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Marketwired
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First Bank Reports First Quarter 2015 Earnings of $1.7 Million; Total Assets Reach $731 Million

HAMILTON, NJ--(Marketwired - May 04, 2015) - First Bank (NASDAQ: FRBA) today announced first quarter 2015 results. Net income for the quarter was $1.7 million or $0.18 per diluted share, compared to net income of $2.6 million or $0.29 per diluted share for the first quarter of 2014 and $1.2 million or $0.13 per diluted share for the fourth quarter of 2014. 

First quarter net income for 2015 included $624,000 in non-interest income associated with gains on recoveries of acquired loans. First quarter 2014 results included $2.6 million in non-interest income from the gain on acquisition of Heritage Community Bank ("HCB"). Book value per share was $7.09 at the end of the first quarter 2015, an increase of 3.1% compared to book value of $6.88 at year-end.

President and Chief Executive Officer Patrick L. Ryan discussed the results: "We are pleased to announce another good quarter. After two very strong quarters for loan growth at the end of last year, we saw a pause in loan growth for Q1 as we looked to rebuild our pipeline. It's nice to see our hard work sourcing new business is paying off and pipeline levels are back near historic highs. We anticipate good loan growth throughout the rest of 2015. Even without the benefit of our normal loan growth, earnings improved nicely thanks to improving asset quality metrics, a steady margin, and continued gains from the recovery of acquired loans.

"Continued strong deposit growth has pushed liquidity up to very high levels. We will be looking to deploy that excess liquidity throughout the next couple of quarters. Until that happens, we expect our margin will be hurt as the funds held overnight earn very little and investment opportunities remain limited with rates at historically low levels. Competitive pressures on loan pricing will be an additional headwind for the margin. Despite these margin pressures, overall profit metrics can and should continue to improve as we look to leverage economies of scale while we grow."

Ryan continued, "We achieved important strategic milestones in the early part of 2015. We finalized a Tier 2 capital raise in April by raising $22 million of subordinated debt. With a coupon of 6.75% fixed for the first five years, our after-tax cost for the new capital should be close to 4.75%. And, we were able to avoid the dilution of a common equity or preferred equity capital raise. We expect the additional capital, together with internally generated retained earnings, should provide a strong enough base for an additional two or three years of organic growth. Importantly, we expect we can reach the strategically-important $1.0 billion asset threshold during that time period. We also received approval for our new branch and loan production office in Trevose, PA. Our team has been working very hard, and we expect to be fully operational in May. We have high hopes for expansion in this Bucks County market as the third growth market within our New York City to Philadelphia corridor."

First Quarter 2015 Highlights
Income Statement results when comparing year-to-year periods reflect the impact of strong organic growth and the acquisition of HCB. Income tax expense, as reflected in the Consolidated Statements of Income, for the first and fourth quarters of 2014 reflects First Bank's annual effective tax rate for 2014.

