HAMILTON, NJ--(Marketwired - January 28, 2016) - First Bank (NASDAQ: FRBA) today announced fourth quarter and full-year 2015 results. Net income for the quarter was $686 thousand or $0.07 per diluted share, compared to $724 thousand or $0.08 per diluted share for the third quarter of 2015 and $1.2 million or $0.13 per diluted share for the fourth quarter of 2014.
Net income for the full year 2015 was $3.9 million or $0.41 per diluted share, compared to $5.8 million, or $0.63 per diluted share for the full year of 2014.
Fourth quarter net income for 2015 included $398 thousand in interest expense paid on subordinated debt. Subordinated debt expense for the full year 2015 was $1.1 million. The Bank had no subordinated debt outstanding in 2014. Fourth quarter 2015 results also included approximately $350 thousand in one-time employee severance and branch closing costs. Offsetting these costs was a lower-than-expected annual effective income tax rate of 23.4% which led to significantly lower income tax expense in the quarter. Despite continued improvement in asset quality metrics, very strong loan growth in the quarter led to an elevated provision for loan losses in the fourth quarter of 2015 of $950 thousand.
Book value per share was $7.26 at the end of 2015, an increase of 5.5% compared to book value of $6.88 at year-end 2014.
The year over year decrease in net income was due primarily to the $2.6 million tax-free bargain purchase gain realized in the first quarter of 2014 on the acquisition of Heritage Community Bank and $1.1 million in interest expense incurred on subordinated debt during 2015. These factors that reduced income in 2015 were partially offset by higher net interest income during the year.
President and Chief Executive Officer Patrick L. Ryan discussed the results: "In the fourth quarter of 2015 we took a tremendous leap forward. Total loans grew $81 million, by far our biggest loan growth quarter ever. Our strong loan growth can be attributed to a few key factors: i) we are generating opportunities in all of our markets (Northern New Jersey, Central/South New Jersey and Eastern Pennsylvania), ii) more business is coming our way as community bank competitors get acquired, and iii) our larger legal lending limit is allowing us to service larger companies and make larger loans. Additionally, on January 19, 2016 we expanded our Central New Jersey market as we opened our first branch in Flemington, Hunterdon County, New Jersey.
"Importantly, as our loan growth has continued, our asset quality metrics have also improved. Nonperforming assets/total assets are now at 0.64%, down more than half since this time last year. Let me be clear on this point: we are not looking to take on additional credit risk in an effort to grow loans. As our credit quality data and our net interest margin reflect, our strategy remains focused on finding high quality borrowers, even if those deals have lower yields. In a low-rate environment, this strategy has short-term consequences -- namely a tighter net interest margin. Nevertheless, we believe it's the best way to create long-term shareholder value.
"Furthermore, our expense containment efforts continued throughout the fourth quarter. We finalized the closure of our Route 10 branch in Randolph, and we streamlined our administrative structure to help reduce costs going forward. When backing out the one-time severance costs noted above, non-interest expense in the fourth quarter of 2015 was basically flat compared to the third quarter of 2015 -- and actually at levels similar to where we were at the end of last year."
Ryan continued, "Despite pressure on our net interest margin, I feel we're very well situated as we head into 2016. Our competitive position continues to improve as we grow (allowing us to service larger customers) and as community bank competition disappears (without new banks coming online to take their place). And, unlike last year, our strong fourth quarter 2015 loan growth didn't deplete our loan pipeline. While we don't expect to continue to have $80 million loan growth quarters, we think $25 to $35 million per quarter is achievable heading into 2016."
Fourth Quarter 2015 Highlights
- Balance Sheet
- Total assets at December 31, 2015 were $855.5 million, an increase of $47.5 million or 5.9% compared to September 30, 2015, and an increase of $178.0 million or 26.3% compared to December 31, 2014.
- Total loans reached $689.9 million at December 31, 2015, an increase of $81.1 million or 13.3% compared to September 30, 2015 and an increase of $142.1 million or 25.9% compared to December 31, 2014.
- Loan portfolio composition at December 31, 2015:
- Acquisition, Development and Construction (ADC) loans equaled 6.4% of total loans;
- Commercial Real Estate, Investor (CREI; including multi-family) loans equaled 45.8% of total loans;
- Commercial Real Estate, Owner-Occupied (CREO) loans equaled 23.0% of total loans;
- Commercial and Industrial (C&I) loans equaled 14.4% of total loans; and
- Residential Real Estate, Consumer and Other loans equaled 10.4% of total loans.
