HAMILTON, N.J., April 27, 2026 (GLOBE NEWSWIRE) -- First Bank (Nasdaq Global Market: FRBA) ("the Bank") today announced results for the first quarter of 2026. Net income for the first quarter of 2026 was $7.6 million, or $0.30 per diluted share, compared to $9.4 million, or $0.37 per diluted share, for the first quarter of 2025. Return on average assets, return on average equity and return on average tangible equityⁱ for the first quarter of 2026 were 0.79%, 6.89% and 7.78%, respectively, compared to 1.00%, 9.20% and 10.54%, respectively, for the first quarter of 2025.

First Quarter 2026 Performance Highlights:

	●	Total loans were $3.30 billion at March 31, 2026, increasing $68.1 million, or 2.1%, from March 31, 2025, and increasing $10.9 million, or 1.3% annualized, from the linked quarter ended December 31, 2025.

	●	Total deposits were $3.23 billion at March 31, 2026, increasing $107.6 million, or 3.5%, from March 31, 2025, and increasing $25.1 million, or 3.2% annualized, from the linked quarter ended December 31, 2025.

	●	Net interest margin remained strong and stable, measuring 3.69% for the first quarter of 2026, compared to 3.65% for the first quarter of 2025 and 3.74% for the linked quarter.

	●	Net interest income of $34.0 million for the first quarter of 2026 increased $1.9 million, or 6.0%, compared to the first quarter of 2025.

	●	Efficiency ratioⁱⁱ measured 57.55% for the first quarter of 2026, compared to 57.60% for the first quarter of 2025 and 49.46% for the linked quarter.

	●	Tangible book value per shareⁱⁱⁱ grew to $15.90 at March 31, 2026, increasing 2.2%, annualized, from $15.81 at December 31, 2025 and increasing 9.9% from $14.47 at March 31, 2025.

Patrick L. Ryan, President and CEO of First Bank, reflecting on the Bank's performance, stated, "We generated modest growth in loans and deposits during the first quarter, and our strong margin and efficient operations supported solid year-over-year expansion in income, excluding credit loss expenses. However, our performance in Q1 did not live up to our internal standards. Continued clean-up in the credit-scored, small business portfolio drove elevated credit costs which led to lower overall profitability. Steps taken starting in mid-2025 to modify the product structure and sales process have tightened things significantly, which should lead to better performance going forward. We believe we have fully captured expenses tied to any known problems, and future credit costs tied to this portfolio should come down significantly as we move forward."

"Our loan pipelines heading into the second quarter are strong, and we anticipate our community banking and specialty banking teams' strong execution will continue to grow deep commercial relationships that will support our growth goals. Elevated payoff activity continued to compress our loan balances in the first quarter, although at a moderated pace compared to the fourth quarter. We operated with an efficiency ratio that remained below 60% for the 27th consecutive quarter, demonstrating a core operating strength that differentiates us in a competitive environment."

Mr. Ryan continued, "Overall, credit quality remains at manageable levels. Non-performing assets rose during the quarter, but at 66 basis points of total assets, the overall level is in line with historical averages. The first quarter increase relates to an isolated situation in which a strong commercial real estate borrower is constrained by the impact of a broader corporate restructuring. Our ratio of criticized loans to total loans increased modestly to 2.52% from 2.44% at the end of the year, and 2.49% a year ago."

"We track tangible book value per share as a critical measure of progress toward our strategic goals," Mr. Ryan added. "During the last twelve months, we delivered 10% year-over-year growth in tangible book value per share, and we are pleased to have achieved linked quarter improvement in this measure despite reduced earnings. Our operating strategy is focused on consistent and efficient execution as we continue our evolution from a traditional community bank into a full-service, middle market commercial bank. Despite our reduced profitability in the first quarter, we anticipate lower credit costs coupled with better growth and continued tight expense management will drive improved results throughout the remainder of this year."

Income Statement

In the first quarter of 2026, the Bank's net interest income increased to $34.0 million, growing $1.9 million, or 6.0%, compared to the same period in 2025. The increase was primarily driven by a $1.9 million decrease in interest expense, while interest income remained flat to the prior period. The decrease in interest expense was primarily due to a 38 basis point reduction in the cost of interest bearing deposits. Net interest income decreased $2.2 million, or 6.0%, compared to the linked fourth quarter of 2025. The decline was driven by a decrease of $4.5 million in interest income, which primarily resulted from lower average loans due to declines late in the fourth quarter of 2025, combined with a 21 basis point reduction in the yield on average loans. This was partially offset by a 15 basis point reduction in the cost of interest bearing deposits combined with lower average deposits due to deposit growth that occurred late in the quarter.

