First Bank Stock Price, News & Analysis

First Bank (Nasdaq: FRBA) will hold an earnings conference call on January 27, 2022, at 9:00 a.m. ET to discuss its fourth quarter 2021 financial performance. The call will feature insights from key executives, including Patrick L. Ryan, Andrew L. Hibshman, and Peter J. Cahill. Fourth quarter results will be released after market close on January 26, 2022, available on the Company’s website. Investors can access the call through a toll-free number and will have the opportunity to participate in Q&A following the management presentation.

First Bank has successfully completed its acquisition of two branches from OceanFirst Bank, located in Flemington and Monroe, New Jersey. As part of the transaction, First Bank has acquired approximately $101 million in deposits and $11 million in loans, further enhancing its presence along the New York City to Philadelphia corridor. The branches officially reopened on December 6, 2021, following a seamless conversion process. Despite a $23 million reduction in deposits pre-closing, the CEO emphasized long-term value creation and customer integration.

First Bank (FRBA) reported a strong performance for the third quarter of 2021, with net income of $9.0 million ($0.46 per diluted share), a 52.5% increase from $5.9 million ($0.30 per diluted share) in Q3 2020. Year-to-date net income reached $27.6 million, up 108.2% from $13.3 million in the same period last year. Total assets were $2.44 billion, a 5.5% increase year-over-year. The bank's nonperforming loans decreased to $11.5 million, representing 0.57% of total loans. A dividend of $0.06 per share was declared, reflecting a 100% increase from prior quarters.

First Bank (Nasdaq: FRBA) announced a quarterly cash dividend of $0.06 per share, representing a 100% increase from the previous $0.03. The dividend is payable on November 19, 2021, to stockholders of record by November 5, 2021. This increase corresponds to an annualized yield of 1.57% based on the stock’s closing price of $15.25 on October 19, 2021. First Bank aims to drive long-term value for shareholders through this dividend, reflecting its strong financial position.

First Bank (FRBA) will host an earnings conference call on October 27, 2021, at 9:00 a.m. Eastern Time, to discuss its third quarter financial results for the period ending September 30, 2021. The company will release its earnings report on October 26, 2021, after market close. The call will feature insights from key executives, including Patrick L. Ryan, CEO, and Andrew L. Hibshman, CFO. Investors can participate via a dedicated toll-free dial-in number or access the call online. Detailed information will also be available on the company’s website.

First Bank (FRBA) announced that Kroll Bond Rating Agency has affirmed its credit ratings with a stable outlook. The Bank received a BBB+ rating for deposits and senior unsecured debt, and a PPP ROA of 1.95% for 1H21, indicating strong profitability. Notable improvements include a decline in time deposits from 47% to 23% and an increase in noninterest-bearing accounts from 17% to 26%. The hiring of a Chief Deposit Officer has enhanced core deposit growth, allowing for meaningful NIM expansion. First Bank's effective integration of acquisitions has led to cost savings and improved earnings capacity.

First Bank (NASDAQ: FRBA) has announced its acquisition of two New Jersey branches from OceanFirst Bank, involving roughly $124 million in deposits and $14 million in loans, based on June 30, 2021 balances. The branches are expected to enhance First Bank's presence in the New York City to Philadelphia corridor. The deal entails a 2% premium on deposits and is projected to provide significant earnings accretion of $0.10 per share. The transaction is pending regulatory approval and is expected to conclude in Q4 2021.

First Bank (FRBA) reported strong financial results for Q2 and the first half of 2021, achieving a net income of $8.9 million for Q2 and $18.6 million year-to-date. This represents a significant increase from $4.1 million and $7.4 million in 2020. Total net revenue rose by 19.5% to $21.8 million. Asset quality remained robust, evidenced by net charge-offs of only 0.02% of average loans. Total deposits reached a record $2.04 billion, marking a 7% increase from year-end 2020. The bank continues to benefit from effective management of non-interest expenses, enhancing its efficiency ratio to 46.66%.

First Bank (Nasdaq: FRBA) announces a conference call to discuss its second quarter financial results on July 27, 2021, at 9:00 a.m. ET. The management presentation will include insights from key executives and a Q&A session. The full financial results will be available after market close on July 26, 2021. First Bank, based in New Jersey and Pennsylvania, has $2.41 billion in assets and offers a range of banking services in the NYC to Philadelphia corridor. Details for accessing the conference call are provided.