ever upward
EXCELSIOR
2 O 2 1 A N N U A L R E P O R T
ever upward
EXCELSIOR
In 2021, First Bank delivered record earnings and profitability, balance sheet growth and continued
solid asset quality metrics. We helped our clients and communities navigate the ongoing
pandemic and we welcomed new employees and customers through a strategic branch acquisition
during the year. As proud as we are of what our team accomplished in 2021, we are thoroughly
focused on what lies up ahead.
In the 15 years since First Bank was founded, we have always sought continuous improvement.
That means responsible growth centered on markets we know intimately and where we see great
opportunities for organic and acquired expansion. It means high-quality growth, focused on
customers that value our relationship-based approach to banking, and it means building a team
that is united in its focus on delivering strong outcomes for those customers. Great companies are
built every day, meaning that what we do every single day matters and lays the groundwork for
what comes next. First Bank has been steadily climbing to this point for the past 15 years and with
new markets, branches, products and technology to propel us forward, we are eager to
accomplish even more for our customers and shareholders in the future.
SEE SOME OF OUR LATEST PERFORMANCE HIGHLIGHTS ON THE RIGHT
ContentsLetter to Shareholders 2 Performance Overview 8 Selected Financial Information 9 Operations Review 10 Investment Profile 18 Board of Directors 20 Executive Management 22 Bank Officers 23 Market Area and Branch Listing 24 Corporate and Shareholder Information 25
Record net
income of
$35.4 million
in 2021
Non-interest-bearing
deposits grew by
$134.7 million, or
31.7%, year-over-year
Diluted EPS
of $1.79, an 84.5%
increase from
the prior year
Quarterly cash
dividend raised by
100% in Q4 2021 to
$0.06 per share
Cost of deposits
declined to
0.28% — our lowest
annual rate to date
Strong credit
metrics, with net
charge offs to average
loans of 0.0%
Adjusted ROAA
of 1.48%, excluding
merger and acquisition
expenses
1
2021: A year when opportunity knocked,
we pushed through obstacles, and we answered.
Success in business can be oversimplified with this maxim: put yourself in a position
to get opportunities; know how to recognize the real from the false; and move quickly to
capitalize. Several significant and real opportunities emerged for First Bank in 2021.
We took advantage and produced our best year ever.
To be sure, our industry enjoyed a few important tailwinds during the year. Low interest
rates and significant liquidity in the markets helped keep deposit volumes high and
costs low. A strong rebound in economic activity helped generate quality new lending
opportunities and keep credit costs low. And, a second round of Paycheck Protection
Program (PPP) loans opened the door to new commercial leads as well as additional
PPP income. Hence, opportunities for strong revenue and earnings growth emerged.
Nevertheless, capitalizing on these opportunities was not easy. 2020 was so hard for so
many of us that it can be difficult to draw comparisons. While 2021 was better in many
ways, the prolonged nature of the pandemic created new difficulties. Remote and hybrid
work conditions continued. Rising COVID-19 case counts at different points during
the year produced unprecedented staffing difficulties. The “great resignation” drove higher
employee turnover and higher wages.
Our team needed mental toughness and perseverance to overcome these obstacles.
Once again, they delivered. Our team acknowledged the new realities and they
discovered ways to find joy and achieve success. Our acquisition of two branches and
$101 million in low-cost deposits is a great example of opportunity and perseverance.
Excess liquidity in the market allowed us to acquire those deposits at a low premium
compared to historical standards, and our mental toughness allowed us to successfully
complete the integration of those customers and employees despite the operational
challenges mentioned above.
As a result of these incredible efforts, we achieved record earnings in 2021.
Net income of $35.4 million, or $1.79 per diluted share, equates to an 84% increase in
diluted earnings per share (EPS) from the prior year. Our double-digit net interest
income and non-interest income growth, strong margin improvement, minimal credit
costs and PPP income were important drivers of this improved EPS performance.
Our strong expense control also contributed as we limited non-interest expense
growth to just 5%, excluding merger and acquisition expenses, compared to 18% and
22% growth in net interest income and non-interest income, respectively.
Total assets grew 7% to $2.5 billion during the year, led by an approximately $150 million
increase in non-PPP loans. Deposit growth of $211 million generated more than
enough funding to support loan growth. Core deposit growth generated through our
branches, local commercial relationships and our branch acquisition allowed us to retire
or run-off nearly $133 million in time deposits. The lower interest rate environment,
our concerted effort to hold loan yields, and efforts to reduce deposit costs helped drive
our net interest margin up from 3.29% in 2020 to 3.56% in 2021.
On the heels of an incredibly challenging 2020, we saw opportunities emerge in 2021.
Our team worked hard, stayed focused, and generated really great results.
To our
shareholders,
stakeholders,
employees
and friends:
Diluted Earnings
Per Share AT 12-31
$1.79
$0.95
$0.97
$0.69
$0.48
2017
2018
2019
2020
2021
5-YEAR CAGR = 24.0%
2
Our double-digit net interest
income and non-interest
income growth, strong margin
improvement, and PPP income were
important drivers of our record
2021 performance.
3
Before we discuss our prospects moving forward,
I’d like to provide a little more detail regarding our 2021 financial results
C RE D IT QUALITY Credit quality improved during the year with negligible net charge
offs and lower rates of delinquency. At year-end, our nonperforming loans came to 0.62%
of total loans, up slightly from 0.50% at the end of 2020, but down significantly from
1.32% at year-end 2019. Net charge offs during the year were negligible, compared to
$2.8 million the prior year and $1.9 million in 2019. Our allowance for loan losses was
183% of nonperforming loans by year-end, a very strong level when compared to peers.
