First Bank Tops $1 Billion in Assets
Community Bank’s Q3 2016 Net Income Increases 148.8 Percent from 2015
HAMILTON, N.J.—Oct. 26, 2016—First Bank, one of the fastest growing community banks in the nation, has surpassed $1 billion in total assets with strong loan generation and deposit growth.
“I’m so proud of everyone at First Bank for exceptional service to our communities and our customers, which enabled us to reach this historic achievement for our company in less than 10 years,” said Patrick Ryan, First Bank’s CEO and president. “First Bank’s old-fashioned recipe of ethics, integrity and customer service still works and is reflected in the tremendous growth we are seeing while staying true to our community bank roots. This growth will enable us to serve our customers for many years to come and strengthen our foothold as a true community bank that invests in the areas we serve.”
First Bank’s focus remains on making timely business loan decisions to support local economies and developing relationship-based banking that puts customers first. The 10-branch community bank offers traditional deposit and loan banking services for individuals, families and commercial. The bank has nine branches throughout New Jersey and one in Trevose, Pennsylvania.
Ryan said First Bank’s strong growth trajectory continued in the third quarter with a year-to-date total loan and deposit growth of 19.9 percent and 18.3 percent, respectively, and with a 43.7 percent improvement in net income for the nine month period.
“We believe that we are well positioned to continue our current growth trends in the fourth quarter of 2016 and into 2017, as we leverage our elevated brand awareness and strong capital position to compete for customers dislocated by the recent industry consolidation affecting our Central New Jersey markets.”
First Bank prides itself on being a true community bank headquartered in Mercer County.
“Recent changes in the marketplace, such as the pending buyouts of The Bank of Princeton and First Choice Bank, along with the recent sale of Hopewell Valley Community Bank, have created growth opportunities for us,” Ryan said. “Community investment and support is one of our core values and we understand our markets better than anyone because we live here, work here, volunteer here and play here. This enables us to keep banking local and help the local economies grow by supporting community businesses with relationship-based banking.”
Total assets at September 30, 2016 were $1.0 billion, an increase of $152.2 million or 17.8 percent compared to December 31, 2015, and an increase of $199.7 million or 24.7 percent compared to September 30, 2015. Total deposits were $874.1 million at September 30, 2016, an increase of $135.1 million or 18.3 percent compared to December 31, 2015 and an increase of $171.8 million or 24.5 percent compared to September 30, 2015.
Recently, First Bank joined an elite class of New Jersey companies, being named one of NJBIZ’s Fast 50 for its business growth in the past three years.
To learn more about First Bank, visit firstbanknj.com.
About First Bank
First Bank (www.firstbanknj.com) is a New Jersey state-chartered bank with 10 full-service branches in Cranbury, Denville, Ewing, Flemington, Hamilton, Lawrence, Randolph, Somerset and Williamstown, New Jersey, and Trevose, Pennsylvania. With $1.0 billion in assets as of September 30, 2016, First Bank offers a traditional range of deposit and loan products to individuals and businesses throughout the New York City to Philadelphia corridor. First Bank’s common stock is listed on the Nasdaq Global Market under the symbol “FRBA.”