Spreading Our Roots.
Staying True to Our Values.
2 O 1 8 A N N U A L R E P O R T
Spreading our Roots Our central New Jersey market area has an affluent economy,
a strong, diverse array of employers and ties to New York City’s well-paying financial
industries. In fact, the New York City to Philadelphia corridor is one of the more
desirable banking markets in the country. We grow our business organically by
providing a superior customer experience, including access to our decision makers.
We also continue to consider opportunities to
grow our business through acquisitions of whole banks,
SUSSEX
business lines or branches that complement our
growth strategy and market expansion objectives.
WARREN
MORRIS
NYC
HUNTERDON
SOMERSET
MIDDLESEX
BUCKS
MERCER
MONMOUTH
MONTGOMERY
PHILADELPHIA
CHESTER
OCEAN
DELAWARE
BURLINGTON
GLOUCESTER
CAMDEN
FIRST BANK
REGIONAL STRUCTURE
NORTHERN NEW JERSEY
CENTRAL NEW JERSEY
SOUTHERN NEW JERSEY
EASTERN PENNSYLVANIA
★
HEADQUARTERS AND FIRST BANK BRANCH
FIRST BANK BRANCH
CO NT ENTS
STAYING TRUE TO OUR VALUES
LETTER TO SHAREHOLDERS
5-YEAR PERFORMANCE CHARTS
SELECTED FINANCIAL INFORMATION
OPERATIONS REVIEW – NORTHERN NEW JERSEY
OPERATIONS REVIEW – CENTRAL NEW JERSEY
OPERATIONS REVIEW – SOUTHERN NEW JERSEY
OPERATIONS REVIEW – PENNSYLVANIA
1
2
8
9
10
12
14
16
FIRST BANK PROFILE
FIRST BANK LOCATIONS
BOARD OF DIRECTORS
EXECUTIVE MANAGEMENT
BANK OFFICERS
INVESTOR PROFILE
CORPORATE AND SHAREHOLDER INFORMATION
18
19
20
22
23
24
25
Staying True to Our Values Our goal is to create a high-performing,
truly-differentiated community bank that delivers an exceptional customer
experience, superior shareholder returns and a unique and rewarding
work environment for our employees.
There is a sizable and underserved market niche of customers looking for
a direct and meaningful relationship with their banker. We provide
direct and easy access to personal bankers that solve problems and meet
customer needs. Everything we do works to facilitate this goal.
Our customer value proposition: Life is better with a personal banker.
ON THE COVER
ON THIS PAGE
The Eolith
at Grounds for Sculpture
Footbridge and Lily Pond
at Grounds for Sculpture
H A M I LT O N, N J
H A M I LT O N, N J
1
TO OUR SHAREHOLDERS, STA KEHOLD ERS,
EM P LOYEES AN D FRIENDS:
2018: ANOTHER GOOD YEAR OF CONTINUED, PROFITABLE GROWTH
Strategic and operating results were very good in 2018. After a year of strong
growth and profitability in 2017, we followed that with an even better performance
in 2018. Loan and deposit growth continued, net income and earnings per share
improved, return on assets (ROA) and return on equity (ROE) moved higher, and we
successfully integrated two acquisitions.
We earned record profits in 2018. A better federal tax rate certainly helped, but
make no mistake, 2018 would have been a record year under the old or the new
tax system. To help illustrate this point, pre-tax profit was up over $7 million in 2018
compared to 2017, an increase of 50%. Net income for the year was $17.6 million
compared to $7.0 million in the prior year. If 2017 income is adjusted for the one-time
adjustment to our deferred tax asset and certain merger-related items, we would
have earned $10.5 million in 2017. That equates to a $7.1 million increase in earnings
year over year, an increase of 67%. Adjusted diluted earnings per share in 2018 were
$0.95, a 32% increase over adjusted diluted earnings per share of $0.72 in 2017.
As we sit here today, we have sixteen branches across nine counties, $1.8 billion in
assets, a legal lending limit exceeding $30 million, almost $200 million in equity
capital, over 180 employees, and teams operating in four distinct and attractive
markets: Central NJ, Northern NJ, Southern NJ, and Eastern PA. To put that in context,
just five short years ago, we had eight branches, under $500 million in assets, a legal
lending limit of $9 million, about $53 million in equity capital, 59 FTE employees,
and one regional team in Central NJ.
Growth by itself does not necessarily create value. Importantly, over that same time
period, we’ve seen core or adjusted ROA improve from 0.43% to 1.10%, core ROE
has improved from 4.97% to 9.78%, tangible book value per share has increased
from $6.16 to $9.50, annual pre-provision earnings per share have grown from
$0.55 to $1.08, and core diluted earnings per share have increased from $0.33 to
$0.95. Asset quality metrics have also improved and our annual cash dividend of
$0.12 per share reflects a 50% increase over the prior year cash dividend. Our stock
price has almost doubled over this five-year period of significant growth. In short,
we have a lot to be proud of.
Even with our significant growth and geographic expansion, we’ve been extremely
focused on maintaining our community bank roots and culture. In fact, it is so
important to who we are as an organization, we’ve chosen it as the theme for this
year’s annual report: Spreading Our Roots. Staying True to Our Values.
Every year brings new challenges and we believe our team is well equipped to deal
with what the rapidly changing business environment hands us. The stock market
correction and the flattening yield curve in the second half of 2018, along with
the ongoing uncertain corporate tax environment in New Jersey are presenting
new challenges that we will work to address in 2019. These challenges require further
discussion and I’ll revisit them in the discussion that follows.
FIRST, I’D LIKE TO PROVIDE SOME ADDITIONAL
DETAILS REGARDING OUR PROGRESS IN 2018.
KEY ADDITIONS TO THE TEAM Early in 2018 we further enhanced our
senior management strength with the addition of John Shepardson as our Chief
Administrative Officer. John hit the ground running, working closely with the
department managers in Human Resources (Kimberly Cerasi), Compliance (Michelle
Mack), and BSA/Anti-Money Laundering (Brendan Ryan). Thanks to their collective
Our top-line
growth continued
at a double-digit pace
and flowed through
to strong earnings
improvement
2
great efforts, we received positive feedback from the regulators during our
Compliance and Safety and Soundness exams during the year. Later in the year,
we brought in Emilio Cooper to be our Chief Deposits Officer. Building off the
investment we made in 2017 with the creation of our Commercial Deposits Division,
Emilio is working closely with the team to help enhance our product and service
offerings and drive core, low-cost funding growth. He is also working closely with
Susan Paglione (Chief Retail Operations Officer) on the branch side to expand our
growth initiatives in that area. Lastly, we opened new branch locations and added
great new teams in Pennington, NJ and West Chester, PA during the year. Both new
branches are off to strong starts.
