HAMILTON, N.J., June 26, 2024 (GLOBE NEWSWIRE) -- First Bank (Nasdaq Global Market: FRBA) invites participation in a conference call to discuss the Company's financial and operating performance during its second quarter ending on June 30, 2024. When: Thursday, July 25, 2024 at 9:00 a.m. Eastern Time Access: Conference Call Dial-In: (800) 715-9871 (toll free) Patrick L. Ryan, President and Chief Executive Officer, Andrew L. Hibshman, Chief Financial Officer, Peter J. Cahill, Chief Lending Officer, and Darlee ...

"I am deeply honored to receive the Entrepreneur of the Year award on behalf of Climate First Bank. This recognition underscores our commitment to pioneering sustainable banking practices and driving positive environmental impact. We remain steadfast in our mission to lead by example in the banking industry and to empower our customers to make environmentally responsible financial decisions. This accolade inspires us to continue pushing boundaries and setting new standards for sustainable banking," said LaR ...

Republic First Bank was seized by Pennsylvania regulators Friday. The FDIC reached a deal with Fulton Financial (FULT) to assume substantially all deposits and purchase substantially all assets of the Republic Bank.X As of Jan. 21, Republic Bank had about $6 billion in total assets and $4 billion in total deposits. Republic Bank's 32 banks in New Jersey, Pennsylvania and New York will reopen as Fulton Bank branches.The FDIC estimates the deposit insurance cost reflated to Republic Bank's failure at $667 mil ...

ToplineTroubled Philadelphia-based regional bank Republic First Bancorp was seized by Pennsylvania regulators Friday, marking the first regional banking failure this year following a series of high-profile collapses in 2023—though the bank is far smaller than those that collapsed last year and its nearly three dozen branches are set to reopen under a new name.Philadelphia-based Republic First Bancorp was seized by Pennsylvania regulators, the FDIC announced ... [+] on Friday.Getty Images Key FactsThe Pennsy ...

First Bank (FRBA) came out with quarterly earnings of $0.49 per share, beating the Zacks Consensus Estimate of $0.43 per share. This compares to earnings of $0.38 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 13.95%. A quarter ago, it was expected that this company would post earnings of $0.37 per share when it actually produced earnings of $0.49, delivering a surprise of 32.43%.Over the last four quarters, the company has s ...

HAMILTON, N.J., April 22, 2024 (GLOBE NEWSWIRE) -- First Bank (Nasdaq Global Market: FRBA) (the Bank) today announced results for the first quarter of 2024. Net income for the first quarter of 2024 was $12.5 million, or $0.50 per diluted share, compared to $7.0 million, or $0.36 per diluted share, for the first quarter of 2023. Return on average assets, return on average equity and return on average tangible equity[i] for the first quarter of 2024 were 1.41%, 13.36% and 15.64%, respectively, compared to 1.0 ...

While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that t ...

First Bank (Hamilton) (NASDAQ:FRBA) Q3 2023 Earnings Conference Call October 26, 2023 9:00 AM ET Company Participants Patrick Ryan - President, CEO & Director Andrew Hibshman - EVP, Treasurer & CFO Darleen Gillespie - Head, Retail, First Senior VP & Chief Retail Banking Officer Peter Cahill - EVP & Chief Lending Officer Conference Call Participants Justin Crowley - Piper Sandler & Co. Manuel Navas - D.A. Davidson & Co. Operator Ladies and gentlemen, thank you for standing by. My name is Sara, and I will be ...

Financial Data and Key Metrics Changes - The company reported a net income of $6.8 million for Q2 2023, translating to $0.35 per diluted share, with a return on average assets of 0.97% [24] - Net income declined by $190,000 from the previous quarter and by $2.0 million compared to Q2 2022 [6] - The tax equivalent net interest margin decreased to 3.28% in Q2 2023 from 3.52% in the previous quarter [7] Business Line Data and Key Metrics Changes - Loans increased by $44 million in Q2 2023, compared to an increase of $55 million in Q1 2023 [25] - C&I loans represented 73% of new loans closed and funded in Q2, slightly down from 74% in Q1 [15] - Noninterest expenses were $13.8 million in Q2 2023, up 2.4% from Q1 2023 [9] Market Data and Key Metrics Changes - Total deposits grew by $158 million in Q2 2023, recovering from a decline of $52 million in Q1 2023 [25] - Noninterest-bearing deposits increased by $13 million in Q2 2023, rebounding from a decrease of $40 million in Q1 [7] - The cost of deposits increased by 50 basis points from Q1 2023 due to competitive pressures [11] Company Strategy and Development Direction - The company aims to leverage the Malvern Bank acquisition to enhance its presence in Southeastern Pennsylvania and improve balance sheet management [3] - Strategic investments in people and technology are expected to yield long-term benefits despite causing near-term earnings drag [3] - The focus is on optimizing the balance sheet for better risk-adjusted profitability and shareholder value [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong asset quality metrics despite industry headwinds [2] - The current interest rate environment is expected to continue exerting pressure on margins, but the company is focused on maintaining loan pricing to improve yields [7] - The integration of Malvern Bank is anticipated to provide significant liquidity and balance sheet flexibility [7] Other Important Information - The company plans to incur the majority of merger-related expenses in Q3 2023, with expected cost savings to be realized by the end of Q4 2023 [10] - The allowance for credit losses to total loans remained steady at 1.25%, with modest net charge-offs year-to-date [26] Q&A Session Summary Question: When is the systems conversion scheduled to take place? - The systems conversion is scheduled for the weekend of September 9, 10, and 11 [43] Question: What is the organic loan growth target for the full year? - The typical target for organic growth is around $200 million, with flexibility based on market conditions and quality of deals [44] Question: Can you discuss general demand for loans? - There is less activity in the market, but businesses are still engaging in deliberate borrowing, with a slowdown in payoffs contributing to net loan growth [45] Question: What is the focus within C&I lending? - The focus is broad-based within C&I, including small micro-business lending and asset-based lending, alongside core market teams seeking quality opportunities [66] Question: How is the company approaching deposit growth? - The company is reallocating staff to focus more on market engagement and relationship building to drive deposit growth [75]

