash and cash equivalents | 219,991 | 309,220 | |||||||
| Interest bearing time deposits with banks | 1,698 | 747 | |||||||
| Investment securities available for sale, at fair value (amortized cost of | 153,185 | 104,740 | |||||||
| Investment securities held to maturity, net of allowance for credit losses of | 46,931 | 40,424 | |||||||
| Equity securities, at fair value | 1,838 | 1,930 | |||||||
| Restricted investment in bank stocks | 10,069 | 13,877 | |||||||
| Other investments | 14,780 | 16,033 | |||||||
| Loans, net of deferred fees and costs | 3,422,301 | 3,293,225 | |||||||
| Less: Allowance for credit losses | (46,962 | ) | (45,384 | ) | |||||
| Net loans | 3,375,339 | 3,247,841 | |||||||
| Premises and equipment, net | 17,356 | 18,367 | |||||||
| Accrued interest receivable | 15,332 | 14,382 | |||||||
| Bank-owned life insurance | 90,775 | 88,475 | |||||||
| Goodwill | 44,166 | 44,166 | |||||||
| Other intangible assets, net | 5,889 | 7,124 | |||||||
| Deferred income taxes, net | 24,142 | 22,623 | |||||||
| Other assets | 32,403 | 28,087 | |||||||
| Total assets | $ | 4,053,894 | $ | 3,958,036 | |||||
| Liabilities and Stockholders' Equity | |||||||||
| Liabilities: | |||||||||
| Non-interest bearing deposits | $ | 558,429 | $ | 572,349 | |||||
| Interest bearing deposits | 2,808,257 | 2,629,959 | |||||||
| Total deposits | 3,366,686 | 3,202,308 | |||||||
| Borrowings | 151,477 | 236,672 | |||||||
| Subordinated debentures | 34,487 | 34,384 | |||||||
| Accrued interest payable | 4,510 | 4,763 | |||||||
| Other liabilities | 35,900 | 36,407 | |||||||
| Total liabilities | 3,593,060 | 3,514,534 | |||||||
| Stockholders' Equity: | |||||||||
| Preferred stock, par value | - | - | |||||||
| Common stock, par value | 138,285 | 136,788 | |||||||
| Additional paid-in capital | 127,741 | 126,334 | |||||||
| Retained earnings | 238,411 | 214,458 | |||||||
| Accumulated other comprehensive loss | (6,851 | ) | (2,875 | ) | |||||
| Treasury stock, 3,202,749 and 2,843,742 shares, respectively | (36,752 | ) | (31,203 | ) | |||||
| Total stockholders' equity | 460,834 | 443,502 | |||||||
| Total liabilities and stockholders' equity | $ | 4,053,894 | $ | 3,958,036 | |||||
| FIRST BANK CONSOLIDATED STATEMENTS OF INCOME (in thousands, except for share data, unaudited) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Interest and Dividend Income | ||||||||||||||||
| Investment securities—taxable | $ | 1,602 | $ | 1,225 | $ | 4,362 | $ | 3,659 | ||||||||
| Investment securities—tax-exempt | 47 | 32 | 142 | 124 | ||||||||||||
| Interest bearing deposits with banks, Federal funds sold and other | 3,351 | 3,643 | 8,843 | 10,127 | ||||||||||||
| Loans, including fees | 55,172 | 56,274 | 159,951 | 162,220 | ||||||||||||
| Total interest and dividend income | 60,172 | 61,174 | 173,298 | 176,130 | ||||||||||||
| Interest Expense | ||||||||||||||||
| Deposits | 21,110 | 21,793 | 59,846 | 63,913 | ||||||||||||
| Borrowings | 1,648 | 2,679 | 5,906 | 8,347 | ||||||||||||
| Subordinated debentures | 657 | 1,158 | 1,973 | 2,225 | ||||||||||||
