CORRECTING and REPLACING First Bank Reports Fourth Quarter 2019 Net Income of $5.2 Million
First Bank (FRBA)
Last first bank earnings: 4/27 04:30 pm
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US:NASDAQ Investor Relations:
firstbanknj.com/about/investor-relations.html
Company Research
Source: GlobeNewswire
HAMILTON, N.J., March 27, 2020 (GLOBE NEWSWIRE) -- On January 29, 2020, First Bank (the “Company”) announced its operating results for the three and twelve months ended December 31, 2019. In March 2020, in connection with the Company’s preparation of, and its independent registered public accounting firm’s review of, the Company’s consolidated financial statements for the year ended December 31, 2019, a potential error was identified in relation to the accounting for certain recorded expenses related to the Company’s September 30, 2019 acquisition of Grand Bank, N.A. (“Grand Bank”). Based on the review, it was determined that certain merger-related expenses related to its acquisition of Grand Bank that were recorded by Grand Bank prior to the closing of the acquisition should have been recorded by the combined Company. This corrected press release now reflects $2.4 million in additional merger-related expenses and a reduction in income tax expense of $641,000 for the year ended Dece
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