First Bank ( (FRBA) ) has released its Q1 earnings. Here is a breakdown of the information First Bank presented to its investors.
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First Bank is a New Jersey state-chartered bank operating in the financial services sector, offering a full range of deposit and loan products through its branches in New Jersey, Pennsylvania, and Florida. In the first quarter of 2025, First Bank reported a net income of $9.4 million, reflecting a decrease from $12.5 million in the same period last year. Despite this, the bank experienced strong loan and deposit growth, with total loans increasing by $91.8 million and total deposits rising by $63.9 million from the previous quarter. The bank’s net interest margin improved to 3.65%, and it maintained strong asset quality with a decrease in nonperforming assets. The bank’s strategic initiatives focused on diversifying its services and expanding its commercial and industrial loan portfolios have shown positive results, contributing to an 8% annualized increase in tangible book value per share. Looking forward, First Bank’s management remains optimistic about its growth prospects, emphasizing continued investments in technology and business units to enhance efficiency and profitability.