First Resource Bankcorp Inc · OTC:FRSB
First Resource Bankcorp — First Resource Bancorp — Shareholder Meeting (April 2023)
24 slides from First Resource Bankcorp's shareholder meeting presentation, Apr 27, 2023
Slide 1: Annual Shareholder Meeting April 27, 2023
Annual Shareholder Meeting April 27, 2023
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.
First Resource Bancorp, Inc. • Holding company formation completed in May 2022 • Holding company will provide access to enhanced capital options in the future • FRSB stock symbol unchanged • Share exchange substantially complete
Slide 4: Hybrid Community Bank
Hybrid Community Bank • Combination of limited physical “high touch” branches complimented by “high tech” banking products and services on par with those offered by national financial services providers • Don’t need to be on every street corner, but do need to be available 24/7
Slide 5: Southeastern PA Market
Southeastern PA Market • Combined area creates a $17 billion deposit market triangle
Slide 6: Executive Management Team
Executive Management Team Years in Years Name Title Banking with FRB Glenn B. Marshall Chief Executive Officer 43 years 18 years Lauren C. Ranalli President & Chief Financial Officer 21 years 18 years Natalie M. Carrozza EVP & Chief Risk Officer 41 years 18 years Lisa A. Donnon EVP & Chief Lending O
Slide 7: 2022 Highlights
2022 Highlights • Record net income, 35% higher than the prior year • Total assets surpassed $500 million • Return on average assets 1.17% • Return on average equity 14.91% • Efficiency ratio 58%
Slide 8: Balance Sheet Growth
Balance Sheet Growth $500,000,000 $400,000,000 $300,000,000 $200,000,000 $100,000,000 $0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Assets Loans Deposits
Slide 9: Loan Growth (excluding PPP)
Loan Growth (excluding PPP) $500,000,000 30.0% 25.0% $400,000,000 20.0% $300,000,000 15.0% $200,000,000 10.0% $100,000,000 5.0% $0 0.0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Total Loans % Growth
Slide 10: Loan Portfolio Mix at 12/31/22
Loan Portfolio Mix at 12/31/22 CRE Non-Owner Occupied CRE Owner Occupied 19% 20% C&I 9% Consumer 4% Commercial 1-4 Multifamily and Residential Commercial Other 26% 14% Construction 8%
Slide 11: Improving Asset Quality
Improving 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% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 -0.50%
Slide 12: Investment Portfolio
Investment Portfolio 12/31/2022 Book Value Fair Value Unrealized Loss U.S. Treasury securities 14,995,542 14,982,150 (13,392) Government sponsored MBS 12,177,180 10,787,417 (1,389,763) Subtotal – AFS 27,172,722 25,769,567 (1,403,155) Government sponsored MBS 2,610,837 2,121,508 (489,329) Municipal b
Slide 13: Deposit Growth
Deposit Growth $210,000,000 38.0% $180,000,000 33.0% $150,000,000 28.0% $120,000,000 23.0% $90,000,000 18.0% $60,000,000 13.0% $30,000,000 8.0% $0 3.0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Checking Money Market CD % Checking
Slide 14: Top Line Income Growth
Top Line Income Growth $21,000,000 $18,000,000 $15,000,000 $12,000,000 $9,000,000 $6,000,000 $3,000,000 $0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Total Interest Income
Slide 15: Net Interest Margin
Net Interest Margin 5.00% 4.20% 4.50% 4.00% 4.00% 3.50% 3.80% 3.00% 2.50% 3.60% 2.00% 3.40% 1.50% 1.00% 3.20% 0.50% 3.00% 0.00% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 FRB NIM Peer Group NIM Average Fed Funds Effective Rate Note: Prior to 2019 Peer Group was PA Banks with Assets $100M to $
Slide 16: Overhead Expense Control
Overhead Expense Control 4.00% 3.50% 3.00% 2.50% 2.00% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 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 2019-22 is PA Banks with Assets $100M to $1B.
Slide 17: Net Income Growth
Net Income Growth $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Net Income
Slide 18: Q1 2023 Results
Q1 2023 Results • Net income: $1.3 million, or $0.43 per common share • Deposits grew $35.3 million, or 8%, to $466.2 million • Loans grew $24.4 million, or 5%, to $483.1 million • Net Interest Margin compressed 24bps to 3.57%
Slide 19: Book Value vs. Market Value
Book Value vs. Market Value 140% $14.00 $13.00 120% $12.00 $11.00 100% $10.00 $9.00 $8.00 80% $7.00 $6.00 60% $5.00 $4.00 40% $3.00 $2.00 20% $1.00 $0.00 0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 3/31/2023 Book Value per Share Market Value Price/Book Ratio
Slide 20: Common Stock Performance
Common Stock Performance 1 First Resource Bancorp, Inc. First Resource Bancorp Inc.| STOCK CHART Currency | Reported Currency ~ FILTERS Period from: 04/01/2022 to: 03/31/202, Frequency Daily Indexes KBW Nasdag Bank Index, S&P 500. You need to click Save Modifications in order for this data to be ref
Slide 21: Culture is Everything
Culture is Everything Happy Employees = Happy Customers
Slide 22: Best Bank in Chester County
Best Bank in Chester County Voted Best Bank in Chester County for 2017-2022 by readers of The Daily Local, Chester County’s local newspaper
Slide 23: Best Bank on the Main Line
Best Bank on the Main Line Replicating the success we’ve had in Chester County on the Main Line
Slide 24: Annual Shareholder Meeting April 27, 2023
Annual Shareholder Meeting April 27, 2023
First Resource Bancorp — Shareholder Meeting (April 2023) on 6ix