First Bank (NASDAQ:FRBA) Q1 2021 Earnings Conference Call April 27, 2021 9:00 AM ET Company Participants Patrick Ryan - President, CEO & Director Stephen Carman - EVP, Treasurer & CFO Peter Cahill - EVP & Chief Lending Officer Emilio Cooper - EVP & Chief Deposit Officer Conference Call Participants Nick Cucharale - Piper Sandler & Co. Bryce Rowe - Hovde Group Erik Zwick - Boenning and Scattergood Christopher Keith - D.A. Davidson & Co. Operator Good day, and welcome to the First Bank First Quarter 2021 Earn ...

Financial Data and Key Metrics Changes - Net income for 2020 was $19.4 million or $0.97 per diluted share, compared to $13.4 million or $0.69 per diluted share for 2019, reflecting an increase of $6 million [20] - Net interest income for the year increased by almost 20%, driven by a significant reduction in deposit costs [8][24] - Non-interest income grew almost 60% in 2020 compared to 2019, with loan swap fee income and gains from the recovery of acquired loans contributing to this growth [9] - Total provisions for loan losses were $9.5 million, up about $5.5 million from the prior year, marking a 140% increase [10] Business Line Data and Key Metrics Changes - Total loans reached $2.05 billion in 2020, with $190 million in PPP loans funded [31] - Excluding PPP, loans grew by $187 million, representing over 10% growth for the year [32] - Net interest income for Q4 2020 was $19.7 million, an increase of 21.8% compared to Q4 2019 [24] - Non-interest expense for the year was up only 2.6%, indicating strong expense control [9] Market Data and Key Metrics Changes - Cost of deposits dropped to 0.50% by year-end, down from 1.39% in Q4 2019, marking a reduction of 89 basis points [24][44] - Non-interest bearing deposits increased to over 22% of total deposits, up from 16.8% at the start of the year [7][46] - Total deposits grew by 16% in 2020, with significant growth in non-interest bearing and money market balances [46] Company Strategy and Development Direction - The company shifted focus from aggressive customer acquisition to a more mature model emphasizing bottom-line results and expense control [5][6] - Plans for 2021 include continued strong net interest income growth and a modestly higher margin driven by lower interest expenses [30] - The company aims to maintain effective expense management with a projected quarterly run rate of about $10.5 million for non-interest expenses [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic rebound and expects EPS growth for 2021 to be 20% to 25% higher than 2019 [17] - The impact of COVID-19 remains a concern, but the downside risk is considered manageable compared to earlier stress test scenarios [14] - The company anticipates continued loan growth and a stable asset quality outlook as it navigates the ongoing pandemic [41] Other Important Information - The efficiency ratio improved to 52.54% for Q4 2020, compared to 57.28% for 2019, reflecting better expense management [29][30] - The company closed two branches in Hamilton, New Jersey, but does not expect material attrition due to these closures [48] Q&A Session Summary Question: Inquiry about expense levels and performance-related compensation - Management clarified that the increase in expenses in Q4 was due to a catch-up in accruals after earlier reductions in response to pandemic uncertainties [53] Question: Loan growth and diversification from commercial real estate - Management indicated that while there will be continued activity in commercial real estate, there is optimism for growth in C&I and owner-occupied loans, aided by relationships developed through PPP [55][56] Question: Expectations for swap fees and loan growth - Management expects a bounce back in swap fees, although it remains unpredictable due to the nature of large deals [58] Question: Liquidity position and timing of deployment - The company is managing excess liquidity levels between $60 million to $65 million and has been retiring more expensive funding sources [60] Question: Loan growth outlook and impact of PPP - The loan growth outlook of 5% to 7% is exclusive of PPP loans, focusing on core business growth [92]

First Bank (NASDAQ:FRBA) Q3 2020 Earnings Conference Call October 27, 2020 9:00 AM ET Company Participants Patrick L. Ryan - President & CEO Stephen Carman - EVP & CFO Peter Cahill - EVP & Chief Lending Officer Emilio Cooper - EVP & Chief Deposits Officer Conference Call Participants Nicholas Cucharale - Piper Sandler Christopher Keith - D.A. Davidson Erik Zwick - Boenning & Scattergood Operator Good morning and welcome to the First Bank Third Quarter 2020 Earnings Conference Call. All participants will be ...

First Bank (NASDAQ:FRBA) Q2 2020 Earnings Conference Call July 28, 2020 9:00 AM ET Company Participants Patrick Ryan - President & CEO Stephen Carman - EVP & CFO Peter Cahill - EVP & Chief Lending Officer Emilio Cooper - EVP & Chief Deposits Officer Conference Call Participants Nick Cucharale - Piper Sandler David Bishop - DA Davidson Operator Good day, and welcome to the First Bank Second Quarter 2020 Earnings Conference Call and Webcast. All participants will be in a listen-only mode. [Operator Instructio ...