After the required build up in reserve for loan losses in 2020, and the improved credit profile
of the portfolio, our models produced a small, negative provision for loan losses during
the year. As a result, our ratio of allowance to total loans moved down to 1.12% at year-end,
from 1.17% at the end of 2020. Our loan loss coverage ratio at year-end 2021 increases
to 1.36% when you add back the $4.2 million in mark-to-market credit reductions made to
acquired loans.
LOAN GROW TH Our loan portfolio grew $64 million in 2021. Non-PPP loan growth of
$151 million was partially offset by an $86 million net decline in PPP loans, as many of
our clients successfully navigated the forgiveness process. $51 million in PPP loans remained
on the balance sheet at year-end. First Bank has been proud to support small businesses
and we were eager to introduce our relationship-based banking philosophy to new
customers through both rounds of the PPP. We issued a total of 1,934 PPP loans through
both rounds of the PPP totaling nearly $300 million. This included the support of our
current customer base and hundreds of new customers.
Non-PPP loan growth of $151 million included $140 million of traditional organic loan
growth and $11 million of consumer loans acquired as part of the branch acquisition.
Importantly, over 75% of our organic loan growth during the year came from C&I/business
loans. It is also worth noting that our net loan growth for the year came despite historic
pay offs and pay downs on existing non-PPP loans of approximately $246 million during
the year. In fact, while 2021 was not our best year ever for net organic loan growth, it was
our best in terms of new loans booked. Our new loan production engine continues to
be a strength. We produced approximately $123 million in net organic loan growth in the
fourth quarter alone and our pipelines remain at all-time high levels.
During the year, our yield on loans was 4.33%, a decrease of 15 basis points from 4.48%
during 2020. While Treasury yields ticked higher during the year, they remained at levels
well below historical yields, so new production came on at rates lower than the loans
that matured or paid off. This low-rate environment, coupled with a competitive market
for new loans, pushed average yields lower. We were able to offset this by continued
improvements to our funding costs, which dropped much more than the yield on our loans.
D EP OS IT GROWTH Total deposits increased by $211 million, or 11%, during 2021 and
we continued to enhance our deposit mix during the year. Non-interest bearing (NIB)
deposits increased by $135 million, or 32%, to $559 million at the end of 2021, making up
26% of total deposits. This is up from 22% at year-end 2020. Having achieved our previous
goal of 25%, we’re now focused on getting to 30%. NIB deposits support our ability
to lower our cost of deposits, which were 0.28% for the full year 2021, reflecting a 58-basis-
point improvement from 2020 and lower than our local peer group average of 0.31%.
Commercial deposit growth was another area where we achieved significant growth and
surpassed our internal targets. Commercial deposits grew by $135 million during 2021
and made up 42% of total deposits as of December 31, 2021. With our strategic focus on
commercial/business relationships and cash management products and services, we are
focused on moving this ratio higher over time.
4
First Bank ProfileNew Jersey state-chartered bankHeadquarters: Hamilton, NJ 18 full-service branches in New Jersey and Pennsylvania$2.51 billion in assets at 12-31-21Traditional range of deposit and loan productsBauer Financial 5-Star rated bank (top ranking) Kroll Bond Rating Agency Investment Grade Rating So, how did those developments impact profitability in 2021?
NET INCOME AND EARNINGS PER SHARE 2021 net income was $35.4 million and
diluted EPS was $1.79, compared to $19.4 million and $0.97 per diluted share in 2020.
How did we grow earnings over 80%? First, net interest income (our largest revenue driver)
was up 18% as loan growth, lower funding costs and PPP fee income of $5.8 million
more than offset the impact of declining loan yields. Second, non-interest income was
up $1.4 million, or 22% compared to the prior year. On the expense side, we did a nice job
managing costs as non-interest expense only increased 7% for the year, even including
$643,000 in merger and acquisition costs. Our results were further supported by a
small credit to the provision for loan losses for the year.
PRE-PROVISION NET REVENUE (PPNR) We look at this non-GAAP measure on a
quarterly basis to get a sense of our core operating earnings trends. It is calculated by
taking our net interest income (before the provision for loan losses), adding non-interest
income excluding non-recurring items, and subtracting non-interest expense excluding
non-recurring items (merger and acquisition expenses). You will find each of the components
listed above broken out in our audited financial statements.
PPNR of $47.1 million in 2021 was up from $35.5 million in 2020. Because this metric
controls for credit, non-recurring expenses and tax changes, it gives a closer look at just the
impact from growth and the changing margin. It shows that our core business improved
by $11.6 million, or nearly 33%, in 2021.
BOOK VALUE We closed the year with book value of $13.69 per share, an increase of
$1.61, or 13.3%, compared to year-end 2020. Tangible book value per share (TBV) reached
$12.67 at the end of 2021, an increase of $1.50, or 13.4%, compared to year-end 2020.
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 $4.89,
which equates to a compound annual growth rate of 10%.
ROAA AND ROAE Our ROAA was 1.46% for the full year 2021, an increase of 59 basis
points from 2020. We estimate that core ROAA for 2021 was closer to 1.20%, still a
strong improvement from 0.87% in 2020. We remain laser-focused on driving our ROAA
higher as the single most important metric to show the earnings power of the franchise.
Return on average equity (ROAE) followed a similar trend to ROAA in 2021 — with a ratio
of 13.96% compared to 8.45% in 2020. Strong earnings coupled with stock repurchase
activity in 2021 helped us push this key ratio higher.
