Business
First Bank Reports Fourth Quarter 2021 Net Income of $7.8 Million and Full Year Net Income of $35.4 Million
Quarterly Results Highlighted by Branch Acquisition, Strong Organic Loan Growth, Continued Revenue Expansion, and Solid Asset Quality Metrics HAMILTON, N.J.,
About this update from First Bank
[{"type":"text","content":"Quarterly Results Highlighted by Branch Acquisition, Strong Organic Loan Growth, Continued Revenue Expansion, and Solid Asset Quality Metrics\nHAMILTON, N.J., Jan. 26, 2022 (GLOBE NEWSWIRE) -- First Bank (Nasdaq Global Market: FRBA) today announced results for the fourth quarter and full year 2021. Net income for the fourth quarter of 2021 was $7.8 million, or $0.40 per diluted share, compared to $6.2 million, or $0.31 per diluted share, for the fourth quarter of 2020. Return on average assets, return on average equity and return on average tangible equityi for the fourth quarter of 2021 were 1.27%, 11.77% and 12.63%, respectively, compared to 1.06%, 10.44%, and 11.30%, respectively, for the fourth quarter of 2020. Excluding merger-related expenses, fourth quarter 2021 adjusted diluted earnings per shareii were $0.42, adjusted return on average assetsii was 1.33% and adjusted return on average tangible equityii was 13.26%. Full year 2021 net income was $35.4 million, an increase of $16.0 million, or 82.2%, compared to $19.4 million for 2020. Diluted earnings per share for 2021 were $1.79, an increase of $0.82, or 84.5%, compared to $0.97 per diluted share in 2020. Return on average assets and return on average equity for the full year 2021 were 1.46% and 13.96%, respectively, compared to 0.87% and 8.45%, respectively, for the full year 2020. Excluding merger-related expenses, full year 2021 adjusted diluted earnings per shareii were $1.81, adjusted return on average assetsii was 1.48% and adjusted return on average equity was 14.16%. Fourth Quarter and Full Year 2021 Performance Highlights: Completion of the acquisition of two branches during the fourth quarter of 2021, adding $100.9 million of deposits and $11.3 million of performing residential and consumer loans.Total net revenue (net interest income plus non-interest income) of $22.9 million for the quarter increased $1.8 million, or 8.6%, compared to the prior year quarter, while full year total net revenue was $89.6 million, an increase of $13.7 million, or 18.1%, compared to 2020.Total loans of $2.11 billion at December 31, 2021 reflected growth of $107.7 million, or 5.4%, from the end of the linked third quarter of 2021 and $64.4 million, or 3.1%, from December 31, 2020. Loan growth, excluding Paycheck Protection Program (PPP) loan activity, totaled $134.4 million in the...