Compared to the same period last year, the Bank's net income and returns on assets, equity, and tangible equity were lower, reflecting broader industry headwinds, primarily due to increased market interest rates and deposit costs. However, the Bank remains confident in its ability to navigate the current economic landscape and achieve sustainable growth in earnings and book value over the long term.
Second Quarter 2023 Performance Highlights:
- Total loans reached
$2.44 billion atJune 30, 2023 , marking a 1.8% increase from the end of the linked quarter atMarch 31, 2023 . - Total deposits ended the quarter at
$2.40 billion atJune 30, 2023 , a 7.1% increase from the end of the linked quarter atMarch 31, 2023 . - Continued favorable asset quality throughout the quarter, with net recoveries of
$109,000 during the second quarter of 2023, and nonperforming loans remained constant at 0.33% atJune 30, 2023 , compared to 0.33% atMarch 31, 2023 . - Steady growth in book value per share to
$15.45 and tangible book value per shareiii to$14.44 atJune 30, 2023 . Tangible book value per share increased$0.39 from the end of the linked quarter atMarch 31, 2023 , and$1.36 , or 10.4%, fromJune 30, 2022 , supporting continued value creation for shareholders.
Malvern Acquisition
Income Statement
In the second quarter of 2023, the Bank’s net interest income decreased to
The Bank’s tax equivalent net interest margin decreased by 48 basis points to 3.28% compared to the prior year quarter and by 24 basis points from the first quarter of 2023. The decrease was primarily driven by the increase in deposit costs which was partially offset by the increase in average loan yields. The inverted yield curve, deposit pricing pressures and the focus on maintaining excess on-balance sheet liquidity all had a negative impact on the margin during the second quarter of 2023.
The Bank's provision for credit losses was
In the second quarter of 2023, non-interest income was
Non-interest expense for the second quarter of 2023 was
On a linked quarter basis, second quarter 2023 non-interest expense of
The Bank's income tax expense for the second quarter of 2023 was
Balance Sheet
The Bank reported total assets of
The Bank's increase in loans during the three and six month periods ended
As of
As of
As of
Asset Quality
Liquidity and Borrowings
The Bank enhanced its liquidity position in the second quarter of 2023. Total cash and cash equivalents increased
Overall, the Bank has a strong capital, liquidity, and asset quality position, which provides a solid foundation to navigate future challenges that may arise. The Bank is committed to managing risk prudently while pursuing growth opportunities and delivering value to its shareholders.
Cash Dividend Declared
On
Conference Call and Earnings Release Supplement
Additional details on the quarterly results and the Bank are included in the attached earnings release supplement.
http://ml.globenewswire.com/Resource/Download/8b1d11f5-35da-404b-9d40-76b955b58884
About
After acquiring
Forward Looking Statements
This press release contains certain forward-looking statements, either express or implied, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information regarding First Bank’s future financial performance, business and growth strategy, projected plans and objectives, and related transactions, integration of acquired businesses, ability to recognize anticipated operational efficiencies, and other projections based on macroeconomic and industry trends, which are inherently unreliable due to the multiple factors that impact economic trends, and any such variations may be material. Such forward-looking statements are based on various facts and derived utilizing important assumptions, current expectations, estimates and projections about
