First Bank Reports First Quarter of 2018 Net Income of $4.0 Million, up $2.1 Million Compared to First Quarter of 2017
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
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Source: GlobeNewswire
HAMILTON, N.J., April 23, 2018 (GLOBE NEWSWIRE) -- First Bank (Nasdaq Global Market:FRBA) today announced results for the first quarter of 2018. Net income for the first quarter of 2018 was $4.0 million or $0.23 per diluted share, compared to $1.9 million or $0.17 per diluted share for the first quarter of 2017. Return on average assets and average equity for the first quarter of 2018 were 1.11% and 9.90%, respectively, compared to 0.73% and 8.73%, respectively, for the first quarter of 2017. Net income for the first quarter of 2018 reflected the change in the federal statutory corporate income tax rate which was lowered from 35% to 21% effective January 1, 2018. First quarter of 2018 and 2017 net income included certain merger-related items. Excluding these items, First Bank’s first quarter of 2018 adjusted diluted earnings per share1 was $0.23, adjusted return on average assets1 was 1.14% and adjusted return on average equity1 was 10.18%. First Bank’s first quarter of 2017 adju
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