The Bank's tax equivalent net interest margin measured 3.69% for the first quarter of 2026, increasing four basis points from 3.65% for the first quarter of 2025 and decreasing five basis points from the fourth 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 yields on earning assets. The Bank's net interest margin declined compared to the linked quarter primarily due to a reduced interest rate spread, reflecting declines in average yields on loans which primarily resulted from lower prepayment penalty fees and purchase accounting benefits received compared to the linked quarter. This was partially offset by lower average rates on deposits. 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 $1.2 million in net interest income during the first quarter of 2026, compared to $1.6 million for the fourth quarter of 2025 and $2.8 million for the first quarter of 2025. Prepayment penalty income was $517,000 in the first quarter of 2026, compared to $945,000 in the fourth quarter of 2025.

The Bank recorded a credit loss expense totaling $5.6 million during the first quarter of 2026, compared to credit loss expense totaling $4.8 million for the fourth quarter of 2025 and $1.5 million for the first quarter of 2025. The increased credit loss expense in the first quarter of 2026 was primarily due to additional net charge-offs, primarily related to the Bank's small business portfolio. Credit loss expense for the first quarter of 2025 was commensurate with loan growth during the quarter.

The Bank recorded non-interest income totaling $2.4 million for the first quarter of 2026, compared to $2.0 million and $2.3 million for the prior year and linked quarters, respectively. Non-interest income increased by $413,000 compared to the prior year quarter primarily related to higher gains on the sale of loans and earnings from other investments during the first quarter of 2026. Non-interest income increased by $101,000 from the linked quarter primarily due to earnings from other investments.

Non-interest expense for the first quarter of 2026 was $20.9 million, increasing $559,000 or 2.7%, compared to $20.4 million for the first quarter of 2025. The increase was primarily due to a $1.2 million increase in salaries and employee benefits expense. This increase was offset somewhat by Other Real Estate Owned ("OREO") expense decline, primarily due to the $815,000 impairment of an OREO asset recorded during the prior year quarter.

Non-interest expense increased $3.9 million from $17.1 million in the fourth quarter of 2025. The linked quarter increase reflects the $1.9 million gain related to the sale of an OREO asset recorded during the fourth quarter of 2025. Excluding the OREO gain, non-interest expenses increased by $1.9 million compared to the linked quarter, primarily due to a $1.3 million increase in salaries and employee benefits costs, which included annual merit related salary adjustments and benefit cost increases in the first quarter of 2026 combined with higher payroll taxes, primarily due to annual bonus payments made during the first quarter of 2026. Occupancy and equipment expenses also rose, increasing $229,000 primarily due to higher weather-related maintenance costs and annual rent increases.

Income tax expense for the first quarter of 2026 was $2.3 million with an effective tax rate of 22.7%, compared to $2.8 million with an effective tax rate of 22.7% for the first quarter of 2025 and $4.3 million with an effective tax rate of 25.7% for the fourth quarter of 2025. Income tax expense for the first quarters of 2025 and 2026 included the benefit of certain discrete items related to stock compensation activity which typically has an outsized impact during the first quarter due to the timing of year-end stock compensation issuance. Excluding discrete items, we anticipate our future effective tax rate will be approximately 24% to 25%.

Balance Sheet

Total assets increased $12.7 million, or 0.3%, from December 31, 2025 to March 31, 2026, primarily due to an increase in loans of $10.9 million. The increase reflected growth in commercial loans, after declines during the fourth quarter of 2025, which were driven primarily by elevated levels of loan payoffs. New loan pipelines continued to be strong and support the Company's long-term growth expectations. Cash and cash equivalents increased by $9.0 million compared to December 31, 2025, and liquidity ratios continue to be stable.

The Bank reported total assets of $3.97 billion at March 31, 2026, an increase of $90.0 million, or 2.3%, from $3.88 billion at March 31, 2025. Total loans increased $68.1 million, or 2.1%, over the same period, reflecting strong organic growth in the C&I portfolio, partially offset by declines in the commercial real estate portfolio, which included elevated levels of payoffs during each of the fourth quarter of 2025 and first quarter of 2026. The Bank's cash and cash equivalents increased by $30.1 million, or 10.4%, compared to March 31, 2025, as management continued to maintain adequate on-balance sheet liquidity.

