First Bank Reports Third Quarter 2015 Earnings of $724 Thousand; Total Assets Reach $808 Million
/EINPresswire.com/ -- HAMILTON, NJ--(Marketwired - October 28, 2015) - First Bank (NASDAQ: FRBA) today announced third quarter 2015 results. Net income for the quarter was $724 thousand or $0.08 per diluted share, compared to net income of $1.1 million or $0.12 per diluted share for the third quarter of 2014 and $748 thousand or $0.08 per diluted share for the second quarter of 2015.
Third quarter 2015 net income included $398 thousand in interest expense paid on subordinated debt. Second quarter 2015 results included $269 thousand in interest expense paid on subordinated debt. The Bank had no subordinated debt outstanding in 2014. Book value per share was $7.22 at the end of the third quarter 2015, an increase of 4.9% compared to book value of $6.88 at year-end 2014.
Net income for the nine months ended September 30, 2015 was $3.2 million compared to $4.6 million for the same period in 2014. The 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 ("HCB") partially offset by higher net interest income in the first nine months of 2015. Diluted earnings per share for the comparative periods were $0.34 and $0.50, respectively.
President and Chief Executive Officer Patrick L. Ryan discussed the results: "The third quarter had a number of non-typical items that impacted our results. In the quarter we took steps to "clean up" some old problems from acquired portfolios. We charged off approximately $600 thousand on a legacy First Bank problem loan that could not be successfully restructured and we took a $170 thousand charge on a former HCB owned real estate asset that needed to be revalued. A reduction in our tax expense helped to offset some of the additional expenses resulting from the items noted above.
"Outside of the unusual items, we had a pretty good quarter. Loans and deposits grew nicely. Asset quality continued to improve with reductions in problem loans and delinquency rates. Our newer branches continued to grow. And, our loan pipeline remains very strong as we head into the fourth quarter. The primary negative factor in the third quarter was continued net interest margin pressure. Not only does loan pricing remain very competitive, but deposit pricing pressure is starting to emerge. While we remain a growth company with significant operating leverage, we are taking an even closer look at our expenses to make sure we can realize improved profitability in this difficult, low-rate environment. To that end, we are consolidating one of our branches in Q4 and continue to actively manage non-interest expenses reflected in flat non-interest expense growth in the third quarter compared to the second quarter."
Ryan continued, "While we continue to focus on cost control, we also continue to look for unique growth opportunities. We recently uncovered an excellent opportunity in the Hunterdon County market. We found a great branch location in Flemington in front of an extremely active shopping center on Route 31. We submitted an application to our regulators for the new branch in mid-October and hope to have approvals in time to open the new location in early 2016. And, because we remain very-much a people business, we brought in an excellent, seasoned, market executive to lead our efforts in that market: Gene McCarthy. Gene was most recently with Peapack Gladstone Bank and M&T Bank, but Gene also served as the market leader when we worked together back at Yardville National Bank. Gene's experience, credit skills, and network of relationships will be a tremendous asset for us as we build our presence in Hunterdon County and throughout Central NJ. With growth coming from the Northern NJ market, Eastern PA, and with Hunterdon now expanding our presence in Central NJ, we remain confident we can achieve our goal of $1 billion in assets in early to mid-2017. If we can achieve that growth while maintaining our profit goals, we believe we will see substantial growth in earnings and book value. We would hope the market will recognize our execution through a stronger stock price."
Third Quarter 2015 Highlights
- Balance Sheet
- Total assets at September 30, 2015 were $808.0 million, an increase of $51.0 million or 6.7% compared to June 30, 2015, and an increase of $164.5 million or 25.6% compared to September 30, 2014.
- Total loans reached $608.8 million at September 30, 2015, an increase of $28.0 million or 4.8% compared to June 30, 2015 and an increase of $103.8 million or 20.6% compared to September 30, 2014.
- Loan portfolio composition at September 30, 2015:
- Acquisition, Construction and Development (ACD) loans equaled 5.2% of total loans
- Commercial Real Estate, Investor (CREI; including multi-family) loans equaled 43.6% of total loans
- Commercial Real Estate, Owner-Occupied (CREO) loans equaled 23.1% of total loans
- Commercial and Industrial (C&I) loans equaled 15.9% of total loans
- Residential, Consumer and Other loans equaled 12.2% of total loans
- Total deposits reached $702.3 million at September 30, 2015, an increase of $49.7 million or 7.6% compared to June 30, 2015 and an increase of $138.9 million or 24.7% compared to September 30, 2014. Non-interest bearing deposits totaled $97.7 million at September 30, 2015 or 13.9% of total deposits.