- Total deposits reached $739.0 million at December 31, 2015, an increase of $36.7 million or 5.2% compared to September 30, 2015 and an increase of $142.5 million or 23.9% compared to December 31 2014. Non-interest bearing deposits totaled $100.0 million at December 31, 2015 or 13.5% of total deposits.
- Stockholders' equity increased to $68.8 million at December 31, 2015.
- Book value per share was $7.26 at December 31, 2015 compared to $7.21 per share at September 30, 2015 and $6.88 per share at December 31, 2014. Tangible book value per share was $7.23 at December 31, 2015, compared to $7.18 per share at September 30, 2015 and $6.85 per share at December 31, 2014.
- Quarterly Income Statement
- Net interest income for the fourth quarter of 2015 totaled $6.1 million, an increase of $257 thousand or 4.4% compared to $5.8 million for the third quarter of 2015 and an increase of $21 thousand or 0.3% compared to the fourth quarter of 2014.
- The provision for loan losses in the fourth quarter of 2015 totaled $950 thousand, a decrease of $81 thousand or 7.9% compared to $1.0 million for the third quarter of 2015 and an increase of $3 thousand or 0.3% compared to the fourth quarter of 2014. The provision for loan losses in the fourth quarter of 2015 was primarily driven by loan growth.
- Non-interest income for the fourth quarter of 2015 totaled $282 thousand compared to $264 thousand for the third quarter of 2015. When compared to the fourth quarter of 2014 non-interest income decreased $684 thousand. Gains on recovery of acquired loans totaled $56 thousand in the fourth quarter of 2015 compared to $34 thousand in the third quarter of 2015 and $472 thousand in the fourth quarter of 2014.
- Non-interest expense for the fourth quarter of 2015 totaled $4.7 million, an increase of $334 thousand or 7.7% compared to $4.3 million for the third quarter of 2015 and an increase of $297 thousand, or 6.8%, compared to the fourth quarter of 2014. Non-interest expense growth in the fourth quarter of 2015 was primarily due to one-time employee severance costs.
- Pre-tax income for the fourth quarter of 2015 totaled $763 thousand, an increase of $22 thousand, or 3.0%, compared to $741 thousand for the third quarter of 2015 and a decrease of $963 thousand, or 55.8%, compared to the fourth quarter of 2014.
- Income tax expense for the fourth quarter of 2015 totaled $77 thousand, an increase of $60 thousand compared to $17 thousand for the third quarter of 2015 and a decrease of $407 thousand or 84.1%, compared to the fourth quarter of 2014. In the third quarter of 2015 a tax benefit was recorded through income tax expense as a discrete item for a change in estimate relating to our prior-year tax provision. Additionally, there was a reduction in the calculated annual effective income tax rate for the year resulting in lower income tax expense for the fourth quarter of 2015. These adjustments resulted in a reduction in income tax expense.
- Net income for the fourth quarter of 2015 totaled $686 thousand, a decrease of $38 thousand or 5.2% compared to $724 thousand in the third quarter of 2015, and a decrease of $556 thousand or 44.8% compared to the fourth quarter of 2014.
- Diluted earnings per share for the fourth quarter of 2015 totaled $0.07 compared to $0.08 per diluted share for the third quarter of 2015. Diluted earnings per share for the fourth quarter of 2014 totaled $0.13.
- Pre-provision net revenue(1) for the fourth quarter was $2.0 million, an increase of $279 thousand or 16.2% compared to $1.7 million in the third quarter of 2015, and a decrease of $206 thousand or 9.3% compared to the fourth quarter of 2014.
- Year to Date Income Statement
- Net interest income for the year ended December 31, 2015 totaled $23.8 million, an increase of $2.6 million or 12.3% compared to $21.2 million for the same period in 2014.
- The provision for loan losses for the year ended December 31, 2015 totaled $2.7 million, an increase of $231 thousand, or 9.5%, compared to $2.4 million for the same period in 2014.
- Non-interest income for the year ended December 31, 2015 totaled $1.6 million, a decrease of $3.5 million or 67.8% compared to $5.1 million for the same period in 2014. A bargain purchase gain of $2.6 million and $1.4 million in gains on recovery of acquired loans is included for the year ended December 31, 2014. Gains on recovery of acquired loans for the year ended December 31, 2015 was $744 thousand.