| Total interest expense | 23,415 | 25,630 | 67,725 | 74,485 | ||||||||||||
| Net interest income | 36,757 | 35,544 | 105,573 | 101,645 | ||||||||||||
| Credit loss expense | 2,249 | 2,998 | 10,034 | 7,100 | ||||||||||||
| Net interest income after credit loss expense | 34,508 | 32,546 | 95,539 | 94,545 | ||||||||||||
| Non-Interest Income | ||||||||||||||||
| Service fees on deposit accounts | 361 | 386 | 1,075 | 1,124 | ||||||||||||
| Loan fees | 98 | 141 | 477 | 1,035 | ||||||||||||
| Income from bank-owned life insurance | 784 | 740 | 2,300 | 2,256 | ||||||||||||
| Gains on sale of loans, net | 231 | 210 | 575 | 314 | ||||||||||||
| Gains on recovery of acquired loans | 227 | 481 | 587 | 605 | ||||||||||||
| Gain on sale of other assets | - | - | - | 397 | ||||||||||||
| Other non-interest income | 298 | 463 | 1,516 | 1,363 | ||||||||||||
| Total non-interest income | 1,999 | 2,421 | 6,530 | 7,094 | ||||||||||||
| Non-Interest Expense | ||||||||||||||||
| Salaries and employee benefits | 11,898 | 11,381 | 35,628 | 34,458 | ||||||||||||
| Occupancy and equipment | 2,216 | 2,329 | 7,098 | 7,143 | ||||||||||||
| Legal fees | 232 | 284 | 825 | 931 | ||||||||||||
| Other professional fees | 1,004 | 782 | 2,651 | 2,432 | ||||||||||||
| Regulatory fees | 571 | 654 | 1,757 | 2,022 | ||||||||||||
| Directors' fees | 274 | 261 | 794 | 803 | ||||||||||||
| Data processing | 754 | 729 | 2,330 | 2,427 | ||||||||||||
| Marketing and advertising | 407 | 370 | 1,361 | 1,272 | ||||||||||||
| Travel and entertainment | 265 | 270 | 821 | 757 | ||||||||||||
| Insurance | 181 | 217 | 534 | 664 | ||||||||||||
| Other real estate owned expense, net | - | - | - | 989 | ||||||||||||
| Other expense | 2,493 | 2,393 | 7,585 | 7,023 | ||||||||||||
| Total non-interest expense | 20,295 | 19,670 | 61,384 | 60,921 | ||||||||||||
| Income Before Income Taxes | 16,212 | 15,297 | 40,685 | 40,718 | ||||||||||||
| Income tax expense | 4,047 | 3,582 | 10,016 | 9,383 | ||||||||||||
| Net Income | $ | 12,165 | $ | 11,715 | $ | 30,669 | $ | 31,335 | ||||||||
| Basic earnings per common share | $ | 0.49 | $ | 0.47 | $ | 1.23 | $ | 1.25 | ||||||||
| Diluted earnings per common share | $ | 0.49 | $ | 0.47 | $ | 1.22 | $ | 1.24 | ||||||||
| Cash dividends paid per common share | $ | 0.09 | $ | 0.06 | $ | 0.27 | $ | 0.18 | ||||||||
| Basic weighted average common shares outstanding | 24,755,043 | 24,844,262 | 24,872,772 | 24,996,201 | ||||||||||||
| Diluted weighted average common shares outstanding | 24,981,579 | 25,110,969 | 25,109,917 | 25,263,922 | ||||||||||||
| FIRST BANK AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES (dollars in thousands, unaudited) | |||||||||||||||||||||||||||||
| Three Months Ended September 30, | |||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||
| Average | Average | Average | Average | ||||||||||||||||||||||||||
| Balance | Interest | Rate (5) | Balance | Interest | Rate (5) | ||||||||||||||||||||||||
| Interest earning assets | |||||||||||||||||||||||||||||
| Investment securities(1) (2) | $ | 165,612 | $ | 1,659 | 3.97 | % | $ | 130,148 | $ | 1,264 | 3.85 | % | |||||||||||||||||
