HAMILTON, NJ--(Marketwired - October 22, 2013) - First Bank (FRBA) today announced third quarter 2013 results. Net income for the quarter was $492,000, a decrease of 6% compared to the second quarter. Earnings per diluted share were $0.10, compared to $0.11 in the second quarter. Net income through nine months was $1,397,000 or $0.30 per share.
Total assets at September 30, 2013 were $426 million, an increase of $45 million or 11.9% compared to the second quarter. Total loans reached $314 million at quarter end, an increase of $22 million or 7.6% compared to June 30, 2013. Total deposits reached $378 million, an increase of $40 million or 11.8% compared to the end of the second quarter.
Book equity increased to $31.6 million, driven primarily by retained earnings. Book value per share was $6.73 at September 30, 2013.
President and Chief Executive Officer Patrick L. Ryan discussed the financial results: "Our growth accelerated in the third quarter. Deposit and loan growth were both up nicely compared to the second quarter. The opening of our Somerset branch, together with continued strong growth at our four other branches, helped to accelerate deposit growth. Our loan pipeline remained strong as evidenced by the $22 million of net loan growth in the quarter. The strong balance sheet growth led to a 10% increase in net interest income in the third quarter compared to the second quarter. Net income was down slightly, largely driven by increased professional fees and OREO expenses during the third quarter.
"Asset quality metrics held steady during the quarter. Specifically, the ratio of non-performing assets to total assets (NPAs/Assets) was 1.11% at the end of Q3 2013 compared to 1.10% at the end of Q2 2013. Our ALLL at September 30, 2013 was 1.45% of total loans and covered nonperforming loans 1.54 times, metrics that compare very favorably to industry statistics."
Ryan continued, "We are working through the application process for approval of our announced acquisition of Heritage Community Bank. The timing for this type of transaction can be difficult to predict but we are hoping the deal will be finalized at the end of this year or early next year. This is an exciting time for First Bank. Good things are happening and we're optimistic about a solid finish to 2013."
About First Bank
First Bank (www.firstbanknj.com) is a New Jersey, state-chartered bank with five full-service branches in Ewing, Hamilton, Lawrence, Somerset and Williamstown, New Jersey. With $426 million in assets as of September 30, 2013, First Bank offers a traditional 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 First 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.