Full year 2022 net income was
Fourth Quarter and Full Year 2022 Performance Highlights:
- Announced agreement to acquire Malvern Bancorp, Inc. and
Malvern Bank during the fourth quarter of 2022. The acquisition is expected to close in the second quarter of 2023 and will add approximately$785.3 million of deposits and$824.7 million of loans. - Total net revenue (net interest income plus non-interest income) of
$25.2 million for the fourth quarter of 2022 increased$2.3 million , or 10.3%, compared to the prior year quarter, while full year total net revenue was$97.5 million , an increase of$7.8 million , or 8.8%, compared to 2021. - Total loans of
$2.34 billion atDecember 31, 2022 reflected growth of$74.4 million , or 3.3%, from the end of the linked third quarter of 2022 and$212.4 million , or 10.0%, fromDecember 31, 2021 . Excluding Paycheck Protection Program (PPP) loan declines, loan growth was$74.8 million and$259.9 million for the quarter and year endedDecember 31, 2022 , respectively. PPP loans outstanding atDecember 31, 2022 were$3.5 million . - Total deposits of
$2.29 billion atDecember 31, 2022 increased by$103.8 million , or 4.7%, from the end of the linked third quarter of 2022 and$179.4 million , or 8.5%, fromDecember 31, 2021 . Non-interest-bearing demand deposits decreased to 22.0% of total deposits atDecember 31, 2022 , compared to 26.4% atDecember 31, 2021 , while time deposits increased to 23.1% atDecember 31, 2022 from 18.5% of total deposits atDecember 31, 2021 .
- Asset quality metrics remained strong during the fourth quarter of 2022, with annualized net recoveries to average loans of 0.04%, and nonperforming loans to total loans of 0.27% at
December 31, 2022 , compared to 0.61% atDecember 31, 2021 . - Ongoing focus on cost containment resulted in the eighth consecutive quarter of an efficiency ratioiii below 50%, at 47.68% for the fourth quarter of 2022.
“We are proud of our solid performance in the fourth quarter and for the full year of 2022 which was highlighted by continued strong organic loan growth, revenue expansion and outstanding asset quality metrics. We are well positioned heading into 2023, despite the uncertain economic environment,” said
“2023 will be an exciting year for us. Our strategic merger with Malvern Bancorp will provide critical mass and operating leverage in our highly attractive
“We are pleased to announce another
Income Statement
First Bank’s net interest income for the fourth quarter of 2022 was
Full year 2022 net interest income totaled
The fourth quarter 2022 tax equivalent net interest margin was 3.69%, an increase of 17 basis points compared to 3.52% for the prior year quarter and a decrease of 28 basis points compared to 3.97% in the linked third quarter of 2022. The decline in the margin compared to the linked third quarter of 2022 was primarily a result of a 90 basis point increase in the cost of interest bearing deposits. The full year 2022 tax equivalent net interest margin was 3.75%, an increase of 19 basis points compared to 3.56% for the full year 2021. The increase in the full year net interest margin was principally a result of the 39 basis point increase in earning asset yields partially offset by the increase in the cost of interest bearing deposits.
Fourth quarter 2022 non-interest income of
Non-interest expense for fourth quarter 2022 of
On a linked quarter basis, fourth quarter 2022 non-interest expense increased
Non-interest expense for the full year 2022 totaled
Income tax expense for the three months ended
Balance Sheet
Total assets at
Total deposits were
Stockholders’ equity was
As of
Asset Quality
First Bank’s asset quality metrics have remained solid during the year ended
Cash Dividend Declared