| Loans(3) | 3,379,917 | 55,172 | 6.48 | % | 3,349,869 | 56,274 | 6.66 | % | |||||||||||||||||||||
| Interest bearing deposits with banks, | |||||||||||||||||||||||||||||
| Federal funds sold and other | 321,764 | 3,023 | 3.73 | % | 286,532 | 3,199 | 4.43 | % | |||||||||||||||||||||
| Restricted investment in bank stocks | 11,253 | 230 | 8.11 | % | 15,569 | 335 | 8.54 | % | |||||||||||||||||||||
| Other investments | 16,671 | 98 | 2.33 | % | 15,720 | 109 | 2.75 | % | |||||||||||||||||||||
| Total interest earning assets(2) | 3,895,217 | 60,182 | 6.13 | % | 3,797,838 | 61,181 | 6.39 | % | |||||||||||||||||||||
| Allowance for credit losses | (46,888 | ) | (40,999 | ) | |||||||||||||||||||||||||
| Non-interest earning assets | 242,923 | 248,940 | |||||||||||||||||||||||||||
| Total assets | $ | 4,091,252 | $ | 4,005,779 | |||||||||||||||||||||||||
| Interest bearing liabilities | |||||||||||||||||||||||||||||
| Interest bearing demand deposits | $ | 620,288 | $ | 3,630 | 2.32 | % | $ | 561,538 | $ | 3,415 | 2.41 | % | |||||||||||||||||
| Money market deposits | 1,099,079 | 8,255 | 2.98 | % | 1,105,934 | 9,232 | 3.31 | % | |||||||||||||||||||||
| Savings deposits | 160,576 | 761 | 1.88 | % | 148,737 | 780 | 2.08 | % | |||||||||||||||||||||
| Time deposits | 921,699 | 8,464 | 3.64 | % | 828,019 | 8,366 | 4.01 | % | |||||||||||||||||||||
| Total interest bearing deposits | 2,801,642 | 21,110 | 2.99 | % | 2,644,228 | 21,793 | 3.27 | % | |||||||||||||||||||||
| Borrowings | 171,676 | 1,648 | 3.81 | % | 266,627 | 2,679 | 3.99 | % | |||||||||||||||||||||
| Subordinated debentures | 34,464 | 657 | 7.63 | % | 54,554 | 1,158 | 8.49 | % | |||||||||||||||||||||
| Total interest bearing liabilities | 3,007,782 | 23,415 | 3.09 | % | 2,965,409 | 25,630 | 3.43 | % | |||||||||||||||||||||
| Non-interest bearing deposits | 586,859 | 569,795 | |||||||||||||||||||||||||||
| Other liabilities | 37,000 | 42,216 | |||||||||||||||||||||||||||
| Stockholders' equity | 459,611 | 428,359 | |||||||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 4,091,252 | $ | 4,005,779 | |||||||||||||||||||||||||
| Net interest income/interest rate spread(2) | 36,767 | 3.04 | % | 35,551 | 2.96 | % | |||||||||||||||||||||||
| Net interest margin(2) (4) | 3.74 | % | 3.71 | % | |||||||||||||||||||||||||
| Tax equivalent adjustment(2) | (10 | ) | (7 | ) | |||||||||||||||||||||||||
| Net interest income | $ | 36,757 | $ | 35,544 | |||||||||||||||||||||||||
| (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) | |||||||||||||||||||||||||||||
| Nine Months Ended September 30, | |||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||
| Average | Average | Average | Average | ||||||||||||||||||||||||||
| Balance | Interest | Rate (5) | Balance | Interest | Rate (5) | ||||||||||||||||||||||||
| Interest earning assets | |||||||||||||||||||||||||||||
| Investment securities (1) (2) | $ | 154,944 | $ | 4,534 | 3.91 | % | $ | 133,157 | $ | 3,809 | 3.82 | % | |||||||||||||||||
| Loans (3) | 3,347,755 | 159,951 | 6.39 | % | 3,272,879 | 162,220 | 6.63 | % | |||||||||||||||||||||