- Stockholders' equity increased to $68.3 million at September 30, 2015.
- Book value per share was $7.21 at September 30, 2015 compared to $7.12 per share at June 30, 2015 and $6.79 per share at September 30, 2014. Tangible book value per share was $7.18 at September 30, 2015, compared to $7.09 per share at June 30, 2015 and $6.75 per share at September 30, 2014.
- Quarterly Income Statement
- Net interest income for the third quarter of 2015 totaled $5.84 million, an increase of $83 thousand or 1.4% compared to $5.76 million for the second quarter of 2015 and an increase of $338 thousand or 6.1% compared to the third quarter of 2014.
- Non-interest income for the third quarter of 2015 totaled $264 thousand compared to $265 thousand for the second quarter of 2015. When compared to the third quarter of 2014 non-interest income decreased $814 thousand. Gains on recovery of acquired loans totaled $34 thousand in the third quarter of 2015 compared to $30 thousand in the second quarter of 2015 and $857 thousand in the third quarter of 2014.
- Non-interest expense for the third quarter of 2015 totaled $4.33 million, an increase of $36 thousand or 0.8% compared to $4.30 million for the second quarter of 2015 and an increase of $219 thousand or 5.3% compared to the third quarter of 2014.
- Pre-tax income for the third quarter of 2015 totaled $741 thousand, a decrease of $353 thousand or 32.3% compared to $1.1 million for the second quarter of 2015 and a decrease of $749 thousand or 50.3% compared to the third quarter of 2014.
- Income tax expense for the third quarter of 2015 totaled $17 thousand, a decrease of $329 thousand or 95.1% compared to $346 thousand for the second quarter of 2015 and a decrease of $384 thousand or 95.8% compared to the third quarter of 2014. In the third quarter of 2015 a tax benefit was recorded through tax expense as a discrete item for changes in estimates relating to our prior-year tax provision. Additionally, the Bank had a reduction in its calculated annual effective tax rate for the year. These adjustments resulted in a reduction in tax expense.
- Net income for the third quarter of 2015 totaled $724 thousand, a decrease of $24 thousand or 3.2% compared to $748 thousand in the second quarter of 2015, and a decrease of $365 thousand or 33.5% compared to the third quarter of 2014.
- Diluted earnings per share for the third and second quarters of 2015 totaled $0.08. Diluted earnings per share for the third quarter of 2015 decreased $0.04 compared to the third quarter of 2014.
- The provision for loan losses in the third quarter of 2015 totaled $1.0 million, an increase of $399 thousand or 63.1% compared to $632 thousand for the second quarter of 2015 and an increase of $54 thousand or 5.5% compared to the third quarter of 2014.
- Pre-provision net revenue
1 for the third quarter was $1.73 million, an increase of $31 thousand or 1.8% compared to $1.70 million in the second quarter of 2015, and an increase of $24 thousand or 1.4% compared to the third quarter of 2014.1 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). -
Year to Date Income Statement
- Net interest income for the nine months ended September 30, 2015 totaled $17.7 million, an increase of $2.6 million or 17.1% compared to $15.1 million for the same period in 2014.
- Non-interest income for the nine months ended September 30, 2015 totaled $1.4 million, a decrease of $2.7 million or 67.1% compared to $4.1 million for the same period in 2014. The bargain purchase gain of $2.6 million is included for the nine months ended September 30, 2014.
- Non-interest expense for the nine months ended September 30, 2015 totaled $13.1 million, an increase of $1.6 million or 14.0% compared to $11.5 million for the same period in 2014.
- The provision for loan losses for the nine months ended September 30, 2015 totaled $1.7 million, an increase of $228 thousand or 15.3% compared to $1.5 million for the same period in 2014.
- Other items
- The tax equivalent net interest margin (NIM) for the third quarter of 2015 was 3.14% compared to 3.24% for the second quarter of 2015 and 3.72% for the third quarter of 2014.
- Non-performing assets (NPAs) were $6.6 million or 0.81% of total assets at September 30, 2015 compared to $6.9 million or 0.92% of total assets at June 30, 2015.
- Non-accrual loans totaled $4.5 million or 0.75% of total loans at September 30, 2015 compared to non-accrual loans of $4.9 million or 0.84% of total loans at June 30, 2015.
- Loans 30-89 days past due totaled $1.1 million at September 30, 2015 compared to $4.4 million at June 30, 2015. Loans over 90 days past due or more and still accruing at September 30, 2015 totaled $185 thousand. We had no loans over 90 days past due or more and still accruing at June 30, 2015.
- Other real estate owned and other repossessed assets totaled $1.8 million at September 30, 2015 and $2.1 million at June 30, 2015.
