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Marketwired
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First Bank Reports 2014 Earnings of $5.8 Million; Total Assets Reach $677 Million

HAMILTON, NJ--(Marketwired - February 02, 2015) - First Bank (NASDAQ: FRBA) today announced fourth quarter and full-year 2014 results. Net income for the quarter was $586 thousand or $0.06 per diluted share, compared to net income of $311 thousand or $0.05 per diluted share for the fourth quarter of 2013 and $1.1 million or $0.12 per diluted share for the third quarter of 2014.

Fourth quarter results were primarily effected by three items: i) $1.1 million in income tax expense, which included $634,000 which related to the bargain purchase gain from the acquisition of Heritage Community Bank (HCB); ii) $472,000 in gains on recovery of acquired loans; and iii) a higher provision for loan losses of $947,000. The higher provision for loan losses was primarily driven by strong loan growth during the quarter. Book value per share was $6.88 at the end of 2014, an increase of $0.09 compared to $6.79 at the end of the third quarter of 2014 and an increase of $0.72 over book value per share at year end 2013. 

Net income for the full year was $5.8 million compared to $1.7 million for 2013, an increase of $4.1 million or 242%. Diluted earnings per share for the comparative periods were $0.63 and $0.33, respectively. For the year over year comparison, the increase in net income was driven by a $8.0 million (61%) increase in net interest income and a $4.6 million (896%) increase in non-interest income, partially offset by a $6.4 million (69%) increase in non-interest expenses.

President and Chief Executive Officer Patrick L. Ryan discussed the results: "We had a strong finish to the year: total loans increased $43 million in the quarter; total assets increased $34 million; and book value per share increased to $6.88, an increase of $0.72 per share (12%) compared to year end 2013. We continued to realize benefits from the HCB acquisition as certain acquired loans performed better than expected, generating an additional $472 thousand in non-interest income during the quarter. Partially offsetting this benefit, deterioration in other components of the acquired portfolio drove our non-performing loan ratios up modestly. Our net interest margin of 3.84% for the quarter was up slightly from the third quarter, a solid accomplishment considering the current rate environment."

Ryan continued, "Despite these positive developments, bottom line results for the quarter were lower than expected because of a higher income tax provision related to the gain from the acquisition. All things considered, we look back at 2014 as a year of great progress and profitability for First Bank. Our customer base and our geographic footprint expanded. Our margin held steady. And, our core earnings showed solid, steady improvement. During the year, we answered key questions: i) we showed that we could effectively price, analyze, and integrate another bank; ii) we showed that our core organic growth engine could continue to churn out solid deposit and loan growth; and iii) we showed that as we grow we can generate positive operating leverage."