  • Balance Sheet
    • Total assets at March 31, 2015 were $730.9 million, an increase of $53.5 million or 7.9% compared to December 31, 2014, and an increase of $131.7 million or 22.0% compared to March 31, 2014.
    • Total loans were $545.1 million at March 31, 2015, a decrease of $2.7 million or 0.5% compared to December 31, 2014 and an increase of $94.7 million or 21.0% compared to March 31, 2014. 
    • Loan portfolio breakdown at March 31, 2015:
      • Acquisition, Construction and Development (ACD) loans equaled 6.1% of total loans
      • Commercial Real Estate, Investor (CREI; including multi-family) loans equaled 41.9% of total loans
      • Commercial Real Estate, Owner-Occupied (CREO) loans equaled 22.3% of total loans
      • Commercial and Industrial (C&I) loans equaled 17.3% of total loans
      • Residential, Consumer and Other loans equaled 12.4% of total loans
    • Total deposits reached $648.3 million, an increase of $51.8 million or 8.7% compared to December 31, 2014 and an increase of $126.2 million or 24.2% compared to March 31, 2014. Non-interest bearing deposits totaled $89.5 million at March 31, 2015 or 13.8% of total deposits.
    • Stockholders' equity increased to $66.7 million at March 31, 2015.
    • Book value per share was $7.09 at March 31, 2015 compared to $6.88 per share at December 31, 2014 and $6.54 per share at March 31, 2014. Tangible book value per share was $7.05 at March 31, 2015, compared to $6.85 per share at December 31, 2014 and $6.50 per share at March 31, 2014.
  • Quarterly and Year to Date Income Statement
    • Net interest income for the first quarter of 2015 totaled $6.13 million, an increase of $57 thousand or 0.9% compared to $6.08 million for the fourth quarter of 2014 and an increase of $1.9 million or 45.2% compared to the first quarter of 2014.
    • Non-interest income for the first quarter of 2015 totaled $832 thousand compared to $966 thousand for the fourth quarter of 2014. Gains on recovery of acquired loans totaled $624 thousand in the first quarter of 2015 compared to $472 thousand for the fourth quarter of 2014. When compared to the first quarter of 2014 non-interest income decreased $1.9 million. Non-interest income for the first quarter of 2014 included the gain on acquisition of HCB of $2.6 million.
    • Non-interest expense for the first quarter of 2015 totaled $4.43 million, an increase of $66 thousand or 1.5% compared to $4.37 million for the fourth quarter of 2014 and an increase of $1.2 million or 37.7% compared to the first quarter of 2014.
    • Pre-tax income for the first quarter of 2015 totaled $2.5 million, an increase of $748 thousand or 43.3% compared to $1.7 million for the fourth quarter of 2014 and a decrease of $1.1 million or 30.5% compared to the first quarter of 2014, based upon the gain on acquisition of HCB of $2.6 million in the first quarter of 2014.
    • Net income for the first quarter of 2015 totaled $1.7 million, an increase of $478 thousand or 38.2% compared to $1.2 million in the fourth quarter of 2014, and a decrease of $853 thousand or 33.0% compared to the first quarter of 2014.
    • Diluted earnings per share for the first quarter of 2015 totaled $0.18, an increase of $0.05 per share compared to $0.13 per share in the fourth quarter of 2014, and a decrease of $0.11 per share compared to the first quarter of 2014.
    • The provision for loan losses in the first quarter of 2015 totaled $56 thousand, a decrease of $891 thousand or 94.1% compared to $947 thousand for the fourth quarter of 2014 and a decrease of $122 thousand or 68.5% compared to the first quarter of 2014.
    • Pre-provision net revenue(1) for the first quarter of 2015 was $2.1 million, a decrease of $156 thousand or 7.1% compared to $2.2 million in the fourth quarter of 2014, and an increase of $693 thousand or 50.8% compared to the first quarter of 2014.
  • Other Items
    • The tax equivalent net interest margin (NIM) for the first quarter of 2015 was 3.74% compared to 3.84% for the fourth quarter of 2014 and 3.61% for the first quarter of 2014.
    • Non-performing assets ("NPAs") were $7.5 million or 1.03% of total assets at March 31, 2015 compared to $9.4 million or 1.39% of total assets at December 31, 2014.
      • Non-accrual loans totaled $4.9 million or 0.90% of total loans at March 31, 2015 compared to non-accrual loans of $4.7 million or 0.85% of total loans at December 31, 2014.
      • Loans 30-89 days past due totaled $6.7 million at March 31, 2015 compared to $5.5 million at December 31, 2014. We had $513 thousand in loans over 90 days past due and still accruing at March 31, 2015 compared to $2.4 million in such loans at December 31, 2014.
      • Other real estate owned (including other repossessed assets) totaled $2.1 million at March 31, 2015 compared to $2.3 million at December 31, 2014.
    • Regulatory capital ratios at March 31, 2015:
      • Tier 1 leverage ratio of 9.46%
      • Tier 1 Risk-Based capital ratio of 10.73%.
      • Total Risk-Based capital ratio of 11.74%.
      • Common Equity Tier 1 capital ratio of 10.73%.
    • The allowance for loan losses (ALLL) to total loans at March 31, 2015 was 1.13% compared to 1.11% at December 31, 2014.
    • 94 full-time equivalent employees (FTEs) at March 31, 2015, and December 31, 2014.

