2 0 2 0 A N N U A L R E P O R T
OUR SERVICE DRIVES OUR STRENGTH Transitioning to more mature model with focus on margin, profitability and EPS growthContentsPerformance Summary 1 Letter to Shareholders 2 Performance Highlights/COVID Response 8 Selected Financial Information 9 Operations Review 10 Board of Directors 20 Executive Management22 Bank Officers 23 Service Area Map and Bank Locations 24 Corporate and Shareholder Information 25Strong presence in desirable New York to Philadelphia corridor Focus oncommercial loanand deposit productsMarket areacovers 15 counties in New Jersey and 5 counties in eastern PennsylvaniaProven disciplined acquirerSolid and consistent tangible book value pershare growth16 full-service branches in New Jersey (12) and Pennsylvania (4)Revenue growth and operatingleverage to drive earnings growthBoard and Managementwith shareholder focusKroll Bond Rating Agency affirms Investment Grade Rating (BBB)Improved funding mix is driving franchise valueBauer Financial 5-Star rated bank (top ranking)$2.35 billion in assets (at 12-31-20)Investment RationaleCompany Profile Market OverviewApproximately$2 billion in loans and deposits TOTAL
LOANS
AT 12-31, $ IN BILLIONS
TOTAL
DEPOSITS
AT 12-31, $ IN BILLIONS
0.90
1.23
1.46
1.72
2.05
0.89
1.17
1.39
1.64
1.90
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
5-YEAR CAGR = 24.3%
5-YEAR CAGR = 20.8%
TOTAL NET
REVENUE
FOR YEAR ENDED 12-31, $ IN MILLIONS
NET INTEREST
INCOME
FOR YEAR ENDED 12-31, $ IN MILLIONS
30.5
41.8
58.4
62.4
75.9
28.9
39.7
54.9
58.4
69.6
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
5-YEAR CAGR = 24.4%
5-YEAR CAGR = 23.9%
NET
INCOME
FOR YEAR ENDED 12-31, $ IN MILLIONS
EARNINGS PER
SHARE (DILUTED)
FOR YEAR ENDED 12-31, $
6.4
7.0
17.6
13.4
19.4
0.61
0.48
0.95
0.69
0.97
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
5-YEAR CAGR = 38.0%
5-YEAR CAGR = 18.8%
1
T O O U R S H A R E H O L D E R S , S T A K E H O L D E R S ,
E M P L O Y E E S A N D F R I E N D S :
2020: A YEAR OF STRUGGLE, TRAGEDY,
PERSEVERANCE AND TRIUMPH
2020 did not play out like I anticipated in my letter
from last year, for many obvious reasons.
Yet, I anticipated that we would finish the year
stronger than when we started and that is
undoubtedly true. Our employees, customers and
To specifically recognize the great work of team
communities rallied in ways far greater than any of us
members throughout the year, we announced
could have expected. We often tell ourselves
15 promotions at year end. Across departments
“when the time comes I hope I will have the courage
throughout the bank, this group of people did an
to step up and do the right thing.” When it really
mattered, the entire First Bank team delivered.
amazing job and showed they were ready to step up
to the next level. In particular, our newest EVPs,
We rose to the occasion in ways many of us might
Maria Mayshura, Chief Risk Officer, and John
not have even thought possible. Will I work overtime
Shepardson, Chief Operating Officer, will help lead
and accept risks to help meet the needs of my
our great organization into the future. I’m also
community? Yes! Will I invest my time and my financial
proud to report that 11 of the 15 promotions went to
capital to support my employees and customers?
female and/or minority banking professionals.
Yes! Will I keep a positive attitude and can-do spirit in
Hard work, sacrifice and commitment to excellence
the face of so many obstacles and risks? Again, yes!
should be recognized, and I believe we have
I cannot express in words my pride in the First Bank
done that here.
team and their response to this pandemic.
Even in the face of a health pandemic, an important
From the frontline staff continuing to provide great
part of our job (as stewards of our shareholders
service and access during difficult conditions, to the
capital) is to ensure we’re operating in a safe, sound,
SBA/PPP team (and all the members that volunteered
profitable and strong manner. I am happy to
or got recruited to join them) working around the
report that we hit our marks in this area as well.
clock to help customers get access to sorely needed
funding, to the IT team that found ways to keep
our team members operating and producing outside
the office environment, all I can say is “wow!”
I knew we had a great team,
and I learned it was even
greater than I expected.
I just want to thank every
single member of the
First Bank team for all they
did during the year.
Everyone had a role to
play and they did it
admirably.
BOOK VALUE
PER SHARE $ AT 12-31
7.78
9.36
10.43
11.07
12.08
2016
2017
2018
2019
2020
5-YEAR CAGR = 10.7%
2
Total assets grew 17% during the year to $2.3 billion,
led by a $324 million increase in loans (PPP and
traditional). Importantly, we were able to fund that
growth with an increase in core commercial deposits
while also improving our deposit mix and significantly
lowering our cost of funds. As a result of this great
work on the deposit side of the house, we actually
saw our margin improve during the year, from 3.34%
during Q4 of 2019 to 3.56% during Q4 of 2020.
This occurred while many banks saw a decline in their
net interest margin. Our margin was helped by the
amortization of PPP fee income during the fourth
quarter, but the underlying trends without PPP income
still showed a strong result. For example, our cost of
deposits declined from 1.39% in Q4 of 2019 to
0.50% in Q4 of 2020.
Our commitment
to exceptional
customer service
drove total net
revenue growth of
nearly 22%.
In short, 2020 was a year of significant challenges
but a year where we realized strong loan and deposit
growth, we worked closely with our customers
and community to offer loan deferrals and PPP loans
where needed, and all that hard work translated
to great bottom-line results.