CONTACT:
(609) 643-0058, andrew.hibshman@firstbanknj.com
FIRST BANK | ||||||||||
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | ||||||||||
(in thousands, except for share data, unaudited) | ||||||||||
Assets | ||||||||||
Cash and due from banks | $ | 24,439 | $ | 17,577 | ||||||
Restricted cash | 12,870 | 13,580 | ||||||||
Interest bearing deposits with banks | 145,045 | 94,759 | ||||||||
Cash and cash equivalents | 182,354 | 125,916 | ||||||||
Interest bearing time deposits with banks | 747 | 1,293 | ||||||||
Investment securities available for sale, at fair value | 86,108 | 98,956 | ||||||||
Investment securities held to maturity, net of allowance for | ||||||||||
credit losses of | ||||||||||
45,368 | 47,193 | |||||||||
Restricted investment in bank stocks | 7,986 | 6,214 | ||||||||
Other investments | 8,967 | 8,372 | ||||||||
Loans, net of deferred fees and costs | 2,436,708 | 2,337,814 | ||||||||
Less: Allowance for credit losses | 30,451 | 25,474 | ||||||||
Net loans | 2,406,257 | 2,312,340 | ||||||||
Premises and equipment, net | 11,603 | 10,550 | ||||||||
Other real estate owned, net | - | - | ||||||||
Accrued interest receivable | 8,657 | 8,164 | ||||||||
Bank-owned life insurance | 58,854 | 58,107 | ||||||||
17,826 | 17,826 | |||||||||
Other intangible assets, net | 1,463 | 1,579 | ||||||||
Deferred income taxes, net | 13,863 | 13,155 | ||||||||
Other assets | 24,372 | 23,275 | ||||||||
Total assets | $ | 2,874,425 | $ | 2,732,940 | ||||||
Liabilities and Stockholders' Equity | ||||||||||
Liabilities: | ||||||||||
Non-interest bearing deposits | $ | 476,733 | $ | 503,856 | ||||||
Interest bearing deposits | 1,923,167 | 1,790,096 | ||||||||
Total deposits | 2,399,900 | 2,293,952 | ||||||||
Borrowings | 123,378 | 90,932 | ||||||||
Subordinated debentures | 29,787 | 29,731 | ||||||||
Accrued interest payable | 1,605 | 1,218 | ||||||||
Other liabilities | 25,594 | 27,545 | ||||||||
Total liabilities | 2,580,264 | 2,443,378 | ||||||||
Stockholders' Equity: | ||||||||||
Preferred stock, par value | ||||||||||
no shares issued and outstanding | - | - | ||||||||
Common stock, par value | ||||||||||
shares issued and 19,041,343 shares outstanding at | ||||||||||
21,082,819 shares issued and 19,451,755 shares outstanding at | 104,939 | 104,512 | ||||||||
Additional paid-in capital | 81,053 | 80,695 | ||||||||
Retained earnings | 136,446 | 127,532 | ||||||||
Accumulated other comprehensive loss | (6,899 | ) | (7,334 | ) | ||||||
(21,378 | ) | (15,843 | ) | |||||||
Total stockholders' equity | 294,161 | 289,562 | ||||||||
Total liabilities and stockholders' equity | $ | 2,874,425 | $ | 2,732,940 | ||||||
FIRST BANK | |||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
(in thousands, except for share data, unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Interest and Dividend Income | |||||||||||||||
Investment securities—taxable | $ | 955 | $ | 689 | $ | 1,977 | $ | 1,265 | |||||||
Investment securities—tax-exempt | 34 | 33 | 72 | 70 | |||||||||||
Interest bearing deposits with banks, | |||||||||||||||
Federal funds sold and other | 2,184 | 260 | 3,436 | 390 | |||||||||||
Loans, including fees | 33,748 | 23,881 | 65,448 | 46,024 | |||||||||||
Total interest and dividend income | 36,921 | 24,863 | 70,933 | 47,749 | |||||||||||
Interest Expense | |||||||||||||||
Deposits | 12,691 | 1,262 | 22,104 | 2,271 | |||||||||||
Borrowings | 1,661 | 250 | 3,025 | 538 | |||||||||||
Subordinated debentures | 441 | 441 | 881 | 881 | |||||||||||
Total interest expense | 14,793 | 1,953 | 26,010 | 3,690 | |||||||||||
Net interest income | 22,128 | 22,910 | 44,923 | 44,059 | |||||||||||
Credit loss expense | 449 | 1,298 | 1,540 | 1,940 | |||||||||||
