First Bank Stock Price, News & Analysis

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.

First Bank (FRBA) reported a record net income of $9.7 million ($0.49/share) for Q1 2021, up from $3.2 million ($0.16/share) a year earlier. Total net revenue increased by 30.8% to $22.3 million, with total loans growing 15% year-over-year to $2.02 billion. The efficiency ratio improved to 47.66% from 58.03%, and non-interest-bearing deposits surged 71.3%. Asset quality remained stable, with nonperforming loans at 0.53%. A quarterly dividend of $0.03 was declared, payable on May 21, 2021.

First Bank (Nasdaq: FRBA) will host an earnings conference call on April 27, 2021, at 9:00 a.m. ET to discuss its financial performance for the first quarter ending March 31, 2021. The call will be led by CEO Patrick L. Ryan and other executives, presenting a summary of results followed by a Q&A session. The financial results will be released after market close on April 26, 2021, and accessible through the Company’s website under the Investor Relations section.

First Bank (FRBA) reported a strong financial performance for full year 2020, achieving a net income of $19.4 million, a significant increase from $13.4 million in 2019. The fourth quarter net income rose to $6.2 million, up from $5.2 million year-over-year. Total net revenue for 2020 was $75.9 million, a 21.7% increase. Total loans grew 18.8% to $2.05 billion, while total deposits also increased 16.0% to $1.90 billion. The efficiency ratio improved to 52.5%, reflecting effective expense management amid ongoing economic uncertainties.

First Bank (FRBA) will host an earnings conference call on January 28, 2021, at 9:00 a.m. ET to discuss the fourth quarter 2020 financial results. The report will be issued after market close on January 27, 2021. Key executives including CEO Patrick L. Ryan and CFO Stephen F. Carman will present the results, followed by a Q&A session. First Bank operates 18 branches across New Jersey and Pennsylvania, with assets totaling $2.3 billion as of September 30, 2020.

First Bank (FRBA) reported a strong financial performance for Q3 and the first nine months of 2020. Net income for Q3 was $5.9 million, up from $1.1 million in Q3 2019, showing a significant increase of 436%. Year-to-date net income reached $13.3 million, a 61.6% rise year-over-year. Total net revenue for Q3 was $19.9 million, a 33.6% increase, driven by robust loan growth, including $190.7 million in PPP loans. Total loans reached $2 billion, up 15%, and total deposits increased to $1.84 billion, an 11.1% rise. Asset quality remains stable with a low ratio of nonperforming loans at 0.63%. The bank declared a cash dividend of $0.03 per share.

First Bank (FRBA) reported positive trends in its COVID-19 financial hardship payment deferrals as of August 31, 2020. The Bank granted a total of 613 loans worth approximately $433.7 million in deferrals, with 86.03% of loans due making full payments. Key sectors affected include hospitality (79% of loans deferred) and restaurants (48.4% of loans deferred), where payment resumption expectations are strong. Total deferred loans have decreased significantly from a peak of $434.2 million to $72.0 million, indicating a recovery as economic conditions improve.

First Bank (FRBA) announced that Kroll Bond Rating Agency has affirmed its credit ratings with a stable outlook. The ratings include a Deposit rating of BBB+ and a Senior Unsecured Debt rating of BBB+. KBRA noted the bank's seasoned management, successful M&A strategies, and stable earnings despite a challenging interest rate environment. The bank also has a strong credit position with minimal losses and high loan loss reserves. CEO Patrick L. Ryan expressed confidence that these ratings support growth and capital market flexibility.

First Bank (FRBA) reported a net income of $4.1 million for Q2 2020, up from $2.8 million in Q2 2019, driven by strong loan origination and revenue growth. Total net revenue increased 20.7% year-over-year to $18.2 million. Total loans reached $1.96 billion, a 26.2% increase from the previous year. Despite challenges from the COVID-19 pandemic, asset quality remained stable with nonperforming loans at 0.72%. The bank successfully raised $29.5 million through subordinated notes and repurchased 1 million shares in 2020. A quarterly dividend of $0.03 per share was declared.