First Bank Reports First Quarter 2012 Net Income of $378,000; Approaches $300 million in Total Assets

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May 08, 2012, 06:15 ET

HAMILTON, N.J., May 8, 2012 /PRNewswire/ -- First Bank (OTC BB: FRBA) today announced first quarter 2012 results. Net income for the quarter was $378,000.

Total assets at 3/31/12 were $295 million, an increase of $30 million or 11% during the quarter. Total loans reached $225 million at quarter end, an increase of $18 million or 9% compared to year-end of 2011. Total deposits reached $265 million, an increase of $30 million compared to the end of last year. Book value per share improved to $6.28.

President and Chief Executive Officer Paul E. Fitzgerald discussed the financial results, "Our strong performance in 2011 continued into the first quarter of 2012, and we were pleased with our quarterly results. We finished with solid, core operating profits in the first quarter of 2012 and have now posted profits in five of the past six quarters."

Executive Vice President and Chief Operating Officer Patrick L. Ryan commented, "We continue to build our customer base, build our revenue base and increase our profitability. With four, growing branch locations, deposit growth actually increased in the first quarter. Our loan pipeline remains very active and we're hopeful that these positive operating trends will continue throughout the year."

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 $295 million in assets as of March 31, 2012, 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