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 $731 million in assets as of March 31, 2015, 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 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-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, or other one-time, non-ordinary costs).

FIRST BANK AND SUBSIDIARIES                         
               CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION               
                (in thousands, except share data, unaudited)                
                                                                            
                                              March 31,      December 31,   
                                                2015             2014       
                                          ---------------- -----------------
Assets                                                                      
Cash and due from banks                   $         11,680 $          4,352 
Interest bearing deposits with banks                63,226           16,018 
                                          ---------------- -----------------
    Cash and cash equivalents                       74,906           20,370 
                                          ---------------- -----------------
Interest bearing time deposits with banks            5,074            5,183 
Investment securities available for sale            39,101           40,390 
Investment securities held to maturity                                      
 (fair value of $38,450 at March 31, 2015                                   
 and $34,734 at December 31, 2014)                  37,642           34,273 
Restricted investment in bank stocks                 1,304            1,304 
Other investments                                    5,000            5,000 
Loans, net of deferred fees and costs              545,074          547,759 
  Less: Allowance for loan losses                    6,181            6,104 
                                          ---------------- -----------------
    Net loans                                      538,893          541,655 
Premises and equipment, net                          3,429            3,452 
Other real estate owned, net                         2,007            2,182 
Accrued interest receivable                          1,680            1,724 
Bank-owned life insurance                           14,252           14,147 
Intangible assets, net                                 337              356 
Deferred income taxes                                6,749            6,864 
Other assets                                           561              558 
                                          ---------------- -----------------
    Total assets                          $        730,935 $        677,458 
                                          ================ =================
                                                                            
Liabilities and Stockholders' Equity                                        
Deposits:                                                                   
  Non-interest bearing                    $         89,480 $         91,972 
  Interest bearing                                 558,836          504,510 
                                          ---------------- -----------------
    Total deposits                                 648,316          596,482 
Long-term borrowings                                14,000           14,000 
Accrued interest payable                               354              337 
Other liabilities                                    1,580            1,880 
                                          ---------------- -----------------
    Total liabilities                              664,250          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; 9,408,491                                    
 shares outstanding                                 47,042           47,042 
Additional paid-in capital                          14,325           14,301 
Retained earnings                                    5,275            3,546 
Accumulated other comprehensive income                                      
 (loss)                                                 43             (130)
                                          ---------------- -----------------
    Total stockholders' equity                      66,685           64,759 
                                          ---------------- -----------------
    Total liabilities and stockholders'                                     
     equity                               $        730,935 $        677,458 
                                          ================ =================
                                                                            
FIRST BANK AND SUBSIDIARIES                          
                    CONSOLIDATED STATEMENTS OF INCOME                       
              (in thousands, except share data, unaudited)                  
                                                                            
                                                   Three Months Ended       
                                                       March 31,            
                                           ---------------------------------
                                                 2015             2014      
                                           ---------------- ----------------
Interest and Dividend Income                                                
Investment securities - taxable            $            295 $            367
Investment securities - tax-exempt                       92               64
Federal funds sold                                        -                1
Interest bearing deposits with banks and                                    
 other                                                   61               58
Loans, including fees                                 6,996            4,662
                                           ---------------- ----------------
    Total interest and dividend income                7,444            5,152
                                           ---------------- ----------------
                                                                            
Interest Expense                                                            
Deposits                                              1,258              876
Borrowings                                               54               54
                                           ---------------- ----------------
    Total interest expense                            1,312              930
                                           ---------------- ----------------
Net interest income                                   6,132            4,222
Provision for loan losses                                56              178
                                           ---------------- ----------------
Net interest income after provision for                                     
 loan losses                                          6,076            4,044
                                           ---------------- ----------------
                                                                            