| Interest bearing deposits with banks, | |||||||||||||||||||||||||||||
| Federal funds sold and other | 279,603 | 7,758 | 3.71 | % | 265,877 | 8,853 | 4.45 | % | |||||||||||||||||||||
| Restricted investment in bank stocks | 12,800 | 757 | 7.91 | % | 15,894 | 911 | 7.66 | % | |||||||||||||||||||||
| Other investments | 16,908 | 328 | 2.59 | % | 15,064 | 363 | 3.22 | % | |||||||||||||||||||||
| Total interest earning assets (2) | 3,812,010 | 173,328 | 6.08 | % | 3,702,871 | 176,156 | 6.36 | % | |||||||||||||||||||||
| Allowance for credit losses | (46,534 | ) | (39,573 | ) | |||||||||||||||||||||||||
| Non-interest earning assets | 243,831 | 253,794 | |||||||||||||||||||||||||||
| Total assets | $ | 4,009,307 | $ | 3,917,092 | |||||||||||||||||||||||||
| Interest bearing liabilities | |||||||||||||||||||||||||||||
| Interest bearing demand deposits | $ | 602,327 | $ | 10,076 | 2.24 | % | $ | 604,066 | $ | 11,143 | 2.47 | % | |||||||||||||||||
| Money market deposits | 1,076,378 | 23,817 | 2.96 | % | 1,071,993 | 26,781 | 3.34 | % | |||||||||||||||||||||
| Savings deposits | 155,345 | 2,027 | 1.74 | % | 143,870 | 2,124 | 1.97 | % | |||||||||||||||||||||
| Time deposits | 876,429 | 23,926 | 3.65 | % | 776,136 | 23,865 | 4.11 | % | |||||||||||||||||||||
| Total interest bearing deposits | 2,710,479 | 59,846 | 2.95 | % | 2,596,065 | 63,913 | 3.29 | % | |||||||||||||||||||||
| Borrowings | 206,297 | 5,906 | 3.83 | % | 273,667 | 8,347 | 4.08 | % | |||||||||||||||||||||
| Subordinated debentures | 34,430 | 1,973 | 7.64 | % | 39,918 | 2,225 | 7.43 | % | |||||||||||||||||||||
| Total interest bearing liabilities | 2,951,206 | 67,725 | 3.07 | % | 2,909,650 | 74,485 | 3.42 | % | |||||||||||||||||||||
| Non-interest bearing deposits | 565,794 | 546,643 | |||||||||||||||||||||||||||
| Other liabilities | 38,307 | 39,921 | |||||||||||||||||||||||||||
| Stockholders' equity | 454,000 | 420,878 | |||||||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 4,009,307 | $ | 3,917,092 | |||||||||||||||||||||||||
| Net interest income/interest rate spread (2) | 105,603 | 3.01 | % | 101,671 | 2.94 | % | |||||||||||||||||||||||
| Net interest margin (2) (4) | 3.70 | % | 3.67 | % | |||||||||||||||||||||||||
| Tax equivalent adjustment (2) | (30 | ) | (26 | ) | |||||||||||||||||||||||||
| Net interest income | $ | 105,573 | $ | 101,645 | |||||||||||||||||||||||||
| (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 | ||||||||||||||||||||||||
| 9/30/2026 | 6/30/2026 | 3/31/2026 | 12/31/2025 | 9/30/2025 | ||||||||||||||||||||
| EARNINGS | ||||||||||||||||||||||||
| Net interest income | $ | 36,757 | $ | 34,807 | $ | 34,009 | $ | 36,177 | $ | 35,544 | ||||||||||||||
| Credit loss expense | 2,249 | 2,232 | 5,553 | 4,789 | 2,998 | |||||||||||||||||||
| Non-interest income | 1,999 | 2,147 | 2,384 | 2,283 | 2,421 | |||||||||||||||||||
| Non-interest expense | 20,295 | 20,146 | 20,943 | 17,085 | 19,670 | |||||||||||||||||||
| Income tax expense | 4,047 | 3,718 | 2,251 | 4,262 | 3,582 | |||||||||||||||||||