2022: First Bank is poised to take advantage of a rising interest rate environment,
as we continue to seek new commercial lending niches and M&A opportunities
to enhance our growth
Looking back on 2021, we were able to capitalize on PPP opportunities, continue to drive
operating leverage, and find ways to benefit from an improving economic landscape.
Looking ahead, I see opportunities for continued success. An improving economy
should help keep credit quality strong and a rising interest environment could create an
opportunity for margin expansion if the long end of the yield curve continues to move
higher. And, as long as the interest rate environment doesn’t create significant margin
compression (which I do not expect), I believe we will continue to see revenue growth well
in excess of expense growth.
While we may not be able to repeat our overall level of earnings success in 2022, given
some one-time benefits realized in 2021, I think the core results will continue to show
strong progress. Here is how we’ll do it.
5
2021 Performance Highlights 2021 net income of $35.4 million, up $16.0 million, or 82.2%, from $19.4 million in 2020Full year total net revenue* of $89.6 million increased $13.7 million, or 18.1%, from 2020 Total loans of $2.11 billion at 12-31-21, up $64.4 million, or 3.1%, from one year priorTotal deposits of $2.11 billion at year-end 2021 were up $211.0 million, or 11.1%, from 12-31-20Average interest-earning assets reached $2.30 billion, increased $188.5 million, or 8.9%, from 2020Efficiency ratio below 50% for four consecutive quarters, at 49.57% for fourth quarter 2021* Total net revenue is the sum of net interest income and non-interest income. EXPAND COMMERCIAL LENDING INTO NEW, NICHE AREAS TO DRIVE GROWTH
We have been and we will continue to be focused, commercial lenders. As we have grown,
our legal lending limit has grown, and we have been able to attract quality commercial
lending staff with unique experience. Our expansion into SBA lending is a good example
of this strategy. We leveraged our strength in small business lending, hired staff with
excellent SBA experience and the team is producing strong results. Our loan production
and fee income generation were up three-fold in 2021 compared to 2020. Plus, with our
recent approval as an SBA “preferred lender” and our hiring of another strong business
development professional in this area, we expect even better results in 2022. Beyond SBA,
we see opportunities to move into the higher end of the middle market, as well as other
niches like fund banking and equipment financing. We think these areas can help us
continue to build and grow our relationship banking model. It should be noted we are not
planning to make “big bets” in any of these areas just yet. As always, we will be taking
a cautious and thoughtful approach. If successful, we will explore ways to continue
to build our presence in these areas.
OPPORTUNISTIC M&A Our acquisitions to date have been very successful. We are
disciplined acquirers who focus on “buying right” and integrating effectively. Once again,
our track record in this area speaks volumes. The consolidation of the community
banking sector is destined to continue. We think accretive acquisitions create value in
their own right, and we believe that larger banks get rewarded with better stock price
multiples of earnings and book value. Therefore, smart M&A can be an effective way to
“unlock” hidden value in the franchise.
FURTHER OPERATING LEVERAGE We expect that continued loan growth, stable-to-
increasing earning asset yields and stable funding costs should translate to continued
strong revenue growth during 2022. At the same time, we remain very focused on
cost-containment efforts. While wage inflation in 2022 could create additional pressure,
we continue to believe we can drive outsized revenue growth relative to expenses.
AN IMPROVING ECONOMIC LANDSCAPE If inflation can be managed effectively,
continued strong economic growth should generate quality loan opportunities as well as
a favorable asset-quality environment. At this point we have reasonable visibility into
an economy that should continue to grow at an above-average rate (absent continued
deterioration of the geopolitical situation). That alone will benefit banks. And, if the yield
curve elongates, the outlook is even more positive.
So, despite the loss of PPP fees, and the prospects of a higher provision for loan losses
in 2022, there is reason for optimism regarding 2022. Will we be able to match the
ultra-high EPS generated last year? That could be tough. But, I like our chances to deliver
really strong financial performance compared to peer and historical banking standards.
Key recent hires provide further reason for optimism for the future. Tony DeSenzo is our
new Northern NJ Market Executive and Team Leader. Darlene Gillespie is our new Head
of Retail. Ana Amaral is our new BSA Officer. We also added strength to our NJ and
PA commercial lending and deposit teams and we’re getting great leadership from our
Regional Presidents Dave DiStefano and Joe Calabro. We also had key promotions during
the year. Andrew Hibshman stepped up to become our Chief Financial Officer with the
retirement of long-time CFO Steve Carman, and he brought in Parwinder Virk to help
as our new Chief Accounting Officer. Ramzi Dagher joined mid-year as a Team Leader
helping to build out our presence in PA and across our commercial lending business lines.
We have a great combination of experienced, community-bank professionals and really
strong, up-and-coming bankers.
6
Strategic ObjectivesEfficient funding cost resulting from core deposit growthStable net interest marginOpportunistic M&A program Strong organic growth in all marketsProviding superior customer service “
Excelsior! Ever Upward!
It’s a reminder that
despite our successes and
accomplishments,
there is more good work
to be done.”
Excelsior: Ever Upward
Our Board Chairman, my father, Patrick M. Ryan, has always been fond of this saying.
For a long time, I didn’t focus on it. I figured it was a reminder of his roots growing up in
Western New York, since it is the state motto for New York. However, as a manager and
a leader here at First Bank, I have really come to appreciate the importance and significance
of the words. Excelsior! Ever Upward! It’s a reminder that despite our successes and
accomplishments, there is more good work to be done. It’s also a reminder that perfection
doesn’t exist. Perfection is not a destination or an outcome. The journey, the endeavor,
the pursuit of growth and continual improvement is the goal. In honor of my father
(the greatest community banker I’ve ever met), and the values he has instilled in me and
our entire First Bank team, there seemed no better theme for this year’s annual report.
