First Bank Announces Fourth Quarter 2025 Net Income of $12.3 Million and Full Year Net Income of $43.7 Million

HAMILTON, N.J., Jan. 26, 2026 (GLOBE NEWSWIRE) — First Bank (Nasdaq Global Market: FRBA) (“the Bank”) today announced results for the fourth quarter of 2025. Net income for the fourth quarter of 2025 was $12.3 million, or $0.49 per diluted share, compared to $10.5 million, or $0.41 per diluted share, for the fourth quarter of 2024. Return on average assets, return on average equity and return on average tangible equityⁱ for the fourth quarter of 2025 were 1.21%, 11.11% and 12.58%, respectively, compared to 1.10%, 10.27% and 11.82%, respectively, for the fourth quarter of 2024.

Full year 2025 net income was $43.7 million, or $1.74 per diluted share, compared to $42.2 million, or $1.67 per diluted share for 2024. Return on average assets, return on average equity and return on average tangible equity for the full year 2025 were 1.11%, 10.26% and 11.69%, respectively, compared to 1.15%, 10.77% and 12.50%, respectively, for the full year 2024.

Fourth Quarter 2025 Performance Highlights:

• Total loans were $3.29 billion at December 31, 2025, increasing $149.0 million, or 4.7%, from December 31, 2024, and decreasing $80.7 million from the linked quarter ended September 30, 2025. Elevated levels of payoffs totaling $134.8 million during the fourth quarter of 2025 drove the decline in loans. This level of payoffs was almost as much as the total for the first nine months of 2025 which totaled $149.9 million.

• Total deposits were $3.20 billion at December 31, 2025, increasing $146.4 million, or 4.8%, from December 31, 2024, and decreasing $21.3 million, or 2.6% annualized, from the linked quarter ended September 30, 2025.

• Net interest margin measured 3.74% for the fourth quarter of 2025, increasing three basis points compared to 3.71% for the linked quarter. Net interest margin measured 3.69% for the full year 2025, increasing 12 basis points compared to 3.57% for the full year 2024.

• Total revenue (net interest income plus non-interest income) of $38.5 million for the fourth quarter of 2025 increased $495,000, or 1.3%, compared to the linked quarter, while full year total revenue was $147.2 million, an increase of $17.3 million, or 13.4%, compared to 2024.

• Efficiency ratioⁱⁱ measured 49.46% for the fourth quarter of 2025, improving from 51.81% for the linked quarter and 56.91% for the fourth quarter of 2024.

• Tangible book value per shareⁱⁱⁱ grew to $15.81 at December 31, 2025, increasing 12.4%, annualized, from $15.33 at September 30, 2025 and increasing 11.5% from $14.19 at December 31, 2024.

Patrick L. Ryan, President and CEO of First Bank, reflected on the Bank’s performance, stating, “We experienced continued improvement in our core operating trends and we also saw a number of “non-standard” items during the fourth quarter. Our community banking and specialty banking teams continued to execute our strategy to grow deep commercial relationships, building solid loan and deposit pipelines heading into 2026. During the fourth quarter we increased our net interest margin with effective pricing and balance sheet management, even as loan balances retracted amidst elevated payoff activity during the quarter. We operated with an efficiency ratio that remained below 60% for the 26th consecutive quarter, contributing to strong pre-provision net revenue and demonstrating our core operating strength. 

“We did see continued softness in the micro/small business credit-scored segment which led to elevated specific reserves and charge-offs in the quarter. Helping to offset those elevated credit costs in the quarter was a $1.9 million gain (booked as a contra expense) related to an OREO property in Florida that we had been carrying for several years at a $0 value. The unusually high payoff activity led to higher than usual prepayment income during the quarter, a short-term boost to help offset the reduction in interest-earning assets.  The re-opening of the federal government in the quarter also allowed us to resume SBA loan sales, which helped drive improved non-interest income in the quarter.

“In our largest commercial segments, we continue to see mostly stable asset quality trends, ending the year with a nonperforming asset to total assets ratio of 0.46% which is identical to the ratio we had at the end of 2024. Criticized loans which includes loans classified as substandard and special mention totaled $80.4 million, or 2.44% of loans at December 31, 2025, up from $67.2 million, or 2.15% of loans at December 31, 2024. Unfortunately, we needed to downgrade one $23 million cashflow-based C&I loan to substandard towards the end of the year due to continued challenges with the sales and profitability of the business. While this business has a number of locations that continue to perform well, the overall downward trends drove the need to downgrade and we’re monitoring the situation closely given the cashflow-based nature of the credit.