Net interest income after credit loss expense | 21,679 | 21,612 | 43,383 | 42,119 | |||||||||||
Non-Interest Income | |||||||||||||||
Service fees on deposit accounts | 233 | 243 | 461 | 495 | |||||||||||
Loan fees | 18 | 102 | 107 | 347 | |||||||||||
Income from bank-owned life insurance | 378 | 370 | 747 | 743 | |||||||||||
Losses on sale of investment securities, net | - | - | (207 | ) | - | ||||||||||
Gains on sale of loans | 170 | 253 | 311 | 290 | |||||||||||
Gains on recovery of acquired loans | 14 | 210 | 71 | 334 | |||||||||||
Other non-interest income | 315 | 285 | 602 | 521 | |||||||||||
Total non-interest income | 1,128 | 1,463 | 2,092 | 2,730 | |||||||||||
Non-Interest Expense | |||||||||||||||
Salaries and employee benefits | 8,122 | 6,698 | 15,994 | 13,242 | |||||||||||
Occupancy and equipment | 1,613 | 1,381 | 3,192 | 2,805 | |||||||||||
Legal fees | 198 | 172 | 401 | 314 | |||||||||||
Other professional fees | 598 | 692 | 1,249 | 1,379 | |||||||||||
Regulatory fees | 516 | 233 | 750 | 426 | |||||||||||
Directors' fees | 193 | 180 | 407 | 398 | |||||||||||
Data processing | 681 | 589 | 1,299 | 1,185 | |||||||||||
Marketing and advertising | 233 | 177 | 473 | 341 | |||||||||||
Travel and entertainment | 160 | 111 | 379 | 199 | |||||||||||
Insurance | 179 | 186 | 352 | 351 | |||||||||||
Other real estate owned expense, net | 20 | 114 | 38 | 197 | |||||||||||
Merger-related expenses | 221 | - | 682 | - | |||||||||||
Other expense | 1,088 | 876 | 2,109 | 1,694 | |||||||||||
Total non-interest expense | 13,822 | 11,409 | 27,325 | 22,531 | |||||||||||
Income Before Income Taxes | 8,985 | 11,666 | 18,150 | 22,318 | |||||||||||
Income tax expense | 2,186 | 2,843 | 4,362 | 5,337 | |||||||||||
Net Income | $ | 6,799 | $ | 8,823 | $ | 13,788 | $ | 16,981 | |||||||
Basic earnings per common share | $ | 0.35 | $ | 0.45 | $ | 0.71 | $ | 0.87 | |||||||
Diluted earnings per common share | $ | 0.35 | $ | 0.45 | $ | 0.71 | $ | 0.86 | |||||||
Cash dividends per common share | $ | 0.06 | $ | 0.06 | $ | 0.12 | $ | 0.12 | |||||||
Basic weighted average common shares outstanding | 19,332,703 | 19,586,103 | 19,417,388 | 19,559,605 | |||||||||||
Diluted weighted average common shares outstanding | 19,434,522 | 19,794,657 | 19,546,949 | 19,780,953 | |||||||||||
FIRST BANK | |||||||||||||||||||||
AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES | |||||||||||||||||||||
(dollars in thousands, unaudited) | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||
Average | Average | Average | Average | ||||||||||||||||||
Balance | Interest | Rate (5) | Balance | Interest | Rate (5) | ||||||||||||||||
Interest earning assets | |||||||||||||||||||||
Investment securities (1) (2) | $ | 142,209 | $ | 996 | 2.81 | % | $ | 141,412 | $ | 729 | 2.07 | % | |||||||||
Loans (3) | 2,397,121 | 33,748 | 5.65 | % | 2,181,197 | 23,881 | 4.39 | % | |||||||||||||
Interest bearing deposits with banks, | |||||||||||||||||||||
Federal funds sold and other | 152,623 | 1,924 | 5.06 | % | 107,903 | 171 | 0.64 | % | |||||||||||||
Restricted investment in bank stocks | 9,418 | 157 | 6.69 | % | 5,424 | 65 | 4.81 | % | |||||||||||||
Other investments | 8,898 | 103 | 4.64 | % | 8,090 | 24 | 1.19 | % | |||||||||||||
Total interest earning assets (2) | 2,710,269 | 36,928 | 5.47 | % | 2,444,026 | 24,870 | 4.08 | % | |||||||||||||
Allowance for loan losses | (30,315 | ) | (24,469 | ) | |||||||||||||||||
Non-interest earning assets | 145,259 | 148,886 | |||||||||||||||||||
Total assets | $ | 2,825,213 | $ | 2,568,443 | |||||||||||||||||
Interest bearing liabilities | |||||||||||||||||||||
Interest bearing demand deposits | $ | 338,392 | $ | 1,475 | 1.75 | % | $ | 329,702 | $ | 137 | 0.17 | % | |||||||||
Money market deposits | 811,385 | 6,804 | 3.36 | % | 737,041 | 642 | 0.35 | % | |||||||||||||