BEFORE WE DISCUSS OUR PROSPECTS
FOR 2021, I’D LIKE TO PROVIDE A LITTLE MORE
DETAIL REGARDING OUR FINANCIAL
RESULTS FOR 2020
LOAN GROWTH The loan portfolio grew $324 million
Because of the uncertainty that arose from the
in 2020; $137 million came from Paycheck
pandemic, we put aside $9.5 million into the reserve
Protection Program (PPP) loans while the other
for potential loan losses. To put that number
in context, it equates to $6.3 million more than
the average for the prior four years and it equates
to $6.7 million more than the amount of net loan
charge offs during the year. As a result of this
increased provisioning, our ALLL/Loans increased
to 1.25% (excluding the government-guaranteed
PPP loans), and the ratio increases to 1.63% when
you add back the $7.2 million in credit fair value
adjustments made to acquired loans.
$187 million came from traditional, core loan growth.
Regarding PPP, we made 1,150 loans during the first
round of the program in the spring and early
summer of 2020. It was an incredible team effort.
The entire lending team (from front line sales to back
office admin) did the bulk of the heavy lifting
and the Retail Branch team members jumped in
admirably to support the cause and help some of our
small business borrowers. Those 1,150 loans added
up to $191 million in total loan volume, of which
Despite this sizable increase to our reserve for possible
$54 million had been forgiven and paid off by year
losses, we still managed to generate net income
end. Our teams have been busy once again with this
of $19.4 million, $6.0 million more than in 2019, an
latest round of PPP, but those loans started getting
increase of 45%. That equates to an increase in diluted
booked and funded in January so they did not
earnings per share of $0.28, or 41%. Clearly, our strong
impact the 2020 results. It is worth mentioning that
margin improvement during the year was the
since our teams moved quickly and we dedicated
main driver of this improved earnings performance.
bankers to each loan applicant, we were able
Improved non-interest income and strong expense
to get many loans processed while other banks were
control also helped. Non-interest income was up
still trying to get things figured out. This rapid
$2.4 million or 59% compared to 2019. Meanwhile, net
response and great service did three important things
interest income was up 19% during the year
for us: i) helped reinforce our community-bank
compared to a 3% increase in non-interest expense.
value proposition to existing customers, ii) enhanced
The planned-for benefits derived from operating
our reputation with the local accounting and
leverage came to fruition during the year.
legal professionals, and iii) generated a nice, long list
of new commercial loan prospects as businesses were
coming to us to get PPP loans when their existing
bank couldn’t help them. Sometimes it takes an
event to help people understand the importance and
value that comes from relationship-banking.
We hope and expect that our strong showing
with PPP will further enhance our organic growth
prospects into 2021 and beyond.
3
Traditional, organic loan growth of almost $190 million
(11% growth) was well above budget. This was no
small feat considering the resources that needed to be
allocated to the PPP program during the year.
CREI loans led the way in 2020, with $175 million in
DEPOSIT GROWTH Our total deposits increased
by $263 million, or 16% during 2020. Importantly, our
non-interest bearing (NIB) deposits increased
by $148 million, or 54%, to $424 million at the end
of 2020. We were extremely pleased with the growth
in this area, as our ratio of NIB to total deposits
increased from 16.8% to 22.3%. Having achieved our
goal of 20% NIB a couple of years early, we’re now
focused on getting to 25%.
net loan growth. C&I and CREO loans generated
We actively monitor our deposit mix and our cost
another $24 million in net growth, which was offset
relative to peers. Our cost of deposits came in at 0.86%
somewhat by a small decline in residential and
for the full year 2020, higher than the peer average
consumer loans. It is worth mentioning that PPP loans
of 0.75%. Despite being higher for the full year,
are classified as C&I loans, so if the net PPP growth of
our efforts throughout the year paid off as our cost of
$137 million was added to the $24 million in traditional
deposits in the fourth quarter were 0.50%, below the
C&I/CREO loan growth, both lines of business
peer average of 0.55%. As a bank that has been able
generated a similar amount of loan growth during
to grow faster than peers, we knew it wouldn’t be easy
2020. At year end, CREI loans made up 52% of total
to match the deposit costs of slower-growth banks
loans, slightly above our target of 45-50%.
since they had less need to increase rates on deposits
During the year, our yield on loans was 4.48%,
a decrease of 56 basis points from the 5.04% loan
yield during 2019. In an environment where the
benchmark 10-year US Treasury yield went from 1.88%
on January 2, 2020 to 0.93% by the end of the year,
a decline in loan yields is expected. Thankfully, our
funding costs dropped more than the yield on
our loans, which we will discuss shortly.
When it comes to community-bank lending, we’re
to fund new loan opportunities. Nevertheless, our
deposit team (with support from commercial lending
RMs on commercial accounts), found a way to
achieve the goal by the fourth quarter. Moving forward,
we are looking for our laser-focus on NIB deposits,
commercial deposits, cash management services and
relationship banking to help achieve better-than-
peer deposits costs over the next couple of years.
Deposit costs also came down faster than loan yields,
decreasing by 59 basis points when comparing
looking to generate solid growth, without taking undo
1.45% in 2019 to 0.86% in 2020.
Despite COVID-19
economic challenges,
overall asset quality
metrics improved
in 2020.
risk. 2020 was an excellent year in this respect —
we realized strong loan growth and an improved
credit-quality profile. At year-end, our non-performing
loans came to 0.50% of total loans, down from 1.32%
at year-end 2019. Net charge-offs during the year
were $2.8 million, up from the prior year but still within
banking norms at 0.15% of total loans. Our allowance
for loan losses was 234% of non-performing loans by
year end, a very strong level when compared to peers.
We understand that the negative impact from the
pandemic on credit quality has not been fully resolved,
but with our strong coverage ratios and strong capital
base, we remain confident that our loan portfolio
will perform well and our bank is well positioned to
emerge in a strong position once the health and safety
issues have been brought under control.