“When going a level deeper in our risk rating scale, the total balance of pass/watch rated loans declined from $85.7 million at December 31, 2024, to $70.8 million at September 30, 2025 and $57.8 million at December 31, 2025. Combining all three categories, pass/watch, special mention and substandard, our ratio declined from 4.86% at December 31, 2024, to 4.41% at September 30, 2025 and to 4.20% at December 31, 2025.  Meanwhile, credit quality in our largest segment, CREI, has been strong and improving with delinquency levels in that portfolio at 0.02% at December 31, 2025. In summary, small business lending has been a challenge but it remains a small portfolio, and we expect things to stabilize throughout 2026. C&I loans have performed well, except for the aforementioned credit that was downgraded and the CREI portfolio is performing very well.”

Mr. Ryan added, “We are focused on efficiency and profitability coupled with sustainable balance sheet growth as we continue our evolution from a traditional community bank into a full-service, middle market commercial bank. In 2025 we grew loans by 4.7% and delivered an 11.5% increase in tangible book value per share, demonstrating our ability to produce meaningful growth in shareholder returns. We are very pleased that our strong performance in 2025 and our expectations for continued strength in 2026 allowed for a 50% increase to our quarterly cash dividend.

“In 2026 we expect to continue investing in our franchise, from technology to talent. Our specialty banking groups are continuing to move closer to scale, while our core community bankers and CRE lending teams are executing their strategies for profitable growth. We have an optimized branch footprint and are positioned to serve our customers with both in-person and digital convenience and excellence. We believe our diverse teams and our balance sheet are positioned to drive healthy growth and strong profitability across a range of economic conditions and interest rate environments, and we expect our ongoing efficiency initiatives will continue to support increased shareholder returns.”

Income Statement

In the fourth quarter of 2025, the Bank’s net interest income increased to $36.2 million, growing $4.6 million, or 14.5%, compared to the same period in 2024. The increase was primarily driven by an increase of $3.5 million in interest income, reflecting higher average loan balances, and a $1.1 million decrease in interest expense, primarily due to a 40 basis point reduction in the cost of interest bearing deposits. Net interest income increased $633,000, or 1.8%, over the linked quarter of 2025. This increase was driven by a decrease of $1.5 million in interest expense, which primarily resulted from an 18 basis point reduction in the cost of interest bearing deposits and lower costs related to the timing of our subordinated debt refinancing in the third quarter of 2025. This was partially offset by an $854,000 decrease in interest income, primarily due to lower average loan balances and yields.

Full year 2025 net interest income totaled $137.8 million, an increase of $15.3 million, or 12.5%, compared to $122.5 million for 2024. The increase was primarily a result of higher interest income from loans due to average loan growth of $267.0 million, or 8.8%, which outpaced the nine basis point decline in average loan yields in 2025. Net interest income growth was additionally supported by a decrease in interest expense due to a 30 basis point decline in the cost of interest bearing deposits, reflective of the lower interest rate environment in 2025. The average annual cost of time, money market, and interest bearing demand deposits decreased 34, 57, and 15 basis points, respectively, while the average cost of savings deposits increased 37 basis points.

The Bank’s tax equivalent net interest margin measured 3.74% for the fourth quarter of 2025, increasing 20 basis points from 3.54% for the fourth quarter of 2024 and increasing three basis points from the third quarter of 2025. Improvement from the prior year quarter was driven by an improved interest rate spread, reflecting declines in average rates on deposits and borrowings which outpaced the reduction in average rates on earning assets. The Bank’s net interest margin improved compared to the linked quarter primarily due to an improved interest rate spread, reflecting declines in average rates on deposits which outpaced the reduction in average rates on earning assets. Net interest margin for the fourth quarter of 2025 also benefited from the decreased cost of subordinated debt related, to the timing of refinancing during the third quarter of 2025. The Bank’s tax equivalent net interest margin includes the impact of amortization and accretion of premiums and discounts from fair value measurements of assets acquired and liabilities assumed in acquisitions and prepayment penalty income. The net purchase accounting impact was $1.6 million in net interest income during the fourth quarter of 2025, compared to $2.6 million for the third quarter of 2025. Prepayment penalty income was $945,000 in the fourth quarter of 2025, compared to $54,000 in the third quarter of 2025.

