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First Bank Announces Fourth Quarter 2024 Net Income of $10.5 Million and Full Year Net Income of $42.2 Million
Results highlighted by strong loan growth, continued operating efficiency, and solid asset quality HAMILTON, N.J., Jan. 23, 2025 (GLOBE NEWSWIRE) -- First
About this update from First Bank
[{"type":"text","content":"Results highlighted by strong loan growth, continued operating efficiency, and solid asset quality\nHAMILTON, N.J., Jan. 23, 2025 (GLOBE NEWSWIRE) -- First Bank (Nasdaq Global Market: FRBA) (\"the Bank\") today announced results for the fourth quarter and full year 2024. Net income for the fourth quarter of 2024 was $10.5 million, or $0.41 per diluted share, compared to $8.4 million, or $0.33 per diluted share, for the fourth quarter of 2023. Return on average assets, return on average equity and return on average tangible equityi for the fourth quarter of 2024 were 1.10%, 10.27% and 11.82%, respectively, compared to 0.93%, 9.06% and 10.67%, respectively, for the fourth quarter of 2023. Full year 2024 net income was $42.2 million, or $1.67 per diluted share, compared to $20.9 million, or $0.95 per diluted share for 2023. Return on average assets, return on average equity and return on average tangible equityi for the full year 2024 were 1.15%, 10.77% and 12.50%, respectively, compared to 0.66%, 6.38% and 7.17%, respectively, for the full year 2023. Financial results for the fourth quarter and full year of 2023 included the impact of merger-related expenses and other one-time items that were primarily related to the Malvern Bancorp acquisition, completed in July 2023. See the analysis of the Bank's adjusted net income in the attached financial tables, which include a reconciliation of non-GAAP financial measure. Fourth Quarter 2024 Performance Highlights: Total loans of $3.14 billion at December 31, 2024 grew $56.8 million, or 7.3%, annualized, from the linked quarter ended September 30, 2024.Total deposits were $3.06 billion at December 31, 2024, increasing $5.8 million from the linked quarter ended September 30, 2024.Tangible book value per shareii grew to $14.19 at December 31, 2024, increasing 10.0%, annualized, from $13.84 at September 30, 2024.Total net revenue (net interest income plus non-interest income) of $33.8 million for the fourth quarter of 2024 increased $5.8 million, or 20.6%, compared to the prior year quarter, while full year total net revenue was $129.9 million, an increase of $26.1 million, or 25.1%, compared to 2023. Strong asset quality continued, with nonperforming assets decreasing to 0.46% of total assets at December 31, 2024, compared to 0.47% at September 30, 2024 and 0.69% at December 31, 2023. Patric...