In 2022, and beyond, we will be pushing, striving, ever upward.
I’d like to thank the departing members of our Board of Directors: Elbert Basolis,
Christopher Chandor, Patricia Costante, and Gary Hofing. Few can appreciate, if they
have never done it, the amount of time and effort that goes into serving on a bank board.
These individuals answered the call every week, month and year for committee meetings,
board meetings, shareholder meetings and business development events. I personally
am very thankful that I have had the opportunity to work with and learn from each of them
over the years.
I’d also like to share a few thoughts about our departing CFO, Steve Carman. Steve was
with us from the beginning here at First Bank. He helped do some of the heaviest lifting
to get our new venture off the ground back in 2008 and 2009 and he was indispensable
along the way — doing whatever was needed to keep our nascent organization
moving forward. His knowledge, experience, and most importantly his “can do” team-spirit
propelled us forward. As we grew, Steve built out his department and became a
tremendous mentor to Andrew and the rest of the team. Our success as an organization,
and the strength of the Finance area is a lasting testament to Steve and the amazing
job he’s done for us over the years. Steve — you are missed my friend. I’m glad you’re
sticking around to help us as needed, and I hope you’re able to enjoy your
well-earned retirement!
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
Performance
Overview
8
Total Stockholders’
Equity AT 12-31, $ IN MILLIONS
Average Total
Earning Assets
FOR YEAR ENDED 12-31, $ IN BILLIONS
266.7
238.1
226.4
2.30
2.12
194.8
163.3
1.76
1.54
0.93
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
5-YEAR CAGR = 24.6%
5-YEAR CAGR = 19.8%
Total Loans
AT 12-31, $ IN BILLIONS
Total Deposits
AT 12-31, $ IN BILLIONS
2.05
2.11
2.11
1.90
1.72
1.46
1.23
1.64
1.39
1.17
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
5-YEAR CAGR = 18.6%
5-YEAR CAGR = 18.8%
Total Net Revenue*
FOR YEAR ENDED 12-31, $ IN MILLIONS
Net Income
FOR YEAR ENDED 12-31, $ IN MILLIONS
89.6
75.9
35.4
62.4
58.4
41.8
19.4
17.6
13.4
7.0
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
5-YEAR CAGR = 24.0%
5-YEAR CAGR = 40.8%
* Total net revenue is the sum of net interest income
and non-interest income.
Selected Financial Information
IN THOUSANDS, EXCEPT COMMON SHARE DATA
AT OR FOR THE YEAR ENDED DECEMBER 31,
2021
2016
5-YR CAGR
18.5%
18.6%
19.3%
18.8%
4.9%
6.5%
24.6%
20.2%
26.2%
18.9%
(0.4%)
23.2%
NM
25.7%
36.6%
18.7%
37.5%
29.5%
40.8%
24.0%
NM
13.4%
12.0%
11.3%
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
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
$
$
$
$
2,510,298
2,111,991
23,746
2,114,602
81,835
29,620
266,666
2,420,517
253,732
91,114
9,224
81,890
(232)
82,122
7,754
43,152
46,724
11,295
Net income
$
35,429
$
1,073,294
898,429
9,826
894,934
64,510
21,641
88,806
963,448
79,317
38,327
9,424
28,903
2,697
26,206
1,630
18,332
9,504
3,098
6,406
COMMON SHARE DATA
Diluted earnings per share
Cash dividends paid
Diluted weighted average
common shares outstanding
Book value per common share
Common shares outstanding
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 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 capital
Tier 1 risk-based capital
Total risk-based capital
$
1.79
0.15
$
0.61
0.00
19,815,747
13.69
19,472,364
10,580,040
7.78
11,410,274
1.46%
1.48%
13.96%
14.16%
3.56%
47.42%
0.62%
182.65%
0.00%
10.62%
10.15%
10.65%
10.65%
12.97%
0.66%
0.66%
8.08%
8.08%
3.11%
61.20%
0.66%
164.67%
0.10%
8.27%
8.56%
8.78%
8.78%
11.91%
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 2021 calculation.
2 The tax equivalent adjustment is calculated using a federal income tax rate of 21% in 2021 and 34% in 2016.
3 Nonperforming loans consist of nonaccrual loans and loans past due 90 days or more and still accruing.
9
Our full-year cost of deposits of 0.28% reflects
a 58-basis-point improvement compared
to 2020, as we continue to focus on enhancing
our deposit mix.
Deposit growth in 2021 remained solid, with good non-interest bearing growth,
an improving mix and a continued reduction of our cost of funds. Total deposits of
$2.11 billion at December 31, 2021 were up $211.0 million, or 11.1%,
from December 31, 2020.
With the completion of our acquisition of two branch locations in early December
2021, we added over 2,000 new customers and $101 million in new deposits.
Combined with the ongoing momentum from our organic deposit gathering efforts,
we have increased our average deposits per branch to more than $95 million.
We continue to drive our cost of deposits lower, reducing them by 58 basis
points in 2021 compared to the prior year through the combination of increased
non-interest bearing deposits, which were up $134.7 million, or 31.7%, in 2021,
along with a decreased reliance on time deposits, which declined $132.9 million,
or 25.4%, since 2020 year-end.
Because of the Bank’s organic initiatives, we now have a strong deposit pipeline
driving growth which, along with the addition of new customers through our recent
branch acquisition, strengthens our ability to continue to grow low-cost core
deposits. In addition, we are leveraging the successful growth of our commercial
deposit and cash management area to generate increased fees and increased
services used per customer.
2021 was another very strong year for our efforts to generate cost-effective funding
which supports a consistent net interest margin, and we are solidly positioned
to carry this into 2022.