The full year 2025 tax equivalent net interest margin was 3.69%, an increase of 12 basis points compared to 3.57% for the full year 2024. The increase was principally a result of a 28 basis point decrease in interest bearing liabilities cost, partially offset by a 14 basis point reduction in the yield on interest earning assets.

The Bank recorded a credit loss expense totaling $4.8 million during the fourth quarter of 2025, compared to credit loss expense totaling $3.0 million for the third quarter of 2025 and $234,000 for the fourth quarter of 2024. The increased credit loss expense in the fourth quarter of 2025 was primarily due to additional net charge-offs and increased specific reserves, primary related to the Bank’s small business portfolio. Additionally, during the fourth quarter of 2025, there was a $20.9 million increase in substandard loans, which led to an increased level of reserves, particularly in our C&I portfolio.

For the full year 2025, the Bank reported a credit loss expense of $11.9 million, compared to $1.2 million for 2024. The increase in credit loss expense reflects the higher level of net charge-offs when compared to 2024 and higher provision commensurate with loan growth during the year. Net charge-offs for 2025 totaled $4.2 million, compared to $205,000 for 2024, excluding $5.5 million in a purchase credit deteriorated loan charge-off in the first quarter of 2024, which was reserved through purchase accounting marks at the time of the Malvern acquisition in 2023.

The Bank recorded non-interest income totaling $2.3 million for the fourth quarter of 2025, compared to $2.2 million and $2.4 million for the prior year and linked quarters, respectively. Non-interest income increased by $107,000 compared to the prior year quarter primarily related to higher gains on the sale of loans during the fourth quarter of 2025, partially offset by lower loan fees. Non-interest income decreased by $138,000 from the linked quarter primarily due to lower gains on the recovery of acquired loans, partially offset by higher loan fees and gains on the sale of loans during the fourth quarter of 2025.

Non-interest income for the full year ended December 31, 2025 totaled $9.4 million, increasing $2.1 million, or 28.3%, compared to $7.3 million for the full year ended December 31, 2024. $1.7 million of the increase related to $666,000 in net gains on the sale of loans recorded in 2025, compared to $1.1 million in net losses realized on the sale of loans and investment securities in 2024. Additionally, in 2025 the Bank recorded $1.0 million in gains on the recovery of acquired loans and gains on the sale of other assets, compared to $270,000 recorded in 2024. The increase in non-interest income was partially offset by a $1.0 million reduction in income earned from bank-owned life insurance (“BOLI”) in 2025 due to elevated BOLI gains recognized in 2024 related to restructuring of the Bank’s BOLI assets.

Non-interest expense for the fourth quarter of 2025 was $17.1 million, decreasing $2.0 million, or 10.7%, compared to $19.1 million for the fourth quarter of 2024. The decrease was primarily due to a $1.9 million gain related to the sale of an Other Real Estate Owned (“OREO”) asset that was acquired in 2019 and was held at no carrying value. Salaries and employee benefits expense increased $469,000 compared to the prior year quarter, while other operating expense categories declined in total, reflecting the Bank’s effective expense management in 2025.

Non-interest expense decreased $2.6 million from $19.7 million in the third quarter of 2025. The linked quarter decline was principally due to the aforementioned $1.9 million OREO gain recorded during the fourth quarter of 2025, coupled with a $400,000 decrease in salaries and employee benefits primarily due to lower bonus expense in the quarter. Declines across other expense categories were primarily related to ongoing implementation of efficiency initiatives during the fourth quarter.

Non-interest expense for the full year 2025 totaled $78.0 million, an increase of $4.5 million, or 6.1%, compared to $73.5 million for 2024. The increase was primarily a result of salaries and employee benefits costs increasing $4.7 million due to a larger employee base and occupancy and equipment costs rising $1.0 million primarily due to branch optimization efforts. These efforts included three new branch locations, two branch closures/consolidations and one branch relocation. This was partially offset by the aforementioned $1.9 million OREO gain and lower professional fees in 2025.