Total deposits increased by $25.1 million, or 0.8%, from $3.20 billion at December 31, 2025 to $3.23 billion at March 31, 2026. The Bank's total deposits increased $107.6 million, or 3.5%, from $3.12 billion at March 31, 2025. Deposit growth was primarily due to our team's success in attracting new deposit relationships while also maintaining existing relationships amid heightened industry-wide pricing competition.

During the three months ended March 31, 2026, stockholders' equity increased by $5.9 million, or 1.3%, primarily due to net income, partially offset by dividends and share repurchases.

As of March 31, 2026, the Bank continued to exceed all regulatory capital requirements to be considered well-capitalized, with a Tier 1 Leverage ratio of 10.20%, a Tier 1 Risk-Based capital ratio of 10.88%, a Common Equity Tier 1 Capital ratio of 10.88%, and a Total Risk-Based capital ratio of 13.08%. The tangible stockholders' equity to tangible assets ratio^iv measured 10.17% as of March 31, 2026, compared to 10.04% at December 31, 2025.

Asset Quality

Total nonperforming assets, comprised exclusively of nonperforming loans in both periods, increased from $18.4 million at December 31, 2025 to $26.2 million at March 31, 2026. Nonperforming loans increased $7.8 million during the first quarter of 2026, primarily due to the addition of a well secured, single-borrower commercial real estate credit totaling $9.5 million, offset somewhat by pay-offs and paydowns on certain other nonperforming loans during the quarter.

The Bank recorded net charge-offs of $5.0 million during the first quarter of 2026, compared to net charge-offs of $1.7 million during the fourth quarter of 2025 and net recoveries of $15,000 in the first quarter of 2025. First quarter of 2026 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 1.39% at March 31, 2026, compared to 1.38% at December 31, 2025 and 1.21% at March 31, 2025.

Total criticized loans, which includes loans classified as substandard and special mention, increased slightly to $83.2 million, or 2.52% of loans at March 31, 2026, compared to $80.4 million, or 2.44% of loans at December 31, 2025 and $80.7 million or 2.49% of loans at March 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 increased by $9.0 million, or 2.9%, compared to December 31, 2025, ensuring adequate on-balance sheet liquidity. Borrowings decreased by $15.1 million and $60.0 million compared to December 31, 2025 and March 31, 2025, respectively, due to the Bank's reduced Federal Home Loan Bank ("FHLB") advances, which drove higher available borrowing capacity at the FHLB.

Cash Dividend Declared

On April 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 May 8, 2026, payable on May 22, 2026.

Share Repurchase Program

During the first quarter of 2026 the Bank repurchased 33,619 shares of common stock at an average price of $15.50 per share, under the share repurchase program authorized in November 2025. Through March 31, 2026, 33,619 shares have been repurchased from the current share repurchase plan with a total cost of $521,000 or $15.50 per share on average. The share repurchase program provides 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.

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/6bc39b00-8745-48bd-9684-cf396ee9f42e

First Bank will host its earnings call on Tuesday, April 28, 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 3623576. The conference call will also be available (listen-only) via the internet by accessing FRBA conference call. For those unable to participate in the call, a replay will be available on the Bank's website, www.myfirstbank.com. 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 $3.97 billion in assets as of March 31, 2026, 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 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (in thousands, except for share data, unaudited)

	March 31, 2026			December 31, 2025
Assets
Cash and due from banks	$	29,496		$	22,141
Restricted cash		9,280			7,780
Interest bearing deposits with banks		279,402			279,299
Cash and cash equivalents		318,178			309,220
Interest bearing time deposits with banks		747			747
Investment securities available for sale, at fair value (amortized cost of $105,211 and $108,635, respectively)		100,604			104,740
Investment securities held to maturity, net of allowance for credit losses of $163 (fair value of $38,210 and $37,866, respectively)		40,951			40,424
Equity securities, at fair value		1,918			1,930
Restricted investment in bank stocks		13,202			13,877
Other investments		14,152			16,033
Loans, net of deferred fees and costs		3,304,110			3,293,225
Less: Allowance for credit losses		(45,919	)		(45,384	)
Net loans		3,258,191			3,247,841
Premises and equipment, net		18,036			18,367
Accrued interest receivable		14,887			14,382
Bank-owned life insurance		89,223			88,475
Goodwill		44,166			44,166
Other intangible assets, net		6,739			7,124
Deferred income taxes, net		22,965			22,623
Other assets		26,802			28,087
Total assets	$	3,970,761		$	3,958,036

