HAMILTON, N.J. — First Bank (Nasdaq Global Market: FRBA) today announced that the Kroll Bond Rating Agency (KBRA), a Nationally Recognized Statistical Rating Organization (NRSRO) registered with the U.S. Securities and Exchange Commission (SEC), has affirmed the Bank’s credit ratings and stable outlook.
The Bank’s favorable ratings and a stable outlook were maintained with a Deposit rating of BBB+, Senior Unsecured Debt rating of BBB+, Subordinated Debt rating of BBB, Short-Term Deposit rating of K2 and a Short-Term Debt rating of K2. KBRA’s report and additional details on their rating scale can be found at their website at www.krollbondratings.com. According to KBRA’s report, “First Bank’s ratings are supported by its seasoned management team that has been successfully executing the Bank’s strategic objectives in recent years, including the utilization of M&A and organic growth to build scale within footprint, as well as enhancing the core deposit franchise, both of which have tremendously improved FRBA’s earnings capacity. Through balance sheet growth and positive operating leverage, as well as cost-savings from acquisitions and branch rationalization, the Bank has been able to meaningfully reduce operating expenses relative to average assets in recent years.