Business
First Bank Reports Third Quarter 2021 Net Income of $9.0 Million
Net Income of $27.6 Million for First Nine Months of 2021 For the Third Quarter of 2021: Strong Revenue and Income Growth, Continued Solid Asset Quality
About this update from First Bank
[{"type":"text","content":"Net Income of $27.6 Million for First Nine Months of 2021\nFor the Third Quarter of 2021: Strong Revenue and Income Growth, Continued Solid Asset Quality Metrics, Effective Management of Non-Interest Expense HAMILTON, N.J., Oct. 26, 2021 (GLOBE NEWSWIRE) -- First Bank (Nasdaq Global Market: FRBA) today announced results for the three and nine months ended September 30, 2021. Net income for the third quarter of 2021 was $9.0 million, or $0.46 per diluted share, compared to $5.9 million, or $0.30 per diluted share, for the third quarter of 2020. Return on average assets, return on average equity and return on average tangible equityi for the third quarter of 2021 were 1.46%, 13.86% and 14.90%, respectively, compared to 1.03%, 10.20% and 11.08%, respectively, for the third quarter of 2020. Net income for the first nine months of 2021 was $27.6 million, an increase of $14.3 million, or 108.2%, compared to $13.3 million for the same period in 2020. Diluted earnings per share for the year-to-date period ended September 30, 2021 were $1.39, an increase of $0.73, or 109.5%, compared to $0.66 per diluted share for the comparable period in 2020. Third Quarter and Year-to-Date 2021 Performance Highlights: Total net revenue (net interest income plus non-interest income) of $22.7 million for the quarter increased $3.1 million, or 15.9%, compared to $19.6 million for the prior year quarter and was up $919,000, or 4.2%, compared to the linked second quarter of 2021.Total loans of $2.00 billion at September 30, 2021 decreased $49.6 million, or 2.4%, from the end of the linked second quarter of 2021, and were down $43.3 from December 31, 2020. Paycheck Protection Program (PPP) loans decreased $62.2 million and $59.4 million, respectively, during the three and nine months ended September 30, 2021. PPP loans outstanding at September 30, 2021 were $77.8 million.Total deposits of $2.05 billion at September 30, 2021 increased $142.3 million, or 7.5%, from December 31, 2020 and $9.7 million, or 0.5%, from June 30, 2021. Non-interest bearing demand deposits increased to 26.3% of total deposits at September 30, 2021 compared to 22.3% at December 31, 2020 while time deposits decreased from 27.5% of total deposits at December 31, 2020 to 20.6% at September 30, 2021.Asset quality metrics remained solid during the quarter, with net recoveries of $121,000 du...