Liabilities and Stockholders' Equity
Liabilities:
Non-interest bearing deposits	$	561,963		$	572,349
Interest bearing deposits		2,665,476			2,629,959
Total deposits		3,227,439			3,202,308
Borrowings		221,606			236,672
Subordinated debentures		34,419			34,384
Accrued interest payable		4,746			4,763
Other liabilities		33,173			36,407
Total liabilities		3,521,383			3,514,534

Stockholders' Equity:
Preferred stock, par value $2 per share; 10,000,000 shares authorized; no shares issued and outstanding		-			-
Common stock, par value $5 per share; 40,000,000 shares authorized; 27,939,061 shares issued and 25,061,700 shares outstanding and 27,643,986 shares issued and 24,800,244 shares outstanding, respectively		138,049			136,788
Additional paid-in capital		126,588			126,334
Retained earnings		219,867			214,458
Accumulated other comprehensive loss		(3,402	)		(2,875	)
Treasury stock, 2,877,361 and 2,843,742 shares, respectively		(31,724	)		(31,203	)
Total stockholders' equity		449,378			443,502
Total liabilities and stockholders' equity	$	3,970,761		$	3,958,036


FIRST BANK CONSOLIDATED STATEMENTS OF INCOME (in thousands, except for share data, unaudited)

	Three Months Ended March 31,
	2026		2025
Interest and Dividend Income
Investment securities—taxable	$	1,340	$	1,188
Investment securities—tax-exempt		48		51
Interest bearing deposits with banks, Federal funds sold and other		2,817		2,997
Loans, including fees		51,648		51,552
Total interest and dividend income		55,853		55,788

Interest Expense
Deposits		19,152		20,844
Borrowings		2,034		2,412
Subordinated debentures		658		440
Total interest expense		21,844		23,696
Net interest income		34,009		32,092
Credit loss expense		5,553		1,544
Net interest income after credit loss expense		28,456		30,548

Non-Interest Income
Service fees on deposit accounts		358		356
Loan fees		256		326
Income from bank-owned life insurance		748		793
Gains on sale of loans, net		240		29
Gains on recovery of acquired loans		61		24
Other non-interest income		721		443
Total non-interest income		2,384		1,971

Non-Interest Expense
Salaries and employee benefits		12,320		11,118
Occupancy and equipment		2,581		2,464
Legal fees		239		368
Other professional fees		771		726
Regulatory fees		621		684
Directors' fees		255		282
Data processing		791		805
Marketing and advertising		433		399
Travel and entertainment		282		236
Insurance		182		214
Other real estate owned expense, net		-		920
Other expense		2,468		2,168
Total non-interest expense		20,943		20,384
Income Before Income Taxes		9,897		12,135
Income tax expense		2,251		2,754
Net Income	$	7,646	$	9,381

Basic earnings per common share	$	0.31	$	0.37
Diluted earnings per common share	$	0.30	$	0.37
Cash dividends per common share	$	0.09	$	0.06

Basic weighted average common shares outstanding		24,948,484		25,118,062
Diluted weighted average common shares outstanding		25,199,782		25,269,002


FIRST BANK AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES (dollars in thousands, unaudited)

	Three Months Ended March 31,
	2026									2025
	Average						Average			Average						Average
	Balance			Interest			Rate (5)			Balance			Interest			Rate (5)
Interest earning assets
Investment securities⁽¹⁾⁽²⁾	$	146,775		$	1,398			3.86	%	$	134,274		$	1,250			3.78	%
Loans⁽³⁾		3,296,478			51,648			6.35	%		3,170,772			51,552			6.59	%
Interest bearing deposits with banks,
Federal funds sold and other		266,057			2,425			3.70	%		234,032			2,575			4.46	%
Restricted investment in bank stocks		13,112			284			8.78	%		14,137			300			8.61	%
Other investments		17,909			108			2.45	%		14,054			122			3.52	%
Total interest earning assets⁽²⁾		3,740,331			55,863			6.06	%		3,567,269			55,799			6.34	%
Allowance for credit losses		(45,994	)								(38,181	)
Non-interest earning assets		244,814									261,101
Total assets	$	3,939,151								$	3,790,189