OPERATIONS AND TECHNOLOGY ACCOMPLISHMENTS 2018 was a very
big year for our Technology and Operations teams. The group, with support
from all parts of the organization, successfully completed not one, but two system
integrations related to acquisitions (Bucks County Bank and Delanco Federal
Savings). Then, without much time to rest, they quickly shifted gears to an
incredibly important strategic project: the selection of a new IT core vendor.
After a painstakingly thorough diligence process, we entered into a new technology
contract with Fiserv. In the end, we felt very comfortable that we selected the
right partner, with the best technology and most efficient cost structure to meet
our growth needs. And, if that wasn’t enough, we successfully completed several
improvements to our internal management information systems giving us better
visibility into real-time performance and results by geographic region. I can’t say
enough good things about the amazing job done by our Chief Technology Officer
(Dave Lidster), and his entire team.
In hindsight, it was truly a year of great strategic and operational progress, leaving us
well positioned for 2019 and beyond.
BEFORE WE DISCUSS OUR PROSPECTS FOR 2019, I’D LIKE TO PROVIDE
A LITTLE MORE DETAIL REGARDING OUR FINANCIAL RESULTS FOR 2018
Our strong financial performance in 2018 was driven by several factors: high-quality
loan growth, strategic deposit pricing, and controlled expense growth.
Patricia Schofield
C i n n a m i n s o n
B r a n c h O p e r a t i o n s M a n a g e r
S o u t h e r n N J R e g i o n
LOAN GROWTH The loan portfolio grew $235 million in 2018. About three quarters
of that growth came from internally-generated organic loan growth. The remainder
of the growth came from the merger with Delanco, which closed in April of 2018.
We also made continued progress toward our goal of diversifying our loan portfolio,
as investor CRE loans declined from 52.7% of the loan portfolio at the end of 2017
to 50.6% at the end of 2018.
Not only did our loan portfolio grow at a nice clip during the year, our average yield
on loans improved nicely as well. During the year, our yield on loans was 5.02%, an
increase over the 4.72% loan yield during 2017.
Our asset quality profile remained strong throughout the year. By year-end, our
non-performing loans were 0.44% of total loans, basically flat compared to 0.43%
at year-end 2017. Net charge-offs during the year were negligible, amounting to
$9,000. Our allowance for loan losses had risen to 238% of non-performing loans
by year end, a level that compares favorably to local and national peers.
DEPOSIT GROWTH Our total deposits increased by $226 million, or 19% during
2018. Importantly, our non-interest bearing (NIB) deposits increased to $219 million
at the end of 2018, up from $199 million at the end of 2017, an increase of $20 million.
While this is respectable growth, we are focused on our three-year goal of having
NIB deposits equal 20% of total deposits, up from 15.7% at the end of 2018.
3
Average earning
assets grew by
$365.3 million, or
31.1%, in 2018
Strategically, with the close of the Delanco acquisition in April of 2018, we gained
some excess liquidity that allowed us to effectively manage deposit price increases
for much of the year. As such, despite a rising interest rate environment, our deposit
costs were well controlled for much of the year and only moved up later in the year
when a return of some promotional pricing cut into our margin a bit. Overall for the
year, our cost of interest bearing deposits increased 0.25%, compared to a 0.30%
increase in the yield on our loans discussed above. Considering the flattening yield
curve during the year, maintaining the relationship between deposit costs and loan
yields was a better outcome than we might have expected.
Most of our deposit growth during the year came from our commercial deposit
product categories. This was consistent with our expectations, given the early stages
of development for our commercial deposits group. In 2018 the group focused on
shifting the culture and working closely with Lending Relationship Managers to help
drive additional deposit business with existing borrowers. Heading into 2019, we are
looking for our new direct sales group to help drive bigger deposit growth numbers.
NET INTEREST MARGIN As a result of rising loan rates and disciplined deposit
pricing, our tax equivalent net interest margin for the year in 2018 was 3.57%, up
from 3.39% in 2017. These improvements in 2018 came despite our expectation of
a more competitive and lower-margin operating environment. As I’ve indicated in
the past, we want to make sure we can produce solid profitability in difficult margin
environments. And, of course, if the environment turns out better than expected, we
want to be positioned to benefit from it, as happened in 2018.
ADDITION OF DELANCO FEDERAL SAVINGS BANK Our merger with
Delanco closed on April 30, 2018. The conversion took place over the summer, and
our two newest Southern NJ locations have assimilated nicely. Customer attrition has
been limited and we’ve fully executed our cost-savings plan. Former Delanco CEO
Jim Igo will be retiring in March, but we’re lucky to have had his guidance during this
transition period. The process has certainly worked much smoother thanks to his
hard work and dedication to the bank and our customers.
SO, HOW DID THOSE DEVELOPMENTS IMPACT PROFITABILITY IN 2018?
NET INCOME AND EARNINGS PER SHARE As mentioned earlier, we delivered
record profitability in 2018. Net income was $17.6 million, and adjusted diluted
earnings per share were $0.95, a 32% increase over adjusted diluted earnings per
share of $0.72 in 2017.
P R E - P R OV I S I O N , N E T R E V E N U E ( P P N R ) This is a metric we follow to see
how we’re progressing when you extract some of the non-operating components
of profitability. The metric is calculated by taking our net interest income (before
the provision for loan losses), adding non-interest income excluding non-recurring
items (gains or losses on sales or securities, bargain purchase gains, and gains on
recovery of acquired loans), and subtracting non-interest expense excluding
non-recurring items (merger-related expenses). We look at this non-GAAP
measure on a quarterly basis to get a sense of our core operating earnings
trends. You will find each of the components listed above broken out in our
audited financial statements.
PPNR of $25.3 million in 2018 increased $6.7 million (36%) compared to PPNR
of $18.5 million in 2017. The strong growth in this metric relates to core profit
improvement and the inclusion of the Bucks County Bank and Delanco franchises.
4
Terrance Howard
S V P/ M a r k e t E x e c u t i v e
C e n t r a l N J R e g i o n
BOOK VALUE We closed the year with book value of $10.43 per share, an increase
of $1.07, or 11.4%, compared to year-end 2017. Tangible book value per share reached
$9.50 at the end of 2018, an increase of $0.80, or 9.2%, compared to year-end 2017.
Continued growth of book value will be an important driver of future value creation
for our shareholders. Over the past five years, book value per share has increased
$4.27 (69%), and tangible book value per share has increased $3.34 (54%).
We believe that tangible book value per share growth should continue to improve
as the benefits of the Bucks County Bank and Delanco acquisitions are fully realized.
ROA AND ROE Our core or adjusted ROA for 2018 was 1.10%, up from 0.86% in
2017 and 0.43% in 2013. Our core ROE was 9.78% in 2018, up from 8.42% in 2017 and
4.97% in 2013. We are pleased by the steady progress and improvement of these
ratios over the years and we’re working hard to keep moving them higher.