On
Conference Call
About
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, including the proposed acquisition of Malvern Bancorp, Inc. and
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 The efficiency ratio is a non-
CONTACT:
(609) 643-0058, andrew.hibshman@firstbanknj.com
FIRST BANK AND SUBSIDIARIES | ||||||||||
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | ||||||||||
(in thousands, except for share data, unaudited) | ||||||||||
Assets | ||||||||||
Cash and due from banks | $ | 17,577 | $ | 25,076 | ||||||
Interest bearing deposits with banks | 108,339 | 129,431 | ||||||||
Cash and cash equivalents | 125,916 | 154,507 | ||||||||
Interest bearing time deposits with banks | 1,293 | 2,170 | ||||||||
Investment securities available for sale, at fair value | 98,956 | 94,584 | ||||||||
Investment securities held to maturity (fair value of | ||||||||||
47,193 | 39,547 | |||||||||
Restricted investment in bank stocks | 6,214 | 5,856 | ||||||||
Other investments | 8,372 | 8,062 | ||||||||
Loans, net of deferred fees and costs | 2,337,814 | 2,125,437 | ||||||||
Less: Allowance for loan losses | 25,474 | 23,746 | ||||||||
Net loans | 2,312,340 | 2,101,691 | ||||||||
Premises and equipment, net | 10,550 | 9,883 | ||||||||
Other real estate owned, net | - | 772 | ||||||||
Accrued interest receivable | 8,164 | 5,681 | ||||||||
Bank-owned life insurance | 58,107 | 56,633 | ||||||||
17,826 | 17,826 | |||||||||
Other intangible assets, net | 1,579 | 2,145 | ||||||||
Deferred income taxes | 13,155 | 11,081 | ||||||||
Other assets | 23,275 | 13,306 | ||||||||
Total assets | $ | 2,732,940 | $ | 2,523,744 | ||||||
Liabilities and Stockholders' Equity | ||||||||||
Liabilities: | ||||||||||
Non-interest bearing deposits | $ | 503,856 | $ | 558,775 | ||||||
Interest bearing deposits | 1,790,096 | 1,555,827 | ||||||||
Total deposits | 2,293,952 | 2,114,602 | ||||||||
Borrowings | 90,932 | 95,281 | ||||||||
Subordinated debentures | 29,731 | 29,620 | ||||||||
Accrued interest payable | 1,218 | 399 | ||||||||
Other liabilities | 27,545 | 17,176 | ||||||||
Total liabilities | 2,443,378 | 2,257,078 | ||||||||
Stockholders' Equity: | ||||||||||
Preferred stock, par value | ||||||||||
no shares issued and outstanding | - | - | ||||||||
Common stock, par value | ||||||||||
shares issued and 19,451,755 shares outstanding at | ||||||||||
20,851,506 shares issued and 19,472,364 shares outstanding at | 104,512 | 103,704 | ||||||||
Additional paid-in capital | 80,695 | 79,563 | ||||||||
Retained earnings | 127,532 | 95,924 | ||||||||
Accumulated other comprehensive loss | (7,334 | ) | (206 | ) | ||||||
at | (15,843 | ) | (12,319 | ) | ||||||
Total stockholders' equity | 289,562 | 266,666 | ||||||||
Total liabilities and stockholders' equity | $ | 2,732,940 | $ | 2,523,744 | ||||||
FIRST BANK AND SUBSIDIARIES | |||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
(in thousands, except for share data, unaudited) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Interest and Dividend Income | |||||||||||||||
Investment securities—taxable | $ | 945 | $ | 553 | $ | 2,998 | $ | 2,149 | |||||||
Investment securities—tax-exempt | 40 | 36 | 149 | 169 | |||||||||||
Interest bearing deposits with banks, | |||||||||||||||
Federal funds sold and other | 1,205 | 136 | 2,093 | 660 | |||||||||||
Loans, including fees | 29,324 | 21,791 | 102,021 | 88,136 | |||||||||||
Total interest and dividend income | 31,514 | 22,516 | 107,261 | 91,114 | |||||||||||
Interest Expense | |||||||||||||||
Deposits | 6,875 | 1,105 | 11,883 | 5,684 | |||||||||||
Borrowings | 448 | 330 | 1,244 | 1,779 | |||||||||||
Subordinated debentures | 440 | 440 | 1,761 | 1,761 | |||||||||||
