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First Bank: First Bank Continues to Add Core Customers -- Announces Key Additions to Management Team; Q2 2009 Results of Operat

^{Published on 2009-07-28 11:52:27, Last Modified on 2009-07-28 11:52:35 - Market Wire}
 

WILLIAMSTOWN, NJ--(Marketwire - July 28, 2009) - First Bank (OTCBB: [ FRBA ]) today announced steady growth as it continues to add core deposit and loan customers. At June 30, 2009, total assets increased to $214.8 million compared to $189.3 million at March 31, 2009. Deposits also increased to $188.5 million at June 30, 2009 compared to $161.1 million for March 31, 2009. Total loans reached $89.4 million at the end of June compared to $59.6 million at the end of March 2009.

In the fourth quarter of 2008, a prominent central New Jersey investor group successfully completed a recapitalization of First Bank, raising $19.2 million in net new capital. First Bank's capital base ended Q2 2009 at $22.9 million compared to $24.7 million at March 31, 2009. First Bank's book value was $6.70 per share at June 30, 2009. First Bank reported a net loss for the second quarter of 2009 of $1.1 million, compared to a loss of $0.8 million in the first quarter.

First Bank was a well-capitalized bank at June 30, 2009 with a total risk-based capital ratio of 22.5%, well over the minimum of 10% to be considered well-capitalized under regulatory definitions. Asset quality remained solid with nonperforming assets to total assets of 0.39% at June 30, 2009.

President and Chief Executive Officer James W. Loney discussed First Bank's Q2 2009 results. "Despite a significant reduction in advertising and promotions in the second quarter, we still enjoyed steady customer acquisition," he stated. "Adding $27.4 million in new deposits and $29.8 million in net new loan balances with minimal marketing shows the type of grass roots traction we've generated here at First Bank," he noted.

Executive Vice President and Chief Operating Officer Patrick L. Ryan commented on the internal investments the bank made to continue solidifying its operating base. "We made several key additions to the First Bank management team, adding a senior executive to assume responsibility for Information Technology along with the addition of great new talent in the lending and finance departments," he noted. "Furthermore the bank made important investments in training and technology to ensure top-notch customer service. We are a bank that will differentiate itself based on service, and these investments will pay dividends well into the future." He concluded, "Our permanent office is almost complete in Williamstown and we're very excited about the progress we'll make once customers see and experience this new banking facility. Lastly, our new branch manager in Williamstown, Stephen Bowen, has great ties to the community and a great track record for generating positive results."

About First Bank

First Bank is a New Jersey, state chartered bank, which conducts its business with three full-service branches in Ewing, Lawrence, and Williamstown, New Jersey. 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 company'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.