2019: PUSHING THROUGH HEADWINDS TO CREATE ADDITIONAL VALUE
After a few years of strong asset growth, margin expansion, operating efficiencies
and tax savings leading to significant earnings growth, we expect the sledding
to get a bit tougher in 2019. Specifically, a flattening yield curve will pressure our
margin and uncertainty regarding tax policy in New Jersey could create potential
headwinds. Nevertheless, opportunities remain, we’ll just need to pedal a little harder
to get up that hill.
CONTINUED GROWTH IN OUR CORE MARKETS As we make acquisitions
and enter new markets, we need to make sure we maintain a strong core.
Our regional structure, with dedicated teams in each market, is one way to
accomplish this. Throughout the remainder of this year’s annual report you’ll be
hearing and seeing more about our great teams in each of our markets. We are
fortunate to be operating in some of the largest, densest and most affluent
markets in the country. We have just started to scratch the surface of market share
gains within our New York City to Philadelphia corridor.
COMMERCIAL DEPOSIT GROWTH Having achieved some early success with
the first phase of our growth plan with the commercial deposits group, 2019 will
be a year focused on our direct sales effort. We can, and will, continue to expand
borrowing relationships into full banking relationships. In addition, our direct deposits
sales force will be targeting deposit-rich industries and other non-borrowing bank
customers to tap into new opportunities. This group will be critical in helping us meet
our deposit growth goals, improving our deposit mix, controlling our cost of funds,
and working toward our goal of having non-interest bearing deposits at 20% of
total deposits.
CONTINUED REBALANCING OF THE LOAN PORTFOLIO We intend to make
continued progress in 2019 on our goal of modestly expanding business lending
in our loan portfolio. We made good progress last year and our pipelines show the
potential to continue with our success toward this goal.
PRUDENT EXPENSE MANAGEMENT We have always been focused on the
bottom line through smart growth and by carefully managing non-interest expenses.
With a tougher NIM environment for banks, we intend to remain extremely cost
conscious. To that end, we recently announced the consolidation of two branches.
One branch closed in October of 2018, and the second will be closing in March of
2019. Consolidations are never easy, but the trends in banking are undeniable: while
the branch remains an important factor when choosing a bank, reduced usage of
physical locations reduces the need for a branch to be right around the corner. In
the past, many banks won customers based upon the number of locations and
the convenience that created. Going forward, we believe quality technology in an
“omni-channel” distribution environment together with access to personal bankers
providing superior service will be the winning formula for community banks.
The cash
dividend for First
Bank common
stock was increased
by 50% in 2018,
reflecting the Bank’s
continued strong
performance
5
Total loans of $1.5 billion at yearend,
a 19.2% increase from 2017
19.2
2018 Performance Highlights
Net income for 2018
1.7
Total assets reach $1.7 billion,
of $17.6 million, or $0.95
per diluted share
0.95
39.8
Total net revenue (net interest
up $258.8 million, or 17.8%,
income + non-interest income)
from 2017 yearend
grew 39.8% to $58.4 million
19.4
50.0
Pretax earnings
Total deposits grew
by 19.4% to $1.4 billion
at 2018 yearend
Continued strong asset
quality metrics with
nonperforming loans to total
0.44
increased by 50.0%
loans of 0.44% at 12-31-18
6
Therefore, we want our investments to focus on people and technology rather than
bricks and mortar. Thankfully we have access to many great technology solutions
(customer facing solutions and tech that drives internal operating efficiencies) from a
vast universe of high-quality vendors. This helps with our cost structure by reducing
the need for a large and expensive technology research and development team.
One key measure of expense control is our efficiency ratio (non-interest expense
divided by revenue), which came in at 56% for 2018. That was up slightly from 55%
in 2017, but still down significantly from 68% in 2014. For those not familiar with this
ratio, a lower number is better since you have fewer expense dollars at work to earn
your revenue. Another key measure of expense control is our non-interest expense
to our average assets (NIE/AA). Our NIE/AA ratio was 2.06% in 2018, down from
2.65% in 2014. Both our efficiency ratio and NIE/AA ratios compare favorably to
peer averages.
SPREADING OUR ROOTS. STAYING TRUE TO OUR VALUES.
Our continued success will come from a variety of factors: grassroots growth in
each region, continued quality loan growth, enhanced low-cost deposit generation,
and prudent acquisitions. Growth will drive continued operating leverage and
efficiencies, quality loans will help protect us if there is an economic downturn,
low-cost deposit growth will help margins and enhance franchise value, and
accretive M&A can drive EPS growth.
The shape of the yield curve and federal and state tax systems are outside of our
control. But there are still many factors that we do control. We must remain focused
on improving and optimizing the factors we can influence.
Ten years ago, we created a bank that we hoped would provide great customer
service, an enjoyable and rewarding work environment, and a good return for
shareholders. I am confident that we’ve built an organization that is delivering and
will continue to deliver on those objectives. We have a tremendous opportunity in
front of us, and we have the management team and Board of Directors capable of
seizing the opportunity.
Before closing, I’d like to take a minute to thank two amazing directors that will be
stepping down in April – Sam Marrazzo and Raymond Nisivoccia. Sam, a founding
shareholder and director, has been an outstanding customer, shareholder, booster,
and director from the very beginning. We will miss his business acumen, sense of
humor, and muffins! Ray joined us after the merger with Heritage Community Bank,
and boy are we lucky that he stayed with us. Ray has helped open doors in Northern
New Jersey for the past five years, and his insights have been invaluable, especially
as a critical member of our Audit Committee. It’s with deep gratitude and respect
that I say thank you to Sam and Ray.
Lastly, a special thanks to our customers, employees, and shareholders. Without all
three working together the Bank cannot be successful. We appreciate your support
and dedication and we look forward to sharing more good news with you as we
move forward.
Sincerely,
Thomas Fehn, Jr.
S V P/ R e t a i l M a r k e t M a n a g e r
C e n t r a l / N o r t h e r n
N J R e g i o n s
Patrick L. Ryan
President and CEO
7
After a year of
strong growth and
profitability in
2017, we followed
that with an even
better performance
in 2018. Loan and
deposit growth
continued, net
income and
earnings per share
improved, and we
successfully
integrated two
acquisitions.