Total interest expense | 7,763 | 1,875 | 14,888 | 9,224 | |||||||||||
Net interest income | 23,751 | 20,641 | 92,373 | 81,890 | |||||||||||
Provision for loan losses | 716 | 825 | 2,872 | (232 | ) | ||||||||||
Net interest income after provision for loan losses | 23,035 | 19,816 | 89,501 | 82,122 | |||||||||||
Non-Interest Income | |||||||||||||||
Service fees on deposit accounts | 210 | 246 | 941 | 760 | |||||||||||
Loan fees | 369 | 384 | 683 | 1,338 | |||||||||||
Income from bank-owned life insurance | 362 | 386 | 1,474 | 1,436 | |||||||||||
Gains on sale of loans | 4 | 392 | 296 | 1,892 | |||||||||||
Gains on recovery of acquired loans | 216 | 554 | 672 | 1,235 | |||||||||||
Other non-interest income | 285 | 249 | 1,054 | 1,093 | |||||||||||
Total non-interest income | 1,446 | 2,211 | 5,120 | 7,754 | |||||||||||
Non-Interest Expense | |||||||||||||||
Salaries and employee benefits | 7,261 | 7,229 | 27,383 | 25,404 | |||||||||||
Occupancy and equipment | 1,407 | 1,265 | 5,689 | 5,762 | |||||||||||
Legal fees | 193 | 130 | 695 | 769 | |||||||||||
Other professional fees | 651 | 623 | 2,649 | 2,133 | |||||||||||
Regulatory fees | 173 | 170 | 851 | 855 | |||||||||||
Directors' fees | 173 | 221 | 743 | 876 | |||||||||||
Data processing | 617 | 584 | 2,476 | 2,264 | |||||||||||
Marketing and advertising | 177 | 1 | 682 | 526 | |||||||||||
Travel and entertainment | 189 | 65 | 479 | 148 | |||||||||||
Insurance | 189 | 172 | 727 | 655 | |||||||||||
Other real estate owned expense, net | 26 | 68 | 295 | 165 | |||||||||||
Merger-related expenses | 452 | 498 | 452 | 643 | |||||||||||
Other expense | 957 | 799 | 3,612 | 2,952 | |||||||||||
Total non-interest expense | 12,465 | 11,825 | 46,733 | 43,152 | |||||||||||
Income Before Income Taxes | 12,016 | 10,202 | 47,888 | 46,724 | |||||||||||
Income tax expense | 2,916 | 2,363 | 11,601 | 11,295 | |||||||||||
Net Income | $ | 9,100 | $ | 7,839 | $ | 36,287 | $ | 35,429 | |||||||
Basic earnings per common share | $ | 0.47 | $ | 0.40 | $ | 1.86 | $ | 1.81 | |||||||
Diluted earnings per common share | $ | 0.46 | $ | 0.40 | $ | 1.84 | $ | 1.79 | |||||||
Cash dividends per common share | $ | 0.06 | $ | 0.06 | $ | 0.24 | $ | 0.15 | |||||||
Basic weighted average common shares outstanding | 19,446,770 | 19,469,404 | 19,503,837 | 19,611,381 | |||||||||||
Diluted weighted average common shares outstanding | 19,649,282 | 19,725,294 | 19,716,661 | 19,815,747 | |||||||||||
FIRST BANK AND SUBSIDIARIES | |||||||||||||||||||||
AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES | |||||||||||||||||||||
(dollars in thousands, unaudited) | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||
Average | Average | Average | Average | ||||||||||||||||||
Balance | Interest | Rate (5) | Balance | Interest | Rate (5) | ||||||||||||||||
Interest earning assets | |||||||||||||||||||||
Investment securities (1) (2) | $ | 152,386 | $ | 993 | 2.59 | % | $ | 133,768 | $ | 596 | 1.77 | % | |||||||||
Loans (3) | 2,277,238 | 29,324 | 5.11 | % | 2,035,059 | 21,791 | 4.25 | % | |||||||||||||
Interest bearing deposits with banks, | |||||||||||||||||||||
Federal funds sold and other | 112,829 | 1,067 | 3.75 | % | 145,742 | 46 | 0.13 | % | |||||||||||||
Restricted investment in bank stocks | 5,545 | 85 | 6.08 | % | 5,912 | 73 | 4.90 | % | |||||||||||||
Other investments | 8,381 | 53 | 2.51 | % | 7,323 | 17 | 0.92 | % | |||||||||||||
Total interest earning assets (2) | 2,556,379 | 31,522 | 4.89 | % | 2,327,804 | 22,523 | 3.84 | % | |||||||||||||
Allowance for loan losses | (24,981 | ) | (23,529 | ) | |||||||||||||||||
Non-interest earning assets | 149,409 | 143,124 | |||||||||||||||||||
Total assets | $ | 2,680,807 | $ | 2,447,399 | |||||||||||||||||