Increased
Momentum
in Growing
Deposits
Deposit Mix
$2.11 billion AT 12-31-21
19 %
41%
26%
14%
NON- INTER EST BEARING
D EMAND DEPOSITS
I NT EREST BE ARING
D EMAND DEPOSITS
MONEY M ARKET A ND
SAVI NGS DEPOSI TS
T IME DEPOS ITS
10
Our acquisition of two branches
in our central New Jersey
market provided additional scale
in our targeted service
area along with low-cost
core funding.
11
Our ability to grow First Bank has been driven by our focus on business banking and
commercial lending and our commitment to servicing this sector, remains very strong.
This focus has enabled our team to punch above its weight when we compete
with larger institutions within our market. The substantial growth we have realized in
recent years has raised our profile with new and potential borrowers and enabled us to
add additional capabilities to better meet the needs of area businesses.
During 2021, our lenders closed and funded approximately $475 million in new
non-PPP loans, an increase of 39% compared to last year. During the fourth quarter of
2021 our loan pipeline was near an all-time high which enabled a strong finish to
the year and positioned our lending group for a solid start to 2022. The fourth quarter
acquisition of two branches within our targeted service area introduced more than
2,000 new banking customers to our service platform, which is expected to contribute
to near-term momentum.
To further support our business banking customers, we significantly expanded
our U.S. Small Business Administration (“SBA”) loan activity in 2021. We enhanced
our position as an SBA lender with the 2019 acquisition of Grand Bank and in late
2021, we were also designated as a Preferred Lender by the SBA, which we believe will
further enhance this business. We have a strong group of experienced SBA lenders
with a detailed understanding of the program’s requirements who help our customers
navigate the process. This team produced strong results in 2021, and the success
of this line of business is helping to drive our improved non-interest income.
Importantly, even with strong loan generation during a challenging economic
period, the Bank’s asset quality metrics have remained stable and compare well in
relation to peers. This is a function of consistent strong underwriting, along with
a portfolio that is well diversified by industry, asset class and geography.
Nonperforming
Loans/Total Loans
AT 12-31
Net Loan Charge Offs/
Average Loans
AT 12-31
1.32%
0.15%
0.12%
0.08%
0.62%
0.43%
0.44%
0.50%
0.00%
0.00%
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
A Focused
Approach to
Lending
Non-interest Income
FOR YEAR ENDED 12-31, $ IN MILLIONS
7.8
6.4
4.0
3.5
2.1
2017
2018
2019
2020
2021
5-YEAR CAGR = 36.6%
12
Total new loan production
in 2021 was consistent with prior
years, with our pipeline near its
all-time high, while asset quality
remained favorable.
13
Top Tier
Customer
Service Builds
Lasting
Relationships
It’s no secret that high-quality customer service has guided our approach to
community banking. Our team provides quality customer service every day and we
proved throughout the pandemic that we would go the extra mile to help our
customers through a very challenging time. This approach attracts new customers
to First Bank, promotes expanded relationships and has been the catalyst for
consistent growth and increased revenue and profitability.
Over the past two years the importance of quality customer service for bank clients
has been realized far beyond what was apparent prior to the COVID-19 pandemic.
Under difficult and unprecedented conditions our team worked tirelessly to help both
existing and new First Bank customers weather the economic challenges of
COVID-19. We worked to deliver relief quickly and efficiently to small businesses
through the Paycheck Protection Program (“PPP”). Our team supported local
chambers of commerce and business associations with PPP loan processing and
accepted referrals for small businesses in need of help with PPP loan processing. We
assisted small business and personal lending customers with fee waivers and made
accommodations and payment deferrals when it was appropriate.
Lower interest expense of $10.4 million
and PPP-related loan fees of
$5.8 million in 2021 contributed to record
net interest income during the year.
We have come to view the PPP as a logical
extension of our core strength in small and mid-sized
business lending. Through all phases of the PPP,
our team submitted and received SBA approval for
1,934 loans, which totaled $299.3 million. At 2021
year end, our loan portfolio had 324 PPP loans with
outstanding balances of $51.0 million.
Our decision to go all-in to support our customers and other businesses within our
service area has paid dividends in the form of enhanced relationships, access to
significant new commercial business opportunities, and increased interest income and
loan fees that are reflected in our bottom-line performance.
Net Interest Income
FOR YEAR ENDED 12-31, $ IN MILLIONS
81.9
69.6
58.4
54.9
39.7
2017
2018
2019
2020
2021
5-YEAR CAGR = 23.2%
14
Our success in growing
First Bank has been driven by
our focus on business
banking and commercial lending
and our commitment to
servicing this sector remains
very strong.
15
An effective business strategy doesn’t have to be revised every couple of years.
Our strategies are consistent, effective and have been driving growth and increasing
profitability. Our results reflect a consistent focus on building scale within our
footprint through a combination of organic growth and targeted acquisitions,
enhancing the core deposit franchise. Our team works to develop profitable and
sustained customer relationships, and we closely manage non-interest expenses to
maximize profitability from the organic and acquired growth opportunities.
We continue to pursue appropriate acquisition opportunities which add critical mass
within and around our service area, and which provide additional convenience to
access products and services for customers. With a stronger presence in these markets,
we believe that we will continue to grow our market share and elevate our profile.
Our consistent approach to business has tremendously improved our
earnings capacity, reflected in our steady growth and increasing profitability
over the past five years. It’s also reflected in our very strong 2021 results,
which were up substantially from prior years. Our full year return on assets
was 1.46% and return on average tangible equity was 15.03%, both
records for First Bank.
