|By PR Newswire||
|October 22, 2012 07:01 AM EDT|
HAMILTON, N.J., Oct. 22, 2012 /PRNewswire/ -- First Bank (OTC BB: FRBA) today announced third quarter 2012 results. Net income for the quarter was $664,500. Net income for the nine-months ended 9/30/12 was $1,588,400.
Total assets at September 30, 2012 were $328 million, an increase of $13 million or 4% during the quarter. Total loans reached $242 million at quarter end, an increase of $8 million or 3% compared to June 30, 2012. Total deposits reached $292 million, an increase of $8 million compared to the end of the second quarter. With the third quarter earnings and the $3.7 million initial closing of the capital offering on September 30, 2012, book equity increased to $29.9 million. Book value per share improved to $6.49, as the earnings for the quarter more than offset the book value dilution from the capital offering.
President and Chief Executive Officer Paul E. Fitzgerald discussed the financial results: "Core earnings of $664,500 in Q3 were up 22% compared to $546,300 in Q2, a trend we hope will continue as we continue to grow our franchise. Our net interest margin is holding relatively steady despite this difficult interest rate environment."
Executive Vice President and Chief Operating Officer Patrick L. Ryan commented, "We are pleased with the Q3 results: revenue was up; earnings were up; and, importantly, asset quality metrics continued to improve. Our loan and deposit pipelines remain active and we're hopeful for a strong finish to 2012."
First Bank also announced that its current capital offering has been officially oversubscribed. Subscriptions have come in for more than the 800,000 shares that can be issued in the offering. The Bank expects to have a final closing of the capital offering shortly, bringing in $500,000 in additional capital and closing at the maximum of $4.2 million allowed.
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 $328 million in assets as of September 30, 2012, 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