| Net income | 12,165 | 10,858 | 7,646 | 12,324 | 11,715 | |||||||||||||||||||
| PERFORMANCE RATIOS | ||||||||||||||||||||||||
| Return on average assets (1) | 1.18 | % | 1.09 | % | 0.79 | % | 1.21 | % | 1.16 | % | ||||||||||||||
| Return on average equity (1) | 10.50 | % | 9.62 | % | 6.89 | % | 11.11 | % | 10.85 | % | ||||||||||||||
| Return on average tangible equity (1) (2) | 11.79 | % | 10.84 | % | 7.78 | % | 12.58 | % | 12.35 | % | ||||||||||||||
| Net interest margin (1) (3) | 3.74 | % | 3.68 | % | 3.69 | % | 3.74 | % | 3.71 | % | ||||||||||||||
| Yield on loans (1) | 6.48 | % | 6.33 | % | 6.35 | % | 6.57 | % | 6.66 | % | ||||||||||||||
| Total cost of deposits (1) | 2.47 | % | 2.42 | % | 2.43 | % | 2.54 | % | 2.69 | % | ||||||||||||||
| Non interest expense/ Average assets (1) | 1.97 | % | 2.00 | % | 2.11 | % | 1.67 | % | 1.95 | % | ||||||||||||||
| Efficiency ratio (2) | 52.37 | % | 54.52 | % | 57.55 | % | 49.46 | % | 51.81 | % | ||||||||||||||
| SHARE DATA | ||||||||||||||||||||||||
| Common shares outstanding | 24,760,073 | 24,747,673 | 25,061,700 | 24,800,244 | 24,799,049 | |||||||||||||||||||
| Basic earnings per share | $ | 0.49 | $ | 0.44 | $ | 0.31 | $ | 0.50 | $ | 0.47 | ||||||||||||||
| Diluted earnings per share | 0.49 | 0.43 | 0.30 | 0.49 | 0.47 | |||||||||||||||||||
| Adjusted diluted earnings per share (2) | 0.49 | 0.43 | 0.30 | 0.43 | 0.47 | |||||||||||||||||||
| Book value per share | 18.61 | 18.31 | 17.93 | 17.88 | 17.41 | |||||||||||||||||||
| Tangible book value per share (2) | 16.59 | 16.27 | 15.90 | 15.81 | 15.33 | |||||||||||||||||||
| MARKET DATA | ||||||||||||||||||||||||
| Market value per share | $ | 17.24 | $ | 17.73 | $ | 16.00 | $ | 16.46 | $ | 16.29 | ||||||||||||||
| Market value / Tangible book value (2) | 103.92 | % | 108.94 | % | 100.63 | % | 104.08 | % | 106.24 | % | ||||||||||||||
| Market capitalization | $ | 426,864 | $ | 438,776 | $ | 400,987 | $ | 408,212 | $ | 403,977 | ||||||||||||||
| CAPITAL & LIQUIDITY | ||||||||||||||||||||||||
| Stockholders' equity / assets | 11.37 | % | 11.09 | % | 11.32 | % | 11.21 | % | 10.71 | % | ||||||||||||||
| Tangible stockholders' equity / tangible assets (2) | 10.26 | % | 9.98 | % | 10.17 | % | 10.04 | % | 9.55 | % | ||||||||||||||
| Loans / deposits | 101.65 | % | 101.46 | % | 102.38 | % | 102.84 | % | 104.66 | % | ||||||||||||||
| ASSET QUALITY | ||||||||||||||||||||||||
| Net charge-offs (recoveries) | $ | 1,892 | $ | 1,625 | $ | 5,034 | $ | 1,686 | $ | 1,737 | ||||||||||||||
| Nonperforming loans | 35,682 | 32,662 | 26,169 | 18,381 | 14,420 | |||||||||||||||||||
| Nonperforming assets | 35,682 | 32,662 | 26,169 | 18,381 | 14,420 | |||||||||||||||||||
| Net charge offs (recoveries)/ average loans (1) | 0.22 | % | 0.19 | % | 0.62 | % | 0.20 | % | 0.21 | % | ||||||||||||||
| Nonperforming loans / total loans | 1.04 | % | 0.97 | % | 0.79 | % | 0.56 | % | 0.43 | % | ||||||||||||||
| Nonperforming assets / total assets | 0.88 | % | 0.80 | % | 0.66 | % | 0.46 | % | 0.36 | % | ||||||||||||||
| Allowance for credit losses on loans / total loans | 1.37 | % | 1.38 | % | 1.39 | % | 1.38 | % | 1.25 | % | ||||||||||||||