4
2020 ESG HIGHLIGHTS
The First Bank Diversity & Inclusion Committee was
established in 2020 to develop a strategic framework
for enhancing diversity and inclusion practices in
order to empower all people to thrive.
Women and individuals of color make up a third
of the Company’s executive leadership team.
SO, HOW DID THOSE DEVELOPMENTS
IMPACT PROFITABILITY IN 2020?
NET INCOME AND EARNINGS PER SHARE
First Bank’s Board of Directors includes two
Net income was $19.4 million and diluted EPS was
women and 11 independent directors.
$0.97 compared to $13.4 million and $0.69 per diluted
During 2020, First Bank donated $187,000 to
nonprofits, including more than $30,000 towards the
medical, social and economic impacts of
the pandemic on the communities it serves.
Commercial deposit growth was another area where
we significantly exceeded plan. Commercial deposits
grew by $278 million during 2020, almost 3-times
our budgeted goal. As a result, commercial deposits
increased to about 40% of total deposits, reaching
our long-term goal in just two years. It may be difficult
to drive this ratio significantly higher than 40%
given some commercial deposits related to PPP loans
are likely to run off, but if we can keep this ratio steady
at 40% during 2021, that will be a strong result.
NET INTEREST MARGIN (NIM) As market interest
rates moved lower during the first part of the year,
our NIM moved lower as well, hitting 3.07% during the
second quarter, down from 3.34% in the fourth quarter
of 2019. Then, as interest rates stabilized and we
quickly moved deposit costs lower, our margin started
to recover — reaching 3.56% in the fourth quarter
of 2020. While lower deposit costs were the primary
PRE-PROVISION
NET REVENUE1
FOR YEAR ENDED 12-31, $ IN MILLIONS
11.5
18.9
26.1
26.6
35.5
driver of the improving
NIM, amortization of
PPP fee income helped
pushed the ratio higher
as well. For the full
year our NIM was 3.29%,
down just 3 basis points
from 2019.
share in 2019. Net income increased $6.0 million,
or 45% compared to 2019 and diluted EPS increased
$0.28 per share, or 41%. How did we grow earnings
over 40% and still set aside almost $10 million
in additional provisions? First, net interest income
(our largest revenue driver) was up 19% as loan
growth, lower funding costs and PPP fee income
more than offset the impact of declining loan yields.
Second, non-interest income was up $2.4 million, or
59% compared to the prior year. On the expense
side, we did a nice job managing costs as non-interest
expense only increased 3% for the year. If you back
out $3.6 million in merger-related costs from the
expense base in 2019, non-interest expenses were up
13%, still significantly lower than the revenue
growth outlined above.
PRE-PROVISION, NET REVENUE (PPNR)
This is a metric we follow to see how we’re progressing
when you extract some of the non-core 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 of
securities, bargain purchase gains and deferred tax
asset revaluations), 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. When applicable, you will find each of
the components listed above broken out in our
audited financial statements.
PPNR of $35.5 million in 2020 was up significantly
from $26.6 million in 2019. Because this metric
controls for credit, non-recurring expenses and tax
2016
2017
2018
2019
2020
changes, it gives a closer look at just the impact from
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 2020 calculation.
growth and the changing margin. It shows that
our core business improved by $8.9 million, or 33%.
5
BOOK VALUE We closed the year with book value
0.66
0.57
1.09
0.72
0.87
RETURN ON
AVERAGE ASSETS
% FOR YEAR ENDED 12-31
of $12.08 per share, an increase of $1.01, or 9.1%,
compared to year-end 2019. Tangible book value per
share reached $11.17 at the end of 2020, an increase
of $1.00, or 9.8%, compared to year-end 2019.
Continued growth of book value will be an important
driver of future value creation for our shareholders.
Since the end of 2016, tangible book value per share
has increased $3.41, which equates to a compound
annual growth rate of 10%.
ROA AND ROTCE Our ROA was 0.87% for the
full year 2020. ROA was lower in the first two
quarters of the year (0.63% and 0.74% respectively)
as we increased our provisioning, rebounding nicely
in the third and fourth quarters (1.03% and 1.06%
respectively) as our margin improved and provisions
leveled off. We remain laser-focused on driving
our ROA higher as the single most important metric
to show the earnings power of the franchise.
Return on tangible common equity (ROTCE) followed
a similar trend to ROA in 2020 — 6.19% in the first
quarter, 7.97% and 11.08% in quarters two and three,
and 11.30% in quarter four. Strong earnings coupled
with stock repurchase activity in 2020 helped us push
this key ratio higher.
2021: POISED TO TAKE ADVANTAGE OF PPP
TAILWINDS, IMPROVED OPERATING LEVERAGE
AND AN IMPROVING ECONOMY
When I look back at last year’s letter, we highlighted
three priorities for 2020 — lower funding costs,
strong expense management, and improved non-
interest income. As has been outlined above, during a
very unique and challenging operating environment,
we were able to successfully deliver on all
three goals.
Our business model has evolved from a start-up
venture focused primarily on growth to a more mature
model with more emphasis on bottom-line results.
6
2016
2017
2018
2019
2020
Moving forward,
we expect to produce
top-quartile earnings by
leveraging good growth
with (at or below) average
peer funding costs.
That does not mean that we won’t or can’t grow.
I believe we can continue to grow faster than our peers
because of the quality of our team and the benefits
of the community-bank, relationship-driven business
model. So moving forward, we expect to produce
top-quartile earnings by leveraging good growth with
(at or below) average peer funding costs. I am confident
this is the recipe for extraordinary value creation in the
banking industry and I believe we have the team
(and the Board of Directors) to execute on this vision.
Coming off of a strong year, and even though
significant uncertainly still exists due to the pandemic,
I believe we are well positioned to have an even
better year in 2021.