- Non-interest expense for the year ended December 31, 2015 totaled $17.7 million, an increase of $1.9 million or 12.0% compared to $15.8 million for the year ended December 31, 2014.
- Other items
- The tax equivalent net interest margin (NIM) for the fourth quarter of 2015 was 3.05% compared to 3.14% for the third quarter of 2015 and 3.84% for the fourth quarter of 2014.
- Non-performing assets (NPAs) were $5.5 million or 0.64% of total assets at December 31, 2015 compared to $6.6 million or 0.81% of total assets at September 30, 2015.
- Non-accrual loans totaled $3.8 million or 0.55% of total loans at December 31, 2015 compared to non-accrual loans of $4.5 million or 0.75% of total loans at September 30, 2015.
- Loans 30-89 days past due totaled $11.3 million at December 31, 2015 compared to $1.1 million at September 30, 2015. Loans over 90 days past due or more and still accruing at December 31, 2015 totaled $108 thousand compared to $185 thousand in loans over 90 days past due or more and still accruing at September 30, 2015. Loans past due 30-89 days at December 31, 2015 included six loans totaling $6.4 million that were exactly 30 days past due (and are now current). It also included two loans totaling $0.6 million that had matured and have subsequently been renewed. We do not believe that the level of loans past due 30-89 days at December 31, 2015 reflect overall asset quality concerns.
- Other real estate owned and other repossessed assets totaled $1.6 million at December 31, 2015 and $1.8 million at September 30, 2015.
- Regulatory capital ratios at December 31, 2015:
- Tier 1 leverage ratio of 8.22%
- Common equity tier 1 capital ratio of 8.58%
- Tier 1 risk-based capital ratio of 8.58%
- Total risk-based capital ratio of 12.29%
- The allowance for loan losses (ALLL) to total loans at December 31, 2015 was 1.15% compared to 1.18% at September 30, 2015.
- 99 full-time equivalent employees (FTEs) at December 31, 2015, compared to 103 at September 30, 2015.
About First Bank
First Bank (www.firstbanknj.com) is a New Jersey state-chartered bank with ten full-service branches in Cranbury, Denville, Ewing, Flemington, Hamilton, Lawrence, Randolph, Somerset and Williamstown, New Jersey, and Trevose, Pennsylvania. With $856 million in assets as of December 31, 2015, First Bank offers a traditional range of deposit and loan products to individuals and businesses throughout the New York City to Philadelphia corridor. First Bank's common stock is listed on the Nasdaq Global Market 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 First Bank's control and could impede its ability to achieve these goals. These factors include those listed in our Annual Report on Form 10K under the caption "Item 1A-Risk Factors", and general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, and results of regulatory exams, among other factors.
(1) A non-U.S. GAAP metric defined by SNL Financial as net interest income before provision for loan losses plus non-interest income excluding non-ordinary items (e.g. gains on sale of investment securities, gains on recovery of acquired loans, and bargain purchase gains) minus non-interest expense excluding non-ordinary items (e.g. merger related expenses and other one-time, non-ordinary costs).
