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First Bank Reports Second Quarter 2022 Net Income of $8.8 Million
Quarterly Results Reflect Strong Organic Loan Growth, Improving Net Interest Margin, and Solid Asset Quality Metrics HAMILTON, N.J., July 26, 2022 (GLOBE
About this update from First Bank
[{"type":"text","content":"Quarterly Results Reflect Strong Organic Loan Growth, Improving Net Interest Margin, and Solid Asset Quality Metrics\nHAMILTON, N.J., July 26, 2022 (GLOBE NEWSWIRE) -- First Bank (Nasdaq Global Market: FRBA) today announced results for the second quarter of 2022, accentuated by net income of $8.8 million, or $0.45 per diluted share. Return on average assets, return on average equity, and return on average tangible equityi for the second quarter of 2022 were 1.38%, 12.92% and 13.93%, respectively. In the second quarter of 2021, First Bank reported net income of $8.9 million, or $0.45 per diluted share, and return on average assets, return on average equity, and return on average tangible equityi of 1.48%, 14.26% and 15.37%, respectively. Second Quarter 2022 Highlights: Total loans of $2.22 billion on June 30, 2022, reflected growth of $68.5 million, or 3.2%, from the end of the first quarter of 2022 and were up $108.2 million, or 5.1%, from December 31, 2021. Loan growth, excluding the decline in Paycheck Protection Program (PPP) loans, totaled $84.0 million in the second quarter of 2022, representing a 15.8% annualized increase.Total deposits of $2.17 billion on June 30, 2022, were down $12.7 million, or 0.6%, from the end of the linked first quarter and up $50.6 million, or 2.4%, from December 31, 2021.Asset quality metrics remained solid during the quarter, with annualized net charge offs to average loans of 0.07% and nonperforming loans to total loans of 0.57% as of June 30, 2022, compared to 0.62% on December 31, 2021, and 0.59% on March 31, 2022.Continued focus on managing expenses resulted in the sixth consecutive quarter of an efficiency ratioii below 50%, at 46.81% for the second quarter of 2022. President and Chief Executive Officer, Patrick L. Ryan, said, “We are pleased with our performance during the second quarter. Our continued focus on developing new and existing customer relationships facilitated another quarter of robust loan growth. Total deposits remained relatively stable as we continued to shift our deposit mix with non-interest bearing deposits representing 27.7% of total deposits at quarter-end. Loan growth, improving asset yields and managing deposit costs contributed to a 19 basis point improvement in our net interest margin which was 3.76% for the second quarter of 2022 compared to 3.57% for the first q...