| Allowance for credit losses on loans / nonperforming loans | 131.61 | % | 142.77 | % | 175.47 | % | 246.91 | % | 292.73 | % | ||||||||||||||
| OTHER DATA | ||||||||||||||||||||||||
| Total assets | $ | 4,053,894 | $ | 4,087,406 | $ | 3,970,761 | $ | 3,958,036 | $ | 4,032,636 | ||||||||||||||
| Total loans | 3,422,301 | 3,372,136 | 3,304,110 | 3,293,225 | 3,373,910 | |||||||||||||||||||
| Total deposits | 3,366,686 | 3,323,677 | 3,227,439 | 3,202,308 | 3,223,607 | |||||||||||||||||||
| Total stockholders' equity | 460,834 | 453,224 | 449,378 | 443,502 | 431,875 | |||||||||||||||||||
| Number of full-time equivalent employees | 329 | 338 | 327 | 334 | 332 | |||||||||||||||||||
| (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 | ||||||||||||||||||||||||
| 9/30/2026 | 6/30/2026 | 3/31/2026 | 12/31/2025 | 9/30/2025 | ||||||||||||||||||||
| LOAN COMPOSITION | ||||||||||||||||||||||||
| Commercial and industrial | $ | 768,524 | $ | 752,208 | $ | 722,312 | $ | 727,075 | $ | 740,350 | ||||||||||||||
| Commercial real estate: | ||||||||||||||||||||||||
| Owner-occupied | 735,480 | 722,838 | 670,240 | 662,245 | 685,277 | |||||||||||||||||||
| Investor | 1,173,318 | 1,180,531 | 1,165,319 | 1,148,297 | 1,211,491 | |||||||||||||||||||
| Construction and development | 202,069 | 177,671 | 184,252 | 193,312 | 181,855 | |||||||||||||||||||
| Multi-family | 269,294 | 270,951 | 284,134 | 282,854 | 284,983 | |||||||||||||||||||
| Total commercial real estate | 2,380,161 | 2,351,991 | 2,303,945 | 2,286,708 | 2,363,606 | |||||||||||||||||||
| Residential real estate: | ||||||||||||||||||||||||
| Residential mortgage and first lien home equity loans | 137,616 | 141,914 | 154,533 | 154,167 | 151,372 | |||||||||||||||||||
| Home equity–second lien loans and revolving lines of credit | 83,728 | 75,718 | 72,584 | 72,919 | 65,129 | |||||||||||||||||||
| Total residential real estate | 221,344 | 217,632 | 227,117 | 227,086 | 216,501 | |||||||||||||||||||
| Consumer and other | 56,460 | 54,177 | 54,235 | 55,862 | 57,222 | |||||||||||||||||||
| Total loans prior to deferred loan fees and costs | 3,426,489 | 3,376,008 | 3,307,609 | 3,296,731 | 3,377,679 | |||||||||||||||||||
| Net deferred loan fees and costs | (4,188 | ) | (3,872 | ) | (3,499 | ) | (3,506 | ) | (3,769 | ) | ||||||||||||||
| Total loans | $ | 3,422,301 | $ | 3,372,136 | $ | 3,304,110 | $ | 3,293,225 | $ | 3,373,910 | ||||||||||||||
| LOAN MIX | ||||||||||||||||||||||||
| Commercial and industrial | 22.4 | % | 22.3 | % | 21.9 | % | 22.1 | % | 21.9 | % | ||||||||||||||
| Commercial real estate: | ||||||||||||||||||||||||
| Owner-occupied | 21.5 | % | 21.4 | % | 20.3 | % | 20.1 | % | 20.3 | % | ||||||||||||||
| Investor | 34.3 | % | 35.0 | % | 35.2 | % | 34.9 | % | 35.9 | % | ||||||||||||||
| Construction and development | 5.9 | % | 5.3 | % | 5.6 | % | 5.9 | % | 5.4 | % | ||||||||||||||
| Multi-family | 7.9 | % | 8.0 | % | 8.6 | % | 8.5 | % | 8.5 | % | ||||||||||||||
| Total commercial real estate | 69.6 | % | 69.7 | % | 69.7 | % | 69.4 | % | 70.1 | % | ||||||||||||||