Highlights

  • Balance Sheet
    • Total assets at December 31, 2014 were $677.5 million, an increase of $34.0 million or 5.3% compared to September 30, 2014, and an increase of $210.7 million or 45.1% compared to December 31, 2013. 
    • Total loans reached $547.8 million at December 31, 2014, an increase of $42.8 million or 8.5% compared to September 30, 2014 and an increase of $207.8 million or 61.1% compared to December 31, 2013. 
    • Total deposits reached $596.5 million at December 31, 2014, an increase of $33.0 million or 5.9% compared to September 30, 2014 and an increase of $197.4 million or 49.5% compared to December 31, 2013. Non-interest bearing deposits increased to $92.0 million or 15.4% of total deposits at December 31, 2014.
    • Stockholders' equity increased to $64.8 million at December 31, 2014.
    • Book value per share was $6.88 at December 31, 2014 compared to $6.79 per share at September 30, 2014 and $6.16 per share at December 31, 2013. Tangible book value per share was $6.85 at December 31, 2014, compared to $6.75 per share at September 30, 2014 and $6.16 per share at December 31, 2013. 
  • Quarterly Income Statement
    • Net interest income for the fourth quarter of 2014 totaled $6.1 million, an increase of $574 thousand or 10.4% compared to $5.5 million for the third quarter of 2014, and an increase of $2.5 million or 68.4% compared to the fourth quarter of 2013.
    • Non-interest income for the fourth quarter of 2014 totaled $966 thousand, a decrease of $112 thousand or 10.4% compared to $1.1 million for the third quarter of 2014. When compared to the fourth quarter of 2013, non-interest income increased $864 thousand or 847.1%.
    • Non-interest expense for the fourth quarter of 2014 totaled $4.4 million, an increase of $256 thousand or 6.2% compared to $4.1 million for the third quarter of 2014, and an increase of $1.9 million or 76.8% compared to $2.5 million in the fourth quarter of 2013. 
    • Pre-tax income for the fourth quarter of 2014 totaled $1.7 million, an increase of $236 thousand or 15.8% compared to $1.5 million for the third quarter of 2014, and an increase of $1.2 million or 240.4% compared to the fourth quarter of 2013.
    • Net income for the fourth quarter of 2014 totaled $586 thousand, a decrease of $503 thousand or 46.2% compared to $1.1 million in the third quarter of 2014, and an increase of $275 thousand or 88.4% compared to the fourth quarter of 2013.
    • Diluted earnings per share for the fourth quarter totaled $0.06, a decrease of $0.06 per share compared to $0.12 per share in the third quarter of 2014, and an increase of $0.01 per share compared to the fourth quarter of 2013.
    • The provision for loan losses in the fourth quarter of 2014 totaled $947 thousand, a decrease of $30 thousand or 3.1% compared to $977 thousand for the third quarter of 2014, and an increase of $214 thousand or 29.2% compared to the fourth quarter of 2013.
    • Pre-provision net revenue1 for the fourth quarter was $2.2 million, an increase of $486 thousand or 28.2% compared to $1.7 million in the third quarter of 2014, and an increase of $972 thousand or 78.4% compared to the fourth quarter of 2013.
  • Year to Date Income Statement
    • Net interest income for the year ended December 31, 2014 totaled $21.2 million, an increase of $8.0 million or 60.6% compared to $13.2 million for 2013.
    • Non-interest income for the year ended December 31, 2014 totaled $5.1 million, an increase of $4.6 million or 895.7% compared to $512 thousand for 2013.
    • Non-interest expense for the year ended December 31, 2014 totaled $15.8 million, an increase of $6.4 million or 68.5% compared to $9.4 million for 2013.
    • The provision for loan losses for the year ended December 31, 2014 totaled $2.4 million, an increase of $895 thousand or 58.0% compared to $1.5 million for 2013.
  • Other items
    • The tax equivalent net interest margin ("NIM") for the fourth quarter of 2014 was 3.84% compared to 3.72% for the third quarter of 2014 and 3.33% for the fourth quarter of 2013. 
    • Non-performing assets ("NPAs") were $9.4 million or 1.39% of total assets at December 31, 2014 compared to $7.0 million or 1.09% of total assets at September 30, 2014. 
      • Non-accrual loans totaled $4.7 million or 0.85% of total loans at December 31, 2014 compared to non-accrual loans of $4.3 million or 0.85% of total loans at September 30, 2014.
      • Loans 30-89 days past due totaled $5.5 million at December 31, 2014 compared to $8.5 million at September 30, 2014. We had 2 loans over 90 days past due and still accruing at December 31, 2014 totaling $2.4 million. 
      • Other real estate owned (including other repossessed assets) totaled $2.3 million at December 31, 2014.
    • Regulatory capital ratios at December 31, 2014:
      • Tier 1 Leverage ratio of 9.72%.
      • Tier 1 Risk-Based capital ratio of 10.96%.
      • Total Risk-Based capital ratio of 12.00%.
    • The allowance for loan losses ("ALLL") to total loans at December 31, 2014 was 1.11% compared to 1.09% at September 30, 2014.  The increase in the ALLL ratio related primarily to an increase in our organic portfolio and payoffs/reductions in the loan portfolio acquired in the Heritage transaction that carries no loan loss reserve because of the mark to market accounting treatment on that portfolio at the time of acquisition.
    • 94 full-time equivalent employees ("FTEs") at December 31, 2014, compared to 89 FTEs at September 30, 2014.