Savings deposits | 137,830 | 366 | 1.07 | % | 181,390 | 180 | 0.40 | % | |||||||||||||
Time deposits | 570,850 | 4,046 | 2.84 | % | 321,378 | 303 | 0.38 | % | |||||||||||||
Total interest bearing deposits | 1,858,457 | 12,691 | 2.74 | % | 1,569,511 | 1,262 | 0.32 | % | |||||||||||||
Borrowings | 151,810 | 1,661 | 4.39 | % | 68,024 | 250 | 1.47 | % | |||||||||||||
Subordinated debentures | 29,769 | 441 | 5.93 | % | 29,658 | 441 | 5.95 | % | |||||||||||||
Total interest bearing liabilities | 2,040,036 | 14,793 | 2.91 | % | 1,667,193 | 1,953 | 0.47 | % | |||||||||||||
Non-interest bearing deposits | 462,692 | 606,874 | |||||||||||||||||||
Other liabilities | 26,925 | 20,547 | |||||||||||||||||||
Stockholders' equity | 295,560 | 273,829 | |||||||||||||||||||
Total liabilities and stockholders' equity | $ | 2,825,213 | $ | 2,568,443 | |||||||||||||||||
Net interest income/interest rate spread (2) | 22,135 | 2.56 | % | 22,917 | 3.61 | % | |||||||||||||||
Net interest margin (2) (4) | 3.28 | % | 3.76 | % | |||||||||||||||||
Tax equivalent adjustment (2) | (7 | ) | (7 | ) | |||||||||||||||||
Net interest income | $ | 22,128 | $ | 22,910 | |||||||||||||||||
(1) Average balance of investment securities available for sale is based on amortized cost. | |||||||||||||||||||||
(2) Interest and average rates are presented on a tax equivalent basis using a federal income tax rate of 21%. | |||||||||||||||||||||
(3) Average balances of loans include loans on nonaccrual status. | |||||||||||||||||||||
(4) Net interest income divided by average total interest earning assets. | |||||||||||||||||||||
(5) Annualized. | |||||||||||||||||||||
FIRST BANK AND SUBSIDIARIES | |||||||||||||||||||||
AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES | |||||||||||||||||||||
(dollars in thousands, unaudited) | |||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||
Average | Average | Average | Average | ||||||||||||||||||
Balance | Interest | Rate (5) | Balance | Interest | Rate (5) | ||||||||||||||||
Interest earning assets | |||||||||||||||||||||
Investment securities (1) (2) | $ | 147,953 | $ | 2,064 | 2.81 | % | $ | 137,742 | $ | 1,350 | 1.98 | % | |||||||||
Loans (3) | 2,380,336 | 65,448 | 5.54 | % | 2,156,244 | 46,024 | 4.30 | % | |||||||||||||
Interest bearing deposits with banks, | |||||||||||||||||||||
Federal funds sold and other | 124,503 | 3,008 | 4.87 | % | 114,626 | 221 | 0.39 | % | |||||||||||||
Restricted investment in bank stocks | 8,841 | 258 | 5.88 | % | 5,519 | 128 | 4.68 | % | |||||||||||||
Other investments | 8,770 | 170 | 3.91 | % | 8,081 | 41 | 1.02 | % | |||||||||||||
Total interest earning assets (2) | 2,670,403 | 70,948 | 5.36 | % | 2,422,212 | 47,764 | 3.98 | % | |||||||||||||
Allowance for loan losses | (29,826 | ) | (24,265 | ) | |||||||||||||||||
Non-interest earning assets | 144,867 | 147,788 | |||||||||||||||||||
Total assets | $ | 2,785,444 | $ | 2,545,735 | |||||||||||||||||
Interest bearing liabilities | |||||||||||||||||||||
Interest bearing demand deposits | $ | 328,870 | $ | 2,454 | 1.50 | % | $ | 314,074 | $ | 198 | 0.13 | % | |||||||||
Money market deposits | 784,089 | 11,791 | 3.03 | % | 721,790 | 1,090 | 0.30 | % | |||||||||||||
Savings deposits | 145,691 | 712 | 0.99 | % | 185,782 | 344 | 0.37 | % | |||||||||||||
Time deposits | 552,028 | 7,147 | 2.61 | % | 335,721 | 639 | 0.38 | % | |||||||||||||
Total interest bearing deposits | 1,810,678 | 22,104 | 2.46 | % | 1,557,367 | 2,271 | 0.29 | % | |||||||||||||
Borrowings | 141,567 | 3,025 | 4.31 | % | 72,234 | 538 | 1.50 | % | |||||||||||||
Subordinated debentures | 29,756 | 881 | 5.92 | % | 29,645 | 881 | 5.94 | % | |||||||||||||
Total interest bearing liabilities | 1,982,001 | 26,010 | 2.65 | % | 1,659,246 | 3,690 | 0.45 | % | |||||||||||||
