HAMILTON, NJ --(Marketwired - July 25, 2013) - First Bank (
Total assets at June 30, 2013 were $380 million, an increase of $7.5 million or 2.0% compared to the first quarter. Total loans reached $292 million at quarter end, an increase of $11.6 million or 4.1% compared to March 31, 2013. Total deposits reached $338 million, an increase of $7.5 million or 2.3% compared to the end of the year.
Book equity declined slightly to $31.0 million based on declines in the overall market value for the available for sale securities portfolio. Book value per share was $6.61 at June 30, 2013.
President and Chief Executive Officer Patrick L. Ryan discussed the financial results: "We continue to see positive trends in the income statement and on the balance sheet. Net income improved in the quarter as the benefits of loan growth more than offset pressure on earning asset yields. In the quarter, expense growth slightly outpaced net interest income growth, largely driven by one-time expenses associated with the sale of a non-performing loan.
"Asset quality metrics continue to improve. Specifically, non-performing assets to total assets (NPAs/Assets) declined from 1.28% at the end of Q1 2013 to 1.10% at the end of Q2 2013. Our ALLL is 1.49% of total loans and it covers non-performing loans 1.62 times, metrics that compare very favorably to industry averages."
Ryan continued, "We are also very excited about our announced merger with Heritage Community Bank and the planned opening of a new branch in Somerset, NJ. The combined franchise will have over $500 million in assets and 8 branches in four counties in New Jersey. We are achieving some real positive momentum in the marketplace and we remain excited about the future."
About First Bank
First Bank ( www.firstbanknj.com ) is a New Jersey, state-chartered bank, which conducts its business with four full-service branches in Ewing, Hamilton, Lawrence, and Williamstown, New Jersey. With $380 million in assets as of June 30, 2013, First Bank offers a range of deposit and loan products to individuals and businesses in its Central and Southern New Jersey markets. First Bank's common stock is quoted on the OTC Bulletin Board under the symbol "FRBA".
This news release contains certain forward-looking statements, either expressed or implied, which are provided to assist the reader in understanding anticipated future financial performance. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond the Bank's control and could impede its ability to achieve these goals. These factors include general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, and results of regulatory exams, among other factors.
First Bank Patrick L. Ryan President and CEO 609 643 0168 patrick.ryan@firstbanknj.com www.firstbanknj.com