- Regulatory capital ratios at September 30, 2015:
- Tier 1 Leverage ratio of 8.71%
- Tier 1 Risk-Based capital ratio of 9.61%
- Total Risk-Based capital ratio of 13.68%
- The allowance for loan losses (ALLL) to total loans at September 30, 2015 was 1.18% compared to 1.16% at June 30, 2015.
- 103 full-time equivalent employees (FTEs) at September 30, 2015, compared to 105 at June 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, Hamilton, Lawrence, Randolph (2), Somerset and Williamstown, New Jersey, and Trevose, Pennsylvania. With $808 million in assets as of September 30, 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.
FIRST BANK AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except share data, unaudited)
September December
30, 31,
2015 2014
---------- ----------
Assets
Cash and due from banks $ 9,045 $ 4,352
Interest bearing deposits with banks 54,767 16,018
---------- ----------
Cash and cash equivalents 63,812 20,370
---------- ----------
Interest bearing time deposits with banks 5,122 5,183
Investment securities available for sale 47,314 40,390
Investment securities held to maturity (fair value of
$55,096 at September 30, 2015 and $34,734 at December
31, 2014) 54,295 34,273
Restricted investment in bank stocks 1,412 1,304
Other investments 5,000 5,000
Loans, net of deferred fees and costs 608,794 547,759
Less: Allowance for loan losses 7,160 6,104
---------- ----------
Net loans 601,634 541,655
Premises and equipment, net 3,472 3,452
Other real estate owned, net 1,765 2,182
Accrued interest receivable 1,743 1,724
Bank-owned life insurance 14,466 14,147
Intangible assets, net 303 356
Deferred income taxes 6,884 6,864
Other assets 809 558
---------- ----------
Total assets $ 808,031 $ 677,458
========== ==========
Liabilities and Stockholders' Equity
Deposits:
Non-interest bearing $ 97,664 $ 91,972
Interest bearing 604,661 504,510
---------- ----------
Total deposits 702,325 596,482
Long-term borrowings 14,000 14,000
Subordinated debentures 21,511 -
Accrued interest payable 965 337
Other liabilities 907 1,880
---------- ----------
Total liabilities 739,708 612,699
---------- ----------
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 September 30, 2015 and 9,408,491 shares at
December 31, 2014 47,218 47,042
Additional paid-in capital 14,518 14,301
Retained earnings 6,747 3,546
Accumulated other comprehensive loss (160) (130)
---------- ----------
Total stockholders' equity 68,323 64,759
---------- ----------
Total liabilities and stockholders' equity $ 808,031 $ 677,458
========== ==========
FIRST BANK AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data, unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------- -----------------------
2015 2014 2015 2014
----------- ----------- ----------- -----------
Interest and Dividend Income
Investment securities-
taxable $ 396 $ 276 $ 1,048 $ 981
Investment securities-tax-
exempt 127 75 325 205
Federal funds sold - - - 2
Interest bearing deposits
with banks and other 53 63 178 180
Loans, including fees 7,150 6,129 21,036 16,729
----------- ----------- ----------- -----------
Total interest and
dividend income 7,726 6,543 22,587 18,097
----------- ----------- ----------- -----------
Interest Expense
Deposits 1,434 987 4,030 2,796
Long-term borrowings 55 55 163 163
Subordinated debentures 398 - 667 -
----------- ----------- ----------- -----------
Total interest expense 1,887 1,042 4,860 2,959
----------- ----------- ----------- -----------
Net interest income 5,839 5,501 17,727 15,138
Provision for loan losses 1,031 977 1,719 1,491
----------- ----------- ----------- -----------
Net interest income after
provision for loan losses 4,808 4,524 16,008 13,647
----------- ----------- ----------- -----------
Non-Interest Income
Service fees on deposit
accounts 30 26 95 106
Loan fees 8 8 31 18
Income from bank-owned life
insurance 105 103 319 231
Gains on sale of investment
securities 11 - 11 34
Gains on sale of loans held
for sale - 23 - 37