Interest bearing liabilities | |||||||||||||||||||||
Interest bearing demand deposits | $ | 328,191 | $ | 800 | 0.97 | % | $ | 265,789 | $ | 59 | 0.09 | % | |||||||||
Money market deposits | 721,866 | 3,375 | 1.85 | % | 656,772 | 404 | 0.24 | % | |||||||||||||
Savings deposits | 183,746 | 417 | 0.90 | % | 181,253 | 165 | 0.36 | % | |||||||||||||
Time deposits | 489,478 | 2,283 | 1.85 | % | 399,768 | 477 | 0.47 | % | |||||||||||||
Total interest bearing deposits | 1,723,281 | 6,875 | 1.58 | % | 1,503,582 | 1,105 | 0.29 | % | |||||||||||||
Borrowings | 70,941 | 448 | 2.51 | % | 83,066 | 330 | 1.58 | % | |||||||||||||
Subordinated debentures | 29,713 | 440 | 5.92 | % | 29,603 | 440 | 5.95 | % | |||||||||||||
Total interest bearing liabilities | 1,823,935 | 7,763 | 1.69 | % | 1,616,251 | 1,875 | 0.46 | % | |||||||||||||
Non-interest bearing deposits | 538,304 | 550,718 | |||||||||||||||||||
Other liabilities | 32,285 | 16,214 | |||||||||||||||||||
Stockholders' equity | 286,283 | 264,216 | |||||||||||||||||||
Total liabilities and stockholders' equity | $ | 2,680,807 | $ | 2,447,399 | |||||||||||||||||
Net interest income/interest rate spread (2) | 23,759 | 3.20 | % | 20,648 | 3.38 | % | |||||||||||||||
Net interest margin (2) (4) | 3.69 | % | 3.52 | % | |||||||||||||||||
Tax equivalent adjustment (2) | (8 | ) | (7 | ) | |||||||||||||||||
Net interest income | $ | 23,751 | $ | 20,641 | |||||||||||||||||
(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) | |||||||||||||||||||||
Year Ended | |||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||
Average | Average | Average | Average | ||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||
Interest earning assets | |||||||||||||||||||||
Investment securities (1) (2) | $ | 143,460 | $ | 3,178 | 2.22 | % | $ | 118,673 | $ | 2,353 | 1.98 | % | |||||||||
Loans (3) | 2,204,028 | 102,021 | 4.63 | % | 2,036,855 | 88,136 | 4.33 | % | |||||||||||||
Interest bearing deposits with banks, | |||||||||||||||||||||
Federal funds sold and other | 104,057 | 1,694 | 1.63 | % | 134,109 | 248 | 0.18 | % | |||||||||||||
Restricted investment in bank stocks | 5,457 | 285 | 5.22 | % | 7,312 | 348 | 4.76 | % | |||||||||||||
Other investments | 8,193 | 114 | 1.39 | % | 6,727 | 64 | 0.95 | % | |||||||||||||
Total interest earning assets (2) | 2,465,195 | 107,292 | 4.35 | % | 2,303,676 | 91,149 | 3.96 | % | |||||||||||||
Allowance for loan losses | (24,702 | ) | (23,753 | ) | |||||||||||||||||
Non-interest earning assets | 146,851 | 140,594 | |||||||||||||||||||
Total assets | $ | 2,587,344 | $ | 2,420,517 | |||||||||||||||||
Interest bearing liabilities | |||||||||||||||||||||
Interest bearing demand deposits | $ | 323,824 | $ | 1,395 | 0.43 | % | $ | 225,945 | $ | 224 | 0.10 | % | |||||||||
Money market deposits | 719,743 | 5,923 | 0.82 | % | 627,211 | 1,772 | 0.28 | % | |||||||||||||
Savings deposits | 184,510 | 989 | 0.54 | % | 179,705 | 739 | 0.41 | % | |||||||||||||
Time deposits | 378,292 | 3,576 | 0.95 | % | 458,980 | 2,949 | 0.64 | % | |||||||||||||
Total interest bearing deposits | 1,606,369 | 11,883 | 0.74 | % | 1,491,841 | 5,684 | 0.38 | % | |||||||||||||
Borrowings | 69,916 | 1,244 | 1.78 | % | 115,343 | 1,779 | 1.54 | % | |||||||||||||
Subordinated debentures | 29,672 | 1,761 | 5.93 | % | 29,561 | 1,761 | 5.96 | % | |||||||||||||
Total interest bearing liabilities | 1,705,957 | 14,888 | 0.87 | % | 1,636,745 | 9,224 | 0.56 | % | |||||||||||||
Non-interest bearing deposits | 579,691 | 514,137 | |||||||||||||||||||
Other liabilities | 24,057 | 15,903 | |||||||||||||||||||
Stockholders' equity | 277,639 | 253,732 | |||||||||||||||||||
Total liabilities and stockholders' equity | $ | 2,587,344 | $ | 2,420,517 | |||||||||||||||||