We believe that our business model is working as intended, enabling the
Bank to grow assets, add customers, increase earnings, incentivize
employees and return capital to shareholders through dividends and
share repurchases. In August, the Kroll Bond Rating Agency once again
affirmed our investment grade credit ratings, citing the continued
successful execution of our strategic plan.
We expect that our bottom-line results will remain favorable in the
near-term providing additional validation of our strategy while increasing
value to our shareholders.
Consistent
Strategy
Driving
Enhanced
Results
Return on
Average Assets
% FOR YEAR ENDED 12-31
1.46
1.09
0.87
0.72
0.57
2017
2018
2019
2020
2021
Return on
Average Equity
% FOR YEAR ENDED 12-31
13.96
9.70
8.45
6.48
5.60
2017
2018
2019
2020
2021
16
The significant increase
to our cash dividend
reflects the Bank’s strong
2021 performance, our
strong existing capital
position, and the ongoing
focus on rewarding our
shareholders.
17
Investment Profile AT 12-31-21
Book Value Per Share
AT 12-31
$13.69
$12.08
$10.43
$11.07
$9.36
2017
2018
2019
2020
2021
5-YEAR CAGR = 12.0%
18
Solid and
consistent book
value per
share growth
Revenue growth and
non-interest expense
control driving stronger
operating leverage
First Bank Common StockLISTING NasdaqSYMBOL FRBASHARE PRICE $14.51MARKET CAPITALIZATION $282.5 MPRICE/2021 EARNINGS 8.02 XPRICE/TANGIBLE BOOK 1.15 XANNUALIZED DIVIDEND $0.24DIVIDEND YIELD 1.7%52-WEEK HIGH $15.9052-WEEK LOW $8.78AVERAGE 3M DAILY TRADING VOLUME 30,660SHARES OUTSTANDING 19.5 MINSTITUTIONAL SHARES HELD 8.8 MINSTITUTIONAL SHARES (%) 45.0%INSTITUTIONAL SHAREHOLDERS 92INSIDER SHARES 1.6 MINSIDER SHARES (%) 8.1%RETAIL SHARES (%) 46.9%Investment Considerations Record of organic
and acquired
growth with improved
profit metrics
Significant
improvement
in core
deposit mix
Strong presence in
desirable New York City
to Philadelphia
corridor
Significant
increase to the
cash dividend
in 2021
Strong balance
sheet with
very solid asset
quality
19
Board of Directors
Patrick M. Ryan
CHAIRM AN
Owner of North Buffalo Advisors, LLC;
former President and Chief Executive
Officer of Yardville National Bank
DIR EC TOR S INC E 2 011
BOA RD C OM M ITT EES
Asset/Liability, Compliance,
Information Technology
Leslie E. Goodman
VIC E C H AIR MAN
LEAD I NDE P ENDE NT D IRE CT OR
Principal of The Eagle Group of
Princeton, Inc.; Director of Wawa, Inc.
DIR EC TOR S INC E 2 00 8
BOARD COMMITTEES
Asset/Liability (Chair), Compensation
and Personnel
Patrick L. Ryan
President and Chief Executive Officer
of First Bank
DIR EC TOR S INC E 2 00 8
BOA RD C OM M ITT EES
Asset/Liability, Compliance, Information
Technology
Douglas C. Borden
Northeast President of
CBIZ Borden Perlman
DIR EC TOR S INC E 2 017
BOA RD C OM M ITT EES
Nominating and Governance (Chair),
Compensation and Personnel,
Information Technology
Scott R. Gamble
Principal of Patriot Financial Partners, LP
DIR EC TOR S INC E 2 02 0
BOA RD C OM M ITT EES
Asset/Liability, Compensation and Personnel,
Audit and Risk Management, Compliance
Deborah Paige Hanson
Principal, Executive Vice President
and Fund Manager of The Hampshire
Companies
DI RECTOR SINCE 2016
BOARD COMMITT EES
Compensation and Personnel (Chair),
Nominating and Governance,
Information Technology
Glenn M. Josephs
Partner of Friedman, LLP; former Partner,
Bagell, Josephs, Levine and Company, LLC
DI RECTOR SINCE 20 08
BOARD COMMITT EES
Audit and Risk Management (Chair),
Nominating and Governance, Compensation
and Personnel
Peter Pantages
Former Chairman, President and
Chief Executive Officer of Grand Bank
DI RECTOR SINCE 2019
BOARD COMMITT EES
Compliance, Information Technology
Michael E. Salz
President of Linden Bulk
Transportation Co., LLC
DI RECTOR SINCE 2017
BOARD COMMITT EES
Audit and Risk Management, Asset/Liability,
Compensation and Personnel
John E. Strydesky
Certified Public Accountant;
Owner of Strydesky & Company,
CPAs/Business Consultants
DI RECTOR SINCE 2010
BOARD COMMITT EES
Compliance (Chair), Audit and Risk
Management, Asset/Liability
20
All directors also serve on the Strategic Planning
and Board Loan Committees.
Sincerest Appreciation
First Bank would like to extend its sincere gratitude and appreciation to four directors who
have provided exceptional guidance and service to our Company during their tenures, as
they prepare to step down from their roles in April. Elbert G. Basolis, Jr., Christopher B. Chandor,
Patricia A. Costante and Gary S. Hofing have been important leaders as First Bank has grown
into the company it is today.
Elbert G. Basolis, Jr. Mr. Basolis has served as a director for 14 years. Most recently,
he served as Chair of the Information Technology committee and a member of
the Nominating and Governance, and the Compensation and Personnel committees.