1 A non-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).

About First Bank
First Bank (www.firstbanknj.com) is a New Jersey state-chartered bank with nine full-service branches in Cranbury, Denville, Ewing, Hamilton, Lawrence, Randolph (2), Somerset and Williamstown, New Jersey. With $677 million in assets as of December 31, 2014, First Bank offers a traditional range of deposit and loan products to individuals and businesses throughout the New York City to Philadelphia, PA 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 may be identified by use of terms such as "estimates", "believes", "intends", "expects", "projects", or similar expressions. 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. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. First Bank does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

FIRST BANK AND SUBSIDIARIES                         
               CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION               
                (in thousands, except share data, unaudited)                
                                                                            
                                                           December 31,     
                                                       -------------------- 
                                                          2014       2013   
                                                       ---------  --------- 
Assets                                                                      
Cash and due from banks                                $   4,352  $   9,787 
Interest bearing deposits with banks                      16,018     13,927 
                                                       ---------  --------- 
      Cash and cash equivalents                           20,370     23,714 
                                                       ---------  --------- 
Interest bearing time deposits with banks                  5,183      4,903 
Investment securities available for sale                  40,390     65,017 
Investment securities held to maturity (fair value of                       
 $34,734 and $15,353 at December 31, 2014 and 2013,                         
 respectively)                                            34,273     15,414 
Restricted investment in bank stocks                       1,304      1,131 
Other investments                                          5,000      5,000 
Loans, net of deferred fees and costs                    547,759    339,975 
  Less: Allowance for loan losses                          6,104      4,675 
                                                       ---------  --------- 
    Net loans                                            541,655    335,300 
Premises and equipment, net                                3,452      1,787 
Other real estate owned, net                               2,182      1,664 
Accrued interest receivable                                1,724      1,232 
Bank-owned life insurance                                 14,147      8,805 
Intangible assets, net                                       356          - 
Deferred income taxes                                      6,864      2,352 
Other assets                                                 558        473 
                                                       ---------  --------- 
    Total assets                                       $ 677,458  $ 466,792 
                                                       =========  ========= 
                                                                            
Liabilities and Stockholders' Equity                                        
Deposits:                                                                   
  Non-interest bearing                                 $  91,972  $  48,186 
  Interest bearing                                       504,510    350,927 
                                                       ---------  --------- 
    Total deposits                                       596,482    399,113 
Long-term borrowings                                      14,000     14,000 
Accrued interest payable                                     337        156 
Other liabilities                                          1,880      1,016 
                                                       ---------  --------- 
    Total liabilities                                    612,699    414,285 
                                                       ---------  --------- 
Stockholders' Equity:                                                       
Preferred stock, par value $2 per share; authorized                         
 5,000,000 shares; no shares issued and outstanding            -          - 
Common stock, par value $5 per share; authorized                            
 20,000,000 shares; issued and outstanding 9,408,491                        
 shares and 8,520,299 shares at December 31, 2014 and                       
 2013, respectively                                       47,042     42,602 
Additional paid-in capital                                14,301     13,052 
Retained earnings (accumulated deficit)                    3,546     (2,290)
Accumulated other comprehensive loss                        (130)      (857)
                                                       ---------  --------- 
    Total stockholders' equity                            64,759     52,507 
                                                       ---------  --------- 
    Total liabilities and stockholders' equity         $ 677,458  $ 466,792 
                                                       =========  ========= 
                                                                            
                                                                            
FIRST BANK AND SUBSIDIARIES                        
                      CONSOLIDATED STATEMENTS OF INCOME                     
                (in thousands, except share data, unaudited)                
                                                                            
                                   Three Months Ended        Year Ended     
                                      December 31,          December 31,    
                                 --------------------- ---------------------
                                    2014       2013       2014       2013   
                                 ---------- ---------- ---------- ----------
Interest and Dividend Income                                                
Investment securities - taxable  $      307 $      303 $    1,288 $      969
Investment securities - tax-                                                
 exempt                                  86         52        291        138
Federal funds sold                        -          -          2          -
Interest bearing deposits with                                              
 banks and other                         53         55        233        173
Loans, including fees                 6,807      4,127     23,536     15,340
                                 ---------- ---------- ---------- ----------
  Total interest and dividend                                               
   income                             7,253      4,537     25,350     16,620
                                 ---------- ---------- ---------- ----------
                                                                            