Interest bearing liabilities
Interest bearing demand deposits	$	602,566		$	3,284			2.21	%	$	644,736		$	4,027			2.53	%
Money market deposits		1,049,717			7,602			2.94	%		1,045,013			8,631			3.35	%
Savings deposits		150,213			608			1.64	%		142,502			650			1.85	%
Time deposits		840,849			7,658			3.69	%		717,881			7,536			4.26	%
Total interest bearing deposits		2,643,345			19,152			2.94	%		2,550,132			20,844			3.31	%
Borrowings		213,406			2,034			3.87	%		234,526			2,412			4.17	%
Subordinated debentures		34,396			658			7.65	%		29,963			440			5.87	%
Total interest bearing liabilities		2,891,147			21,844			3.06	%		2,814,621			23,696			3.41	%
Non-interest bearing deposits		555,321									521,326
Other liabilities		42,949									40,570
Stockholders' equity		449,734									413,672
Total liabilities and stockholders' equity	$	3,939,151								$	3,790,189
Net interest income/interest rate spread⁽²⁾					34,019			3.00	%					32,103			2.93	%
Net interest margin⁽²⁾⁽⁴⁾								3.69	%								3.65	%
Tax equivalent adjustment⁽²⁾					(10	)								(11	)
Net interest income				$	34,009								$	32,092

(1) Average balance of investment securities available for sale is based on amortized cost.

(2) Interest and average rates are presented on a tax equivalent basis using a federal income tax rate of 21%.

(3) Average balances of loans include loans on nonaccrual status.

(4) Net interest income divided by average total interest earning assets.

(5) Annualized.


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

	As of or For the Quarter Ended
	3/31/2026			12/31/2025			9/30/2025			6/30/2025			3/31/2025
EARNINGS
Net interest income	$	34,009		$	36,177		$	35,544		$	34,009		$	32,092
Credit loss expense		5,553			4,789			2,998			2,558			1,544
Non-interest income		2,384			2,283			2,421			2,702			1,971
Non-interest expense		20,943			17,085			19,670			20,867			20,384
Income tax expense		2,251			4,262			3,582			3,047			2,754
Net income		7,646			12,324			11,715			10,239			9,381

PERFORMANCE RATIOS
Return on average assets⁽¹⁾		0.79	%		1.21	%		1.16	%		1.04	%		1.00	%
Return on average equity⁽¹⁾		6.89	%		11.11	%		10.85	%		9.77	%		9.20	%
Return on average tangible equity⁽¹⁾⁽²⁾		7.78	%		12.58	%		12.35	%		11.16	%		10.54	%
Net interest margin⁽¹⁾⁽³⁾		3.69	%		3.74	%		3.71	%		3.65	%		3.65	%
Yield on loans⁽¹⁾		6.35	%		6.57	%		6.66	%		6.62	%		6.59	%
Total cost of deposits⁽¹⁾		2.43	%		2.54	%		2.69	%		2.72	%		2.75	%
Efficiency ratio⁽²⁾		57.55	%		49.46	%		51.81	%		56.13	%		57.60	%

SHARE DATA
Common shares outstanding		25,061,700			24,800,244			24,799,049			24,905,790			25,045,612
Basic earnings per share	$	0.31		$	0.50		$	0.47		$	0.41		$	0.37
Diluted earnings per share		0.30			0.49			0.47			0.41			0.37
Book value per share		17.93			17.88			17.41			16.96			16.57
Tangible book value per share⁽²⁾		15.90			15.81			15.33			14.87			14.47

MARKET DATA
Market value per share	$	16.00		$	16.46		$	16.29		$	15.47		$	14.81
Market value / Tangible book value⁽²⁾		100.63	%		104.08	%		106.24	%		104.03	%		102.35	%
Market capitalization	$	400,987		$	408,212		$	403,977		$	385,293		$	370,926

CAPITAL & LIQUIDITY
Stockholders' equity / assets		11.32	%		11.21	%		10.71	%		10.51	%		10.69	%
Tangible stockholders' equity / tangible assets⁽²⁾		10.17	%		10.04	%		9.55	%		9.34	%		9.47	%
Loans / deposits		102.38	%		102.84	%		104.66	%		105.02	%		103.73	%