Mr. Basolis brought not only prior public board experience to First Bank, but strong
business acumen and regulatory experience as the President and Owner of
Garrison Enterprises, Inc.
Christopher B. Chandor Mr. Chandor joined the Board in 2017 through our
acquisition of Bucks County Bank, where he had served as Vice Chairman.
As CEO of Penn’s Grant Corporation, his commercial real estate experience has been
very valuable to First Bank. He most recently served on the Compliance, Audit
and Risk Management, and Nominating and Governance committees.
Patricia A. Costante Ms. Costante has served as a director since 2019. As Chairman
and CEO of MDAdvantage Insurance Company, she brought deep experience
in the healthcare sector and board experience to our Company. Ms. Costante most
recently served on the Asset/Liability, Audit and Risk Management, and
Compliance committees.
Gary S. Hofing Mr. Hofing has served on the Board for six years, most recently as
a member of the Asset/Liability, Compliance, and Information Technology committees.
With more than 20 years of experience in business and real estate,Mr. Hofing was
very important to our lending operations. He is currently the Principal of The Eagle Group
of Princeton, Inc.
The entire First Bank team thanks Mr. Basolis, Mr. Chandor, Ms. Costante and Mr. Hofing for
their years of service and commitment to this Company.
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 over 40 years of banking experience.
Andrew L. Hibshman EXECUTIVE VICE PRESIDENT | CHIEF FINANCIAL OFFICER
Andrew L. Hibshman has served as Executive Vice President and Chief Financial Officer of First Bank since July 2021.
Mr. Hibshman joined First Bank in April 2016 as its Chief Accounting Officer. Outside of his experience with First Bank, Mr. Hibshman
was the Chief Financial Officer of a community bank in Philadelphia and worked at Grant Thornton LLP in the company’s financial
institutions audit practice. Mr. Hibshman earned a B.S. Degree in Accounting from Drexel University and holds a Certified
Public Accountant designation.
Maria E. Mayshura EXECUTIVE VICE PRESIDENT | CHIEF RISK OFFICER
Maria E. 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. Ms. Mayshura has more than 30 years of experience in banking as 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. Maria earned a Master of Business Administration and Management from Thomas Edison State College, and
holds a Bachelor of Science in Accounting degree from Caldwell College.
John F. Shepardson EXECUTIVE VICE PRESIDENT | CHIEF OPERATING OFFICER
John F. Shepardson has served as Executive Vice President and Chief Operating Officer of First Bank since January 2021, working
directly with the Bank’s Strategic Planning, Compliance, Information Technology, Retail, and Facilities teams. Mr. Shepardson
joined First Bank in 2018 as its Chief Administrative Officer. Outside of his experience with First Bank, Mr. Shepardson worked in
consulting, including roles as an Executive Director with Ernst & Young, and a Senior Consultant with Arthur Andersen.
Mr. Shepardson earned a Master of Business Administration degree from the Carroll School of Management at Boston College,
and holds a Bachelor of Science in Civil Engineering degree from the University of Michigan.
22
Bank Officers
FIRST SENIOR VICE PRESIDENTS
Joseph R. Calabro
Pennsylvania Regional President
Kimberly Cerasi
Director of Human Resources
Anthony F. DeSenzo
Market Executive
Marianne E. DeSimone
Lending Group Manager
David J. DiStefano
New Jersey Regional President
Gabriel K. Dragos
Chief Technology Officer
Darleen Gillespie
Chief Retail Banking Officer
Arlene S. Pedovitch
Chief Credit Officer
Parwinder Virk
Chief Accounting Officer
SENIOR VICE PRESIDENTS
Scott A. Bachman
Team Leader
Belinda L. Blazic
Loan Administration Manager
Joseph F. Browarski
Loan Workout Officer
Scott W. Civil
Market Executive
Michael B. Cook
Manager Investor Real Estate
Tiffany Craddock
Credit Officer
Ramzi Dagher
Team Leader
Jason Fischer
Team Leader
Lewis R. Fogg, Jr.
Market Sales Leader
Paula Huergo
Strategic Planning and Operations Officer
Sriramulu Krishnamurthy
SBA Manager
Larry F. Lee
Loan Workout Manager
Lauretta Lucchesi
Commercial Lending Relationship Manager l
David Hill Marx
Team Leader
Gregorio Perri, Jr.
Consumer Lending Manager
Frank P. Puleio
Business Development Officer/Government Banking
Michael Rist
Commercial Lending Relationship Manager IIl
Stacy L. Schwartz
Head of Deposit Operations
Donald Theobald, Jr.