Interest Expense                                                            
Deposits                              1,123        874      3,919      3,215
Borrowings                               55         55        218        199
                                 ---------- ---------- ---------- ----------
  Total interest expense              1,178        929      4,137      3,414
                                 ---------- ---------- ---------- ----------
Net interest income                   6,075      3,608     21,213     13,206
Provision for loan losses               947        733      2,438      1,543
                                 ---------- ---------- ---------- ----------
Net interest income after                                                   
 provision for loan losses            5,128      2,875     18,775     11,663
                                 ---------- ---------- ---------- ----------
                                                                            
Non-Interest Income                                                         
Service fees on deposit accounts         30         18        136         75
Loan fees                                 4          4         22         33
Title insurance fees                     14          7         19         30
Income from bank-owned life                                                 
 insurance                              111         41        342        151
Gains on sale of investment                                                 
 securities, net                          -          -         34         18
Gains on sale of loans held for                                             
 sale                                   246          -        283        134
Gain on acquisition of Heritage                                             
 Community Bank                           -          -      2,606          -
Gains on recovery of acquired                                               
 loans                                  472          -      1,426          -
Other non-interest income                89         32        231         71
                                 ---------- ---------- ---------- ----------
  Total non-interest income             966        102      5,099        512
                                 ---------- ---------- ---------- ----------
                                                                            
Non-Interest Expense                                                        
Salaries and employee benefits        2,214      1,251      7,904      4,751
Occupancy and equipment                 552        369      1,981      1,410
Legal fees                              100         18        346        203
Other professional fees                 252        179      1,091        562
Regulatory fees                         150         83        539        253
Directors' fees                          94         57        330        231
Data processing                         187        107        730        413
Marketing and advertising               191        148        511        347
Travel and entertainment                 75         60        238        163
Insurance                                58         29        167        114
Other real estate owned expense,                                            
 net                                    135         34        435        385
Merger-related expenses                  11         37        590         88
Other expense                           349         98        958        468
                                 ---------- ---------- ---------- ----------
  Total non-interest expense          4,368      2,470     15,820      9,388
                                 ---------- ---------- ---------- ----------
Income Before Income Taxes            1,726        507      8,054      2,787
Income tax expense                    1,140        196      2,218      1,079
                                 ---------- ---------- ---------- ----------
Net Income                       $      586 $      311 $    5,836 $    1,708
                                 ========== ========== ========== ==========
                                                                            
Basic earnings per share         $     0.06 $     0.05 $     0.63 $     0.33
Diluted earnings per share       $     0.06 $     0.05 $     0.63 $     0.33
                                                                            
Basic weighted average common                                               
 shares outstanding               9,408,491  6,436,965  9,244,005  5,128,061
Diluted weighted average common                                             
 shares outstanding               9,466,647  6,509,078  9,309,134  5,172,233
                                                                            
                                                                            
FIRST BANK AND SUBSIDIARIES                         
           AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES           
                                (unaudited)                                 
                                                                            
                                Three Months Ended December 31,             
                   -------------------------------------------------------- 
                               2014                         2013            
                   ---------------------------  --------------------------- 
                                       Average                      Average 
                   Average               Rate   Average               Rate  
                    Balance  Interest    (5)     Balance  Interest    (5)   
                   --------  --------  -------  --------  --------  ------- 
                                    (dollars in thousands)                  
Interest earning                                                            
 assets                                                                     
Investment                                                                  
 securities (1)                                                             
 (2)               $ 74,087  $    423     2.27% $ 68,032  $    373     2.17%
Loans (3)           521,216     6,807     5.18%  322,601     4,127     5.08%
Interest bearing                                                            
 deposits with                                                              
 banks               29,679        24     0.32%   35,502        26     0.29%
Restricted                                                                  
 investment in                                                              
 bank stocks          1,305        13     3.95%    1,131        10     3.51%
Other investments     5,000        16     1.27%    5,000        19     1.51%
                   --------  --------           --------  --------          
 Total interest                                                             
  earning assets                                                            
  (2)               631,287     7,283     4.58%  432,266     4,555     4.18%
Allowance for loan                                                          
 losses              (5,718)                      (4,640)                   
Non-interest                                                                
 earning assets      38,849                       21,268                    
                   --------                     --------                    
 Total assets      $664,418                     $448,894                    
                   ========                     ========                    
                                                                            