Non-interest bearing deposits | 481,237 | 595,273 | |||||||||||||||||||
Other liabilities | 28,330 | 19,218 | |||||||||||||||||||
Stockholders' equity | 293,876 | 271,998 | |||||||||||||||||||
Total liabilities and stockholders' equity | $ | 2,785,444 | $ | 2,545,735 | |||||||||||||||||
Net interest income/interest rate spread (2) | 44,938 | 2.71 | % | 44,074 | 3.53 | % | |||||||||||||||
Net interest margin (2) (4) | 3.39 | % | 3.67 | % | |||||||||||||||||
Tax equivalent adjustment (2) | (15 | ) | (15 | ) | |||||||||||||||||
Net interest income | $ | 44,923 | $ | 44,059 | |||||||||||||||||
(1) Average balance of investment securities available for sale is based on amortized cost. | |||||||||||||||||||||
(2) Interest and average rates are presented on a tax equivalent basis using a federal income tax rate of 21%. | |||||||||||||||||||||
(3) Average balances of loans include loans on nonaccrual status. | |||||||||||||||||||||
(4) Net interest income divided by average total interest earning assets. | |||||||||||||||||||||
(5) Annualized. | |||||||||||||||||||||
FIRST BANK | ||||||||||||||||||||
QUARTERLY FINANCIAL HIGHLIGHTS | ||||||||||||||||||||
(in thousands, except for share and employee data, unaudited) | ||||||||||||||||||||
As of or For the Quarter Ended | ||||||||||||||||||||
EARNINGS | ||||||||||||||||||||
Net interest income | $ | 22,128 | $ | 22,795 | $ | 23,751 | $ | 24,563 | $ | 22,910 | ||||||||||
Credit loss expense / Provision for loan losses | 449 | 1,091 | 716 | 216 | 1,298 | |||||||||||||||
Non-interest income | 1,128 | 964 | 1,446 | 944 | 1,463 | |||||||||||||||
Non-interest expense | 13,822 | 13,503 | 12,465 | 11,737 | 11,409 | |||||||||||||||
Income tax expense | 2,186 | 2,176 | 2,916 | 3,348 | 2,843 | |||||||||||||||
Net income | 6,799 | 6,989 | 9,100 | 10,206 | 8,823 | |||||||||||||||
PERFORMANCE RATIOS | ||||||||||||||||||||
Return on average assets (1) | 0.97 | % | 1.03 | % | 1.35 | % | 1.57 | % | 1.38 | % | ||||||||||
Adjusted return on average assets (1) (2) | 0.99 | % | 1.11 | % | 1.40 | % | 1.57 | % | 1.38 | % | ||||||||||
Return on average equity (1) | 9.23 | % | 9.70 | % | 12.61 | % | 14.46 | % | 12.92 | % | ||||||||||
Adjusted return on average equity (1) (2) | 9.46 | % | 10.43 | % | 13.11 | % | 14.46 | % | 12.92 | % | ||||||||||
Return on average tangible equity (1) (2) | 9.87 | % | 10.39 | % | 13.53 | % | 15.55 | % | 13.93 | % | ||||||||||
Adjusted return on average tangible equity (1) (2) | 10.13 | % | 11.17 | % | 14.07 | % | 15.55 | % | 13.93 | % | ||||||||||
Net interest margin (1) (3) | 3.28 | % | 3.52 | % | 3.69 | % | 3.97 | % | 3.76 | % | ||||||||||
Total cost of deposits (1) | 2.19 | % | 1.69 | % | 1.21 | % | 0.50 | % | 0.23 | % | ||||||||||
Efficiency ratio (2) | 58.48 | % | 54.42 | % | 47.68 | % | 46.01 | % | 46.81 | % | ||||||||||
SHARE DATA | ||||||||||||||||||||
Common shares outstanding | 19,041,343 | 19,569,334 | 19,451,755 | 19,447,206 | 19,483,415 | |||||||||||||||
Basic earnings per share | $ | 0.35 | $ | 0.36 | $ | 0.47 | $ | 0.52 | $ | 0.45 | ||||||||||
Diluted earnings per share | 0.35 | 0.36 | 0.46 | 0.52 | 0.45 | |||||||||||||||
Adjusted diluted earnings per share (2) | 0.36 | 0.38 | 0.48 | 0.52 | 0.45 | |||||||||||||||
Book value per share | 15.45 | 15.03 | 14.89 | 14.44 | 14.10 | |||||||||||||||
Tangible book value per share (2) | 14.44 | 14.05 | 13.89 | 13.43 | 13.08 | |||||||||||||||
MARKET DATA | ||||||||||||||||||||
Market value per share | $ | 10.38 | $ | 10.10 | $ | 13.76 | $ | 13.67 | $ | 13.98 | ||||||||||
Market value / Tangible book value | 71.91 | % | 71.90 | % | 99.07 | % | 101.80 | % | 106.84 | % | ||||||||||
Market capitalization | $ | 197,649 | $ | 197,650 | $ | 267,656 | $ | 265,843 | $ | 272,378 | ||||||||||