Non-Interest Income                                                         
Service fees on deposit accounts                         28               27
Loan fees                                                10                2
Income from bank-owned life insurance                   106               63
Gains on sale of loans held for sale                      -               14
Gain on acquisition of Heritage Community                                   
 Bank                                                     -            2,606
Gains on recovery of acquired loans                     624                -
Other non-interest income                                64               27
                                           ---------------- ----------------
    Total non-interest income                           832            2,739
                                           ---------------- ----------------
                                                                            
Non-Interest Expense                                                        
Salaries and employee benefits                        2,231            1,517
Occupancy and equipment                                 546              412
Legal fees                                               92               71
Other professional fees                                 417              272
Regulatory fees                                         147               86
Directors' fees                                         110               59
Data processing                                         189              145
Marketing and advertising                               118               92
Travel and entertainment                                 56               34
Insurance                                                54               32
Other real estate owned expense, net                    234              120
Merger-related expenses                                   -              207
Other expense                                           240              174
                                           ---------------- ----------------
    Total non-interest expense                        4,434            3,221
                                           ---------------- ----------------
Income Before Income Taxes                            2,474            3,562
Income tax expense                                      745              980
                                           ---------------- ----------------
Net Income                                 $          1,729 $          2,582
                                           ================ ================
                                                                            
Basic earnings per share                   $           0.18 $           0.29
Diluted earnings per share                 $           0.18 $           0.29
                                                                            
Basic weighted average common shares                                        
 outstanding                                      9,408,491        8,753,684
Diluted weighted average common shares                                      
 outstanding                                      9,467,977        8,839,284
                                                                            
FIRST BANK AND SUBSIDIARIES                         
           AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES           
                                (unaudited)                                 
                                                                            
                                 Three Months Ended March 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)             $ 74,361  $     438     2.39% $ 79,624  $     453     2.31%
Loans (3)         548,014      6,996     5.18%  368,496      4,662     5.13%
Federal funds                                                               
 sold and                                                                   
 interest                                                                   
 bearing                                                                    
 deposits with                                                              
 banks             41,806         30     0.29%   22,590         23     0.41%
Restricted                                                                  
 investment in                                                              
 bank stocks        1,305         15     4.66%    1,188         14     4.78%
Other                                                                       
 investments        5,000         16     1.30%    5,000         22     1.78%
                 --------- ----------          --------- ----------         
  Total interest                                                            
   earning                                                                  
   assets (2)     670,486      7,495     4.53%  476,898      5,174     4.40%
Allowance for                                                               
 loan losses       (6,289)                       (4,775)                    
Non-interest                                                                
 earning assets    36,071                        27,825                     
                 ---------                     ---------                    
  Total assets   $700,268                      $499,948                     
                 =========                     =========                    
                                                                            
Interest bearing                                                            
 liabilities                                                                
Interest bearing                                                            
 demand deposits $ 34,588  $      61     0.72% $ 13,531  $      11     0.33%
Money market                                                                
 deposits         103,979        165     0.64%   79,302        120     0.61%
Savings deposits   99,691        146     0.59%  103,428        181     0.71%
Time deposits     293,414        886     1.22%  177,762        564     1.29%
                 --------- ----------          --------- ----------         
  Total interest                                                            
   bearing                                                                  
   deposits       531,672      1,258     0.96%  374,023        876     0.95%
Borrowings         14,046         54     1.56%   14,000         54     1.56%
                 --------- ----------          --------- ----------         
  Total interest                                                            
   bearing                                                                  
   liabilities    545,718      1,312     0.98%  388,023        930     0.97%
Non-interest                                                                
 bearing                                                                    
 deposits          86,666                        55,421                     
Other                                                                       
 liabilities        1,905                         1,308                     
Stockholders'                                                               
 equity            65,979                        55,196                     
                 ---------                     ---------                    
  Total                                                                     
   liabilities                                                              
   and                                                                      
   stockholders'                                                            
   equity        $700,268                      $499,948                     
                 =========                     =========                    
Net interest                                                                
 income/interest                                                            
 rate spread (2)               6,183     3.55%               4,244     3.43%
Net interest                                                                
 margin (2) (4)                          3.74%                         3.61%
Tax-equivalent                                                              
 adjustment (2)                  (51)                          (22)         
                           ----------                    ----------         
Net interest                                                                
 income                    $   6,132                     $   4,222          
                           ==========                    ==========         
                                                                            
