First Bank Reports 2011 Net Income of $2.1 Million

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Feb 16, 2012, 01:10 ET

HAMILTON, N.J., Feb. 16, 2012 /PRNewswire/ -- First Bank (OTC BB: FRBA) today announced fourth quarter and full-year 2011 results. Operating profit for the quarter was $250,000. Including a $1.8 million tax benefit recognized at the end of the year, annual profit for 2011 was $2.1 million.

Total assets at year end were $264.9 million, an increase of $52.9 million or 25% during the year. Total loans reached $207.0 million by the end of the year, an increase of $53 million compared to the end of 2010. Total deposits reached $234.7 million, an increase of $46.9 million compared to last year. Book value per share improved to $6.17, an increase of $0.58 per share or 10%.

President and Chief Executive Officer Paul E. Fitzgerald discussed the financial results, "Our performance improved throughout 2011, and we were pleased with our year-end results. We finished with significant profits in the last three quarters of the year, and realization of the tax benefit provided a nice boost to capital and book value per share."

Executive Vice President and Chief Operating Officer Patrick L. Ryan commented, "We have reached a size and scale where we're starting to deliver consistent profits. We are investing for continued growth, as evidenced by the opening of our Hamilton branch in December. Our investments should not prevent us from continuing to show profitable results. We are working hard to make sure we're in a position to capitalize on the significant opportunities that exist in the community banking business today."

About First Bank

First Bank (www.firstbanknj.com) is a New Jersey, state-chartered bank, which conducts its business with four full-service branches in Ewing, Hamilton, Lawrence, and Williamstown, New Jersey. With $265 million in assets as of December 31, 2011, First Bank offers a range of deposit and loan products to individuals and businesses in its Central and Southern New Jersey markets. First Bank's common stock is quoted on the OTC Bulletin Board 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 the company's control and could impede its ability to achieve these goals. These factors include general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, and results of regulatory exams, among other factors.

SOURCE First Bank