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Stockreport

First Bank Reports Third Quarter 2017 Net Income of $2.5 Million, an Increase of 38% Compared to 2016

First Bank (FRBA)  More Company Research Source: GlobeNewswire
US:NASDAQ Investor Relations: firstbanknj.com/about/investor-relations.html
PDF Year-To-Date Net Income is Up 39% to $6.4 Million For the Third Quarter and Year to Date: Continued Organic Loan Growth; Increased Operating Efficiency; Stable Asset Quality Metrics; Strong Period End Capital Levels HAMILTON, N.J., Oct. 30, 2017 (GLOBE NEWSWIRE) -- First Bank (Nasdaq:FRBA) today announced results for the third quarter and first nine months of 2017.  Net income for the third quarter was $2.5 million or $0.16 per diluted share, compared to $1.8 million or $0.16 per diluted share for the third quarter 2016. Third quarter 2017 diluted earnings per share were consistent with the prior year quarter despite both a 4.2 million share increase in diluted weighted average shares outstanding and non-recurring merger-related expenses, excluding tax effects, of $0.08 per share. The increase in third quarter net income was driven by net interest income growth of 42.9%, which was primarily the result of organic loan growth.   Net income for the first nine months of 2017 was $6. [Read more]

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