CONTINUED BENEFITS FROM THE SBA
PPP PROGRAM We should benefit from the PPP
program for three reasons: i) we generate fee income
from the origination of the loans, ii) we have been
connected with many new commercial banking
prospects through our active participation in the
program, and iii) the funds will help some of
our customers rebound faster from the pandemic.
As of December 31, 2020, we had approximately
$3.0 million in unamortized PPP fees remaining from
the first round of loans that will generate additional
revenue for us during 2021. We have also been active
with the latest round of PPP loans that started in
January, and interest income and fee income from
those loans will add to 2021 revenue as well. I expect
PPP originations in 2021 should be a little more
than half of what we generated in 2020.
up during 2020. Furthermore, if the economy does
rebound, we could see an upward movement
in longer-term interest rates which would translate
to higher loan yields for us. While we certainly
can’t predict what will happen to interest rates,
we are positioned to do well if the rate environment
remains the same, and perhaps even better if the
yield curve gets steeper.
About 20% of the PPP loans we made in the first
OUR SERVICE DRIVES OUR STRENGTH
round went to new First Bank customers. That may
not sound like a lot. But, when you consider we
made 1,150 loans, that equates to about 230 potential
new commercial customers — a great kick start
to the 2021 sales effort! Furthermore, with PPP loans
going to many of the businesses most in need
of support during this difficult time, we will be a
stronger organization because our customers will
be stronger.
FURTHER OPERATING LEVERAGE We expect that
continued loan growth, stable earning asset yields
and continued downward movement of our funding
costs should translate to continued strong revenue
growth during 2021. At the same time, continued
strong cost containment efforts coupled with steps
taken toward the end of 2020 to reduce occupancy
costs, should allow for revenue growth to significantly
exceed expense growth.
AN IMPROVING ECONOMIC LANDSCAPE
As commercial lenders, we perform better when
the economy is strong. It generally leads to stronger
loan growth and better asset quality. While it will
likely take time for a full recovery from the current
economic challenges, 2021 should be a stronger
economy than 2020, perhaps by quite a bit.
If the economy does improve in 2021, we could see
much lower provisions for potential loan losses,
especially given the strong reserves we built
As community bankers, most of us are here at First
Bank because our profession provides an opportunity
to benefit and to serve. In fact, as we experienced
deeply in 2020, those two things are inexorably linked.
That idea is the theme for our annual report
this year. We serve because we like to serve, and we
are better for it. As the cover appropriately explains
“Our service drives our strength.”
Our mantra of service extends beyond our customers,
communities and fellow employees. We also
work tirelessly to serve and create value for our
shareholders. I continue to believe that our stock price
does not fully reflect the value of the excellent
franchise we’ve created. Nevertheless, I’m confident
that with continued growth in earnings and book
value, our value will continue to move higher.
In closing, I’d like to personally thank our customers,
employees, and shareholders. Without all three
working together the Bank cannot be successful.
All of us here at First Bank appreciate your support
and dedication and we look forward to sharing
more good news with you as we move forward.
Sincerely,
Patrick L. Ryan
President and CEO
S A F E - H A R B O R S TAT E M E N T
NOTE This document 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 the continued effects of the COVID-19 pandemic, 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.
7
* Total net revenue is the sum of net interest income and non-interest income.
8
The majority of our branches remained open throughout the pandemic with drive-thru and in-person appointments available Total net revenue* increased to $75.9 million Quickly transitioned our back office staff to a work from home arrangement at the onset of the pandemic and effectively managing a hybrid approach currentlyNet income increased 44.6% to $19.4 million, or $0.97 per diluted share 2020 COVID-19 Response 2020 Performance Highlights First Bank participated in the PPP, established by the CARES Act, during 2020 Non-interest income grew 59.0% to $6.4 millionFirst Bank originated $191 million in PPP loans during 2020. As of December 31, 2020, First Bank had 937 PPP loans with a balance of $137.1 millionTotal loans of $2.05 billion at year-end, an 18.8% increase from 2019First Bank generated gross fees of $6.9 million from the SBA related to the origination of these loansTotal deposits grew by 16.0% to $1.90 billion at 2020 year-end Non-interest bearing depositgrowth of $148.3 million, a 53.8% increase from 2019The Bank is participating in the appropriations for new PPP loans and advances under the Consolidated Appropriations Act, 2021 Proactively working with existing borrowers with deferred loans down to $37 million at December 31, 2020 Selected Financial
Information IN THOUSANDS, EXCEPT COMMON SHARE DATA
AT OR FOR THE YEAR ENDED DECEMBER 31,
2020
2015
5-YR CAGR
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
$
$ 2,346,270
2,047,572
23,974
1,903,617
161,135
29,508
238,108
2,226,910
230,165
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
$
89,201
19,648
69,553
9,539
60,014
6,352
40,387
25,979
6,531
856,106
689,887
7,940
739,021
24,000
21,533
68,763
764,400
67,708
30,764
6,941
23,823
2,669
21,154
1,643
17,725
5,072
1,185
22.3%
24.3%
24.7%
20.8%
46.4%
6.5%
28.2%
23.8%
27.7%
23.7%
23.1%
23.9%
29.0%
23.2%
31.1%
17.9%
38.6%
40.7%
Net income
$
19,448 $
3,887
38.0%
Common Share Data
Diluted earnings per share
Cash dividends paid
Diluted weighted average
common shares outstanding
Book value per common share
Common shares outstanding
$
0.97 $
0.12
0.41
—
20,005,432
12.08
19,707,474
9,492,289
7.26
9,470,157
18.8%
NM
16.1%
10.7%
15.8%
Selected Performance Ratios
Return on average assets
Return on average equity
Net interest margin, tax equivalent2
Efficiency ratio1
Selected Asset Quality Ratios
Nonperforming loans to total loans3
Allowance for loan losses
to nonperforming loans
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
0.87%
8.45%
3.29%
53.21%
0.51%
5.74%
3.27%
69.63%
0.50%
0.57%
234.26%
0.15%
203.43%
0.14%
10.15%
9.74%
10.36%
10.36%
12.90%
8.03%
8.22%
8.58%
8.58%
12.29%
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 2020 calculation.