Net interest income/interest rate spread (2) | 92,404 | 3.48 | % | 81,925 | 3.40 | % | |||||||||||||||
Net interest margin (2) (4) | 3.75 | % | 3.56 | % | |||||||||||||||||
Tax equivalent adjustment (2) | (31 | ) | (35 | ) | |||||||||||||||||
Net interest income | $ | 92,373 | $ | 81,890 | |||||||||||||||||
(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. | |||||||||||||||||||||
FIRST BANK AND SUBSIDIARIES | ||||||||||||||||||||
QUARTERLY FINANCIAL HIGHLIGHTS | ||||||||||||||||||||
(in thousands, except for share and employee data, unaudited) | ||||||||||||||||||||
As of or For the Quarter Ended | ||||||||||||||||||||
EARNINGS | ||||||||||||||||||||
Net interest income | $ | 23,751 | $ | 24,563 | $ | 22,910 | $ | 21,149 | $ | 20,641 | ||||||||||
Provision for loan losses | 716 | 216 | 1,298 | 642 | 825 | |||||||||||||||
Non-interest income | 1,446 | 944 | 1,463 | 1,267 | 2,211 | |||||||||||||||
Non-interest expense | 12,465 | 11,737 | 11,409 | 11,122 | 11,825 | |||||||||||||||
Income tax expense | 2,916 | 3,348 | 2,843 | 2,494 | 2,363 | |||||||||||||||
Net income | 9,100 | 10,206 | 8,823 | 8,158 | 7,839 | |||||||||||||||
PERFORMANCE RATIOS | ||||||||||||||||||||
Return on average assets (1) | 1.35 | % | 1.57 | % | 1.38 | % | 1.31 | % | 1.27 | % | ||||||||||
Adjusted return on average assets (1) (2) | 1.40 | % | 1.57 | % | 1.38 | % | 1.31 | % | 1.33 | % | ||||||||||
Return on average equity (1) | 12.61 | % | 14.46 | % | 12.92 | % | 12.25 | % | 11.77 | % | ||||||||||
Adjusted return on average equity (1) (2) | 13.11 | % | 14.46 | % | 12.92 | % | 12.25 | % | 12.36 | % | ||||||||||
Return on average tangible equity (1) (2) | 13.53 | % | 15.55 | % | 13.93 | % | 13.22 | % | 12.63 | % | ||||||||||
Adjusted return on average tangible equity (1) (2) | 14.07 | % | 15.55 | % | 13.93 | % | 13.22 | % | 13.26 | % | ||||||||||
Net interest margin (1) (3) | 3.69 | % | 3.97 | % | 3.76 | % | 3.57 | % | 3.52 | % | ||||||||||
Total cost of deposits (1) | 1.21 | % | 0.50 | % | 0.23 | % | 0.19 | % | 0.21 | % | ||||||||||
Efficiency ratio (2) | 47.68 | % | 46.01 | % | 46.81 | % | 49.62 | % | 49.57 | % | ||||||||||
SHARE DATA | ||||||||||||||||||||
Common shares outstanding | 19,451,755 | 19,447,206 | 19,483,415 | 19,634,744 | 19,472,364 | |||||||||||||||
Basic earnings per share | $ | 0.47 | $ | 0.52 | $ | 0.45 | $ | 0.42 | $ | 0.40 | ||||||||||
Diluted earnings per share | 0.46 | 0.52 | 0.45 | 0.41 | 0.40 | |||||||||||||||
Adjusted diluted earnings per share (2) | 0.48 | 0.52 | 0.45 | 0.41 | 0.42 | |||||||||||||||
Tangible book value per share (2) | 13.89 | 13.43 | 13.08 | 12.79 | 12.67 | |||||||||||||||
Book value per share | 14.89 | 14.44 | 14.10 | 13.81 | 13.69 | |||||||||||||||
MARKET DATA | ||||||||||||||||||||
Market value per share | $ | 13.76 | $ | 13.67 | $ | 13.98 | $ | 14.22 | $ | 14.51 | ||||||||||
Market value / Tangible book value | 99.07 | % | 101.80 | % | 106.84 | % | 111.14 | % | 114.53 | % | ||||||||||
Market capitalization | $ | 267,656 | $ | 265,843 | $ | 272,378 | $ | 279,206 | $ | 282,544 | ||||||||||
CAPITAL & LIQUIDITY | ||||||||||||||||||||
Tangible stockholders' equity / tangible assets (2) | 9.96 | % | 9.97 | % | 9.95 | % | 9.79 | % | 9.85 | % | ||||||||||
Stockholders' equity / assets | 10.60 | % | 10.64 | % | 10.64 | % | 10.48 | % | 10.57 | % | ||||||||||
Loans / deposits | 101.91 | % | 103.34 | % | 103.15 | % | 99.41 | % | 100.51 | % | ||||||||||
ASSET QUALITY | ||||||||||||||||||||
Net (recoveries) charge-offs | $ | (213 | ) | $ | 705 | $ | 404 | $ | 247 | $ | 6 | |||||||||
Nonperforming loans | 6,250 | 5,107 | 11,888 | 12,591 | 13,001 | |||||||||||||||
Nonperforming assets | 6,250 | 5,400 | 12,181 | 12,884 | 13,773 | |||||||||||||||