Total Assets
AT 12-31, $ IN BILLIONS
Total Loans
AT 12-31, $ IN BILLIONS
Total Deposits
AT 12-31, $ IN BILLIONS
1.71
1.45
1.46
1.23
1.39
1.17
1.07
0.86
0.68
0.90
0.69
0.55
0.89
0.74
0.60
14
15
16
17
18
14
15
16
17
18
14
15
16
17
18
5-YEAR CAGR = 29.7%
5-YEAR CAGR =33.9%
5-YEAR CAGR = 28.4%
Total Stockholders’
Equity
AT 12-31,
$ IN MILLIONS
194.8
Net Interest
Income
FOR YEAR ENDED 12-31,
$ IN MILLIONS
54.9
Net Income
FOR YEAR ENDED 12-31,
$ IN MILLIONS
17.6
163.3
88.8
68.8
64.8
39.7
28.9
23.8
21.2
7.0
6.4
5.8
3.9
14
15
16
17
18
14
15
16
17
18
14
15
16
17
18
5-YEAR CAGR = 30.0%
5-YEAR CAGR = 33.0%
5-YEAR CAGR = 59.4%
Book Value
Per Share
AT 12-31
Return on
Average Assets
% FOR YEAR ENDED 12-31
Return on
Average Equity
% FOR YEAR ENDED 12-31
Diluted Earnings
Per Share
FOR YEAR ENDED 12-31
$10.43
$9.36
0.98
1.09
9.48
9.70
8.08
$0.95
$7.78
$7.26
$6.88
0.66
0.57
0.51
5.74
5.60
$0.63
$0.61
$0.48
$0.41
14
15
16
17
18
14
15
16
17
18
14
15
16
17
18
14
15
16
17
18
5-YEAR CAGR = 11.1%
5-YEAR CAGR = 20.5%
5-YEAR CAGR = 14.1%
5-YEAR CAGR = 23.6%
8
Note: 5-year CAGR calculated based on year end 2013 and 2018 numbers.
SELECTED FINANCIAL INFORMATION
IN THOUSANDS, EXCEPT COMMON SHARE DATA
AT OR FOR THE YEAR ENDED DECEMBER 31,
2018
2013
5-YEAR CAGR
Efficiency Ratio2
Selected Balance Sheet Data
Total assets
Total loans
Allowance for loan losses
Total deposits
Total borrowings
Total subordinated debentures
Total stockholders’ equity
Average total assets
Average stockholders’ equity
$
1,711,159
1,462,516
15,135
1,393,204
93,351
21,856
194,836
1,617,614
181,273
Selected Income Statement Data
Interest and dividend income
Interest expense
$
Net interest income
Provision for loan losses
Net interest income after provision for loan losses
Non-interest income
Non-interest expense
Income before income taxes
Income tax expense
72,738
17,794
54,944
3,447
51,497
3,452
33,314
21,635
4,046
$
$
466,792
339,975
4,675
399,113
14,000
—
52,507
396,974
34,107
16,620
3,414
13,206
1,543
11,663
512
9,388
2,787
1,079
29.7%
33.9%
26.5%
28.4%
46.2%
N/M
30.0%
32.4%
39.7%
34.4%
39.1 %
33.0%
17.4%
34.6%
46.5%
28.8%
50.7%
30.3%
Net income
$
17,589
$
1,708
59.4%
Common Share Data
Diluted earnings per share
Cash dividends paid
Diluted weighted average common
shares outstanding
Book value per common share
$
0.95
0.1 2
$
0.33
—
18,571,537
10.43
$
5,172,233
6.16
$
Common shares outstanding
18,676,056
8,520,299
Selected Performance Ratios
Return on average assets
Adjusted return on average assets1
Return on average equity
Adjusted return on average equity1
Net interest margin, tax equivalent2
Efficiency ratio2
1.09%
1.10%
9.70%
9.78%
3.57%
56.1 3%
Selected Asset Quality Ratios
Nonperforming loans to total loans3
0.44%
Allowance for loan losses to nonperforming loans 237.90%
0.00%
Net loan charge offs to average loans
Capital Ratios
Stockholders’ equity to assets
Tier 1 leverage capital
Common equity tier 1 capital4
Tier 1 risk-based capital
Total risk-based capital
11.39%
10.40%
10.85%
10.85%
13.12%
0.43%
0.43%
5.01%
4.97%
3.47%
67.88%
0.98%
140.14%
0.32%
11.25%
11.89%
—
14.1 1%
15.35%
71.73%
68.46%
61.20%
55.27%
56.13%
14
15
16
17
18
Nonperforming
Loans / Total Loans
AT 12-31
1.30%
0.66%
0.43% 0.44%
0.57%
14
15
16
17
18
Net Loan Charge-Offs/
Average Loans
AT 12-31
0.22%
0.14%
0.10%
0.08%
14
15
16
17
18
0.00%
1 This measure is not recognized under U.S. GAAP and is therefore a non-U.S. GAAP financial measure. See our annual report
on Form 10-K for a reconciliation of the 2018 calculation.
2 The tax equivalent adjustment is calculated using a federal income tax rate of 21% in 2018 and 34% in 2013.
3 Nonperforming loans consist of nonaccrual loans and loans past due 90 days or more and still accruing.
4 New regulatory capital measure calculated under Basel III rules which became effective January 1, 2015.
9
MARKET SUMMARY
MARKET AREA
POPULATION
BUSINESS UNITS
1,380 sq. miles
772,000
73,000+
ANNUAL BUSINESS REVENUES $128 billion+
TOTAL MARKET AREA DEPOSITS $30.5 billion
COUNTIES
Warren, Sussex and Morris
High Point Monument
WA N TA G E A N D M O N TA G U E
T O W N S H I P S, N J
10
Our flat organizational
structure means
our clients have access
to local decision makers
who can respond in
real time. This efficiency
is mutually beneficial
and key to our ability to
develop full banking
relationships.
David DiStefano
FSVP/ Regional President
LEFT TO RIGHT
Dan McAdams
V P / D e n v i l l e
B r a n c h S a l e s M a n a g e r
David DiStefano
F S V P/ N o r t h e r n N J
R e g i o n a l P r e s i d e n t
Finding Opportunities
in Northern New Jersey
First Bank’s size and enterprising approach enables us to provide
personalized banking services which satisfy the needs of both individual
and business customers. Our relationship-oriented approach is key to
the Bank’s organic growth and reflected in the success we have realized
in positioning our business for long-term growth and profitability.
In addition to planned organic growth, we believe that it’s important
to consider opportunities to grow our business through acquisitions
that provide scale, market expansion and that bolster our talent pool.
Our acquisition of Heritage Community Bank in 2014 had all of these
characteristics. This transaction expanded our service area into affluent
Morris County, provided a solid market presence with two locations in
larger municipalities — Randolph and Denville — and added staffing
with a shared customer service culture. These Morris County locations
also help to expand our commercial banking market reach into
neighboring Warren and Sussex counties.
All three of these counties have compelling demographics and offer
the opportunity for significant organic growth. Morris County’s median
household income of $114,700 is roughly twice the average for the
whole U.S. There are 33 Fortune 500 businesses that have headquarters,
offices or a major facility in Morris County reflecting its proximity to
New York City which is 25 miles to the east. Its strategic location in
relation to New York has attracted companies from a wide variety of
industries including: pharmaceuticals, health services, research and
development, technology, finance, insurance and real estate.