Interest bearing                                                            
 liabilities                                                                
Interest bearing                                                            
 demand deposits   $ 26,525  $     39     0.58% $ 11,921  $     10     0.33%
Money market                                                                
 deposits           100,402       157     0.62%   78,340       130     0.66%
Savings deposits    105,456       158     0.59%   91,545       172     0.75%
Time deposits       259,266       769     1.18%  163,785       562     1.36%
                   --------  --------           --------  --------          
 Total interest                                                             
  bearing deposits  491,649     1,123     0.91%  345,591       874     1.00%
Borrowings           14,000        55     1.56%   14,014        55     1.56%
                   --------  --------           --------  --------          
 Total interest                                                             
  bearing                                                                   
  liabilities       505,649     1,178     0.92%  359,605       929     1.02%
Non-interest                                                                
 bearing deposits    91,565                       45,632                    
Other liabilities     1,930                        1,924                    
Stockholders'                                                               
 equity              65,274                       41,733                    
                   --------                     --------                    
 Total liabilities                                                          
  and                                                                       
  stockholders'                                                             
  equity           $664,418                     $448,894                    
                   ========                     ========                    
Net interest                                                                
 income/interest                                                            
 rate spread (2)                6,105     3.66%              3,626     3.16%
Net interest                                                                
 margin (4)                               3.84%                        3.33%
Tax-equivalent                                                              
 adjustment (2)                   (30)                         (18)         
                             --------                     --------          
Net interest                                                                
 income                      $  6,075                     $  3,608          
                             ========                     ========          
                                                                            
------------------                                                          
(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.   
                                                                            
                                                                            
FIRST BANK AND SUBSIDIARIES                         
           AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES           
                                (unaudited)                                 
                                                                            
                                    Year Ended December 31,                 
                   -------------------------------------------------------- 
                               2014                         2013            
                   ---------------------------  --------------------------- 
                                       Average                      Average 
                    Average              Rate    Average              Rate  
                    Balance  Interest    (5)     Balance  Interest    (5)   
                   --------  --------  -------  --------  --------  ------- 
                                     (dollars in thousands)                 
Interest earning                                                            
 assets                                                                     
Investment                                                                  
 securities (1)                                                             
 (2)               $ 73,741  $  1,678     2.28% $ 59,118  $  1,154     1.95%
Loans (3)           456,105    23,536     5.16%  294,751    15,340     5.20%
Federal funds sold                                                          
 and interest                                                               
bearing deposits                                                            
 with banks          31,508       101     0.32%   21,861        61     0.28%
Restricted                                                                  
 investment in                                                              
 bank stocks          1,337        53     3.96%      997        34     3.41%
Other investments     5,000        81     1.62%    5,000        78     1.56%
                   --------  --------           --------  --------          
  Total interest                                                            
   earning assets                                                           
   (2)              567,691    25,449     4.48%  381,727    16,667     4.37%
Allowance for loan                                                          
 losses              (5,138)                      (4,405)                   
Non-interest                                                                
 earning assets      35,258                       19,652                    
                   --------                     --------                    
  Total assets     $597,811                     $396,974                    
                   ========                     ========                    
                                                                            
Interest bearing                                                            
 liabilities                                                                
Interest bearing                                                            
 demand deposits   $ 19,380  $     84     0.43% $ 11,556  $     40     0.35%
Money market                                                                
 deposits            91,121       521     0.57%   71,134       488     0.69%
Savings deposits    113,415       713     0.63%   87,471       670     0.77%
Time deposits       218,934     2,601     1.19%  140,669     2,017     1.43%
                   --------  --------           --------  --------          
  Total interest                                                            
   bearing                                                                  
   deposits         442,850     3,919     0.88%  310,830     3,215     1.03%
Borrowings           14,000       218     1.56%   11,843       199     1.68%
                   --------  --------           --------  --------          
  Total interest                                                            
   bearing                                                                  
   liabilities      456,850     4,137     0.91%  322,673     3,414     1.06%
Non-interest                                                                
 bearing deposits    77,831                       39,030                    
Other liabilities     1,600                        1,164                    
Stockholders'                                                               
 equity              61,530                       34,107                    
                   --------                     --------                    
  Total                                                                     
   liabilities and                                                          
   stockholders'                                                            
   equity          $597,811                     $396,974                    
                   ========                     ========                    
Net interest                                                                
 income/interest                                                            
 rate spread (2)               21,312     3.57%             13,253     3.31%
Net interest                                                                
 margin (4)                               3.75%                        3.47%
Tax-equivalent                                                              
 adjustment (2)                   (99)                         (47)         
                             --------                     --------          
Net interest                                                                
 income                      $ 21,213                     $ 13,206          
                             ========                     ========          
                                                                            