CAPITAL & LIQUIDITY | ||||||||||||||||||||
Stockholders' equity / assets | 10.23 | % | 10.44 | % | 10.60 | % | 10.64 | % | 10.64 | % | ||||||||||
Tangible stockholders' equity / tangible assets (2) | 9.63 | % | 9.83 | % | 9.96 | % | 9.97 | % | 9.95 | % | ||||||||||
Loans / deposits | 101.53 | % | 106.73 | % | 101.91 | % | 103.34 | % | 103.15 | % | ||||||||||
ASSET QUALITY | ||||||||||||||||||||
Net (recoveries) charge-offs | $ | (109 | ) | $ | 315 | $ | (213 | ) | $ | 705 | $ | 404 | ||||||||
Nonperforming loans | 8,023 | 7,820 | 6,250 | 5,107 | 11,888 | |||||||||||||||
Nonperforming assets | 8,023 | 7,820 | 6,250 | 5,400 | 12,181 | |||||||||||||||
Net charge offs (recoveries) / average loans (1) | (0.02 | %) | 0.05 | % | (0.04 | %) | 0.13 | % | 0.07 | % | ||||||||||
Nonperforming loans / total loans | 0.33 | % | 0.33 | % | 0.27 | % | 0.23 | % | 0.53 | % | ||||||||||
Nonperforming assets / total assets | 0.28 | % | 0.28 | % | 0.23 | % | 0.20 | % | 0.47 | % | ||||||||||
Allowance for credit losses on loans / total loans | 1.25 | % | 1.25 | % | 1.09 | % | 1.08 | % | 1.12 | % | ||||||||||
Allowance for credit losses on loans / nonperforming loans | 379.55 | % | 382.26 | % | 407.58 | % | 480.61 | % | 210.58 | % | ||||||||||
OTHER DATA | ||||||||||||||||||||
Total assets | $ | 2,874,425 | $ | 2,816,897 | $ | 2,732,940 | $ | 2,638,060 | $ | 2,581,192 | ||||||||||
Total loans | 2,436,708 | 2,392,583 | 2,337,814 | 2,263,377 | 2,233,278 | |||||||||||||||
Total deposits | 2,399,900 | 2,241,804 | 2,293,952 | 2,190,192 | 2,165,163 | |||||||||||||||
Total stockholders' equity | 294,161 | 294,221 | 289,562 | 280,749 | 274,702 | |||||||||||||||
Number of full-time equivalent employees (4) | 261 | 252 | 238 | 228 | 233 | |||||||||||||||
(1) Annualized. | ||||||||||||||||||||
(2) Non- | ||||||||||||||||||||
financial performance and condition. See accompanying table, "Non- | ||||||||||||||||||||
(3) Tax equivalent using a federal income tax rate of 21%. | ||||||||||||||||||||
(4) Includes 5 and 8 full-time equivalent seasonal interns as of | ||||||||||||||||||||
FIRST BANK | |||||||||||||||||||||
QUARTERLY FINANCIAL HIGHLIGHTS | |||||||||||||||||||||
(dollars in thousands, unaudited) | |||||||||||||||||||||
As of the Quarter Ended | |||||||||||||||||||||
LOAN COMPOSITION | |||||||||||||||||||||
Commercial and industrial | $ | 419,836 | $ | 394,734 | $ | 354,203 | $ | 323,984 | $ | 321,205 | |||||||||||
Commercial real estate: | |||||||||||||||||||||
Owner-occupied | 560,878 | 539,112 | 533,426 | 517,448 | 523,108 | ||||||||||||||||
Investor | 965,339 | 958,574 | 951,115 | 942,151 | 925,643 | ||||||||||||||||
Construction and development | 136,615 | 143,955 | 142,876 | 126,206 | 117,011 | ||||||||||||||||
Multi-family | 223,784 | 220,101 | 215,990 | 214,819 | 201,269 | ||||||||||||||||
Total commercial real estate | 1,886,616 | 1,861,742 | 1,843,407 | 1,800,624 | 1,767,031 | ||||||||||||||||
Residential real estate: | |||||||||||||||||||||
Residential mortgage and first lien home equity loans | 91,260 | 94,060 | 93,847 | 96,194 | 98,841 | ||||||||||||||||
Home equity–second lien loans and revolving lines of credit | 29,983 | 29,316 | 33,551 | 31,670 | 30,491 | ||||||||||||||||
Total residential real estate | 121,243 | 123,376 | 127,398 | 127,864 | 129,332 | ||||||||||||||||
Consumer and other | 12,514 | 16,413 | 16,318 | 14,654 | 19,694 | ||||||||||||||||
Total loans prior to deferred loan fees and costs | 2,440,209 | 2,396,265 | 2,341,326 | 2,267,126 | 2,237,262 | ||||||||||||||||
Net deferred loan fees and costs | (3,501 | ) | (3,682 | ) | (3,512 | ) | (3,749 | ) | (3,984 | ) | |||||||||||
Total loans | $ | 2,436,708 | $ | 2,392,583 | $ | 2,337,814 | $ | 2,263,377 | $ | 2,233,278 | |||||||||||
LOAN MIX | |||||||||||||||||||||