While Morris County is more economically vibrant, Sussex and Warren
counties offer interesting potential for growth. Sussex County, with
a population of nearly 150,000, is the northernmost county in the
state but still only about 40 miles from New York City, and its 12,000+
businesses generate more than $5 billion in revenues annually. The
more rural Warren County shares a border with the Lehigh Valley
of Pennsylvania, has a population of 108,000 and estimated annual
business activity of $10.8 billion.
11
Lower Trenton Bridge
T R E N T O N , N J
A N D M O R R I S V I L L E , PA
MARKET SUMMARY
MARKET AREA
POPULATION
BUSINESS UNITS
1,294 sq. miles
1.6 million
144,000+
ANNUAL BUSINESS REVENUES $307 billion+
TOTAL MARKET AREA DEPOSITS $69.5 billion
COUNTIES
Mercer, Hunterdon, Somerset
and Middlesex
12
Our size uniquely
positions us in Central
New Jersey – we are
small enough to provide
a high-touch, personal
approach to banking and
large enough to support
our commercial clients
through the lifecycle of
their business.
Gene McCarthy
FSVP/Regional President
Deep Roots in
Central New Jersey
Though First Bank first opened its doors in 2007, we have made
effective use of this time by creating a growing, profitable and solid
institution. An important first step was selecting a financially vibrant
market and developing a highly productive business model that
facilitates growth. Central New Jersey has an affluent economy, with
a strong and diverse array of employers, a highly educated labor force
and reasonable business costs by East Coast standards. These factors
provide an excellent environment for growing a strong business over
the long term, which First Bank is thriving in.
The largest concentration of First Bank branches is located in the four
counties that make up our Central New Jersey region. These affluent
counties — Mercer, Middlesex, Somerset and Hunterdon — have median
household incomes ranging from 26% greater than the U.S. median
income to more than 90% greater. Coupled with a total population of
1.6 million for the region — larger than the population of 11 U.S. States —
the economic strength and potential business opportunity of this area
is undeniable.
The seven First Bank branches located in these four counties are de
novo locations that we developed using a low-cost strategy of entering
previously-occupied bank locations and re-opening with minimal cost and
capital investment. The hub of our banking franchise is Mercer County,
where our corporate headquarters and four retail locations service
the county’s more than 366,000 residents. With one branch in each of
the other counties, we have a foothold in three additional markets
offering compelling demographics and significant growth potential.
The region is home to approximately 144,000 businesses with estimated
annual revenues that exceed $307 billion, and the four county area is
home to more than $69 billion in bank deposits. Monmouth and Ocean
counties offer intriguing opportunities to expand our Central Region
with a combined population of more than 1.2 million, nearly 109,000
businesses and annual business revenues of more than $80 billion.
With consolidation of other local community banks in recent years
by larger financial institutions, we see opportunity to out-maneuver
competitors that are not intimately familiar with the needs of individuals
and businesses in our service areas.
LEFT TO RIGHT
Gregory Kay
V P/ H a m i l t o n
B r a n c h S a l e s M a n a g e r
Gene McCarthy
F S V P/ C e n t r a l N J
R e g i o n a l P r e s i d e n t
13
MARKET SUMMARY
MARKET AREA
POPULATION
BUSINESS UNITS
1,384 sq. miles
1.2 million
87,000+
ANNUAL BUSINESS REVENUES $127 billion+
TOTAL MARKET AREA DEPOSITS $27.9 billion
COUNTIES
Burlington, Gloucester and Camden
Keystone Watch Case Co.
R I V E R S I D E , N J
14
First Bank is well
positioned for growth in
our Southern New Jersey
region because of the
investments we’ve made
in experienced and
capable local bankers.
We are ready to capitalize
on the tremendous
opportunity we see in
this market.
Emilio Cooper
EVP & Chief Deposits Officer
An Improved
Southern Exposure
Looking out in any direction from our Mercer County headquarters,
we see potential for market expansion, earning-asset growth and
demand for high-touch personalized banking services. The southern
portion of New Jersey is no exception. Recent demographic trends
in New Jersey are better than many other Mid-Atlantic markets and
are strongly influenced by our ties to the New York and Philadelphia
metropolitan areas. New Jersey is one of the country’s richest states,
with median annual income of more than $80,000; in fact, only
Maryland and the District of Columbia have higher median incomes.
In addition, one in eight New Jersey households have income equal
to or greater than $200,000 annually. Clearly, there are strong
demographics in every direction.
With access to capital for expansion and another attractive market
conveniently located to the south, 2018 was the perfect time for
First Bank to build scale in its Southern Region. In April 2018, we
acquired Delanco Bancorp, Inc., which expanded our banking
footprint into Burlington County through the addition of two quality
full-service locations in Delanco and Cinnaminson, New Jersey.
This transaction expanded and strengthened our Southern Region
service footprint and bridged the gap between Mercer County
and our single Gloucester County location. The acquisition also
immediately increased our funding base and strengthened our
liquidity profile, consistent with our deposit strategy of continuously
generating deposits sufficient to fund loan growth.
Similar to the counties that make up our other New Jersey
banking regions, Burlington, Gloucester and Camden counties
have attractive market demographics and business activity.
The median household income for Burlington and Gloucester
counties is above the statewide average, and businesses in
the three-county region have payrolls of approximately
$22 billion and generate annual revenues in excess
of $127 billion.
LEFT TO RIGHT
Susan Okun
V P/ D e l a n c o
B r a n c h S a l e s
M a n a g e r
John Pettit
V P/ W i l l i a m s t o w n
B r a n c h S a l e s
M a n a g e r
15
MARKET SUMMARY
MARKET AREA
POPULATION
BUSINESS UNITS
2,201 sq. miles
4.0 million
347,000+
ANNUAL BUSINESS REVENUES $523 billion+
TOTAL MARKET AREA DEPOSITS $126.7 billion
COUNTIES
Bucks, Chester, Montgomery,
Philadelphia and Delaware
Longwood Gardens
K E N N E T T S Q U A R E , PA
1 6
In a market with
many financial institutions
to choose from, our
customers appreciate
that they can call
First Bank and speak
to a banker who is well
established in this market
and cares just as much
about this community
as they do.
Joseph Calabro
FSVP/PA Regional President
Our Values Drive
Opportunity in Pennsylvania
A market with more than $125 billion in deposits, nearly 350,000
businesses generating over $520 billion in annual revenue and
exceptional customer demographics, just 50 miles from the front
door, is simply too compelling to ignore. This was the case with the
five-county Metropolitan Philadelphia area, which would become
First Bank’s Eastern Pennsylvania Region.