2 The tax equivalent adjustment is calculated using a federal income tax rate of 21% in 2020 and 34% in 2015.
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
Our success is built
on providing a superior
customer experience,
including access to
our decision makers,
quick turnaround and
certainty of execution.
OUR T EAM DELIVER S SUPERIOR
C USTOMER AND COMMUNITY S ERVICE
Heading into 2020 we shifted our approach from an
early-stage company focused on growth to a more mature
model with greater focus on bottom line results. With the
COVID-19-related uncertainty that currently remains, we believe
that the underlying strength of our franchise and business
strategy are becoming more apparent.
Our team delivered relief quickly and efficiently to consumer and
business customers in 2020. We assisted small business
and personal lending customers with fee waivers, appropriate
accommodations and payment deferrals. We also supported
local business chambers and industry associations with
PPP loans, and accepted referrals for small businesses needing
similar support.
Our efforts in support of PPP lending resulted in significant
new commercial business opportunities in 2020.
Our team continuously monitors the economic effects of the
pandemic with a focus on identifying and assisting clients facing
financial hardship or loss of income. The support we’re providing
reinforces the Bank’s relationship with our customers, building
trust and loyalty and has opened the doors for new relationships.
It’s no surprise that our team continues to do an amazing job
supporting and servicing customers across all areas.
10
H Our strong focus
on providing superior
customer service
resulted in:
Over 200 new
commercial loan
prospects generated
from the PPP loan
program
Providing fee waivers
and payment deferrals
to assist our small
business customers
Providing banking
services through
convenient drive-thru
locations, as well as
appointment banking
through a far-reaching
health crisis
11
RE LAT IONSHIPS DRIVE
ENHANCED DEPOSIT MIX
In 2020, we wanted to significantly lower our funding costs and
improve our deposit mix.
We committed to a set of ambitious goals which included:
growing non-interest bearing commercial deposits, improving the
deposit mix and generating increased fee income while
creating operating efficiencies.
Our team does an incredible job engaging with our customers,
actively managing their relationships and providing superior customer
service. This level of engagement played a critical role in
managing expectations with customers in a lower interest rate
environment as we worked deposit costs downward in 2020,
enabling us to limit attrition primarily to the time deposits portfolio.
It’s expected that we’ll see additional reductions in deposit costs
through the first half of 2021, as additional certificates of deposit
reprice at lower rates and we continue to execute on our strategy of
growing non-interest bearing and low-cost core deposits.
By restructuring our retail leadership team in early 2020,
we optimized our performance on a number of key initiatives and
improved our ability to execute quickly and effectively across
our key markets.
We finished 2020 ahead of plan, positioned for even stronger core
deposit growth in 2021. Our deposit pipeline is strong and focused on
non-interest bearing and commercial deposit growth.
12
IOur cost of deposits dropped to 0.50% in fourth quarter 2020. Non-interest bearing deposits make up more than 22% of total deposits and time deposits are down to 28% of total deposits at year-end. We wanted to reach out
to thank you. The PPP
loans you helped us
get have meant so much
to me and my family.
First Bank worked to get
us the loans we needed
when nobody else
could. We are grateful.
Visions Contracting, Inc.
Trenton, NJ
13
F E E I N CO M E O P P O R T U N I T I E S
SUPPORT REVENU E GROWT H
NON-INTEREST
INCOME
FOR YEAR ENDED 12-31, $ IN MILLIONS
1.6
2.1
3.5
4.0
6.4
We generated excellent revenue growth in 2020, despite the
very challenging interest rate environment. While net interest
income grew over 19% as our improved deposit mix lowered
2016
2017
2018
2019
2020
our interest costs significantly, non-interest income was up
5-YEAR CAGR = 31.1%
almost 60% principally because of loan swap fees and gains on
recovery of acquired loans.
Loan swap fee income increased by $1 million in 2020 due to
the lower interest rate environment during 2020 and increased
borrower preference for this form of loan transaction, which is
expected to continue in 2021. Gains on recovery of acquired
loans also increased by more than $600,000 in 2020, reflecting
continued effective recovery efforts on problem loans.
We have enhanced our cash management services platform
which has helped to establish new primary operating account
relationships. This growth in account relationships has helped
to raise the service fees collected on deposit accounts by more
than 20% for the year. We have also improved fee collection
efforts, which is reflected in an increase in service fees
on deposit accounts.
We expect to see continuing opportunities in 2021 to generate
additional fee income. With a capable SBA sales team in
place we are anticipating increased gains on the sale of SBA
loans during 2021. With a growing depositor base we are
expecting a moderate expansion of service fees on
deposit accounts as well.
14
W 2020 non-interest
income of $6.4 million,
increased $2.4 million,
or 59%, compared
to 2019.
15
ST RATEGY BALANCES EFFICIENCY
WITH CUSTOMER SUPPORT
We continue to demonstrate a disciplined approach to
managing operating expenses, while at the same time ensuring
that our customers receive the superior level of support they
expect. We have a dedicated team that continually evaluates
opportunities for enhanced efficiency, while ensuring that
we provide distinguished service while offering the right balance
of human and digital interactions.
EFFICIENCY
RATIO1
% FOR YEAR ENDED 12-31
Our service enhancements included strategic investments and
added resources to our business banking and cash management
teams in 2019, which returned huge dividends for us
61.2
55.3
56.1
58.0
53.2
in 2020. These enhancements enabled our team to capitalize
on new customer acquisition opportunities that arose as we
addressed the needs of many commercial prospects who were
frustrated with their existing bank relationships during the
initial round of PPP lending.
We continue to explore targeted technology spending that
supports and enhances the customer experience by leveraging
the convenience of personalized digital interaction or by
providing human assistance when needed to enhance value.