(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)                
                                                                            
                           1Q2015      4Q2014    3Q2014    2Q2014    1Q2014 
                          ---------- --------- --------- --------- ---------
EARNINGS                                                                    
  Net interest income     $  6,132   $   6,075 $   5,501 $   5,415 $   4,222
  Provision for loan                                                        
   losses                       56         947       977       336       178
  Non-interest income          832         966     1,078       316     2,739
  Non-interest expense       4,434       4,368     4,112     4,119     3,221
  Income tax expense           745         484       401       353       980
  Net income                 1,729       1,242     1,089       923     2,582
                                                                            
PER SHARE DATA                                                              
  Basic earnings per                                                        
   share                  $   0.18   $    0.13 $    0.12 $    0.10 $    0.29
  Diluted earnings per                                                      
   share                      0.18        0.13      0.12      0.10      0.29
  Book value                  7.09        6.88      6.79      6.68      6.54
  Tangible book value         7.05        6.85      6.75      6.64      6.50
                                                                            
PERFORMANCE RATIOS                                                          
  Return on average                                                         
   assets (1)                1.00%       0.75%     0.70%     0.61%     2.07%
  Return on average                                                         
   equity (1)               10.63%       7.61%     6.83%     5.94%    18.71%
  Net interest margin,                                                      
   tax equivalent basis                                                     
   (1)                       3.74%       3.84%     3.72%     3.81%     3.61%
  Efficiency ratio          69.94%      68.91%    70.12%    68.98%    69.43%
                                                                            
MARKET DATA                                                                 
  Market value per share,                                                   
   period end             $   6.03   $    6.24 $    6.15 $    6.00 $    6.50
  Market value / book                                                       
   value                    85.07%      90.65%    90.55%    89.82%    99.37%
  Common shares                                                             
   outstanding, period-                                                     
   end                       9,408       9,408     9,408     9,408     9,395
  Market capitalization   $ 56,730   $  58,706 $  57,859 $  56,448 $  61,068
                                                                            
CAPITAL & LIQUIDITY                                                         
  Tangible equity /                                                         
   assets                    9.08%       9.51%     9.87%    10.23%    10.19%
  Equity / assets            9.12%       9.56%     9.93%    10.29%    10.26%
  Loans / deposits          84.08%      91.83%    89.63%    87.73%    86.27%
                                                                            
ASSET QUALITY                                                               
  Net (recoveries) charge                                                   
   offs                   $    (21)  $     354 $     490 $     165 $     124
  Nonperforming loans        5,414       7,112     4,666     3,411     3,175
  Nonperforming assets       7,521       9,394     7,014     5,745     5,539
  Net (recoveries) charge                                                   
   offs / average loans                                                     
   (1)                      (0.02%)      0.27%     0.41%     0.14%     0.14%
  Nonperforming loans /                                                     
   total loans               0.99%       1.30%     0.92%     0.73%     0.70%
  Nonperforming assets /                                                    
   total assets              1.03%       1.39%     1.09%     0.94%     0.92%
  Allowance for loan                                                        
   losses / total loans      1.13%       1.11%     1.09%     1.08%     1.05%
                                                                            
PERIOD-END DATA                                                             
  Total assets            $730,935   $ 677,458 $ 643,499 $ 610,645 $ 599,212
  Total loans              545,074     547,759   505,008   466,878   450,424
  Total deposits           648,316     596,482   563,433   532,147   522,102
  Total stockholders'                                                       
   equity                   66,684      64,759    63,895    62,847    61,453
  Full-time equivalent                                                      
   employees                    94          94        89        95        91
                                                                            
(1) Annualized.                                                             

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

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