Net (recoveries) charge offs / average loans (1) | (0.04 | %) | 0.13 | % | 0.07 | % | 0.05 | % | 0.00 | % | ||||||||||
Nonperforming loans / total loans | 0.27 | % | 0.23 | % | 0.53 | % | 0.58 | % | 0.61 | % | ||||||||||
Nonperforming assets / total assets | 0.23 | % | 0.20 | % | 0.47 | % | 0.50 | % | 0.55 | % | ||||||||||
Allowance for loan losses / total loans | 1.09 | % | 1.08 | % | 1.12 | % | 1.12 | % | 1.12 | % | ||||||||||
Allowance for loan losses / total loans (excluding PPP loans) | 1.09 | % | 1.09 | % | 1.13 | % | 1.13 | % | 1.15 | % | ||||||||||
Allowance for loan losses / nonperforming loans | 407.58 | % | 480.61 | % | 210.58 | % | 191.72 | % | 182.65 | % | ||||||||||
OTHER DATA | ||||||||||||||||||||
Total assets | $ | 2,732,940 | $ | 2,638,060 | $ | 2,581,192 | $ | 2,587,038 | $ | 2,523,744 | ||||||||||
Total loans | 2,337,814 | 2,263,377 | 2,233,278 | 2,164,944 | 2,125,437 | |||||||||||||||
Total deposits | 2,293,952 | 2,190,192 | 2,165,163 | 2,177,895 | 2,114,602 | |||||||||||||||
Total stockholders' equity | 289,562 | 280,749 | 274,702 | 271,068 | 266,666 | |||||||||||||||
Number of full-time equivalent employees (4) | 238 | 228 | 233 | 219 | 217 | |||||||||||||||
(1) Annualized. | ||||||||||||||||||||
(2) Non- | ||||||||||||||||||||
(3) Tax equivalent using a federal income tax rate of 21%. | ||||||||||||||||||||
(4) Includes 8 full-time equivalent seasonal interns as of | ||||||||||||||||||||
FIRST BANK AND SUBSIDIARIES | |||||||||||||||||||||
QUARTERLY FINANCIAL HIGHLIGHTS | |||||||||||||||||||||
(dollars in thousands, unaudited) | |||||||||||||||||||||
As of the Quarter Ended | |||||||||||||||||||||
LOAN COMPOSITION | |||||||||||||||||||||
Commercial and industrial | $ | 354,203 | $ | 323,984 | $ | 321,205 | $ | 321,979 | $ | 350,103 | |||||||||||
Commercial real estate: | |||||||||||||||||||||
Owner-occupied | 533,426 | 517,448 | 523,108 | 499,379 | 475,576 | ||||||||||||||||
Investor | 951,115 | 942,151 | 925,643 | 896,435 | 855,913 | ||||||||||||||||
Construction and development | 142,876 | 126,206 | 117,011 | 96,585 | 109,292 | ||||||||||||||||
Multi-family | 215,990 | 214,819 | 201,269 | 193,865 | 173,728 | ||||||||||||||||
Total commercial real estate | 1,843,407 | 1,800,624 | 1,767,031 | 1,686,264 | 1,614,509 | ||||||||||||||||
Residential real estate: | |||||||||||||||||||||
Residential mortgage and first lien home equity loans | 93,847 | 96,194 | 98,841 | 99,992 | 106,204 | ||||||||||||||||
Home equity–second lien loans and revolving lines of credit | 33,551 | 31,670 | 30,491 | 30,485 | 31,375 | ||||||||||||||||
Total residential real estate | 127,398 | 127,864 | 129,332 | 130,477 | 137,579 | ||||||||||||||||
Consumer and other | 16,318 | 14,654 | 19,694 | 30,096 | 27,762 | ||||||||||||||||
Total loans prior to deferred loan fees and costs | 2,341,326 | 2,267,126 | 2,237,262 | 2,168,816 | 2,129,953 | ||||||||||||||||
Net deferred loan fees and costs | (3,512 | ) | (3,749 | ) | (3,984 | ) | (3,872 | ) | (4,516 | ) | |||||||||||
Total loans | $ | 2,337,814 | $ | 2,263,377 | $ | 2,233,278 | $ | 2,164,944 | $ | 2,125,437 | |||||||||||
LOAN MIX | |||||||||||||||||||||
Commercial and industrial | 15.2 | % | 14.3 | % | 14.4 | % | 14.8 | % | 16.5 | % | |||||||||||
Commercial real estate: | |||||||||||||||||||||
Owner-occupied | 22.8 | % | 22.9 | % | 23.4 | % | 23.1 | % | 22.4 | % | |||||||||||
Investor | 40.7 | % | 41.6 | % | 41.5 | % | 41.4 | % | 40.2 | % | |||||||||||
Construction and development | 6.1 | % | 5.6 | % | 5.2 | % | 4.5 | % | 5.1 | % | |||||||||||
Multi-family | 9.2 | % | 9.5 | % | 9.0 | % | 8.9 | % | 8.2 | % | |||||||||||
Total commercial real estate | 78.8 | % | 79.6 | % | 79.1 | % | 77.9 | % | 75.9 | % | |||||||||||