Throughout 2020, we continued to take steps to effectively
manage our non-interest expense growth. Among these
initiatives was the elimination of certain open positions, which
resulted in a slower growth rate in salaries and employee
benefits, the largest component of non-interest expense.
We continuously review our service footprint to determine
if branches are appropriately positioned to support and attract
customers, or if we need to make changes to enhance efficiency.
Near the end of 2020, we announced the consolidation of
two locations in our Hamilton market. Nearby full-service
branches, equipped with a drive thru, will service customers
from these closing locations.
Even while responding to the challenges related to COVID-19,
we continued our trend of strong expense control during 2020.
Non-interest expense was up only 2.6% compared to the prior
year or 13%, excluding 2019 merger-related costs. With net
revenue growth of nearly 22% for the year outpacing expense
growth, we continue to drive significant operating leverage.
2016
2017
2018
2019
2020
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 2020 calculation.
16
W
Investments in technology
have enhanced First Bank’s
efficiency and provide
the right balance of human
and digital interactions
for our customers.
17
D ISC IPLINED LENDING EARNS
ST RO NG ASSET QUALITY
Despite significant operational challenges in 2020, combined
with the credit uncertainty from the pandemic, we were
able to deliver strong results, consistent with our strategic
priorities. Importantly, we completed the year with solid
asset quality metrics which reflect our effective underwriting
standards. We believe our consistent approach to lending
positions the Bank to manage any potential negative
impact, even in unusual circumstances such as the 2020
COVID-19 economy.
We assisted many small businesses with PPP loans and
payment deferrals related to the pandemic in 2020.
In addition, we closely monitored credit administration to clearly
understand any potential changes to the quality of our
loan portfolio.
Our deferred loans related to COVID-19 dropped to $37 million,
or 1.8% of the portfolio, at year-end. We're in continual
contact with this diversified group of customers and we're
very optimistic that as things improve, deferred loans
will continue to shrink.
At year-end 2020 nonperforming loans had declined 55.0%,
representing only 0.50% of total loans, down from 1.32%
at year-end 2019. Net charge offs were $2.8 million or 0.15%
of total loans for 2020. Our allowance for loan losses was
234% of nonperforming loans, a very strong coverage ratio.
We believe we're starting 2021 with solid asset quality, supported
by a strong capital base and well positioned to emerge from
from this health crisis in very good condition.
18
D NONPERFORMING
LOANS / TOTAL LOANS
% AT 12-31
0.66
0.43
0.44
1.32
0.50
2016
2017
2018
2019
2020
NET CHARGE-OFFS/
AVERAGE LOANS
% AT 12-31
0.10
0.08
0.00
0.12
0.15
2016
2017
2018
2019
2020
19
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
Asset/Liability (Chair),
Compensation and Personnel
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
ELBERT G. BASOLIS, JR.
President and Owner
of Garrison Enterprises Inc.
D IRE CTO R S INCE 2 008
BOA RD CO MMI TTEE S
Information Technology (Chair),
Nominating and Governance,
Compensation and Personnel
Board
of Directors
2 0
DOUGLAS C. BORDEN
President, Northeast
CBIZ Borden Perlman
DI R ECTO R SIN CE 2 01 7
B OA RD CO MMI TTEES
Nominating and Governance (Chair),
Compensation and Personnel,
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,
Nominating and Governance
PATRICIA A. COSTANTE
Chairman and Chief Executive Officer
of MDAdvantage Insurance Company
DI R ECTO R SIN CE 2 01 9
B OA RD CO MMI TTEES
Asset/Liability,
Audit and Risk Management,
Compliance
SCOTT R. GAMBLE
Principal of Patriot Financial Partners, L.P.
DI R ECTO R SIN CE 2 020
B OA RD CO MMI TTEES
Asset/Liability,
Compensation and Personnel,
Audit and Risk Management,
Compliance
DEBORAH PAIGE HANSON
Principal, Executive Vice President and
Fund Manager of The Hampshire Companies
D IRE CTO R S INCE 2 01 6
BOA RD CO MMI TTEE S
Compensation and Personnel (Chair),
Nominating and Governance,
Information Technology
GARY S. HOFING
Principal of The Eagle Group of Princeton, Inc;
former Vice President
of Hofing Management, LLC
D IRE CTO R S INCE 2 01 6
BOA RD CO MMI TTEE S
Asset/Liability, Compliance,
Information Technology
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
PETER PANTAGES
Former Chairman, President and
Chief Executive Officer of Grand Bank
DI R ECTO R SIN CE 2 01 9
B OA RD CO MMI TTEES
Compliance,
Information Technology
MICHAEL E. SALZ
President of Linden Bulk
Transportation Co., LLC
DI R ECTO R SIN CE 2 01 7
B OA RD CO MMI TTEES
Audit and Risk Management,
Asset/Liability, Compensation
and Personnel
JOHN E. STRYDESKY
Certified Public Accountant;
Owner of Strydesky & Company,
CPAs/Business Consultants
DI R ECTO R SIN CE 2 01 0
B OA RD CO MMI TTEES
Compliance (Chair),
Audit and Risk Management,
Asset/Liability
All directors also serve on the Strategic Planning
and Board Loan 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
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
the Bank’s Board of Directors and was appointed Chief Operating
in December 2013. Prior to joining First Bank he served as
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,
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
mergers and acquisitions, branch expansion, investor relations,
has over 40 years of banking experience.
research and analysis.
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.
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
Mr. Carman served as Executive Vice President and Chief
and accelerating the Bank’s core deposit growth. Mr. Cooper has
Financial Officer of Yardville National Bank from 1992 until 2007.
over 20 years of banking experience, both locally and in the
Mr. Carman spent his entire 30-year banking career prior to
joining First Bank at Yardville National Bank. Mr. Carman has more
than 40 years of banking experience.
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.
