HAMILTON, N.J., May 9, 2013 /PRNewswire/ -- First Bank (OTC BB:FRBA) today announced first quarter 2013 results. Net income for the quarter was $380,000.
Total assets at March 31, 2013 were $373 million, an increase of $22 million or 6.3% during the quarter. Total loans reached $280 million at quarter end, an increase of $20 million or 7.7% compared to December 31, 2012. Total deposits reached $331 million, an increase of $22 million or 7.1% compared to the end of the year.
Book equity increased to $31.3 million. Book value per share improved to $6.68.
President and Chief Executive Officer Patrick L. Ryan discussed the financial results: "In the first quarter, we were pleased to see a continuation of our steady growth. Loans and deposits grew nicely and we saw an excellent increase in our non-interest bearing deposit balances. Our pipeline of loans in process remains healthy. Revenue growth continued during the quarter, but like many banks, pressure on earning-asset yields caused our net interest margin to contract.
"Asset quality metrics continued to improve in the first quarter. Specifically, non-performing assets to total assets (NPAs/Assets) declined from 1.69% at year end to 1.28% on March 31, 2013. Having worked through the start-up phase, First Bank is now paying income taxes. Net income of $380,000 in the first quarter reflects the impact of our new, taxable position."
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 $373 million in assets as of March 31, 2013, 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