In May 2015, we entered Eastern Pennsylvania through a de novo
branch location in Trevose, Pennsylvania in Bucks County. Trevose was
First Bank’s 10th customer location and targeted the area’s vibrant
business community and individual customers in the affluent
surrounding municipalities. This move into Eastern Pennsylvania was
consistent with other new branch and merger activity that First Bank
used to propel asset growth of 140% from second quarter 2012
through the same period in 2015.
In September 2017, First Bank completed the acquisition of Bucks
County Bank, adding significant scale to its presence in this market.
This transaction added locations in other affluent suburban communities
northeast of Philadelphia along with just under $200 million in assets
and $155 million in deposits. Later that year, First Bank added a team of
senior lenders focused on expanding our commercial lending presence
in the southeastern Pennsylvania counties of Chester, Delaware and
Philadelphia. This team brought more than 90 combined years of
commercial banking experience, providing a clear demonstration of
the Bank’s elevated commitment to driving business activity in the
Philadelphia metropolitan area. In the second half of 2018 we opened
a new retail branch location in West Chester to complement the Bank’s
commercial lending activity.
First Bank’s comprehensive set of lending, deposit and other financial
products and services with an emphasis on commercial real estate
and commercial and industrial loans to small to mid-sized businesses
and individuals, continues to drive our growing presence in this
and other markets.
LEFT TO RIGHT
Joe Calabro
F S V P/ PA R e g i o n a l
P r e s i d e n t
Scott Civil
S V P/ M a r k e t
E x e c u t i v e
17
New Jersey state-chartered bank
(Headquarters – Hamilton, NJ)
Bauer Financial 5-Star
rated bank (Top Ranking)
★ ★ ★ ★★
SNL Top 100 Community Bank Award
Three-time NJ Biz Fast
50 Award Recipient 3
First Bank Profile
Complete range of deposit
and loan products and services
16
full-service
branches in
New Jersey and
Pennsylvania
Market area — New York City
to Philadelphia corridor
Population
Businesses
Annual Sales/Revenues
Total Bank Deposits
7.7 million
653,000+
$1.1 trillion
$294.5 billion
firstbanknj.com
firstbankpa.com
Sandra Ryan
V P / R a n d o l p h B r a n c h S a l e s M a n a g e r
N o r t h e r n N J R e g i o n
1 8
PENNINGTON
3 Tree Farm Road
Pennington, NJ 08534
609.281.5808
RANDOLPH
1206 Sussex Turnpike
Randolph, NJ 07869
973.895.5800
SOMERSET
225 DeMott Lane
Somerset, NJ 08873
732.649.1999
WILLIAMSTOWN
1020 North Black Horse Pike
Williamstown, NJ 08094
856.728.3400
PENNSYLVANIA
DOYLESTOWN
200 South Main Street
Doylestown, PA 18901
215.230.7533
WARMINSTER
356 York Road
Warminster, PA 18974
215.441.4118
TREVOSE
4956-66 Old Street Road
Trevose, PA 19053
267.984.4537
WEST CHESTER
121 N. Walnut Street
Suite 320
West Chester, PA 19380
484.881.3800
FIRST BANK LOCATIONS
ADMINISTRATIVE
2465 Kuser Road
Hamilton, NJ 08690
877.821.2265
1395 Yardville-Hamilton Square Road
Hamilton, NJ 08691
877.821.2265
NEW JERSEY
CINNAMINSON
506 US Route 130 North
Suite #1
Cinnaminson, NJ 08077
856.303.8899
CRANBURY
2664 US Route 130
Cranbury, NJ 08512
609.642.1064
DELANCO
615 Burlington Avenue
Delanco, NJ 08075
856.461.0611
DENVILLE
530 East Main Street (Route 53)
Denville, NJ 07834
973.625.1407
EWING
1340 Parkway Avenue
Ewing, NJ 08628
609.643.0470
FLEMINGTON
334 Highway 31 North
Flemington, NJ 08822
908.751.0318
HAMILTON
2465 Kuser Road
Hamilton, NJ 08690
609.528.4400
LAWRENCE
590 Lawrence Square Boulevard South
Lawrence, NJ 08648
609.587.3111
Brent Cronnell
S V P/ R e t a i l M a r k e t M a n a g e r
S o u t h e r n N J / PA R e g i o n s
19
BOARD OF DIRECTORS
PATRICK M. RYAN
CHAIRMAN
Owner of North Buffalo Advisors, LLC;
former President and Chief Executive
Officer of Yardville National Bank
D IRE CTO R S INCE 2 01 1
BOA RD CO MMI TTEE S
Asset/Liability, Compliance,
Information Technology
LESLIE E. GOODMAN
VICE CHAIRMAN
LEAD INDEPENDENT DIRECTOR
Principal of The Eagle Group of Princeton, Inc.;
Director of Wawa, Inc.
D IRE CTO R S INCE 2 008
BOA RD CO MMI TTEE S
Compensation and Personnel (Chair),
Asset/Liability (Chair)
PATRICK L. RYAN
President and Chief Executive Officer
of First Bank
D IRE CTO R S INCE 2 008
BOA RD CO MMI TTEE S
Asset/Liability, Compliance,
Information Technology
DOUGLAS C. BORDEN
Partner of Borden Perlman
Insurance Agency
DI R ECTO R SIN CE 2 01 7
B OA RD CO MMI TTEES
Compensation and Personnel,
Nominating and Governance (Chair),
Information Technology
CHRISTOPHER B. CHANDOR
Chief Executive Officer of Penn’s Grant
Corporation; former Vice Chairman
of Bucks County Bank
DI R ECTO R SIN CE 2 01 7
B OA RD CO MMI TTEES
Audit and Risk Management,
Compliance
GARY S. HOFING
Principal of The Eagle Group of Princeton, Inc;
former Vice President of Hofing
Management, LLC
DI R ECTO R SIN CE 2 01 6
B OA RD CO MMI TTEES
Asset/Liability, Compliance,
Information Technology
ELBERT G. BASOLIS, JR.
President and Owner of Garrison
Enterprises Inc.
DEBORAH PAIGE HANSON
Principal, Executive Vice President and
Fund Manager of The Hampshire Companies
D IRE CTO R S INCE 2 008
DI R ECTO R SIN CE 2 01 6
BOA RD CO MMI TTEE S
Nominating and Governance,
Compensation and Personnel,
Information Technology (Chair)
B OA RD CO MMI TTEES
Asset / Liability, Nominating and
Governance, Compensation and Personnel,
Information Technology
20
All directors also serve on the Strategic Planning and
Board Loan Committees.