Income tax expense for the three months ended December 31, 2025 was $4.3 million with an effective tax rate of 25.7%, compared to $3.9 million with an effective tax rate of 27.2% for the fourth quarter of 2024. Income tax expense for the fourth quarter of 2024 was elevated primarily due to the impact of the BOLI restructuring completed in 2024. Income tax expense for the full year ended December 31, 2025 was $13.6 million with an effective tax rate of 23.8%, compared to $12.9 million with an effective tax rate of 23.4% for the full year ended December 31, 2024. The fourth quarter 2025 tax rate was higher than the full year rate due to some year-end adjustments primarily related to state tax allocations and tax credit activity. We anticipate our future effective tax rate will be approximately 24-25%.

Balance Sheet

The Bank reported total assets of $3.96 billion at December 31, 2025, an increase of $180.3 million, or 4.8%, from $3.78 billion at December 31, 2024. Total loans increased $149.0 million, or 4.7%, over the same period, reflecting strong organic growth, particularly in the commercial and industrial (“C&I”) portfolio, partially offset by elevated payoffs during the fourth quarter. The Bank’s cash and cash equivalents increased by $37.3 million, or 13.7%, compared to December 31, 2024, as management continued to maintain adequate on-balance sheet liquidity.

Total assets decreased $72.0 million during the fourth quarter of 2025 primarily due to a net decline in loans of $80.7 million. The decline in loans was driven by an elevated level of payoffs totaling $134.8 million. New loan activity continued to be robust. Cash and cash equivalents also decreased by $9.7 million compared to September 30, 2025.

The Bank reported total deposits of $3.20 billion as of December 31, 2025, an increase of $146.4 million, or 4.8%, from $3.06 billion at December 31, 2024. Deposit growth was primarily due to our team’s success in attracting new deposit relationships and maintaining existing balances amid heightened industry-wide pricing competition, partially offset by the Bank’s strategic decision to allow certain higher-cost and non-core funding to leave the Bank. Compared to December 31, 2024, non-interest bearing demand deposits increased by $53.0 million to comprise 17.9% of total deposits, up from 17.0%. Over the same period, interest bearing demand deposits decreased by $21.0 million to comprise 19.0% of total deposits at December 31, 2025, down from 20.6% at December 31, 2024. Money market and savings deposits increased by $7.2 million to comprise 37.6% of total deposits at December 31, 2025, down from 39.2% at December 31, 2024. Time deposits increased by $107.2 million to comprise 25.5% at December 31, 2025, up from 23.2% at December 31, 2024.

During the fourth quarter of 2025, total deposits declined by $21.3 which included a decline of $6.0 million in non-interest bearing deposits and $15.3 million in interest bearing balances. The decline in interest bearing balances was primarily due to a reduction in brokered time deposits as the elevated level of loan pay offs put less pressure on funding needs. The decline in non-interest bearing balances was primarily due to year-end deposit fluctuations in existing accounts.

During the twelve months ended December 31, 2025, stockholders’ equity increased by $34.3 million, or 8.4%, primarily due to net income, partially offset by dividends and share repurchases.

As of December 31, 2025, the Bank continued to exceed all regulatory capital requirements to be considered well-capitalized, with a Tier 1 Leverage ratio of 9.75%, a Tier 1 Risk-Based capital ratio of 10.67%, a Common Equity Tier 1 Capital ratio of 10.67%, and a Total Risk-Based capital ratio of 12.88%. The tangible stockholders’ equity to tangible assets ratio^iv measured 10.03% as of December 31, 2025 compared to 9.56% at December 31, 2024.

Asset Quality

Total nonperforming assets increased from $17.3 million at December 31, 2024 to $18.4 million at December 31, 2025, due to the addition of nonperforming loans, partially offset by sale of the Bank’s OREO assets during the year. Total nonperforming loans increased from $11.7 million at December 31, 2024 to $18.4 million at December 31, 2025. During the fourth quarter of 2025, nonperforming loans increased $4.0 million primarily in nonperforming small business loans.

The Bank recorded net charge-offs of $1.7 million during the fourth quarter of 2025, compared to net charge-offs of $1.7 million during the third quarter of 2025 and net recoveries of $155,000 in the fourth quarter of 2024. Fourth quarter and full year 2025 net charge-offs primarily reflect losses in the Bank’s small business portfolio. The allowance for credit losses on loans as a percentage of total loans measured 1.38% at December 31, 2025, compared to 1.25% at September 30, 2025 and 1.20% at December 31, 2024. In addition to the impact of charge-offs, the increase in the allowance percentage from September 30, 2025 reflects a $2.7 million increase in specific reserves from $2.1 million at September 30, 2025 to $4.7 million at December 31, 2025. The increase in specific reserves relates to reserves against nonperforming small business loans.