ASSET QUALITY
Net charge-offs (recoveries)	$	5,034		$	1,686		$	1,737		$	796		$	(15	)
Nonperforming loans		26,169			18,381			14,420			15,978			11,584
Nonperforming assets		26,169			18,381			14,420			15,978			16,406
Net charge offs (recoveries)/ average loans⁽¹⁾		0.62	%		0.20	%		0.21	%		0.10	%		(0.00	%)
Nonperforming loans / total loans		0.79	%		0.56	%		0.43	%		0.48	%		0.36	%
Nonperforming assets / total assets		0.66	%		0.46	%		0.36	%		0.40	%		0.42	%
Allowance for credit losses on loans / total loans		1.39	%		1.38	%		1.25	%		1.23	%		1.21	%
Allowance for credit losses on loans / nonperforming loans		175.47	%		246.91	%		292.73	%		255.83	%		338.60	%

OTHER DATA
Total assets	$	3,970,761		$	3,958,036		$	4,032,636		$	4,019,335		$	3,880,759
Total loans		3,304,110			3,293,225			3,373,910			3,327,288			3,236,039
Total deposits		3,227,439			3,202,308			3,223,607			3,168,213			3,119,794
Total stockholders' equity		449,378			443,502			431,875			422,379			414,915
Number of full-time equivalent employees		327			334			332			335			315

(1) Annualized.
(2) Non-GAAP financial measure that we believe provides management and investors with information that is useful in understanding our financial performance and condition. See accompanying table, "Non-GAAP Financial Measures," for calculation and reconciliation.
(3) Tax equivalent using a federal income tax rate of 21%.


FIRST BANK QUARTERLY FINANCIAL HIGHLIGHTS (dollars in thousands, unaudited)

	As of the Quarter Ended
	3/31/2026			12/31/2025			9/30/2025			6/30/2025			3/31/2025
LOAN COMPOSITION
Commercial and industrial	$	722,312		$	727,075		$	740,350		$	706,849		$	651,690
Commercial real estate:
Owner-occupied		670,240			662,245			685,277			707,766			694,113
Investor		1,165,319			1,148,297			1,211,491			1,192,716			1,160,549
Construction and development		184,252			193,312			181,855			161,361			200,262
Multi-family		284,134			282,854			284,983			309,189			308,217
Total commercial real estate		2,303,945			2,286,708			2,363,606			2,371,032			2,363,141
Residential real estate:
Residential mortgage and first lien home equity loans		154,533			154,167			151,372			160,935			142,298
Home equity–second lien loans and revolving lines of credit		72,584			72,919			65,129			62,738			52,438
Total residential real estate		227,117			227,086			216,501			223,673			194,736
Consumer and other		54,235			55,862			57,222			29,248			29,760
Total loans prior to deferred loan fees and costs		3,307,609			3,296,731			3,377,679			3,330,802			3,239,327
Net deferred loan fees and costs		(3,499	)		(3,506	)		(3,769	)		(3,514	)		(3,288	)
Total loans	$	3,304,110		$	3,293,225		$	3,373,910		$	3,327,288		$	3,236,039

LOAN MIX
Commercial and industrial		21.9	%		22.1	%		21.9	%		21.2	%		20.1	%
Commercial real estate:
Owner-occupied		20.3	%		20.1	%		20.3	%		21.3	%		21.5	%
Investor		35.2	%		34.9	%		35.9	%		35.8	%		35.9	%
Construction and development		5.6	%		5.9	%		5.4	%		4.8	%		6.2	%
Multi-family		8.6	%		8.5	%		8.5	%		9.3	%		9.5	%
Total commercial real estate		69.7	%		69.4	%		70.1	%		71.3	%		73.1	%
Residential real estate:
Residential mortgage and first lien home equity loans		4.7	%		4.7	%		4.5	%		4.8	%		4.4	%
Home equity–second lien loans and revolving lines of credit		2.2	%		2.2	%		1.9	%		1.9	%		1.6	%
Total residential real estate		6.9	%		6.9	%		6.4	%		6.7	%		6.0	%
Consumer and other		1.6	%		1.7	%		1.7	%		0.9	%		0.9	%
Net deferred loan fees and costs		(0.1	%)		(0.1	%)		(0.1	%)		(0.1	%)		(0.1	%)
Total loans		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%


FIRST BANK QUARTERLY FINANCIAL HIGHLIGHTS (dollars in thousands, unaudited)

