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First Bank Reports First Quarter 2022 Net Income of $8.2 Million
Quarterly Results Highlighted by Strong Organic Loan Growth, Continued Enhancement of the Bank’s Deposit Mix, and Solid Asset Quality Metrics HAMILTON, N.J.,
About this update from First Bank
[{"type":"text","content":"Quarterly Results Highlighted by Strong Organic Loan Growth, Continued Enhancement of the Bank’s Deposit Mix, and Solid Asset Quality Metrics\nHAMILTON, N.J., April 25, 2022 (GLOBE NEWSWIRE) -- First Bank (Nasdaq Global Market: FRBA) (the Bank) today announced results for the first quarter of 2022, including net income of $8.2 million, or $0.41 per diluted share. Return on average assets, return on average equity and return on average tangible equityi for the first quarter of 2022 were 1.31%, 12.25% and 13.22%, respectively. In the first quarter of 2021, the Bank reported net income of $9.7 million, or $0.49 per diluted share, and return on average assets, return on average equity and return on average tangible equityi of 1.66%, 16.21% and 17.52%, respectively. First Quarter 2022 Performance Highlights: Total loans of $2.15 billion at March 31, 2022 reflected growth of $39.8 million, or 1.9%, from December 31, 2021. Loan growth, excluding the decline in Paycheck Protection Program (PPP) loans, totaled $65.3 million in the first quarter of 2022, representing a 12.8% annualized increase.Total deposits of $2.18 billion at March 31, 2022 were up $63.3 million, or 3.0%, from December 31, 2021. Non-interest bearing demand deposits increased to 27.4% of total deposits at March 31, 2022, compared to 26.4% at December 31, 2021, while time deposits decreased to 15.1% at March 31, 2022 from 18.5% at December 31, 2021.Asset quality metrics remained solid during the quarter, with net charge offs making up 0.05% of average loans on an annualized basis and nonperforming loans declining to 0.59% of total loans at March 31, 2022 from 0.62% at December 31, 2021.Continued focus on managing expenses resulted in the fifth consecutive quarter of an efficiency ratioii below 50%, at 49.62% for the first quarter of 2022.Tangible book value per shareiii of $12.79, up $0.12 from the end of the linked fourth quarter of 2021 and up $1.20 from March 31, 2021. “Our first quarter performance was highlighted by strong earnings, continued organic loan growth, further enhancement of our deposit mix and solid asset quality metrics,” said Patrick L. Ryan, President and Chief Executive Officer. “Our team’s focus on expanding relationships with new and existing customers supported solid balance sheet expansion, with non-PPP loans up an annualized 12.8% and deposits u...