First Bank Reports Second Quarter 2012 Net Income of $546,000; Total Assets Reach $315 million

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Jul 23, 2012, 06:30 ET

HAMILTON, N.J., July 23, 2012 /PRNewswire/ -- First Bank (OTC BB: FRBA) today announced second quarter 2012 results. Net income for the quarter was $546,000. Net income for the first six months was $924,000.

Total assets at 6/30/12 were $315 million, an increase of $20 million or 7% during the quarter. Total loans reached $234 million at quarter end, an increase of $9 million or 4% compared to March 31, 2012. Total deposits reached $284 million, an increase of $19 million compared to the end of the first quarter. Book value per share improved to $6.44.

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

Executive Vice President and Chief Operating Officer Patrick L. Ryan commented, "We continue to build our franchise. With four, growing branch locations, we continue to add profitable deposit and loan customers. With our well established networks in the communities we serve, we believe we're well positioned to continue to capture market share."

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 $315 million in assets as of June 30, 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 Bank'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