------------------                                                          
(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                         
                       QUARTERLY FINANCIAL HIGHLIGHTS                       
                (in thousands, except share data, unaudited)                
                                                                            
                        4Q2014     3Q2014     2Q2014     1Q2014     4Q2013  
                      ---------  ---------  ---------  ---------  --------- 
EARNINGS                                                                    
  Net interest income $   6,075  $   5,501  $   5,415  $   4,222  $   3,608 
  Provision for loan                                                        
   losses                   947        977        336        178        733 
  Non-interest income       966      1,078        316      2,739        102 
  Non-interest                                                              
   expense                4,368      4,112      4,119      3,221      2,470 
  Income tax expense      1,140        401        353        324        196 
  Net income                586      1,089        923      3,238        311 
                                                                            
PER SHARE DATA                                                              
  Basic earnings per                                                        
   share              $    0.06  $    0.12  $    0.10  $    0.37  $    0.05 
  Diluted earnings                                                          
   per share               0.06       0.12       0.10       0.37       0.05 
  Book value               6.88       6.79       6.68       6.54       6.16 
  Tangible book value      6.85       6.75       6.64       6.50       6.16 
                                                                            
PERFORMANCE RATIOS                                                          
  Return on average                                                         
   assets                  0.35%      0.69%      0.61%      2.63%      0.27%
  Return on average                                                         
   equity                  3.56%      6.77%      5.95%     23.79%      2.96%
  Net interest                                                              
   margin, tax                                                              
   equivalent basis        3.84%      3.72%      3.81%      3.61%      3.33%
  Efficiency ratio        75.06%     70.12%     68.98%     74.20%     69.85%
                                                                            
MARKET DATA                                                                 
  Market value per                                                          
   share, period end  $    6.24  $    6.15  $    6.00  $    6.50  $    6.34 
  Market value / book                                                       
   value (x)               0.91       0.91       0.90       0.99       1.03 
  Common shares                                                             
   outstanding,                                                             
   period-end             9,408      9,408      9,408      9,395      8,520 
  Market                                                                    
   capitalization     $  58,706  $  57,859  $  56,448  $  61,068  $  54,017 
                                                                            
CAPITAL & LIQUIDITY                                                         
  Tangible equity /                                                         
   assets                  9.51%      9.87%     10.23%     10.19%     11.25%
  Equity / assets          9.56%      9.93%     10.29%     10.26%     11.25%
  Loans / deposits        91.83%     89.63%     87.73%     86.27%     85.18%
                                                                            
ASSET QUALITY                                                               
  Net charge offs     $     354  $     490  $     165  $     124  $     600 
  Annualized net                                                            
   charge offs /                                                            
   average loans           0.27%      0.41%      0.14%      0.14%      0.74%
  Nonperforming loans $   7,112  $   4,666  $   3,411  $   3,175  $   3,336 
  Nonperforming loans                                                       
   / total loans           1.30%      0.92%      0.73%      0.70%      0.98%
  Nonperforming                                                             
   assets             $   9,394  $   7,014  $   5,745  $   5,539  $   5,087 
  Nonperforming                                                             
   assets / total                                                           
   assets                  1.39%      1.09%      0.94%      0.92%      1.09%
  Allowance for loan                                                        
   losses / total                                                           
   loans                   1.11%      1.09%      1.08%      1.05%      1.38%
                                                                            
PERIOD-END DATA                                                             
  Total assets        $ 677,458  $ 643,499  $ 610,645  $ 599,212  $ 466,792 
  Total loans           547,759    505,008    466,878    450,424    339,975 
  Total deposits        596,482    563,433    532,147    522,102    399,113 
  Total stockholders'                                                       
   equity                64,759     63,895     62,847     61,453     52,507 
  Full-time                                                                 
   equivalent                                                               
   employees                 94         89         95         91         59 
                                                                            
                                                                            

CONTACT: 
Patrick L. Ryan
President and CEO
(609) 643-0168
patrick.ryan@firstbanknj.com

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