Residential real estate: | |||||||||||||||||||||
Residential mortgage and first lien home equity loans | 4.0 | % | 4.3 | % | 4.4 | % | 4.6 | % | 5.0 | % | |||||||||||
Home equity–second lien loans and revolving lines of credit | 1.4 | % | 1.4 | % | 1.4 | % | 1.4 | % | 1.5 | % | |||||||||||
Total residential real estate | 5.4 | % | 5.7 | % | 5.8 | % | 6.0 | % | 6.5 | % | |||||||||||
Consumer and other | 0.7 | % | 0.6 | % | 0.9 | % | 1.4 | % | 1.3 | % | |||||||||||
Net deferred loan fees and costs | (0.1 | %) | (0.2 | %) | (0.2 | %) | (0.1 | %) | (0.2 | %) | |||||||||||
Total loans | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||
FIRST BANK AND SUBSIDIARIES | |||||||||||||||||||||
QUARTERLY FINANCIAL HIGHLIGHTS | |||||||||||||||||||||
(dollars in thousands, unaudited) | |||||||||||||||||||||
As of the Quarter Ended | |||||||||||||||||||||
DEPOSIT COMPOSITION | |||||||||||||||||||||
Non-interest bearing demand deposits | $ | 503,856 | $ | 584,025 | $ | 600,402 | $ | 597,333 | $ | 558,775 | |||||||||||
Interest bearing demand deposits | 322,944 | 343,042 | 318,687 | 314,564 | 293,647 | ||||||||||||||||
Money market and savings deposits | 935,311 | 860,577 | 929,075 | 936,848 | 871,074 | ||||||||||||||||
Time deposits | 531,841 | 402,549 | 316,999 | 329,150 | 391,106 | ||||||||||||||||
Total Deposits | $ | 2,293,952 | $ | 2,190,193 | $ | 2,165,163 | $ | 2,177,895 | $ | 2,114,602 | |||||||||||
DEPOSIT MIX | |||||||||||||||||||||
Non-interest bearing demand deposits | 22.0 | % | 26.7 | % | 27.7 | % | 27.4 | % | 26.4 | % | |||||||||||
Interest bearing demand deposits | 14.1 | % | 15.7 | % | 14.7 | % | 14.5 | % | 13.9 | % | |||||||||||
Money market and savings deposits | 40.8 | % | 39.3 | % | 42.9 | % | 43.0 | % | 41.2 | % | |||||||||||
Time deposits | 23.1 | % | 18.3 | % | 14.7 | % | 15.1 | % | 18.5 | % | |||||||||||
Total Deposits | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||
FIRST BANK AND SUBSIDIARIES | |||||||||||||||||||
NON- | |||||||||||||||||||
(in thousands, except for share data, unaudited) | |||||||||||||||||||
As of or For the Quarter Ended | |||||||||||||||||||
Return on Average Tangible Equity | |||||||||||||||||||
Net income (numerator) | $ | 9,100 | $ | 10,206 | $ | 8,823 | $ | 8,158 | $ | 7,839 | |||||||||
Average stockholders' equity | $ | 286,283 | $ | 280,093 | $ | 273,829 | $ | 270,147 | $ | 264,216 | |||||||||
Less: Average Goodwill and other intangible assets, net | 19,533 | 19,669 | 19,823 | 19,916 | 17,910 | ||||||||||||||
Average Tangible stockholders' equity (denominator) | $ | 266,750 | $ | 260,424 | $ | 254,006 | $ | 250,231 | $ | 246,306 | |||||||||
Return on Average Tangible equity (1) | 13.53 | % | 15.55 | % | 13.93 | % | 13.22 | % | 12.63 | % | |||||||||
Tangible Book Value Per Share | |||||||||||||||||||
Stockholders' equity | $ | 289,562 | $ | 280,749 | $ | 274,702 | $ | 271,068 | $ | 266,666 | |||||||||
Less: | 19,405 | 19,599 | 19,768 | 19,854 | 19,971 | ||||||||||||||
Tangible stockholders' equity (numerator) | $ | 270,157 | $ | 261,150 | $ | 254,934 | $ | 251,214 | $ | 246,695 | |||||||||
Common shares outstanding (denominator) | 19,451,755 | 19,447,206 | 19,483,415 | 19,634,744 | 19,472,364 | ||||||||||||||
Tangible book value per share | $ | 13.89 | $ | 13.43 | $ | 13.08 | $ | 12.79 | $ | 12.67 | |||||||||
Tangible Equity / Assets | |||||||||||||||||||
Stockholders' equity | $ | 289,562 | $ | 280,749 | $ | 274,702 | $ | 271,068 | $ | 266,666 | |||||||||
Less: | 19,405 | 19,599 | 19,768 | 19,854 | 19,971 | ||||||||||||||
Tangible stockholders' equity (numerator) | $ | 270,157 | $ | 261,150 | $ | 254,934 | $ | 251,214 | $ | 246,695 | |||||||||
Total assets | $ | 2,732,940 | $ | 2,638,060 | $ | 2,581,192 | $ | 2,587,038 | $ | 2,523,744 | |||||||||
