Business
First Bank Announces Fourth Quarter 2023 Net Income of $8.4 Million and Full Year Net Income of $20.9 Million
Results highlighted by improved geographic diversification, continued balance sheet repositioning, and strong asset quality HAMILTON, N.J., Jan. 24, 2024
About this update from First Bank
[{"type":"text","content":"Results highlighted by improved geographic diversification, continued balance sheet repositioning, and strong asset quality\nHAMILTON, N.J., Jan. 24, 2024 (GLOBE NEWSWIRE) -- First Bank (Nasdaq Global Market: FRBA) (the Bank) today announced results for the fourth quarter and full year 2023. Net income for the fourth quarter of 2023 was $8.4 million, or $0.33 per diluted share, compared to $9.1 million, or $0.46 per diluted share, for the fourth quarter of 2022. Return on average assets, return on average equity and return on average tangible equityi for the fourth quarter of 2023 were 0.93%, 9.06% and 10.67%, respectively, compared to 1.35%, 12.61% and 13.53%, respectively, for the fourth quarter of 2022. Excluding merger-related expenses and losses on the sale of loans and investments, First Bank’s fourth quarter 2023 adjusted diluted earnings per shareii were $0.49, adjusted return on average assetsii was 1.38% and adjusted return on average tangible equityii was 15.75%. Full year 2023 net income was $20.9 million, or $0.95 per diluted share, compared to $36.3 million, or $1.84 per diluted share for 2022. Return on average assets, return on average equity and return on average tangible equityi for the full year 2023 were 0.66%, 6.38% and 7.17%, respectively. Excluding merger-related expenses, losses on the sale of loans and investments, and credit loss expenses on acquired loans, full year 2023 adjusted diluted earnings per share were $1.64, adjusted return on average assets was 1.14% and adjusted return on average tangible equity was 12.43%. Fourth Quarter and Full Year 2023 Performance Highlights: Total net revenue (net interest income plus non-interest income) of $28.0 million for the fourth quarter of 2023 increased $2.8 million, or 11.1%, compared to the prior year quarter, while full year total net revenue was $103.8 million, an increase of $6.3 million, or 6.5%, compared to 2022. Excluding the net impact of loan and investment securities sales, total net revenue was $32.7 million for the fourth quarter of 2023, a 29.8% increase from the prior year quarter, and $109.6 million for 2023, a 12.8% increase from 2022.Total loans were $3.02 billion at December 31, 2023, in line with the linked quarter. Excluding the impact of loan sales totaling $35.6 million during the quarter, total loans grew an adjusted $36.3 million, or ...