Total criticized loans which includes loans classified as substandard and special mention totaled $80.4 million, or 2.44% of loans at December 31, 2025, compared to $71.6 million, or 2.12% of loans at September 30, 2025 and $67.1 million or 2.13% of loans at December 31, 2024. The increase was primarily attributable to a large C&I loan that was downgraded to substandard during the fourth quarter but continued to make current payments through December 31, 2025. 

Liquidity and Borrowings

Management believes the Bank’s current on-balance sheet liquidity position, coupled with our various contingent funding sources, provides the Bank with a strong liquidity base and a diverse source of funding options. The Bank’s cash and cash equivalents decreased by $9.7 million, or 3.0%, compared to September 30, 2025, reflecting the use of some excess funds to pay off higher cost borrowing sources and reallocate some cash balances into the investment portfolio. Borrowings decreased by $65.1 million compared to September 30, 2025, due to the Bank’s reduced Federal Home Loan Bank (“FHLB”) advances, which drove higher available borrowing capacity at the FHLB.

Increased Cash Dividend Declared

On January 21, 2026, the Bank’s Board of Directors declared a quarterly cash dividend of $0.09 per share to common stockholders of record at the close of business on February 6, 2026, payable on February 20, 2026. This reflects an increase compared to the Bank’s prior quarterly cash dividend of $0.06 per share. 

Share Repurchase Program

The Board of Directors authorized and the Bank received final regulatory approvals on November 7, 2025 for a new share repurchase program, allowing for the repurchase of up to 1.2 million shares of First Bank common stock with an aggregate repurchase amount of up to $20.4 million. The repurchase program expires September 30, 2026. The Bank did not repurchase shares of common stock during the fourth quarter of 2025. The timing, price and volume of any future repurchases will be based on market conditions, relevant securities laws and other factors. The stock repurchases may be made from time to time on the open market or in privately negotiated transactions. Any stock repurchase program does not require the Bank to repurchase any specific number of shares, and the Bank may terminate any active repurchase program at any time. 

Conference Call and Earnings Release Supplement

Additional details on the quarterly results and the Bank are included in the attached earnings release supplement.

http://ml.globenewswire.com/Resource/Download/3b1ba25e-3fd7-4497-8aaa-56eb8a5d7eec

First Bank will host its earnings call on Tuesday, January 27, 2026 at 9:00 AM Eastern Time. The direct dial number for the call is 1-800-715-9871, toll free, using the access code 2389718. The conference call will also be available (listen-only) via the internet by accessing FRBA Conference Calls. For those unable to participate in the call, a replay will be available on the Bank’s website, www.myfirstbank.com. The conference call will also be available (listen-only) via the Internet by accessing FRBA conference call. The conference call information is also available by accessing the Bank’s website: www.myfirstbank.com, on the – “Investor Relations” page.

About First Bank

First Bank is a New Jersey state-chartered bank with a branch network that traverses the New York to Philadelphia corridor and includes a single location in Palm Beach County, Florida. With $3.96 billion in assets as of December 31, 2025, First Bank offers a full range of deposit and loan products to individuals and businesses in its markets. First Bank’s common stock is listed on the Nasdaq Global Market under the symbol “FRBA.”