GLENN M. JOSEPHS
Partner of Friedman, LLP; former Partner,
Bagell, Josephs, Levine and Company, LLC
D IRE CTO R S INCE 2 008
BOA RD CO MMI TTEE S
Audit and Risk Management (Chair),
Nominating and Governance,
Compensation and Personnel
MICHAEL E. SALZ
President of Linden Bulk
Transportation Co., LLC
DIRECTOR SINCE 2017
BOA RD CO MMI TTEE S
Audit and Risk Management,
Asset / Liability, Compensation
and Personnel
JOHN E. STRYDESKY
Certified Public Accountant;
Owner of Strydesky & Company,
CPAs /Business Consultants
D IRE CTO R S INCE 2 01 0
BOA RD CO MMI TTEE S
Audit and Risk Management,
Asset/Liability, Compliance (Chair)
The Board of Directors would like to
express its thanks and appreciation to two
retiring directors, Mr. Samuel D. Marrazzo
and Mr. Raymond F. Nisivoccia, for
their dedicated service and valuable
guidance to First Bank. Mr. Marrazzo, who
is President and Founder of Marrazzo’s
Thriftway and Serenity Point, LLC, joined
the Board in 2011 and most recently served
on its nominating and governance and
compliance committees. Mr. Nisivoccia is
the founding partner of Nisivoccia LLP.
He joined First Bank’s board in 2014 and
recently served on the audit and risk
management, nominating and governance,
and information technology committees.
21
EXECUTIVE MANAGEMENT TEAM
PATRICK L. RYAN
PRESIDENT | CHIEF EXECUTIVE OFFICER
Pat Ryan has served as President and Chief Executive Officer of First Bank since 2013.
In 2008, Mr. Ryan worked with the investor group that recapitalized the Bank, joined the Bank’s
Board of Directors and was appointed Chief Operating Officer. Prior to this time he was First
Senior Vice President, Emerging Markets Manager for Yardville National Bank. Mr. Ryan joined
Yardville National Bank in 2005 as head of Strategic Planning and Corporate Development,
responsible for strategy, mergers and acquisitions, branch expansion, investor relations,
research and analysis.
PETER J. CAHILL
EXECUTIVE VICE PRESIDENT | CHIEF LENDING OFFICER
Peter Cahill has served as Chief Lending Officer of First Bank since 2008, when he joined
the Bank, and was appointed an Executive Vice President in December 2013. Prior to joining
First Bank he served as Senior Vice President/Sales Manager for PNC Financial Services Group
from October 2007 to October 2008. In addition, Mr. Cahill held senior level positions
with Midlantic National Bank, Fleet Boston and Yardville National Bank. Mr. Cahill has almost
40 years of banking experience.
STEPHEN F. CARMAN
EXECUTIVE VICE PRESIDENT | CHIEF FINANCIAL OFFICER
Steve Carman has served as Chief Financial Officer of First Bank since 2008, when he joined
the Bank, and was appointed an Executive Vice President in December 2013. Mr. Carman
served as Executive Vice President and Chief Financial Officer of Yardville National Bank from
1992 until 2007. Mr. Carman spent his entire 30-year banking career prior to joining First Bank
at Yardville National Bank. Mr. Carman has 40 years of banking experience.
EMILIO COOPER
EXECUTIVE VICE PRESIDENT | CHIEF DEPOSITS OFFICER
Emilio Cooper has served as Chief Deposits Officer of First Bank since joining the Bank
in October 2018. He is responsible for leading the Retail and Commercial Deposit areas
and accelerating the Bank’s core deposit growth. Mr. Cooper has over 20 years of banking
experience, both locally and in the Midwest. Most recently, he was the Head of Sales and
Distribution for US Retail Banking at BMO Harris Bank, a $110 billion asset bank with over
500 locations. Prior to BMO, he held the role of Retail Director for Citizens Bank in the
Greater Philadelphia area and Community Bank President for Wells Fargo/Wachovia.
22
BANK OFFICERS
FIRST SENIOR VICE PRESIDENTS
Joseph R. Calabro
Pennsylvania Regional President
David J. DiStefano
Northern New Jersey Regional President
Andrew L. Hibshman
Chief Accounting Officer
David D. Lidster
Chief Technology Officer
Gene C. McCarthy
Central New Jersey Regional President
Susan M. Paglione
Chief Retail Operations Officer
John F. Shepardson
Chief Administrative Officer
SENIOR VICE PRESIDENTS
Belinda L. Blazic
Loan Administration Manager
Kimberly Cerasi
Human Resources
Scott W. Civil
Market Executive
Michael B. Cook
Commercial Lending Relationship Manager
Brent Cronnell
Retail Market Manager
Marianne E. DeSimone
Lending Group Manager
Gabriel K. Dragos
Head of Operations
Thomas P. Fehn, Jr.
Retail Market Manager
Nancy C. German
Deposit Operations Officer
Terrance R. Howard
Market Executive
Mark E. Kabakow
Construction Lending Manager
Karen J. Conway
Business Banker
Kimberly Dargay
Branch Operations Manager – Ewing
Ryan D. Earley
Business Banker
Jason Fischer
Commercial Lending Relationship Manager
J. Michael Fischer, Jr.
Commercial Lending Relationship Manager
Robert Goldzman
Commercial Lending Relationship Manager
Robert C. Gossenberger
Branch Sales Manager – Trevose
Philip M. Heberling
Commercial Lending Relationship Manager
Gregory S. Kay
Branch Sales Manager – Hamilton
Christopher M. Kelly
Commercial Lending Relationship Manager II
Todd C. Kelly
Branch Sales Manager – Ewing
Brett Lawrence
Commercial Lending Relationship Manager
Larry F. Lee
Loan Workout Manager
Michelle Mack
Compliance & CRA Officer
Daniel C. McAdams
Branch Sales Manager – Denville
Tina Middleton
Commercial Lending Relationship Manager
Carol Monaghan
Branch Sales Manager – Somerset
James F. Monaghan III
Senior Financial Projects Manager
James T. Muller
Branch Sales Manager – Flemington
David Hill Marx
Commercial Lending Relationship Manager
Thao P. Nguyen
Credit Officer
Maria E. Mayshura
Internal Audit & Risk Officer
Gregorio Perri, Jr.
Consumer Lending Manager
Donald Theobald, Jr.
Controller
Richard Tocci
Commercial Lending Relationship Manager
VICE PRESIDENTS
Joseph F. Browarski
Loan Workout Officer
Jeremy M. Bucci
Commercial Lending Relationship Manager I
Richard L. Burzynski
Commercial Lending Relationship Manager
Michael P. Cahill
Commercial Lending Relationship Manager I
Elizabeth F. Camishion
Systems Application Administrator
Edward Caporellie, Jr.
