First Bank Announces Third Quarter 2026 Net Income of $12.2 Million
Key Highlights
- ➤Net income $12.2 million, or $0.49 per diluted share, up from Q2 2026
- ➤Net interest margin expanded to 3.74%, from 3.68% sequentially
- ➤Loans grew $50.2 million, or 5.9% annualized, to $3.42 billion
- ➤Quarterly dividend increased 33% to $0.12 per share
- ➤New repurchase program authorizes up to 1.2 million shares and $24.0 million
Expert Statements
Patrick L. Ryan, President and CEO of First Bank
“We are pleased to report strong third quarter results that reflect continued momentum across our franchise. Earnings improved over both the linked and prior-year quarters, producing a healthy return on average assets of 1.18% and return on average tangible equity of 11.79%. These results reflect our team’s effectiveness in delivering high-quality, relationship-based balance sheet growth while maintaining disciplined pricing and expense control. This supported a very strong efficiency ratio of 52.37%, marking our 29(th) consecutive quarter below 60%.”
Patrick L. Ryan, President and CEO of First Bank
“Our margin benefited from higher loan yields, the paydown of higher-cost borrowings and a favorable earning asset mix. We grew loans and deposits by an annualized 5.9% and 5.1%, respectively, underscoring the strength of our origination platform and our ability to fund growth with core deposits. We remain focused on managing our total cost of deposits while continuing to deepen relationships with our core customers. We positioned our balance sheet for strong performance in the current interest rate environment, including through the purchase of investment securities and the paydown of borrowings during the third quarter of 2026. We also see investor-owned commercial real estate ("CREI") growth as an opportunity as our CREI to total risk-based capital ratio has declined to 333%.”
Patrick L. Ryan, President and CEO of First Bank
“Nonperforming assets increased slightly during the quarter; however, we received a $5.6 million pay-down on a non-performing loan shortly after quarter-end bringing the total below June 30, 2026 levels. Charge-offs during the quarter were primarily from our Business Express portfolio, which continues to run-off. We remain diligent in our credit administration and proactive in working through individual credits.”
Patrick L. Ryan, President and CEO of First Bank
“Strong earnings generation supported growth in our capital position. We are pleased to announce our Board of Directors’ approval of a $0.03 increase to our quarterly cash dividend for the fourth quarter of 2026. This 33% increase reflects the strength of First Bank’s earnings power as we approach the end of 2026. We remain committed to building long-term shareholder value through consistent earnings and prudent capital management. We remain confident in our strategy, our team, and the long-term positioning of our franchise.”
Net interest margin expansion, loan and deposit growth, and operating efficiency drive increased earnings and tangible book value
HAMILTON, N.J., Oct. 22, 2026 (GLOBE NEWSWIRE) -- First Bank (Nasdaq Global Market: FRBA) (the Bank) today announced net income of $12.2 million, or $0.49 per diluted share, for the third quarter of 2026. This compares to $10.9 million, or $0.43 per diluted share, in the second quarter of 2026 and $11.7 million, or $0.47 per diluted share, for the third quarter of 2025. The Bank's annualized return on average assets was 1.18%, return on average equity was 10.50%, and return on average tangible equity(i) was 11.79% for the third quarter of 2026.
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