MARIA E. MAYSHURA
EXECUTIVE VICE PRESIDENT |
CHIEF RISK OFFICER
Maria Mayshura has served as head of
Internal Audit and Chief Risk Officer for
First Bank since 2020 and was appointed an
Executive Vice President in January 2021.
JOHN F. SHEPARDSON
EXECUTIVE VICE PRESIDENT |
CHIEF OPERATING OFFICER
John Shepardson has served as Executive
Vice President and Chief Operating
Officer of First Bank since January 2021,
working directly with the Bank’s
Ms. Mayshura has more than 30 years of experience in banking as
Strategic Planning, Compliance, Information Technology,
an internal auditor, during which time she’s been responsible
for compliance regulations, Sarbanes Oxley implementation and
most recently COSO implementation. She has been an active
member of the New Jersey Banking Association and Institute of
Internal Auditors since 1993.
Human Resources, and Facilities teams. Mr. Shepardson joined
First Bank in 2018 as its Chief Administrative Officer.
Outside of his experience with First Bank, John worked in
consulting, including roles as an Executive Director with
Ernst & Young, and a Senior Consultant with Arthur Andersen.
2 2
Bank Officers
FIRST SENIOR VICE PRESIDENTS
Joseph R. Calabro
Pennsylvania Regional President
Marianne E. DeSimone
Lending Group Manager
David J. DiStefano
New Jersey Regional President
Gabriel K. Dragos
Chief Technology Officer
Thomas P. Fehn, Jr.
Retail Market Manager
Andrew L. Hibshman
Chief Accounting Officer
Gene C. McCarthy
Market Executive
Arlene S. Pedovitch
Senior Credit Officer
SENIOR VICE PRESIDENTS
Scott A. Bachman
Team Leader
Belinda L. Blazic
Loan Administration Manager
Kimberly Cerasi
Human Resources Officer
Scott W. Civil
Market Executive
Michael B. Cook
Manager Investor Real Estate
Lewis R. Fogg, Jr.
Retail & Business Banking Market Manager
Terrance R. Howard
Market Executive
Paula Huergo
Strategic Planning and Operations Officer
Sriramulu Krishnamurthy
SBA Manager
Larry F. Lee
Loan Workout Manager
Lauretta Lucchesi
Commercial Lending Relationship Manager 1
David Hill Marx
Commercial Lending Relationship Manager I
Gregorio Perri, Jr.
Consumer Lending Manager
Donald Theobald, Jr.
Controller
Casi L. Tiernan
Head of Cash Management
Richard Tocci
Manager Investor Real Estate
Gregory Weckel
Director Information Technology Operations
VICE PRESIDENTS
Joseph F. Browarski
Loan Workout Officer
Richard L. Burzynski
Commercial Lending Relationship Manager I
Michael P. Cahill
Commercial Lending Relationship Manager I
Marjorie A. Callahan
Relationship Manager
Edward Caporellie, Jr.
Branch Sales Manager
Joseph Cavalchire
Commercial Lending Relationship Manager II
Louis A. Cialarante
Commercial Lending Relationship Manager I
David A. Colby
Branch Area Manager – Central New Jersey East
Karen J. Conway
Business Banker
Joan S. Costa
Loan Administration Assistant Manager
Tiffany Craddock
Credit Officer
Cori Cubberley
Loan Accounting Manager
Kimberly Dargay
Branch Operations Manager
Ryan D. Earley
Business Banker
Jason Fischer
Commercial Lending Relationship Manager I
Arnaldo F. Galassi
Lending Project Manager
Brent Gardner
Consumer Loan Officer
Denise Goetting
Branch Area Manager - Nothern New Jersey
Robert Goldzman
Commercial Lending Relationship Manager I
Robert C. Gossenberger
Branch Sales Manager
Michele M. Green
SBA Portfolio Manager/Senior Underwriter
Philip M. Heberling
Commercial Lending Relationship Manager I
Kyle E. Johnson
Head of Training, Retail/Analytics Project Manager
Christopher M. Kelly
Commercial Lending Relationship Manager II
Amanda M. Kenny
Internal Audit Manager
Brett Lawrence
Commercial Lending Relationship Manager I
Michelle Mack
Compliance Officer
Tina Middleton
Commercial Lending Relationship Manager I
Carol Monaghan
Branch Sales Manager
James F. Monaghan III
Senior Financial Projects Manager
Sarah M. Pearson
CRA Officer
John C. Pettit
Branch Area Manager – Southern New Jersey
Ruth Powell
Branch Operations Manager
Frank P. Puleio
Business Development Officer
Katherine M. Rowley
Branch Operations Manager
Brendan P. Ryan
Bank Secrecy Act Officer
Sandra K. Ryan
Branch Sales Manager
Stacy L. Schwartz
Head of Operations
Kyle Smith
Commercial Lending Relationship Manager I
John M. Thompson
Treasury Management Sales Officer
Jennifer Wallace-Dressner
Assistant Controller
Marie Wanat
Branch Area Manager –
Bucks/Montgomery Counties, PA
Caryn Wilson
Retail & Business Banking Operations Officer
Mark F. Wrobel
Commercial Lending Relationship Manager I
ASSISTANT VICE PRESIDENTS
Alexandra Acevedo
Treasury Management Sales Support
Andaz Ali
Senior IT Support Specialist
Stella Bailey
Team Leader Deposit Operations Analyst
Brian W. Ballentine
Branch Operations Manager
Nadine D. Barron
Senior Credit Underwriter
Thomas P. Bay
Commercial Lending Relationship Manager 1
Lauren Blough
Senior Credit Analyst
Sharon E. Bokma
Branch Operations Manager
Michael R. Borkowski
Branch Sales Manager
Samantha K. Dayton
Loan Accounting Assistant Manager
Linda Deckman
Credit Underwriter
Renee Denton-Clarke
Branch Operations Manager
