First Bank Reports Third Quarter 2020 Net Income of $5.9 Million

For the Third Quarter and nine months of 2020: Strong revenue growth, continued solid organic loan origination, and effective management of non-interest expense

HAMILTON, N.J. — (GLOBE NEWSWIRE) — October 26, 2020 — First Bank (Nasdaq Global Market: FRBA) today announced results for the three and nine months ended September 30, 2020. Net income for the third quarter of 2020 was $5.9 million, or $0.30 per diluted share, compared to $1.1 million, or $0.06 per diluted share, for the third quarter of 2019. Return on average assets and return on average equity for the third quarter of 2020 were 1.03% and 10.20%, respectively, compared with 0.23% and 2.11%, respectively, for the third quarter of 2019. Net income for the first nine months of 2020 was $13.3 million, an increase of $5.1 million, or 61.6%, compared to $8.2 million, for the same period in 2019. Diluted earnings per share for the year-to-date period ended September 30, 2020, were $0.66, an increase of $0.23
or 53.5%, compared to $0.43 per diluted share for the comparable period in 2019. Net income for the three and nine months ended September 30, 2019 was adversely impacted by merger-related expenses. Excluding the impact of these expenses adjusted diluted earnings per share, adjusted return on average assets and adjusted return on average equity for the three months ended September 30, 2019 were $0.20, 0.81% and 7.34%, respectively.

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