FIRST BANK AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except share data, unaudited)
December 31,
---------------------
2015 2014
---------- ----------
Assets
Cash and due from banks $ 10,032 $ 4,352
Interest bearing deposits in other banks 23,299 16,018
---------- ----------
Cash and cash equivalents 33,331 20,370
---------- ----------
Interest bearing time deposits in other banks 4,125 5,183
Investment securities available for sale 45,341 40,390
Investment securities held to maturity (fair value of
$53,793 at December 31, 2015 and $34,734 at December
31, 2014) 53,262 34,273
Restricted investment in bank stocks 1,862 1,304
Other investments 5,000 5,000
Loans, net of deferred fees and costs 689,887 547,759
Less: Allowance for loan losses 7,940 6,104
---------- ----------
Net loans 681,947 541,655
Premises and equipment, net 3,449 3,452
Other real estate owned, net 1,557 2,182
Accrued interest receivable 2,056 1,724
Bank-owned life insurance 14,572 14,147
Intangible assets, net 286 356
Deferred income taxes 7,935 6,864
Other assets 778 558
---------- ----------
Total assets $ 855,501 $ 677,458
========== ==========
Liabilities and Stockholders' Equity
Deposits:
Non-interest bearing $ 99,966 $ 91,972
Interest bearing 639,055 504,510
---------- ----------
Total deposits 739,021 596,482
Borrowings 24,000 14,000
Subordinated debentures 21,533 -
Accrued interest payable 612 337
Other liabilities 1,572 1,880
---------- ----------
Total liabilities 786,738 612,699
---------- ----------
Stockholders' Equity:
Preferred stock, par value $2 per share; 5,000,000
shares authorized; no shares outstanding - -
Common stock, par value $5 per share; 20,000,000
shares authorized; issued and outstanding 9,470,407
shares at December 31, 2015 and 9,408,491 shares at
December 31, 2014 47,218 47,042
Additional paid-in capital 14,510 14,301
Retained earnings 7,433 3,546
Accumulated other comprehensive loss (398) (130)
---------- ----------
Total stockholders' equity 68,763 64,759
---------- ----------
Total liabilities and stockholders' equity $ 855,501 $ 677,458
========== ==========
FIRST BANK AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data, unaudited)
Three Months Ended Year Ended
December 31, December 31,
--------------------- ---------------------
2015 2014 2015 2014
---------- ---------- ---------- ----------
Interest and Dividend Income
Investment securities-taxable $ 375 $ 307 $ 1,423 $ 1,288
Investment securities-tax-exempt 127 86 452 291
Federal funds sold - - - 2
Interest bearing deposits in
other banks and other 69 53 247 233
Loans, including fees 7,606 6,807 28,642 23,536
---------- ---------- ---------- ----------
Total interest and dividend
income 8,177 7,253 30,764 25,350
---------- ---------- ---------- ----------
Interest Expense
Deposits 1,628 1,123 5,658 3,919
Borrowings 55 55 218 218
Subordinated debentures 398 - 1,065 -
---------- ---------- ---------- ----------
Total interest expense 2,081 1,178 6,941 4,137
---------- ---------- ---------- ----------
Net interest income 6,096 6,075 23,823 21,213
Provision for loan losses 950 947 2,669 2,438
---------- ---------- ---------- ----------
Net interest income after
provision for loan losses 5,146 5,128 21,154 18,775
---------- ---------- ---------- ----------
Non-Interest Income
Service fees on deposit accounts 33 30 128 136
Loan fees 13 4 44 22
Income from bank-owned life
insurance 106 111 425 342
Gains on sale of investment
securities - - 11 34
Gains on sale of loans held for
sale - 246 - 283
Gain on acquisition of Heritage
Community Bank - - - 2,606
Gains on recovery of acquired
loans 56 472 744 1,425
Other non-interest income 74 103 291 251
---------- ---------- ---------- ----------
Total non-interest income 282 966 1,643 5,099
---------- ---------- ---------- ----------
Non-Interest Expense
Salaries and employee benefits 2,449 2,214 9,221 7,904
Occupancy and equipment 585 552 2,372 1,981
Legal fees 95 100 336 346
Other professional fees 320 252 1,225 1,091
Regulatory fees 126 150 507 539
Directors' fees 100 94 429 330
Data processing 214 187 811 730
Marketing and advertising 123 191 503 511
Travel and entertainment 89 75 269 238
Insurance 50 58 196 167
Other real estate owned expense,
net 220 135 801 435
Merger-related expenses - 11 - 590
Other expense 294 349 1,055 958
---------- ---------- ---------- ----------
Total non-interest expense 4,665 4,368 17,725 15,820
---------- ---------- ---------- ----------
Income Before Income Taxes 763 1,726 5,072 8,054
Income tax expense 77 484 1,185 2,218
---------- ---------- ---------- ----------
Net Income $ 686 $ 1,242 $ 3,887 $ 5,836
========== ========== ========== ==========
Basic earnings per share $ 0.07 $ 0.13 $ 0.41 $ 0.63
Diluted earnings per share $ 0.07 $ 0.13 $ 0.41 $ 0.63