Gain on acquisition of
Heritage Community Bank - - - 2,606
Gains on recovery of
acquired loans 34 857 688 954
Other non-interest income 76 61 217 147
----------- ----------- ----------- -----------
Total non-interest income 264 1,078 1,361 4,133
----------- ----------- ----------- -----------
Non-Interest Expense
Salaries and employee
benefits 2,263 2,125 6,772 5,690
Occupancy and equipment 632 523 1,787 1,429
Legal fees 58 77 241 246
Other professional fees 219 252 905 839
Regulatory fees 91 165 381 389
Directors' fees 101 102 329 236
Data processing 205 196 597 543
Marketing and advertising 143 131 380 320
Travel and entertainment 63 58 180 163
Insurance 43 36 146 109
Other real estate owned
expense, net 251 106 581 300
Merger-related expenses - 116 - 579
Other expense 262 225 761 609
----------- ----------- ----------- -----------
Total non-interest expense 4,331 4,112 13,060 11,452
----------- ----------- ----------- -----------
Income Before Income Taxes 741 1,490 4,309 6,328
Income tax expense 17 401 1,108 1,733
----------- ----------- ----------- -----------
Net Income $ 724 $ 1,089 $ 3,201 $ 4,595
=========== =========== =========== ===========
Basic earnings per share $ 0.08 $ 0.12 $ 0.34 $ 0.50
Diluted earnings per share $ 0.08 $ 0.12 $ 0.34 $ 0.50
Basic weighted average
common shares outstanding 9,431,043 9,408,491 9,416,091 9,188,573
Diluted weighted average
common shares outstanding 9,493,900 9,469,294 9,478,893 9,256,116
FIRST BANK AND SUBSIDIARIES
AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES
(unaudited)
Three Months Ended September 30,
-------------------------------------------------------
2015 2014
--------------------------- ---------------------------
Average Average Average Average
Rate Rate
Balance Interest (5) Balance Interest (5)
---------- -------- ------- ---------- -------- -------
(dollars in thousands)
Interest earning
assets
Investment
securities (1) (2) $ 106,963 $ 566 2.10% $ 66,441 $ 377 2.25%
Loans (3) 595,171 7,150 4.77% 478,249 6,129 5.08%
Interest bearing
deposits with banks 35,084 23 0.26% 37,729 28 0.29%
Restricted
investment in bank
stocks 1,412 14 3.93% 1,369 14 4.06%
Other investments 5,000 16 1.27% 5,000 21 1.67%
---------- -------- ---------- --------
Total interest
earning assets
(2) 743,630 7,769 4.14% 588,788 6,569 4.43%
Allowance for loan
losses (6,961) (5,224)
Non-interest earning
assets 38,726 38,594
---------- ----------
Total assets $ 775,395 $ 622,158
========== ==========
Interest bearing
liabilities
Interest bearing
demand deposits $ 62,464 $ 110 0.70% $ 19,326 $ 17 0.35%
Money market
deposits 108,754 186 0.68% 90,830 119 0.52%
Savings deposits 84,821 107 0.50% 118,611 179 0.60%
Time deposits 315,832 1,031 1.30% 230,964 672 1.15%
---------- -------- ---------- --------
Total interest
bearing deposits 571,871 1,434 0.99% 459,731 987 0.85%
Long-term borrowings 14,000 55 1.56% 14,000 55 1.56%
Subordinated
debentures 21,496 398 7.41% - - -
---------- -------- ---------- --------
Total interest
bearing
liabilities 607,367 1,887 1.23% 473,731 1,042 0.87%
Non-interest bearing
deposits 97,794 82,866
Other liabilities 2,051 1,769
Stockholders' equity 68,183 63,792
---------- ----------
Total liabilities
and stockholders'
equity $ 775,395 $ 622,158
========== ==========
Net interest
income/interest
rate spread (2) 5,882 2.91% 5,527 3.56%
Net interest margin
(2) (4) 3.14% 3.72%
Tax-equivalent
adjustment (2) (43) (26)
-------- --------
Net interest income $ 5,839 $ 5,501
======== ========
--------------------
(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)
Nine Months Ended September 30,
---------------------------------------------------------
2015 2014
---------------------------- ----------------------------
Average Average Average Average
Rate Rate
Balance Interest (5) Balance Interest (5)
---------- --------- ------- ---------- --------- -------
(dollars in thousands)
Interest earning
assets
Investment
securities (1)
(2) $ 92,856 $ 1,484 2.14% $ 73,624 $ 1,256 2.28%