First Bank (NASDAQ:FRBA) Q1 2020 Earnings Conference Call April 28, 2020 9:00 AM ET Company Participants Patrick Ryan - President and Chief Executive Officer Stephen Carman - Executive Vice President and Chief Financial Officer Peter Cahill - Executive Vice President and Chief Lending Officer Emilio Cooper - Executive Vice President and Chief Deposits Officer Conference Call Participants Nick Cucharale - Piper Sandler Operator Good morning, and welcome to the First Bank First Quarter 2020 Earnings Conferenc ...

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First Bank (NASDAQ:FRBA) Q4 2019 Earnings Conference Call January 30, 2020 10:00 AM ET Company Participants Patrick Ryan - President, CEO & Director Steve Carman - Chief Financial Officer Peter Cahill - EVP & Chief Lending Officer Emilio Cooper - Chief Deposit Officer Conference Call Participants Nick Cucharale - Piper Sandler Howard Henick - Scurlydog Capital Operator Good day and welcome to the First Bank Fourth Quarter 2019 Earnings Conference Call. All participants will be in a listen-only mode. [Operat ...

Financial Data and Key Metrics Changes - The pro forma net income for Q2 2019 was estimated at approximately $4.1 million, consistent with prior quarters, after adjusting for provisions and tax rates [7][27] - Net income for Q2 2019 was reported at $2.8 million or $0.15 per diluted share, down from $4 million or $0.22 per diluted share in Q2 2018 [26] - The tax equivalent net interest margin for Q2 2019 was 3.37%, a decline of 26 basis points from 3.63% in Q2 2018 [19] Business Line Data and Key Metrics Changes - Loan growth in Q2 was $51.5 million, a 15% improvement from the previous quarter, with a year-over-year growth of 13% [31] - Noninterest income increased by 20% compared to prior quarters, while net interest income rose by over $500,000 from the prior year quarter [14] Market Data and Key Metrics Changes - The company experienced a decline in total deposits of $7.3 million during the quarter, but noninterest-bearing deposits grew by $22.8 million [28][45] - The loan-to-deposit ratio stood at 107%, indicating a need for core deposit growth to bring this ratio closer to 100% [56] Company Strategy and Development Direction - The company is focusing on core commercial deposit gathering initiatives to improve the cost of funds and is exploring M&A opportunities for EPS accretion [13] - Cost management strategies have been implemented, including closing underperforming branches and reviewing staff structure for efficiency [30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from a flat-inverted treasury yield curve and competitive deposit environment, but expressed optimism about future loan growth and asset quality [18][28] - The effective tax rate is expected to normalize around 24% for the year, with ongoing efforts to implement tax planning strategies [24] Other Important Information - The company has made strategic hires in Pennsylvania and expanded its commercial deposit gathering team, which is expected to enhance earnings moving forward [9][10] - A significant portion of Q2 expenses included nonrecurring items related to system conversion and merger-related costs [12] Q&A Session Summary Question: Can you share details about the C&I credit that moved to nonaccrual? - Management refrained from specifics but indicated that the collateral includes high-quality real estate, and they are prepared for various outcomes [50] Question: Is the mid-teens growth rate for the full year still a target? - Management remains committed to the target but indicated that a range of 10% to 15% would be acceptable given current conditions [51] Question: What is the outlook for operating expenses? - Management is focused on reducing expenses but has not set a specific target yet [52] Question: Can you clarify the NIM guidance? - A slight reduction in the coming quarter is expected, with stability anticipated as deposit costs are lowered [53] Question: Are there M&A opportunities due to recent activity in New Jersey? - Management sees M&A activity as creating opportunities for customer acquisition amid uncertainty [55] Question: How does the loan-to-deposit ratio impact loan growth guidance? - Management indicated that core deposit growth will influence decisions on loan growth to avoid increasing the loan-to-deposit ratio further [56] Question: What is the size of the loan relationship in question? - The loan relationship in question is approximately $8 million [61]

First Bank (NASDAQ:FRBA) Q1 2019 Earnings Conference Call April 30, 2019 9:00 AM ET Company Participants Stephen Carman - EVP, Treasurer & CFO Patrick Ryan - President, CEO & Director Peter Cahill - EVP & Chief Lending Officer Conference Call Participants Joseph Gladue - J. Alden Associates Operator Good morning, and welcome to the First Bank First Quarter 2019 Earnings Conference Call. [Operator Instructions]. Please note, this event is being recorded. I would now like to turn the conference over to Patric ...

First Bank (Nj) (NASDAQ:FRBA) Q4 2018 Earnings Conference Call January 25, 2019 9:00 AM ET Company Participants Patrick Ryan - President and Chief Executive Officer Stephen Carman - Chief Financial Officer Peter Cahill - Chief Lending Officer Conference Call Participants Nicholas Cucharale - Sandler O'Neill + Partners L.P. Joseph Gladue - Merion Capital Group LLC Operator Hello, and welcome to the First Bank Fourth Quarter 2018 Earnings Conference Call. All participants will be in listen-only mode. [Operato ...