Financial Data and Key Metrics Changes - For Q1 2023, First Bank reported a net income of $7.0 million, or $0.36 per diluted share, with a return on average assets of 1.03%. Excluding merger-related expenses, diluted EPS would have been $0.38, translating to a 1.1% return on average assets [16][24][30] - The net interest margin (NIM) decreased to 3.52% from 3.69% in Q4 2022, primarily due to increased deposit costs and a decline in loan yields [25][39] - Total deposits decreased by $52 million during Q1 2023, with non-interest-bearing deposits down $40 million and interest-bearing deposits down 12% [25][48] Business Line Data and Key Metrics Changes - Commercial loan growth continued, with loans increasing by $55 million in Q1 2023, primarily driven by C&I lending, which accounted for over 80% of the growth [17][19] - Non-interest income decreased to $964,000 from $1.4 million in Q4 2022, mainly due to a decline in loan fees and losses on the sale of securities [33] - Non-interest expenses rose to $13.5 million, an increase of 8.3% compared to Q4 2022, driven by higher salaries and occupancy expenses related to new regional centers [36][39] Market Data and Key Metrics Changes - The bank experienced manageable deposit outflows, primarily attributed to customers seeking higher-yielding investment options rather than concerns about banking stability [18][44] - Non-interest-bearing demand deposits as a percentage of total deposits decreased to 20.7% from 22% in the previous quarter, while time deposits increased to 24.7% from 23.1% [49] - The bank's liquidity position improved, with an available liquidity to adjusted uninsured deposit ratio of approximately 106% as of April 2023 [30][28] Company Strategy and Development Direction - The company is undergoing a strategic transformation, focusing on diversifying its business geographically and across lines of business to enhance profitability and shareholder value [22][39] - The merger with Malvern Bank is a top priority, expected to create opportunities for growth and improve balance sheet management [10][76] - The bank aims to shift its loan portfolio composition, targeting a gradual decrease in investor real estate loans while increasing C&I and owner-occupied loans [82][84] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the community banking model's resilience, noting that strategic investments made during the quarter will drive future earnings [15][20] - The current interest rate environment is expected to continue exerting pressure on the margin, but management is confident in the bank's ability to maintain strong core profitability [39][122] - The bank is focused on quality loan growth, emphasizing the importance of economically attractive business opportunities rather than chasing growth for its own sake [124][125] Other Important Information - The bank's allowance for credit losses on loans was increased to 1.25% of total loans following the adoption of CECL [30][31] - The bank has implemented measures to enhance liquidity, including increasing borrowings and pledging securities [27][28] Q&A Session Summary Question: What is the long-term vision for the composition of the loan portfolio? - Management aims to gradually shift the loan portfolio to reduce investor real estate loans to around 50% and increase C&I and owner-occupied loans [82][84] Question: Where are the most opportunities geographically? - Opportunities are broad-based across all regions, with active pipelines and good performance noted in North Jersey, Central Jersey, South Jersey, and Southeastern PA [86] Question: Is there expected relief in expenses in the near term? - Expenses are expected to remain higher in the short run due to new hires and strategic initiatives, but management is actively looking for cost-saving opportunities [90][92] Question: What is the status of share buybacks? - There is capacity for share buybacks, with 1.2 million shares remaining on the authorization, but timing will depend on shareholder and regulatory approvals related to the merger [116][120] Question: How is the bank approaching loan growth targets in the current environment? - Management is not changing the budgeted loan growth target of approximately $200 million but emphasizes the importance of quality over quantity in loan growth [124][125]