First Bank Announces Fourth Quarter 2023 Net Income of $8.4 Million and Full Year Net Income of $20.9 Million

HAMILTON, N.J., Jan. 24, 2024 (GLOBE NEWSWIRE) — First Bank (Nasdaq Global Market: FRBA) (the Bank) today announced results for the fourth quarter and full year 2023. Net income for the fourth quarter of 2023 was $8.4 million, or $0.33 per diluted share, compared to $9.1 million, or $0.46 per diluted share, for the fourth quarter of 2022. Return on average assets, return on average equity and return on average tangible equityⁱ for the fourth quarter of 2023 were 0.93%, 9.06% and 10.67%, respectively, compared to 1.35%, 12.61% and 13.53%, respectively, for the fourth quarter of 2022. Excluding merger-related expenses and losses on the sale of loans and investments, First Bank’s fourth quarter 2023 adjusted diluted earnings per shareⁱⁱ were $0.49, adjusted return on average assetsⁱⁱ was 1.38% and adjusted return on average tangible equityⁱⁱ was 15.75%.

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