Gwendelyn C. Fisher
Marketing Manager
Patrick L. Giallombardo
Commercial Real Estate Administrator
Jonathan O. Jacobs
Private Banker
Veena Jain
Branch Operations Manager
Keith M. Jolliffe
Senior Credit Analyst/Team Leader
Jason M. Koenigsberg
Branch Sales Manager
Andrew Kornberg
Portfolio Manager
William J. Mellon
Senior Credit Underwriter
Padmaja Racharla
Senior Credit Analyst
Patricia L. Schofield
Branch Operations Manager
John Schrader
Commercial Lending Relationship Manager 1
Diane L. Smith
Credit Underwriter
Traci L. Sundberg
Financial Investigations & AML Manager
Sharon A. Unger
Deposit Operations Analyst II
Kelly L. Valenza
Human Resources Coordinator
Andrew K. Varsallona
IT Support Specialist
ASSISTANT TREASURERS
Shatha N. Abbasi
Auditor
Donna Bencivengo
Executive Assistant and Corporate Secretary
Angelique DeGazon
Loan Accounting Specialist
Mona Goff
Electronic Banking Analyst
Sharon Grabowski
Deposit Operations Analyst
Nikki Harrison
Electronic Banking Analyst
Cynthia Huber
Branch Operations Manager
Julianne Silletti
Human Resources Generalist
Cynthia Tigeleiro
Branch Operations Manager
Maria A. Tramo
Operations Coordinator for Retail
& Business Banking
Jennifer Tykarsky
Electronic Banking Analyst
Carrie M. Walchko
BSA Investigator
23
MORRIS
ESSEX
UNION
NYC
HUNTERDON
HUDSON
SOMERSET
MIDDLESEX
BUCKS
MERCER
MONMOUTH
FIrst Bank
Market Area
Our primary banking service area is the New York City to Philadelphia
SUSSEX
corridor, one of the more desirable banking markets in the country.
The region has an affluent economy, with a strong, diverse array of
employers and ties to New York City’s well-paying financial industries.
WARREN
We offer a full range of deposit and loan products to individuals
and businesses through 16 full-service branches. Headquartered in
Hamilton, New Jersey, we service 15 counties in New Jersey
and five counties in eastern Pennsylvania.
FIRST BANK
REGIONAL STRUCTURE
NORTHERN NEW JERSEY REGION
CENTRAL NEW JERSEY REGION
EASTERN PENNSYLVANIA REGION
★
HEADQUARTERS & FIRST BANK BRANCH
FIRST BANK BRANCH
MONTGOMERY
PHILADELPHIA
CHESTER
OCEAN
DELAWARE
BURLINGTON
GLOUCESTER
CAMDEN
First Bank
Locations
ADMINISTRATIVE
2465 Kuser Road
Hamilton, NJ 08690
877 821 2265
1395 Yardville-Hamilton Square Rd
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
24
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
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
TREVOSE
4956-66 Old Street Road
Trevose, PA 19053
267 984 4537
WARMINSTER
356 York Road
Warminster, PA 18974
215 441 4118
WEST CHESTER
121 N. Walnut Street
Suite 320
West Chester, PA 19380
484 881 3800
We are greatly saddened
by the passing of David Lidster
Corporate and
Shareholder Information
and Maria Leibowitz-Curry
during 2020, two vibrant
and pivotal members of the
First Bank team.
David served as
the Company’s
Chief Technology
Officer, leveraging
his more than
35 years of experience in banking
to lead our efforts to upgrade
and improve our customer
technology interface.
Maria joined the
company in
2019, as a result
of First Bank’s
acquisition
of Grand Bank, and skillfully
applied her more than 20 years
of banking experience in
her role as the Company’s Chief
Compliance Officer.
“
CORPORATE
HEADQUARTERS
FIRST BANK
2465 Kuser Road
Hamilton, NJ 08690
877 821 2265
firstbanknj.com
ANNUAL SHAREHOLDER
MEETING INFORMATI ON
The Annual Shareholders’
Meeting will be held
virtually at 10:00 a.m. EST
on April 28, 2021.
You can attend the meeting
by going to the following link
and using the password:
FRBA2021
Annual Meeting URL:
meetingcenter.io/268971866
STOCK REGISTRAR
AND TRANSFER AGE NT
FIRST CLASS/REGISTERED/
CERTIFIED MAIL
Computershare Investor Services
P.O. Box 505000
Louisville, KY 40233-5000
COURIER SERVICES
Computershare Investor Services
462 South 4th Street, Suite 1600
Louisville, KY 40202
SHAREHOLDER SERVICES NUMBER
1 800 368 5948
INVESTOR CENTRE PORTAL
computershare.com/investor
STOCK LISTING
First Bank’s common stock
is traded on the NASDAQ Global
Market under the symbol FRBA.
INVESTOR RELATI ONS
ANALYST COVERAGE
Shareholders seeking
information about us may
obtain press releases
and FDIC filings by visiting
firstbanknj.com.
Additional inquiries can
be directed to:
Chief Financial Officer
2465 Kuser Road
Hamilton, NJ 08690
or by calling 609 643 0136
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.
The following analysts published
research on First Bank in 2020:
Bryce Rowe
Hovde Group, LLC
804 318 0969
browe@hovdegroup.com
Erik Zwick
Boenning & Scattergood, Inc.
610 862 5322
ezwick@boenninginc.com
Nicholas Cucharale
Piper Sandler
212 466 7922
nick.cucharale@psc.com
Christopher Keith
D.A. Davidson & Co.
503 603 3017
ckeith@dadco.com
Patrick L. Ryan
President and CEO
First Bank is a member of the FDIC, an Equal
Opportunity Employer and an Equal Housing Lender.
25
WDave and Maria were not just great teammates, they were great people. They are missed every day.” 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 .CO M F I R S T B A N K PA .C O M N A S DAQ : F R B A