| Residential real estate: | ||||||||||||||||||||||||
| Residential mortgage and first lien home equity loans | 4.0 | % | 4.2 | % | 4.7 | % | 4.7 | % | 4.5 | % | ||||||||||||||
| Home equity–second lien loans and revolving lines of credit | 2.5 | % | 2.3 | % | 2.2 | % | 2.2 | % | 1.9 | % | ||||||||||||||
| Total residential real estate | 6.5 | % | 6.5 | % | 6.9 | % | 6.9 | % | 6.4 | % | ||||||||||||||
| Consumer and other | 1.6 | % | 1.6 | % | 1.6 | % | 1.7 | % | 1.7 | % | ||||||||||||||
| 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 | ||||||||||||||||||||||||
| 9/30/2026 | 6/30/2026 | 3/31/2026 | 12/31/2025 | 9/30/2025 | ||||||||||||||||||||
| DEPOSIT COMPOSITION | ||||||||||||||||||||||||
| Non-interest bearing demand deposits | $ | 558,429 | $ | 607,104 | $ | 561,963 | $ | 572,349 | $ | 578,345 | ||||||||||||||
| Interest bearing demand deposits | 625,734 | 595,751 | 582,519 | 608,076 | 561,365 | |||||||||||||||||||
| Money market and savings deposits | 1,276,431 | 1,211,116 | 1,228,983 | 1,205,275 | 1,228,758 | |||||||||||||||||||
| Time deposits | 906,092 | 909,706 | 853,974 | 816,608 | 855,139 | |||||||||||||||||||
| Total Deposits | $ | 3,366,686 | $ | 3,323,677 | $ | 3,227,439 | $ | 3,202,308 | $ | 3,223,607 | ||||||||||||||
| DEPOSIT MIX | ||||||||||||||||||||||||
| Non-interest bearing demand deposits | 16.6 | % | 18.3 | % | 17.4 | % | 17.9 | % | 18.0 | % | ||||||||||||||
| Interest bearing demand deposits | 18.6 | % | 17.9 | % | 18.0 | % | 19.0 | % | 17.4 | % | ||||||||||||||
| Money market and savings deposits | 37.9 | % | 36.4 | % | 38.1 | % | 37.6 | % | 38.1 | % | ||||||||||||||
| Time deposits | 26.9 | % | 27.4 | % | 26.5 | % | 25.5 | % | 26.5 | % | ||||||||||||||
| 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 | ||||||||||||||||||||||||
| 9/30/2026 | 6/30/2026 | 3/31/2026 | 12/31/2025 | 9/30/2025 | ||||||||||||||||||||
| Return on Average Tangible Equity | ||||||||||||||||||||||||
| Net income (numerator) | $ | 12,165 | $ | 10,858 | $ | 7,646 | $ | 12,324 | $ | 11,715 | ||||||||||||||
| Average stockholders' equity | $ | 459,611 | $ | 452,546 | $ | 449,734 | $ | 440,059 | $ | 428,359 | ||||||||||||||
| Less: Average Goodwill and other intangible assets, net | 50,252 | 50,705 | 51,143 | 51,434 | 51,882 | |||||||||||||||||||
| Average Tangible stockholders' equity (denominator) | $ | 409,359 | $ | 401,841 | $ | 398,591 | $ | 388,625 | $ | 376,477 | ||||||||||||||
| Return on average tangible equity(1) | 11.79 | % | 10.84 | % | 7.78 | % | 12.58 | % | 12.35 | % | ||||||||||||||
| Tangible Book Value Per Share | ||||||||||||||||||||||||
| Stockholders' equity | $ | 460,834 | $ | 453,224 | $ | 449,378 | $ | 443,502 | $ | 431,875 | ||||||||||||||
| Less: Goodwill and other intangible assets, net | 50,055 | 50,473 | 50,905 | 51,290 | 51,633 | |||||||||||||||||||
| Tangible stockholders' equity (numerator) | $ | 410,779 | $ | 402,751 | $ | 398,473 | $ | 392,212 | $ | 380,242 | ||||||||||||||
| Common shares outstanding (denominator) | 24,760,073 | 24,747,673 | 25,061,700 | 24,800,244 | 24,799,049 | |||||||||||||||||||