Basic weighted average common
shares outstanding 9,443,657 9,408,491 9,423,029 9,244,005
Diluted weighted average common
shares outstanding 9,529,389 9,466,647 9,492,289 9,309,134
FIRST BANK AND SUBSIDIARIES
AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES
(unaudited)
Three Months Ended December 31,
---------------------------------------------------------
2015 2014
---------------------------- ----------------------------
Average Average Average Average
Balance Interest Rate (5) Balance Interest Rate (5)
--------- --------- -------- --------- --------- --------
(dollars in thousands)
Interest earning
assets
Investment
securities (1)
(2) $100,460 $ 545 2.15% $ 74,087 $ 423 2.27%
Loans (3) 637,802 7,606 4.73% 521,216 6,807 5.18%
Interest bearing
deposits in other
banks 54,257 40 0.29% 29,679 24 0.32%
Restricted
investment in
bank stocks 1,422 13 3.63% 1,305 13 3.95%
Other investments 5,000 16 1.27% 5,000 16 1.27%
--------- --------- --------- ---------
Total interest
earning
assets (2) 798,941 8,220 4.08% 631,287 7,283 4.58%
Allowance for loan
losses (7,399) (5,718)
Non-interest
earning assets 38,519 38,849
--------- ---------
Total assets $830,061 $664,418
========= =========
Interest bearing
liabilities
Interest bearing
demand deposits $ 68,478 $ 122 0.71% $ 26,525 $ 39 0.58%
Money market
deposits 123,787 228 0.73% 100,402 157 0.62%
Savings deposits 80,959 103 0.50% 105,456 158 0.59%
Time deposits 349,899 1,175 1.33% 259,266 769 1.18%
--------- --------- --------- ---------
Total interest
bearing
deposits 623,123 1,628 1.04% 491,649 1,123 0.91%
Borrowings 14,239 55 1.53% 14,000 55 1.56%
Subordinated
debentures 21,521 398 7.40% - - -
--------- --------- --------- ---------
Total interest
bearing
liabilities 658,883 2,081 1.25% 505,649 1,178 0.92%
Non-interest
bearing deposits 101,028 91,565
Other liabilities 1,579 1,930
Stockholders'
equity 68,571 65,274
--------- ---------
Total
liabilities
and
stockholders'
equity $830,061 $664,418
========= =========
Net interest
income/interest
rate spread (2) 6,139 2.83% 6,105 3.66%
Net interest
margin (2) (4) 3.05% 3.84%
Tax-equivalent
adjustment (2) (43) (30)
--------- ---------
Net interest
income $ 6,096 $ 6,075
========= =========
------------------
(1) Average balances of investment securities available for sale are based
on amortized cost.
(2) Interest and average rates are tax equivalent using a federal income
tax rate of 34 percent.
(3) Average balances of loans include loans on nonaccrual status.
(4) Net interest income divided by average total interest earning assets.
(5) Average rates are annualized.
FIRST BANK AND SUBSIDIARIES
AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES
(unaudited)
Year Ended December 31,
---------------------------------------------------------
2015 2014
---------------------------- ----------------------------
Average Average Average Average
Balance Interest Rate Balance Interest Rate
--------- --------- -------- --------- --------- --------
(dollars in thousands)
Interest earning
assets
Investment
securities (1)
(2) $ 94,773 $ 2,029 2.14% $ 73,741 $ 1,678 2.28%
Loans (3) 586,574 28,642 4.88% 456,105 23,536 5.16%
Federal funds sold
and interest
bearing deposits
in other banks 44,980 130 0.29% 31,508 101 0.32%
Restricted
investment in
bank stocks 1,387 54 3.89% 1,337 53 3.96%
Other investments 5,000 63 1.26% 5,000 81 1.62%
--------- --------- --------- ---------
Total interest
earning
assets (2) 732,714 30,918 4.22% 567,691 25,449 4.48%
Allowance for loan
losses (6,817) (5,138)
Non-interest
earning assets 38,460 35,258
--------- ---------
Total assets $764,357 $597,811
========= =========
Interest bearing
liabilities
Interest bearing
demand deposits $ 52,971 $ 375 0.71% $ 19,380 $ 84 0.43%
Money market
deposits 112,504 766 0.68% 91,121 521 0.57%
Savings deposits 89,852 477 0.53% 113,415 713 0.63%
Time deposits 316,149 4,040 1.28% 218,934 2,601 1.19%
--------- --------- --------- ---------
Total interest
bearing
deposits 571,476 5,658 0.99% 442,850 3,919 0.88%
Borrowings 14,072 218 1.55% 14,000 218 1.56%
Subordinated
debentures 14,506 1,065 7.34% - - -
--------- --------- --------- ---------
Total interest
bearing
liabilities 600,054 6,941 1.16% 456,850 4,137 0.91%
Non-interest
bearing deposits 94,774 77,831
Other liabilities 1,821 1,600
Stockholders'
equity 67,708 61,530
--------- ---------
Total
liabilities
and
stockholders'
equity $764,357 $597,811
========= =========
Net interest
income/interest
rate spread (2) 23,977 3.06% 21,312 3.57%
Net interest
margin (2) (4) 3.27% 3.75%
Tax-equivalent
adjustment (2) (154) (99)
--------- ---------
Net interest
income $ 23,823 $ 21,213
========= =========
------------------
(1) Average balances of investment securities available for sale are based
on amortized cost.