Loans (3) 569,310 21,036 4.94% 434,163 16,729 5.15%
Federal funds sold
and interest
bearing deposits
with banks 41,853 90 0.29% 32,124 76 0.32%
Restricted
investment in
bank stocks 1,375 41 3.99% 1,348 40 3.97%
Other investments 5,000 47 1.26% 5,000 66 1.76%
---------- --------- ---------- ---------
Total interest
earning assets
(2) 710,394 22,698 4.27% 546,259 18,167 4.45%
Allowance for loan
losses (6,621) (4,943)
Non-interest
earning assets 38,320 33,621
---------- ----------
Total assets $ 742,093 $ 574,937
========== ==========
Interest bearing
liabilities
Interest bearing
demand deposits $ 47,745 $ 253 0.71% $ 16,972 $ 45 0.35%
Money market
deposits 108,701 538 0.66% 87,995 364 0.55%
Savings deposits 92,849 374 0.54% 116,097 555 0.64%
Time deposits 304,775 2,865 1.26% 205,342 1,832 1.19%
---------- --------- ---------- ---------
Total interest
bearing deposits 554,070 4,030 0.97% 426,406 2,796 0.88%
Long-term
borrowings 14,015 163 1.55% 14,000 163 1.56%
Subordinated
debentures 12,143 667 7.32% - - -
---------- --------- ---------- ---------
Total interest
bearing
liabilities 580,228 4,860 1.12% 440,406 2,959 0.90%
Non-interest
bearing deposits 92,719 72,690
Other liabilities 1,905 1,487
Stockholders'
equity 67,241 60,354
---------- ----------
Total
liabilities and
stockholders'
equity $ 742,093 $ 574,937
========== ==========
Net interest
income/interest
rate spread (2) 17,838 3.15% 15,208 3.55%
Net interest
margin (2) (4) 3.36% 3.72%
Tax-equivalent
adjustment (2) (111) (70)
--------- ---------
Net interest
income $ 17,727 $ 15,138
========= =========
------------------
(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)
3Q2015 2Q2015 1Q2015 4Q2014 3Q2014
---------- ---------- ----------- ---------- ----------
EARNINGS
Net interest
income $ 5,839 $ 5,756 $ 6,132 $ 6,075 $ 5,501
Provision for loan
losses 1,031 632 56 947 977
Non-interest
income 264 265 832 966 1,078
Non-interest
expense 4,331 4,295 4,434 4,368 4,112
Income tax expense 17 346 745 484 401
Net income 724 748 1,729 1,242 1,089
PER SHARE DATA
Basic earnings per
share $ 0.08 $ 0.08 $ 0.18 $ 0.13 $ 0.12
Diluted earnings
per share 0.08 0.08 0.18 0.13 0.12
Tangible book
value (1) 7.18 7.09 7.03 6.85 6.75
Book value 7.21 7.12 7.07 6.88 6.79
PERFORMANCE RATIOS
Return on average
assets (2) 0.37% 0.40% 1.00% 0.74% 0.69%
Return on average
equity (2) 4.21% 4.44% 10.63% 7.55% 6.77%
Net interest
margin, tax
equivalent basis
(2) 3.14% 3.24% 3.74% 3.84% 3.72%
Efficiency ratio
(1) 71.49% 71.69% 69.94% 68.91% 70.12%
Pre-provision net
revenue (1) $ 1,727 $ 1,696 $ 2,056 $ 2,212 $ 1,726
MARKET DATA (period-
end)
Market value per
share $ 6.21 $ 6.00 $ 6.03 $ 6.24 $ 6.15
Market value /
book value 86.07% 84.24% 85.34% 90.65% 90.55%
Common shares
outstanding 9,470 9,435 9,437 9,408 9,408
Market
capitalization $ 58,809 $ 56,610 $ 56,905 $ 58,706 $ 57,859
CAPITAL & LIQUIDITY
Tangible equity /
assets (1) 8.42% 8.83% 9.08% 9.51% 9.87%
Equity / assets 8.46% 8.88% 9.12% 9.56% 9.93%
Loans / deposits 86.68% 88.98% 84.08% 91.83% 89.63%
ASSET QUALITY
Net charge offs
(recoveries) $ 626 $ 58 $ (21) $ 354 $ 490
Nonperforming
loans 4,729 4,887 5,414 7,112 4,666
Nonperforming
assets 6,567 6,949 7,521 9,394 7,014
Net charge offs
(recoveries) /
average loans (2) 0.42% 0.04% (0.02%) 0.27% 0.41%
Nonperforming
loans / total
loans 0.78% 0.84% 0.99% 1.30% 0.92%
Nonperforming
assets / total
assets 0.81% 0.92% 1.03% 1.39% 1.09%
Allowance for loan
losses / total
loans 1.18% 1.16% 1.13% 1.11% 1.09%
Allowance for loan
losses /
nonperforming
loans 151.41% 138.22% 114.17% 85.83% 118.11%
PERIOD-END DATA
Total assets $ 808,031 $ 757,039 $ 730,935 $ 677,458 $ 643,499
Total loans 608,794 580,760 545,074 547,759 505,008
Total deposits 702,325 652,665 648,316 596,482 563,433
Total
stockholders'
equity 68,323 67,198 66,684 64,759 63,895
Full-time
equivalent
employees 103 105 94 94 89
--------------------
(1) 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
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