Less: | 19,405 | 19,599 | 19,768 | 19,854 | 19,971 | ||||||||||||||
Tangible total assets (denominator) | $ | 2,713,535 | $ | 2,618,461 | $ | 2,561,424 | $ | 2,567,184 | $ | 2,503,773 | |||||||||
Tangible stockholders' equity / tangible assets | 9.96 | % | 9.97 | % | 9.95 | % | 9.79 | % | 9.85 | % | |||||||||
Efficiency Ratio | |||||||||||||||||||
Non-interest expense | $ | 12,465 | $ | 11,737 | $ | 11,409 | $ | 11,122 | $ | 11,825 | |||||||||
Less: Merger-related expenses | 452 | - | - | - | 498 | ||||||||||||||
Adjusted non-interest expense (numerator) | $ | 12,013 | $ | 11,737 | $ | 11,409 | $ | 11,122 | $ | 11,327 | |||||||||
Net interest income | $ | 23,751 | $ | 24,563 | $ | 22,910 | $ | 21,149 | $ | 20,641 | |||||||||
Non-interest income | 1,446 | 944 | 1,463 | 1,267 | 2,211 | ||||||||||||||
Total revenue | $ | 25,197 | $ | 25,507 | $ | 24,373 | $ | 22,416 | $ | 22,852 | |||||||||
Less: Gains on sale of investment securities, net | - | - | - | - | - | ||||||||||||||
Less: Gains on recovery of acquired loans | |||||||||||||||||||
Adjusted total revenue (denominator) | $ | 25,197 | $ | 25,507 | $ | 24,373 | $ | 22,416 | $ | 22,852 | |||||||||
Efficiency ratio | 47.68 | % | 46.01 | % | 46.81 | % | 49.62 | % | 49.57 | % | |||||||||
(1) Annualized. | |||||||||||||||||||
FIRST BANK AND SUBSIDIARIES | |||||||||||||||||||
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 | $ | 9,100 | $ | 10,206 | $ | 8,823 | $ | 8,158 | $ | 7,839 | |||||||||
Add: Merger-related expenses (1) | 357 | - | - | - | 393 | ||||||||||||||
Adjusted net income | $ | 9,457 | $ | 10,206 | $ | 8,823 | $ | 8,158 | $ | 8,232 | |||||||||
Diluted weighted average common shares outstanding | 19,649,282 | 19,668,133 | 19,794,657 | 19,768,452 | 19,725,294 | ||||||||||||||
Average assets | $ | 2,680,807 | $ | 2,575,742 | $ | 2,568,443 | $ | 2,522,775 | $ | 2,447,399 | |||||||||
Average equity | $ | 286,283 | $ | 280,093 | $ | 273,829 | $ | 270,147 | $ | 264,216 | |||||||||
Average Tangible Equity | $ | 266,750 | $ | 260,424 | $ | 254,006 | $ | 250,231 | $ | 246,306 | |||||||||
Adjusted diluted earnings per share | $ | 0.48 | $ | 0.52 | $ | 0.45 | $ | 0.41 | $ | 0.42 | |||||||||
Adjusted return on average assets (2) | 1.40 | % | 1.57 | % | 1.38 | % | 1.31 | % | 1.33 | % | |||||||||
Adjusted return on average equity (2) | 13.11 | % | 14.46 | % | 12.92 | % | 12.25 | % | 12.36 | % | |||||||||
Adjusted return on average tangible equity (2) | 14.07 | % | 15.55 | % | 13.93 | % | 13.22 | % | 13.26 | % | |||||||||
(1) Items are tax-effected using a federal income tax rate of 21%. | |||||||||||||||||||
(2) Annualized. | |||||||||||||||||||
FIRST BANK AND SUBSIDIARIES | |||||||
NON- | |||||||
(dollars in thousands, except for share data, unaudited) | |||||||
Year Ended | |||||||
2022 | 2021 | ||||||
Adjusted diluted earnings per share, | |||||||
Adjusted return on average assets, and | |||||||
Adjusted return on average equity | |||||||
Net income | $ | 36,287 | $ | 35,429 | |||
Add: Merger-related expenses (1) | 357 | 508 | |||||
Adjusted net income | $ | 36,644 | $ | 35,937 | |||
Diluted weighted average common shares outstanding | 19,716,661 | 19,815,747 | |||||
Average assets | $ | 2,587,344 | $ | 2,420,517 | |||
Average equity | $ | 277,639 | $ | 253,732 | |||
Average Tangible Equity | $ | 257,905 | $ | 235,764 | |||
Adjusted diluted earnings per share | $ | 1.86 | $ | 1.81 | |||
Adjusted return on average assets | 1.42 | % | 1.48 | % | |||
Adjusted return on average equity | 13.20 | % | 14.16 | % | |||
Adjusted return on average tangible equity | 14.21 | % | 15.24 | % | |||
(1) Tax-effected using a federal income tax rate of 21% | |||||||
Source:
2023 GlobeNewswire, Inc., source