First Resource Bankcorp Inc · OTC:FRSB
First Resource Bankcorp — First Resource Bancorp — Shareholder Meeting (May 2025)
23 slides from First Resource Bankcorp's shareholder meeting presentation, May 6, 2025
Slide 1: Annual Shareholder's Meeting May 6, 2025
Annual Shareholder’s Meeting May 6, 2025
Slide 2: Cautionary Note Regarding Forward Looking Statements
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS This presentation contains forward-looking information about First Resource that is intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statemen
Slide 3: First Resource Bancorp, Inc. and First Resource Bank
First Resource Bancorp, Inc. Holding company of First Resource Bank Established in 2022 First Resource Bank • Community bank based in Southeastern Pennsylvania • $664 million in assets at 12/31/24 • Established in 2005 • Operates 3 branches, 2 in Chester County and 1 in Delaware County
Slide 4: Executive Management Team
Executive Management Team Years in Years Name Title Banking with FRB Lauren Ranalli President & Chief Executive Officer 23 years 20 years Natalie Carrozza EVP & Chief Risk Officer 43 years 20 years Lisa Donnon EVP & Chief Credit Officer 34 years 18 years Kristen Fries EVP & Chief Financial Officer 2
Slide 5: Southeastern PA Market
Southeastern PA Market • Combined area creates a $15 billion deposit market triangle
Slide 6: 2024 Highlights
2024 Highlights • Book value per share grew 12% • Total assets grew 10% • Return on average assets 0.87% • Return on average equity 10.91% • Issued $2.5 million in subordinated debt • Implemented a 5% stock repurchase program
Slide 7: Balance Sheet Growth
Balance Sheet Growth $700,000,000 $600,000,000 $500,000,000 $400,000,000 $300,000,000 $200,000,000 $100,000,000 $0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Assets Loans Deposits
Slide 8: Loan Growth (excluding PPP)
Loan Growth (excluding PPP) 26% $700,000,000 30% 13% $600,000,000 25% 16% 19% $500,000,000 20% $400,000,000 13% 15% 12% 9% 15% 12% $300,000,000 10% 10% $200,000,000 $100,000,000 5% $0 0% Total Loans % Growth
Slide 9: Loan Portfolio Mix at 12/31/24
Loan Portfolio Mix at 12/31/24 Consumer C&I 3% 7% Commercial 1-4 Family Construction Residential 10% 29% Multifamily 14% CRE Non-Owner CRE Owner Occupied Occupied 20% 17%
Slide 10: Strong Asset Quality
Strong Asset Quality 2.50% Total non-performing assets/total assets 2.00% Net charged-off loans/total loans 1.50% 1.00% 0.50% 0.00% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 -0.50%
Slide 11: Deposit Growth
Deposit Growth $250,000,000 38.0% 33.0% $200,000,000 28.0% $150,000,000 23.0% 18.0% $100,000,000 13.0% $50,000,000 8.0% $0 3.0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Checking Money Market CD % Checking
Slide 12: Fastest-growing banks in Greater Philadelphia
First PHILADELPHIA ee BUSINESS JOURNAL These are the 37 fastest-growing banks in Greater Philadelphia Ranked by Year-over-year change (%) Locally Researched by: Todd Romero, Data Reporter Apr 10, 2025, 3:40pm EDT TOTAL DEPOSITS PHILADELPHIA LOCATION NETLOANS AREA COMPANY NAME CONTACTINFO YEAROVERYEA
Slide 13: Net Interest Margin
Net Interest Margin 6.00% 4.15% 5.00% 3.95% 3.75% 4.00% 3.55% 3.00% 3.35% 2.00% 3.15% 1.00% 2.95% 2.75% 0.00% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 FRB NIM Peer Group NIM Average Fed Funds Effective Rate Note: Prior to 2019 Peer Group was PA Banks with Assets $100M to $300M; Peer Group f
Slide 14: Overhead Expense Control
Overhead Expense Control 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 FRB Overhead/Average Assets Peer Group Overhead/Average Assets Note: Prior to 2019 Peer Group was PA Banks with Assets $100M to $300M; Peer Group for 2019-24 is PA Banks with Assets $100M t
Slide 15: Net Income
Net Income $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Net Income
Slide 16: Capital
Capital • Common stock trades on the OTCQX marketplace: (ticker: FRSB) • Stock repurchase program authorized in August 2024 – Purchased 96,915 shares in 2024; 59,007 remaining as of 12/31/24 • Issued $2.5 million in Subordinated Debt in August 2024 • Nine 5% stock dividends have been paid to date •
Slide 17: Book Value vs. Market Value
Book Value vs. Market Value $20.00 140% $18.00 120% $16.00 $14.00 100% $12.00 80% $10.00 60% $8.00 $6.00 40% $4.00 20% $2.00 $0.00 0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 3/31/2025 Book Value per Share Market Value Price/Book Ratio
Slide 18: Planning for 2025
Planning for 2025 • Continued organic growth supported by strong loan and deposit pipelines • Strategy to grow C&I portfolio • No new physical branches • Continued investment in infrastructure
Slide 19: Q1 2025 Results
Q1 2025 Results • Most profitable quarter in our history - $1.7 million • Net interest margin expanded 10 basis over the prior quarter to 3.60% • EPS grew 30% over prior year first quarter • Deposits grew 4% year-to-date • Total assets reached $675 million • An additional 9,248 shares repurchased at
Slide 20: Culture is Everything
Culture is Everything Happy Employees = Happy Customers Best Places to Work Company from Philadelphia Business Journal 6 Years in a Row
Slide 21: Award Winning Service
First Resource Bancorp, Inc. Award Winning Service ( stot Y _ Ad “i Chester i en MAINLINE i megianews 5 aunty RE Alain Line Times and Suburban Pre
Slide 22: Raving Fans
First Resource Bancorp, Inc. First Resource Bank First Resource Bank First Resource Bank Raving Fans 9.0 srevews 0 «= 4.9 67 reviews © 5.0 They say the best things come in small packages First Resource Bank Member FDIC
Slide 23: First Resource Bancorp, Inc.
First Resource Bancorp, Inc. First Resource Bank
First Resource Bancorp — Shareholder Meeting (May 2025) on 6ix