Branch Sales Manager - West Chester
Joseph Cavalchire
Commercial Lending Relationship Manager II
Susan K. Okun
Branch Sales Manager – Delanco
John C. Pettit
Branch Sales Manager – Williamstown
Frank P. Puleio
Business Development Officer
Katherine M. Rowley
Branch Operations Manager – Lawrence
Brendan P. Ryan
Bank Secrecy Act Officer
Sandra K. Ryan
Branch Sales Manager – Randolph
Joseph Sandoli
Credit Manager
Casi L. Smith
Treasury Management Sales Officer
Kyle Smith
Commercial Lending Relationship Manager
Jared E. Utz
Commercial Lending Relationship Manager
Gregory Weckel
Information Technology Manager
Mark F. Wrobel
Commercial Lending Relationship Manager
ASSISTANT VICE PRESIDENTS
Alexandra Acevedo
Treasury Management Sales Support
Brian W. Ballentine
Branch Operations Manager – Flemington
Sharon E. Bokma
Branch Operations Manager – Hamilton
Michael R. Borkowski
Branch Sales Manager – Warminster
Jo Ann W. Cackowski
Commercial Real Estate Loan Administrator
Joan S. Costa
Commercial Loan Administrator
Cori Cubberley
Loan Accounting Manager
Brent Gardner
Consumer Loan Officer
Jonathan O. Jacobs
Private Banker
Veena Jain
Branch Operations Manager – Somerset
Keith M. Jolliffe
Senior Credit Analyst
Jason M. Koenigsberg
Branch Sales Manager – Cranbury
Ruth Powell
Branch Sales Manager – Pennington
Patricia L. Schofield
Branch Operations Manager – Cinnaminson
Stacy L. Schwartz
Deposit Operations Supervisor
Traci L. Sundberg
Financial Investigations & AML Manager
Sharon A. Unger
Deposit Operations Analyst II
Andrew K. Varsallona
IT Support Specialist
Jennifer Wallace-Dressner
Assistant Controller
Marie G. Wanat
Branch Sales Manager – Doylestown
Caryn Wilson
Retail Administrative Assistant and Training
Administrator
ASSISTANT TREASURERS
Donna Bencivengo
Executive Assistant and Corporate Secretary
Samantha K. Dayton
Loan Accounting Assistant Manager
Gwendelyn C. Fisher
Marketing Coordinator
Cynthia Huber
Branch Operations Manager
Maria A. Tramo
Branch Operations Manager II
Kelly L. Valenza
Benefits and Payroll Coordinator
Carrie M. Walchko
Bank Secrecy Act Specialist
Michelle Zimmerman
Branch Operations Manager
23
INVESTMENT PROFILE AT 2-28 -19
Closing Share Price
Market Capitalization
Price/Earnings (LTM)
Price/Tangible Book
Forward Dividend Yield
52-week High
52-week Low
$11.57
$216.1M
12.2 X
1.22 X
1.04%
$15.00
$10.95
Average daily trading volume 3 MO AVG 68,700
Shares Outstanding
Float
18.7M
14.8M
Stock Ownership
AT 12-31-18
Institutional 47%
Retail
Inside
41%
12%
Market
Capitalization
FOR YEAR ENDED 12-31,
$ IN MILLIONS
241.1
226.4
132.4
58.7
62.6
14
15
16
17
18
INVESTMENT RATIONALE
A track record of growth
coupled with improved
profit metrics
Recent investments will drive
core deposit improvement
Our Board and management
team thinks and manages
like owners
Strong balance sheet —
excellent asset quality
and bank acquisitions with
conservative credit marks
One of only a few, strong
community banks in the high
wealth, densely-populated
New York to Philadelphia
corridor
Continued M&A opportunities
should drive significant
future growth; moving FRBA
into the highly valued
$2B-$5B asset segment
Attractive entry point
for investors
Russell 3000 Index
component
24
CORPORATE AND SHAREHOLDER INFORMATION
CO RPO RAT E
HE ADQUA RTERS
FIRST BANK
2465 Kuser Road
Hamilton, NJ 08690
877.821.2265
firstbanknj.com
SHAREHOLD ER
ACCOUNT INQUI RI ES
Shareholders who wish to change
the name, address or ownership of their
stock or replace lost certificates or require
additional services should contact our
Stock Registrar and Transfer Agent.
ANN UA L SHAREHOLDER
MEET IN G INFORM ATION
STOCK REGISTR AR
AND TRANSFER AGENT
The Annual Shareholders’ Meeting
FIRST CLASS/REGISTERED/CERTIFIED MAIL:
will be held at 10:00 a.m.
Computershare Investor Services
on April 23, 2019 at:
The Stone Terrace
2275 Kuser Road
Hamilton, NJ 08690
IN VESTOR RELATIONS
Shareholders seeking information
P.O. Box 505000
Louisville, KY 40233-5000
COURIER SERVICES:
Computershare Investor Services
462 South 4th Street, Suite 1600
Louisville, KY 40202
about us may obtain press releases and
SHAREHOLDER SERVICES NUMBER:
FDIC filings by visiting firstbanknj.com.
1.800.368.5948
Additional inquiries can be directed to:
Chief Financial Officer
1395 Yardville-Hamilton Square Road
Hamilton, NJ 08691
or by calling 609.643.0136
INVESTOR CENTRE PORTAL:
computershare.com/investor
STOCK LISTING
First Bank’s common stock
is traded on the NASDAQ Global
Market under the symbol FRBA.
S A F E - H A R B O R S TAT E M E N T
Note: The foregoing material contains forward-looking statements concerning the financial condition, results of
operations and business of the Bank. We caution that such statements are subject to a number of uncertainties,
including but not limited to those set forth under the caption “Item 1A – Risk Factors” in the accompanying annual
report on Form 10-K, as well as changes in economic activity in our markets, changes in interest rates and changes
in regulation and the regulatory environment. If one or more events related to these or other risks or uncertainties
materialize, or if First Bank's underlying assumptions prove to be incorrect, actual results may differ materially
from what First Bank anticipates. Accordingly, you should not place undue reliance on any such forward-looking
statements. Any forward-looking statement speaks only as of the date on which it is made, and First Bank does not
undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new
information, future developments or otherwise. All forward-looking statements, expressed or implied, included in
this communication are expressly qualified in their entirety by this cautionary statement. This cautionary statement
should also be considered in connection with any subsequent written or oral forward-looking statements that First
Bank or persons acting on First Bank's behalf may issue.
First Bank is a member of the FDIC, an Equal
Opportunity Employer and an Equal Housing Lender.
Jim Muller
V P/ B r a n c h S a l e s M a n a g e r
C e n t r a l N J R e g i o n
25
2 4 6 5 K U S E R R OA D H A M I LTO N , N E W J E R S E Y 0 8 6 9 0 8 7 7. 8 2 1 . B A N K
F I R S T B A N K N J .C O M N A S DAQ : F R B A