Controller
Casi L. Tiernan
Head of Cash Management
Richard Tocci
Manager Investor Real Estate
Gregory Weckel
Director Information Technology Operations
Caryn Wilson
Head of Retail Branch Administration
FIRST VICE PRESIDENTS
Denise Goetting
Regional Branch Manager – New Jersey
Robert Goldzman
Commercial Lending Relationship Manager I
Christopher M. Kelly
Commercial Lending Relationship Manager II
VICE PRESIDENTS
Ana Amaral
Bank Secrecy Act Officer
Joseph Ball
Regional Branch Manager SNJ/PA
Brian W. Ballentine
Branch Manager
Nadine D. Barron
Senior Credit Underwriter
Thomas P. Bay
Commercial Lending Relationship Manager I
Donna Bencivengo
Executive Assistant and Corporate Secretary
Sharon E. Bokma
Branch Manager
Michael R. Borkowski
Branch Manager
Richard L. Burzynski
Commercial Lending Relationship Manager I
Matthew Cady
Internal Audit Manager
Michael P. Cahill
Commercial Lending Relationship Manager I
Marjorie A. Callahan
Commercial Lending Relationship Manager I
Edward Caporellie
Commercial Lending Relationship Manager I
Joseph Cavalchire
Commercial Lending Relationship Manager II
Louis A. Ciarlante
Commercial Lending Relationship Manager I
David A. Colby
Market Sales Leader
Karen J. Conway
Business Banker
Joan S. Costa
Loan Administration Assistant Manager
Cori Cubberley
Loan Accounting Manager
Kimberly Dargay
Branch Manager
Douglas D’Aulerio
Branch Manager
Ryan D. Earley
Business Banker
Derrick Futch
Branch Manager
Arnaldo F. Galassi
Lending Project Manager
Brent Gardner
Consumer Loan Officer
Michael Giacobello
Market Development Officer
Robert C. Gossenberger
Branch Manager
Michele M. Green
SBA Portfolio Manager/Senior Underwriter
Philip M. Heberling
Commercial Lending Relationship Manager I
Stephen Helhowski
Commercial Real Estate Administrator
Jason M. Koenigsberg
Branch Manager
Brett Lawrence
Commercial Lending Relationship Manager I
Darcy Lowe
Commercial Lending Relationship Manager I
Michelle Mack
Compliance Officer
William J. Mellon
Senior Credit Underwriter
Kahla Miscavage
SBA Relationship Manager
Carol Monaghan
Branch Manager
Sarah M. Pearson
CRA Officer
John C. Pettit
Branch Manager
Ruth Powell
Branch Manager
Adam Regnery
Commercial Lending Relationship Manager I
Katherine M. Rowley
Retail Escrow Rent Security Specialist
Sandra K. Ryan
Branch Manager
Patricia L. Schofield
Branch Manager
Elizabeth Scozzari
Branch Manager
Diane L. Smith
Senior Credit Underwriter
Kyle Smith
Commercial Lending Relationship Manager I
Traci L. Sundberg
Assistant Bank Secrecy Act Officer
John M. Thompson
Treasury Management Sales Officer
Jennifer Wallace-Dressner
Assistant Controller
23
Select Senior Hires and PromotionsJoseph Browarski Senior Vice President, Loan Workout OfficerKimberly Cerasi First Senior Vice President, Director of Human ResourcesAnthony DeSenzo First Senior Vice President, Market ExecutiveJason Fischer Senior Vice President, Team LeaderDarleen Gillespie First Senior Vice President, Chief Retail Banking OfficerDavid Marx Senior Vice President, Team LeaderArlene Pedovitch First Senior Vice President, Chief Credit OfficerFrank Puleio Senior Vice President, Business Development Officer & Government BankingStacy Schwartz Senior Vice President, Head of Deposit Operations First Bank Locations
First Bank Market Area
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
FLEMINGTON
334 Highway 31 North
Flemington, NJ 08822
908 751 0318
FLEMINGTON
224 South Main Street
Flemington, NJ 08822
908 751 1003
HAMILTON
2465 Kuser Road
Hamilton, NJ 08690
609 528 4400
LAWRENCE
590 Lawrence Square
Boulevard South
Lawrence, NJ 08648
609 587 3111
MONROE
1600 Perrineville Road
Concordia Shopping Center
Monroe Township, NJ 08831
609 642 1238
PENNINGTON
3 Tree Farm Road
Pennington, NJ 08534
609 281 5808
24
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
Our 18-branch banking franchise spans New Jersey
and eastern Pennsylvania, serving highly desirable markets
marked by strong business activity, with customers who
have sophisticated banking needs and desire personalized
service. With total assets of $2.51 billion at year-end 2021,
First Bank serves the attractive New York City to Philadelphia
corridor, offering a full range of deposit and loan products
to individuals and businesses. Our unique value proposition
includes providing a superior customer experience,
access to our decision makers, and competitive interest
rates and fees.
SUSSEX
WARREN
MORRIS
ESSEX
UNION
NYC
HUNTERDON
HUDSON
SOMERSET
MIDDLESEX
BUCKS
MERCER
MONMOUTH
MONTGOMERY
PHILADELPHIA
CHESTER
OCEAN
DELAWARE
BURLINGTON
GLOUCESTER
CAMDEN
FIRST BANK
REGIONAL STRUCTURE
NORTHERN NEW JERSEY REGION
CENTRAL NEW JERSEY REGION
EASTERN PENNSYLVANIA REGION
★
HEADQUARTERS & FIRST BANK BRANCH
FIRST BANK BRANCH
Corporate and Shareholder Information
CORPORATE
HEADQUARTERS
FIRST BANK
2465 Kuser Road
Hamilton, NJ 08690
877 821 2265
firstbanknj.com
ANNUAL SHARE HOLD ER
MEETING INFORMATION
The Annual Shareholders’
Meeting will be held at
10:00 a.m. EST on April 27, 2022.
The Stone Terrace
2275 Kuser Road
Hamilton, NJ 08690
INVESTOR RELATIONS
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 0058
SHAREHOLDER
ACCOUNT INQUIR IES
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.
STOC K REGI ST RA R
AND T RA N SF ER A GEN T
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 CENTER PORTAL
computershare.com/investor
STOC K LI ST IN G
First Bank’s common stock
is traded on the NASDAQ Global
Market under the symbol FRBA.
ANALYST CO VERA GE
The following analysts published
research on First Bank in 2021:
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
Manuel Navas
D.A. Davidson & Co.
212 223 5405
mnavas@dadco.com
First Bank is a member of the FDIC, an Equal
Opportunity Employer and an Equal Housing Lender.
25
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F I R S T B A N K N J . C O M F I R S T B A N K PA . C O M N A S D A Q : F R B A