Commercial and industrial | 17.2 | % | 16.5 | % | 15.2 | % | 14.3 | % | 14.4 | % | |||||||||||
Commercial real estate: | |||||||||||||||||||||
Owner-occupied | 23.0 | % | 22.5 | % | 22.8 | % | 22.9 | % | 23.4 | % | |||||||||||
Investor | 39.6 | % | 40.1 | % | 40.7 | % | 41.6 | % | 41.5 | % | |||||||||||
Construction and development | 5.6 | % | 6.0 | % | 6.1 | % | 5.6 | % | 5.2 | % | |||||||||||
Multi-family | 9.2 | % | 9.2 | % | 9.2 | % | 9.5 | % | 9.0 | % | |||||||||||
Total commercial real estate | 77.4 | % | 77.8 | % | 78.8 | % | 79.6 | % | 79.1 | % | |||||||||||
Residential real estate: | |||||||||||||||||||||
Residential mortgage and first lien home equity loans | 3.8 | % | 3.9 | % | 4.0 | % | 4.3 | % | 4.4 | % | |||||||||||
Home equity–second lien loans and revolving lines of credit | 1.2 | % | 1.2 | % | 1.4 | % | 1.4 | % | 1.4 | % | |||||||||||
Total residential real estate | 5.0 | % | 5.1 | % | 5.4 | % | 5.7 | % | 5.8 | % | |||||||||||
Consumer and other | 0.5 | % | 0.7 | % | 0.7 | % | 0.6 | % | 0.9 | % | |||||||||||
Net deferred loan fees and costs | (0.1 | %) | (0.1 | %) | (0.1 | %) | (0.2 | %) | (0.2 | %) | |||||||||||
Total loans | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||
FIRST BANK | |||||||||||||||||||||
QUARTERLY FINANCIAL HIGHLIGHTS | |||||||||||||||||||||
(dollars in thousands, unaudited) | |||||||||||||||||||||
As of the Quarter Ended | |||||||||||||||||||||
DEPOSIT COMPOSITION | |||||||||||||||||||||
Non-interest bearing demand deposits | $ | 476,733 | $ | 463,926 | $ | 503,856 | $ | 584,025 | $ | 600,402 | |||||||||||
Interest bearing demand deposits | 376,948 | 310,140 | 322,944 | 343,042 | 318,687 | ||||||||||||||||
Money market and savings deposits | 979,524 | 914,063 | 935,311 | 860,577 | 929,075 | ||||||||||||||||
Time deposits | 566,695 | 553,675 | 531,841 | 402,549 | 316,999 | ||||||||||||||||
Total Deposits | $ | 2,399,900 | $ | 2,241,804 | $ | 2,293,952 | $ | 2,190,193 | $ | 2,165,163 | |||||||||||
DEPOSIT MIX | |||||||||||||||||||||
Non-interest bearing demand deposits | 19.9 | % | 20.7 | % | 22.0 | % | 26.7 | % | 27.7 | % | |||||||||||
Interest bearing demand deposits | 15.7 | % | 13.8 | % | 14.1 | % | 15.7 | % | 14.7 | % | |||||||||||
Money market and savings deposits | 40.8 | % | 40.8 | % | 40.8 | % | 39.3 | % | 42.9 | % | |||||||||||
Time deposits | 23.6 | % | 24.7 | % | 23.1 | % | 18.3 | % | 14.7 | % | |||||||||||
Total Deposits | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||
FIRST BANK | |||||||||||||||||||
NON- | |||||||||||||||||||
(in thousands, except for share data, unaudited) | |||||||||||||||||||
As of or For the Quarter Ended | |||||||||||||||||||
Return on Average Tangible Equity | |||||||||||||||||||
Net income (numerator) | $ | 6,799 | $ | 6,989 | $ | 9,100 | $ | 10,206 | $ | 8,823 | |||||||||
Average stockholders' equity | $ | 295,560 | $ | 292,174 | $ | 286,283 | $ | 280,093 | $ | 273,829 | |||||||||
Less: Average Goodwill and other intangible assets, net | 19,324 | 19,379 | 19,533 | 19,669 | 19,823 | ||||||||||||||
Average Tangible stockholders' equity (denominator) | $ | 276,236 | $ | 272,795 | $ | 266,750 | $ | 260,424 | $ | 254,006 | |||||||||
Return on Average Tangible equity (1) | 9.87 | % | 10.39 | % | 13.53 | % | 15.55 | % | 13.93 | % | |||||||||
Tangible Book Value Per Share | |||||||||||||||||||
Stockholders' equity | $ | 294,161 | $ | 294,221 | $ | 289,562 | $ | 280,749 | $ | 274,702 | |||||||||
Less: | 19,289 | 19,322 | 19,405 | 19,599 | 19,768 | ||||||||||||||
Tangible stockholders' equity (numerator) | $ | 274,872 | $ | 274,899 | $ | 270,157 | $ | 261,150 | $ | 254,934 | |||||||||
Common shares outstanding (denominator) | 19,041,343 | 19,569,334 | 19,451,755 | 19,447,206 | 19,483,415 | ||||||||||||||
