Business
First Bank Reports Second Quarter 2020 Net Income of $4.1 Million
Net Income of $7.4 Million for First Six Months of 2020 For the Second Quarter and First Half of 2020: Continued Strong Loan Origination,Solid Revenue Growth,
About this update from First Bank
[{"type":"text","content":"Net Income of $7.4 Million for First Six Months of 2020 \n For the Second Quarter and First Half of 2020: Continued Strong Loan Origination,Solid Revenue Growth, Effective Management of Non-Interest Expense HAMILTON, N.J., July 27, 2020 (GLOBE NEWSWIRE) -- First Bank (Nasdaq Global Market: FRBA) today announced results for the three and six months ended June 30, 2020. Net income for the second quarter of 2020 was $4.1 million, or $0.21 per diluted share, compared to $2.8 million, or $0.15 per diluted share, for the second quarter of 2019. Return on average assets and return on average equity for the second quarter of 2020 were 0.74% and 7.33%, respectively, and 0.64% and 5.64%, respectively, for the second quarter of 2019. Net income for the first six months of 2020 was $7.4 million, or $0.36 per diluted share, compared to $7.1 million, or $0.38 per diluted share, for the same period in 2019. Second Quarter 2020 Performance Highlights: Total net revenue (net interest income plus non-interest income) of $18.2 million for the quarter increased $3.1 million, or 20.7%, from $15.1 million, compared to the prior year quarter.Total loans of $1.96 billion at June 30, 2020 increased $406.5 million, including $190.5 million in Paycheck Protection Program (“PPP”) loans, or 26.2%, from June 30, 2019, and increased $231.4 million, or 13.4%, from December 31, 2019.Total deposits of $1.92 billion at June 30, 2020 increased $479.8 million, or 33.2%, from June 30, 2019 and $282.4 million, or 17.2%, compared to December 31, 2019.Despite the ongoing challenges presented by the COVID-19 pandemic, asset quality metrics remained solid during the quarter, with net charge-offs of $1.0 million, or an annualized 0.21% of average loans, for second quarter 2020, compared to net charge-offs of $481,000 for second quarter 2019. Nonperforming loans at June 30, 2020 were $14.1 million, $14.6 million on June 30, 2019, and $13.8 million on March 31, 2020. The ratio of nonperforming loans to total loans was 0.72% at June 30, 2020 compared to 0.94% at June 30, 2019, and 0.79% at March 31, 2020.Successful subordinated note issuance with net proceeds of $29.5 million. Completion of approved share repurchase program with a total of 1.0 million shares repurchased during the first six months of 2020.Continued effective non-interest expense management was reflected in t...