Business
First Bank Announces First Quarter Net Income of $7.0 Million and EPS of $0.36
Quarterly Results Showcase Franchise Resiliency During Challenging Environment HAMILTON, N.J., April 26, 2023 (GLOBE NEWSWIRE) -- First Bank (Nasdaq Global
About this update from First Bank
[{"type":"text","content":"Quarterly Results Showcase Franchise Resiliency During Challenging Environment\nHAMILTON, N.J., April 26, 2023 (GLOBE NEWSWIRE) -- First Bank (Nasdaq Global Market: FRBA) (the Bank) today announced its first quarter 2023 financial results, demonstrating continued strength and resilience in a challenging economic environment. The Bank achieved net income of $7.0 million, or $0.36 per diluted share, and maintained solid returns on average assets, equity, and tangible equityi at 1.03%, 9.70%, and 10.16%, respectively. Excluding merger-related expenses and losses on sale of investment securities, First Bank’s first quarter 2023 adjusted diluted earnings per shareii were $0.38, adjusted return on average assetsii was 1.11% and adjusted return on average tangible equityii was 11.17%. Compared to the same period last year, the Bank's net income and returns on assets, equity, and tangible equity were lower, reflecting broader industry headwinds, primarily increased market interest rates and deposit costs. However, the Bank remains confident in its ability to navigate the current economic landscape and achieve sustainable growth in earnings and book value over the long term. First Quarter 2023 Performance Highlights: Total loans reached $2.39 billion at March 31, 2023, marking a 2.3% increase from the end of the linked quarter at December 31, 2022.Total deposits ended the quarter at $2.24 billion at March 31, 2023, a 2.3% decline from the end of the linked quarter at December 31, 2022.Continued strong asset quality throughout the quarter, as net charge-offs represented 0.05% of average loans on an annualized basis, and nonperforming loans increased slightly to 0.33% at March 31, 2023, compared to 0.27% at December 31, 2022.Net Interest Margin (NIM) for the quarter of 3.52%, down 5 basis points from first quarter 2022, and 17 basis points from the linked quarter ended December 31, 2022.Efficiency ratioiii of 54.42%, up from the prior quarter reflecting the interest rate environment, inflationary pressures and the impact from strategic investments.Steady growth in book value per share to $15.03 and tangible book value per shareiv to $14.05 at March 31, 2023. Tangible book value per shareiv increased $0.16 from the end of the linked quarter at December 31, 2022, and $1.26 from March 31, 2022, underlining continued value creation for shareho...