	As of the Quarter Ended
	3/31/2026			12/31/2025			9/30/2025			6/30/2025			3/31/2025
DEPOSIT COMPOSITION
Non-interest bearing demand deposits	$	561,963		$	572,349		$	578,345		$	590,209		$	535,584
Interest bearing demand deposits		582,519			608,076			561,365			553,909			629,974
Money market and savings deposits		1,228,983			1,205,275			1,228,758			1,241,277			1,197,517
Time deposits		853,974			816,608			855,139			782,818			756,719
Total Deposits	$	3,227,439		$	3,202,308		$	3,223,607		$	3,168,213		$	3,119,794

DEPOSIT MIX
Non-interest bearing demand deposits		17.4	%		17.9	%		18.0	%		18.6	%		17.2	%
Interest bearing demand deposits		18.0	%		19.0	%		17.4	%		17.5	%		20.2	%
Money market and savings deposits		38.1	%		37.6	%		38.1	%		39.2	%		38.4	%
Time deposits		26.5	%		25.5	%		26.5	%		24.7	%		24.2	%
Total Deposits		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%


FIRST BANK NON-GAAP FINANCIAL MEASURES (in thousands, except for share data, unaudited)

	As of or For the Quarter Ended
	3/31/2026			12/31/2025			9/30/2025			6/30/2025			3/31/2025
Return on Average Tangible Equity
Net income (numerator)	$	7,646		$	12,324		$	11,715		$	10,239		$	9,381

Average stockholders' equity	$	449,734		$	440,059		$	428,359		$	420,443		$	413,672
Less: Average Goodwill and other intangible assets, net		51,143			51,434			51,882			52,301			52,805
Average Tangible stockholders' equity (denominator)	$	398,591		$	388,625		$	376,477		$	368,142		$	360,867

Return on average tangible equity⁽¹⁾		7.78	%		12.58	%		12.35	%		11.16	%		10.54	%

Tangible Book Value Per Share
Stockholders' equity	$	449,378		$	443,502		$	431,875		$	422,379		$	414,915
Less: Goodwill and other intangible assets, net		50,905			51,290			51,633			52,026			52,507
Tangible stockholders' equity (numerator)	$	398,473		$	392,212		$	380,242		$	370,353		$	362,408

Common shares outstanding (denominator)		25,061,700			24,800,244			24,799,049			24,905,790			25,045,612

Tangible book value per share	$	15.90		$	15.81		$	15.33		$	14.87		$	14.47

Tangible Equity / Tangible Assets
Stockholders' equity	$	449,378		$	443,502		$	431,875		$	422,379		$	414,915
Less: Goodwill and other intangible assets, net		50,905			51,290			51,633			52,026			52,507
Tangible stockholders' equity (numerator)	$	398,473		$	392,212		$	380,242		$	370,353		$	362,408

Total assets	$	3,970,761		$	3,958,036		$	4,032,636		$	4,019,335		$	3,880,759
Less: Goodwill and other intangible assets, net		50,905			51,290			51,633			52,026			52,507
Tangible total assets (denominator)	$	3,919,856		$	3,906,746		$	3,981,003		$	3,967,309		$	3,828,252

Tangible stockholders' equity / tangible assets		10.17	%		10.04	%		9.55	%		9.34	%		9.47	%

Efficiency Ratio
Non-interest expense	$	20,943		$	17,085		$	19,670		$	20,867		$	20,384
Less: Other real estate owned write-down, net		-			-			-			-			815
Less: Executive officer severance benefits		-			-			-			863			-
Add: Gains on sale of other real estate owned		-			1,938			-			-			-
Adjusted non-interest expense (numerator)	$	20,943		$	19,023		$	19,670		$	20,004		$	19,569

Net interest income	$	34,009		$	36,177		$	35,544		$	34,009		$	32,092
Non-interest income		2,384			2,283			2,421			2,702			1,971
Total revenue		36,393			38,460			37,965			36,711			34,063
Subtract: Gain on sale of other assets		-			-			-			(397	)		-
Less: Bank owned life insurance incentive		-			-			-			-			(88	)
Adjusted total revenue (denominator)	$	36,393		$	38,460		$	37,965		$	36,314		$	33,975

Efficiency ratio		57.55	%		49.46	%		51.81	%		55.09	%		57.60	%

(1) Annualized.

CONTACT: Andrew Hibshman, Chief Financial Officer

(609) 643-0058, andrew.hibshman@firstbanknj.com

First Bank Announces First Quarter 2026 Net Income of $7.6 Million