Tangible book value per share | $ | 14.44 | $ | 14.05 | $ | 13.89 | $ | 13.43 | $ | 13.08 | |||||||||
Tangible Equity / Assets | |||||||||||||||||||
Stockholders' equity | $ | 294,161 | $ | 294,221 | $ | 289,562 | $ | 280,749 | $ | 274,702 | |||||||||
Less: | 19,289 | 19,322 | 19,405 | 19,599 | 19,768 | ||||||||||||||
Tangible stockholders' equity (numerator) | $ | 274,872 | $ | 274,899 | $ | 270,157 | $ | 261,150 | $ | 254,934 | |||||||||
Total assets | $ | 2,874,425 | $ | 2,816,897 | $ | 2,732,940 | $ | 2,638,060 | $ | 2,581,192 | |||||||||
Less: | 19,289 | 19,322 | 19,405 | 19,599 | 19,768 | ||||||||||||||
Tangible total assets (denominator) | $ | 2,855,136 | $ | 2,797,575 | $ | 2,713,535 | $ | 2,618,461 | $ | 2,561,424 | |||||||||
Tangible stockholders' equity / tangible assets | 9.63 | % | 9.83 | % | 9.96 | % | 9.97 | % | 9.95 | % | |||||||||
Efficiency Ratio | |||||||||||||||||||
Non-interest expense | $ | 13,822 | $ | 13,503 | $ | 12,465 | $ | 11,737 | $ | 11,409 | |||||||||
Less: Merger-related expenses | 221 | 461 | 452 | - | - | ||||||||||||||
Adjusted non-interest expense (numerator) | $ | 13,601 | $ | 13,042 | $ | 12,013 | $ | 11,737 | $ | 11,409 | |||||||||
Net interest income | $ | 22,128 | $ | 22,795 | $ | 23,751 | $ | 24,563 | $ | 22,910 | |||||||||
Non-interest income | 1,128 | 964 | 1,446 | 944 | 1,463 | ||||||||||||||
Total revenue | 23,256 | 23,759 | 25,197 | 25,507 | 24,373 | ||||||||||||||
Add: Losses on sale of investment securities, net | - | 207 | - | - | - | ||||||||||||||
Adjusted total revenue (denominator) | $ | 23,256 | $ | 23,966 | $ | 25,197 | $ | 25,507 | $ | 24,373 | |||||||||
Efficiency ratio | 58.48 | % | 54.42 | % | 47.68 | % | 46.01 | % | 46.81 | % | |||||||||
(1) Annualized. | |||||||||||||||||||
FIRST BANK | |||||||||||||||||||
NON- | |||||||||||||||||||
(dollars in thousands, except for share data, unaudited) | |||||||||||||||||||
For the Quarter Ended | |||||||||||||||||||
Adjusted diluted earnings per share, | |||||||||||||||||||
Adjusted return on average assets, and | |||||||||||||||||||
Adjusted return on average equity | |||||||||||||||||||
Net income | $ | 6,799 | $ | 6,989 | $ | 9,100 | $ | 10,206 | $ | 8,823 | |||||||||
Add: Merger-related expenses(1) | 175 | 364 | 357 | - | - | ||||||||||||||
Add: Losses on sale of investment securities, net(1) | - | 164 | - | - | - | ||||||||||||||
Adjusted net income | $ | 6,974 | $ | 7,517 | $ | 9,457 | $ | 10,206 | $ | 8,823 | |||||||||
Diluted weighted average common shares outstanding | 19,434,522 | 19,667,194 | 19,649,282 | 19,668,133 | 19,794,657 | ||||||||||||||
Average assets | $ | 2,825,213 | $ | 2,745,235 | $ | 2,680,807 | $ | 2,575,742 | $ | 2,568,443 | |||||||||
Average equity | $ | 295,560 | $ | 292,174 | $ | 286,283 | $ | 280,093 | $ | 273,829 | |||||||||
Average Tangible Equity | $ | 276,236 | $ | 272,795 | $ | 266,750 | $ | 260,424 | $ | 254,006 | |||||||||
Adjusted diluted earnings per share | $ | 0.36 | $ | 0.38 | $ | 0.48 | $ | 0.52 | $ | 0.45 | |||||||||
Adjusted return on average assets (2) | 0.99 | % | 1.11 | % | 1.40 | % | 1.57 | % | 1.38 | % | |||||||||
Adjusted return on average equity (2) | 9.46 | % | 10.43 | % | 13.11 | % | 14.46 | % | 12.92 | % | |||||||||
Adjusted return on average tangible equity (2) | 10.13 | % | 11.17 | % | 14.07 | % | 15.55 | % | 13.93 | % | |||||||||
(1) Items are tax-effected using a federal income tax rate of 21%. | |||||||||||||||||||
(2) Annualized. | |||||||||||||||||||
i Return on average tangible equity is a non-
ii Adjusted diluted earnings per share, adjusted return on average assets and adjusted return on average tangible equity are non-
iii Tangible book value per share is a non-
iv Tangible stockholders' equity to tangible assets ratio is a non-
Source:
2023 GlobeNewswire, Inc., source