(2) Interest and average rates are presented on a tax equivalent basis
using a federal income tax rate of 34 percent.
(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 share data, unaudited)
4Q2015 3Q2015 2Q2015 1Q2015 4Q2014
--------- --------- --------- ---------- ---------
EARNINGS
Net interest income $ 6,096 $ 5,839 $ 5,756 $ 6,132 $ 6,075
Provision for loan
losses 950 1,031 632 56 947
Non-interest income 282 264 265 832 966
Non-interest expense 4,665 4,331 4,295 4,434 4,368
Income tax expense 77 17 346 745 484
Net income 686 724 748 1,729 1,242
PER SHARE DATA
Basic earnings per
share $ 0.07 $ 0.08 $ 0.08 $ 0.18 $ 0.13
Diluted earnings per
share 0.07 0.08 0.08 0.18 0.13
Tangible book value (1) 7.23 7.18 7.09 7.03 6.85
Book value 7.26 7.21 7.12 7.07 6.88
PERFORMANCE RATIOS
Return on average
assets (2) 0.33% 0.37% 0.40% 1.00% 0.74%
Return on average
equity (2) 3.97% 4.21% 4.44% 10.63% 7.55%
Net interest margin,
tax equivalent basis
(2) 3.05% 3.14% 3.24% 3.74% 3.84%
Efficiency ratio (1) 73.79% 71.49% 71.69% 69.94% 68.91%
Pre-provision net
revenue (1) $ 2,006 $ 1,727 $ 1,696 $ 2,056 $ 2,212
MARKET DATA (period-end)
Market value per share $ 6.61 $ 6.21 $ 6.00 $ 6.03 $ 6.24
Market value / book
value 91.03% 86.07% 84.24% 85.34% 90.65%
Common shares
outstanding 9,470 9,470 9,435 9,437 9,408
Market capitalization $ 62,597 $ 58,809 $ 56,610 $ 56,905 $ 58,706
CAPITAL & LIQUIDITY
Tangible equity /
assets (1) 8.00% 8.42% 8.83% 9.08% 9.51%
Equity / assets 8.04% 8.46% 8.88% 9.12% 9.56%
Loans / deposits 93.35% 86.68% 88.98% 84.08% 91.83%
ASSET QUALITY
Net charge offs
(recoveries) $ 170 $ 626 $ 58 $ (21) $ 354
Nonperforming loans 3,903 4,729 4,887 5,414 7,112
Nonperforming assets 5,489 6,567 6,949 7,521 9,394
Net charge offs
(recoveries) / average
loans (2) 0.11% 0.42% 0.04% (0.02%) 0.27%
Nonperforming loans /
total loans 0.57% 0.78% 0.84% 0.99% 1.30%
Nonperforming assets /
total assets 0.64% 0.81% 0.92% 1.03% 1.39%
Allowance for loan
losses / total loans 1.15% 1.18% 1.16% 1.13% 1.11%
Allowance for loan
losses / nonperforming
loans 203.43% 151.41% 138.22% 114.17% 85.83%
PERIOD-END DATA
Total assets $855,501 $808,031 $757,039 $730,935 $677,458
Total loans 689,887 608,794 580,760 545,074 547,759
Total deposits 739,021 702,325 652,665 648,316 596,482
Total stockholders'
equity 68,763 68,323 67,198 66,684 64,759
Full-time equivalent
employees 99 103 105 94 94
-------------------------
(1) A non-U.S. GAAP financial measure that we believe provides management
and investors with information that is useful in understanding our
financial performance and condition.
(2) Annualized.
CONTACT:
Patrick L. Ryan
President and CEO
(609) 643-0168
patrick.ryan@firstbanknj.com