| Tangible book value per share | $ | 16.59 | $ | 16.27 | $ | 15.90 | $ | 15.81 | $ | 15.33 | ||||||||||||||
| Tangible Equity / Tangible Assets | ||||||||||||||||||||||||
| Stockholders' equity | $ | 460,834 | $ | 453,224 | $ | 449,378 | $ | 443,502 | $ | 431,875 | ||||||||||||||
| Less: Goodwill and other intangible assets, net | 50,055 | 50,473 | 50,905 | 51,290 | 51,633 | |||||||||||||||||||
| Tangible stockholders' equity (numerator) | $ | 410,779 | $ | 402,751 | $ | 398,473 | $ | 392,212 | $ | 380,242 | ||||||||||||||
| Total assets | $ | 4,053,894 | $ | 4,087,406 | $ | 3,970,761 | $ | 3,958,036 | $ | 4,032,636 | ||||||||||||||
| Less: Goodwill and other intangible assets, net | 50,055 | 50,473 | 50,905 | 51,290 | 51,633 | |||||||||||||||||||
| Tangible total assets (denominator) | $ | 4,003,839 | $ | 4,036,933 | $ | 3,919,856 | $ | 3,906,746 | $ | 3,981,003 | ||||||||||||||
| Tangible stockholders' equity / tangible assets | 10.26 | % | 9.98 | % | 10.17 | % | 10.04 | % | 9.55 | % | ||||||||||||||
| Efficiency Ratio | ||||||||||||||||||||||||
| Non-interest expense | $ | 20,295 | $ | 20,146 | $ | 20,943 | $ | 17,085 | $ | 19,670 | ||||||||||||||
| Add: Gains on sale of other real estate owned | - | - | - | 1,938 | - | |||||||||||||||||||
| Adjusted non-interest expense (numerator) | $ | 20,295 | $ | 20,146 | $ | 20,943 | $ | 19,023 | $ | 19,670 | ||||||||||||||
| Net interest income | $ | 36,757 | $ | 34,807 | $ | 34,009 | $ | 36,177 | $ | 35,544 | ||||||||||||||
| Non-interest income | 1,999 | 2,147 | 2,384 | 2,283 | 2,421 | |||||||||||||||||||
| Total revenue | 38,756 | 36,954 | 36,393 | 38,460 | 37,965 | |||||||||||||||||||
| Less: Gain on sale of other assets | - | - | - | - | - | |||||||||||||||||||
| Adjusted total revenue (denominator) | $ | 38,756 | $ | 36,954 | $ | 36,393 | $ | 38,460 | $ | 37,965 | ||||||||||||||
| Efficiency ratio | 52.37 | % | 54.52 | % | 57.55 | % | 49.46 | % | 51.81 | % | ||||||||||||||
| (1) Annualized. | ||||||||||||||||||||||||
CONTACT: Andrew Hibshman, Chief Financial Officer
(609) 643-0058, andrew.hibshman@myfirstbank.com
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
When is First Bank’s increased dividend payable, and who qualifies?
First Bank’s $0.12-per-share quarterly cash dividend is payable on November 20, 2026, to common stockholders of record at the close of business on November 6, 2026. The prior quarterly dividend was $0.09 per share.
What drove First Bank’s third-quarter 2026 charge-offs?
Third-quarter net charge-offs primarily reflected losses on small-business commercial and industrial loans originated through First Bank’s Business Express product. That portfolio continues to run off. Net charge-offs represented an annualized 0.22% of average loans during the quarter.
What effective tax rate does First Bank expect going forward?
First Bank anticipates a future effective tax rate of approximately 23% to 25%. Its third-quarter 2026 effective tax rate was 24.96%, compared with 25.51% in second-quarter 2026 and 23.42% in third-quarter 2025.