Forward Looking Statements

This press release contains certain forward-looking statements, either express or implied, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding First Bank’s future financial and business performance, business and growth strategy, projected plans, objectives for our business, products and risk management, integration of the acquired businesses and anticipated results related thereto, our ability to recognize anticipated operational efficiencies, our market presence and desirability of the markets we operate in, competition in our markets, our competitive strength, consumers behavior and relative expectations, our share repurchase programs, anticipated changes in statutes, regulations or regulatory policies applicable to us and their impacts on our business, and other projections based on macroeconomic and industry conditions and trends, which are inherently unreliable due to the multiple factors that impact economic trends, and any such variations may be material. Such forward-looking statements are based on various facts and derived utilizing important assumptions, current expectations, estimates and projections about First Bank, any of which may change over time and some of which may be beyond First Bank’s control. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward- looking statements include the foregoing. Further, certain important factors that could affect First Bank’s future results and cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to: whether First Bank can: successfully implement its growth strategy, including identifying acquisition targets, consummating and integrating suitable acquisitions and realizing anticipated efficiencies, sustain its internal growth rate, and provide competitive products and services that appeal to its customers and target markets; difficult market conditions and unfavorable economic trends in the United States generally, and particularly in the market areas in which First Bank operates and in which its loans are concentrated, including the effects of inflation, declines in housing markets and public sentiment regarding the financial services industry; the chance that we may experience material weaknesses in our internal control over financial reporting or otherwise fail to maintain an effective system of internal controls in the future; an increase in unemployment levels and slowdowns in economic growth; First Bank’s level of nonperforming assets and the costs associated with resolving any problem loans including litigation and other costs; changes in market interest rates may increase funding costs or reduce earning asset yields thus reducing margin; the impact of changes in interest rates, both up and down, and the credit quality and strength of underlying collateral and the effect of such changes on the market value of First Bank’s investment securities portfolio; decreases in the value of securities and other assets, adequacy of loan loss reserves, or deposit levels necessitating increased borrowing to fund loans and investments; operational risks, including, but not limited to, cybersecurity incidents, fraud, natural disasters and future pandemic; the extensive federal and state regulation, supervision and examination governing almost every aspect of First Bank’s operations, including the effect of any changes in regulations affecting financial institutions and expenses associated with complying with such regulations; uncertainties in tax estimates and  valuations, including due to changes in state and federal tax law; First Bank’s ability to comply with applicable capital and liquidity requirements, including the ability to generate liquidity internally or raise capital on favorable terms, including continued access to the debt and equity capital markets; and possible changes in trade, monetary and fiscal policies, accounting standards, laws and regulations and other activities of governments, agencies, and similar organizations. For discussion of these and other risks, uncertainties, and assumptions, including the important factors that may cause actual results to differ from expectations, please refer to “Forward-Looking Statements” and “Risk Factors” in First Bank’s Annual Report on Form 10-K and any updates to those risk factors set forth in First Bank’s subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if First Bank’s underlying assumptions prove to be incorrect, actual results may differ materially from what First Bank anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and First Bank does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. All forward-looking statements, expressed or implied, included in this communication are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that First Bank or persons acting on First Bank’s behalf may issue.

This press release contains “non-GAAP” financial measures, which management uses in its analysis of First Bank’s performance. Management believes these non-GAAP financial measures allow for better comparability of period to period operating performance. Additionally, First Bank believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. A reconciliation of the non-GAAP measures used in this presentation to the most directly comparable GAAP measures is provided in the accompanying financial tables.

ⁱ Return on average tangible equity is a non-GAAP financial measure and is calculated by dividing net income by average tangible equity (average equity minus average goodwill and other intangible assets). For a reconciliation of this non-GAAP financial measure, along with the other non-GAAP financial measures in this press release, to their comparable GAAP measures, see the financial reconciliations at the end of this press release.

ⁱⁱ The efficiency ratio is a non-U.S. GAAP financial measure and is calculated by dividing non-interest expense less merger-related expenses by adjusted total revenue (net interest income plus non-interest income).  For a reconciliation of this non-GAAP financial measure, along with the other non-GAAP financial measures in this press release, to their comparable U.S. GAAP measures, see the financial reconciliations at the end of this press release.

ⁱⁱⁱ Tangible book value per share is a non-GAAP financial measure and is calculated by dividing common shares outstanding by tangible equity (equity minus goodwill and other intangible assets). For a reconciliation of this non-GAAP financial measure, along with the other non-GAAP financial measures in this press release, to their comparable GAAP measures, see the financial reconciliations at the end of this press release.

^iv Tangible stockholders’ equity to tangible assets ratio is a non-GAAP financial measure and is calculated by dividing tangible equity (equity minus goodwill and other intangible assets) by tangible assets (total assets minus goodwill and other intangible assets). For a reconciliation of this non-GAAP financial measure, along with the other non-GAAP financial measures in this press release, to their comparable GAAP measures, see the financial reconciliations at the end of this press release.

FIRST BANK
QUARTERLY FINANCIAL HIGHLIGHTS
(in thousands, except for share and employee data, unaudited)

CONTACT: Andrew Hibshman, Chief Financial Officer
(609) 643-0058, andrew.hibshman@firstbanknj.com