First Resource Bankcorp Inc · OTC:FRSB
First Resource Bankcorp — First Resource Bancorp — Virtual Investor Conference (March 2024)
24 slides from First Resource Bankcorp's conference presentation, Mar 14, 2024
Slide 1: Virtual Investor Conference March 14, 2024
Virtual Investor Conference March 14, 2024
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 • Established in 2005 • Executive management team founded the Bank
Slide 4: Executive Management Team
Executive Management Team Years in Years Name Title Banking with FRB Glenn B. Marshall Chief Executive Officer 44 years 19 years Lauren C. Ranalli President 22 years 19 years Natalie M. Carrozza EVP & Chief Risk Officer 42 years 19 years Lisa A. Donnon EVP & Chief Lending Officer 34 years 18 years K
Slide 5: Southeastern PA Market
Southeastern PA Market • Combined area creates a $15 billion deposit market triangle
Slide 6: 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 7: 2023 Highlights
2023 Highlights • Record net income, 5% higher than the prior year • Total assets surpassed $600 million • Return on average assets 1.09% • Return on average equity 13.77% • No nonperforming assets at year end
Slide 8: Balance Sheet Growth
Balance Sheet Growth $600,000,000 $500,000,000 $400,000,000 $300,000,000 $200,000,000 $100,000,000 $0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Assets Loans Deposits
Slide 9: Loan Growth (excluding PPP)
Loan Growth (excluding PPP) $600,000,000 16% 30% 26% 19% $500,000,000 25% $400,000,000 20% 9% 15% $300,000,000 12% 12% 15% 12% 13% 10% $200,000,000 10% $100,000,000 5% $0 0% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Total Loans % Growth
Slide 10: Loan Portfolio Mix at 12/31/23
Loan Portfolio Mix at 12/31/23 Consumer 3% C&I 7% Commercial 1-4 Family Residential Construction 29% 11% Multifamily 13% CRE Non-Owner CRE Owner Occupied Occupied 20% 17%
Slide 11: 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% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 -0.50%
Slide 12: Investment Portfolio
Investment Portfolio 12/31/2023 Book Value Fair Value Unrealized Loss U.S. Treasury securities 7,997,679 7,986,080 (11,599) Government sponsored MBS 10,388,826 9,085,886 (1,302,940) Subtotal – AFS 18,386,505 17,071,966 (1,314,539) Government sponsored MBS 2,385,033 1,920,786 (464,247) Municipal bond
Slide 13: Deposit Growth
Deposit Growth $240,000,000 38.0% 33.0% $200,000,000 28.0% $160,000,000 23.0% $120,000,000 18.0% $80,000,000 13.0% $40,000,000 8.0% $0 3.0% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Checking Money Market CD % Checking
Slide 14: Net Interest Margin
Net Interest Margin 6.00% 4.20% 5.00% 4.00% 4.00% 3.80% 3.00% 3.60% 3.40% 2.00% 3.20% 1.00% 3.00% 0.00% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 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 for 201
Slide 15: Overhead Expense Control
Overhead Expense Control 4.00% 3.50% 3.00% 2.50% 2.00% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 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 2019-23 is PA Banks with Assets $100M to $1B.
Slide 16: 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 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Net Income
Slide 17: Capital
Capital • Holding company formation completed in 2022- First Resource Bancorp, Inc. • Holding company provides access to enhanced capital options in the future • Nine stock dividends have been paid to date • Book value per share grew $1.26, or 9%, in 2023, to $14.91
Slide 18: Book Value vs. Market Value
Book Value vs. Market Value $16.00 140% $15.00 $14.00 120% $13.00 $12.00 100% $11.00 $10.00 $9.00 80% $8.00 $7.00 60% $6.00 $5.00 40% $4.00 $3.00 $2.00 20% $1.00 $0.00 0% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2/29/2024 Book Value per Share Market Value Price/Book Ratio
Slide 19: Common Stock Performance
Common Stock Performance First Resource First Resource Bancorp, Inc. | STOCK CHART Currency Reported Currency ‘VY FILTERS Period from: 03/08/2023 to:03/07/202... Frequency Daily Indexes S&P 500, Dow Jones U.S. MicroC... Comparison Ticker KRE-US Metric Price Change (%) Bancorp, Inc. You neod to click
Slide 20: Best Places to Work Company 5 Years in a Row
Culture is Everything Happy Employees = Happy Customers Best Places to Work Company from Philadelphia Business Journal 5 Years in a Row
Slide 21: Award Winning Service
First Resource Bancorp, Inc. Award Winning Service y ome B 4 READERS’ ‘io MAINCINE \ CHOICE » MEg@lianews 4Miain Line Times ‘and) Suburban
Slide 22: Raving Fans
First Resource Bancorp, Inc. First Resource Bank First Resource Bank First Resource Bank 800 N Pottstown Pike, Exton, PA 844 Paoli Pike, West Chester, PA 321 W Lancaster Ave, Wayne, PA 5.0 » & & &.@. 4 24 reviews @ 5.0 tok tok 44 reviews © 5.0 toktokk 19 reviews @ Raving Fans OH YEAH, it’s that good
Slide 23: Contact Information
Contact Information Glenn Marshall CEO 610-561-6013 GMarshall@FirstResourceBank.com Lauren Ranalli President 610-561-6014 LRanalli@FirstResourceBank.com
Slide 24: Q & A Thank you for joining us!
First Resource Bancorp, Inc. Q&A Thank you for joining us!
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