G R O W T H + P R O G R E S S
G R O W T H + P R O G R E S S
2 O 2 2 A N N U A L R E P O R T
2 O 2 2 A N N U A L R E P O R T
2 O 2 2 A N N U A L R E P O R T
G R O W T H + P R O G R E S S
We are pleased to report our strong performance in 2022, characterized by solid organic
loan growth, revenue expansion, and outstanding asset quality metrics. Despite the
uncertain economic environment, we are well positioned for 2023, with achievable goals
for overall growth and progress in middle market commercial banking, digital loan
generation, and small business portfolio expansion.
Our initial vision was to create a community and regional bank focused on relationship
banking to small and mid-sized businesses, leveraging our existing relationships with
customers and bankers in the New York City to Philadelphia markets. Today, we have
19 branches, approximately $2.73 billion in assets, and industry-leading profi tability.
We have achieved much success, and we will continue to refi ne and improve our
traditional community bank operations while building on our existing strengths to evolve
into a middle-market commercial bank.
Our goal is to maintain our relationship-based community banking roots while expanding
specifi c products and services. Our Private Equity fund banking group has allowed us to
extend our service as commercially focused lenders. We plan to expand further into
asset-based lending (ABL) and small and micro-business banking services to support our
expansion goals. Our strategic evolution involves maintaining our commercial focus,
building on our strengths to fi nd new commercial niches, and developing proactive digital
banking strategies for effi ciency and relevance in 2023 and beyond.
Contents
Letter to Shareholders 2 Performance Overview 6 Selected Financial Information 7
Operations Review 8 Board of Directors 12 Market Area and Branch Listing 13 Executive Management 14
Bank Officers 15 Investment Profile 16 Corporate and Shareholder Information 17
FAST FACTS A unique regional bank with branch locations in
New Jersey and Pennsylvania with approximately $2.73 billion in assets
at the end of 2022
Highly attractive
market with highest
population density
in the country
Record diluted
earnings per
of $1.84% in 2022
Net income of
$36.3M in 2022,
setting a new record
Net Interest Margin
improved to 3.75%
in 2022
Nonperforming
assets to total assets
of 0.23% at 12/31/22
19 customer facilities
company-wide
ROAA of 1.40%
for the year ended
12/31/22
241 company
employees at
12/31/2022
Total revenue of
$112.4M in 2022
Bauer Financial
5-Star rated bank
(top ranking)
Kroll Bond Rating
Agency Investment
Grade Rating
1
To our shareholders, stakeholders,
employees and friends:
Introduction
Darwin’s theory of evolution focuses on mutation and natural selection as the drivers of change over time.
In essence, in the natural world, what things become depends on what they start with, random changes or
mutations that occur, and how those changes either help or hurt survivability over time. I believe evolution in
business works in a similar fashion, with one key diff erence — organizations tend to make strategic decisions
that drive mutation/change. While random events outside the control of the of the company do impact
outcomes, in general, business leaders have a greater ability to aff ect change than species in the natural world.
Despite this diff erence, the theory of evolution makes an instructive model to think about how organizations
survive and thrive in the long run. Specifi cally, whether change is driven by random events or strategic
decisions, the marketplace (much like the natural world) will assess the positive or negative impact of those
changes and the organization will either thrive (grow and achieve strong operating results and profi ts), survive
(do well enough to stay in business but struggle to perform at a high level), or fail (be forced out of business).
Creating the annual report is always a time for refl ection. We look back at the year that has gone by and we
look forward and try to predict where we are headed. This year, while still examining recent history, I want to
take a broader perspective. That is where this examination of evolution comes in. We (senior leadership and
the board of directors) make strategic decisions regularly and then we compete and measure our results.
I am proud to say that an examination of our near- and long-term results puts us clearly in the “thrive”
category. We are growing at a strong, but manageable rate, and we are generating profi ts at levels well
above peer averages. To date, our strong initial “DNA” and the strategic changes we have enacted have led
to evolutionary success. But, of course, we also understand and believe the famous quote from the Greek
historian and philosopher Heraclitus: “The only constant in life is change.” Said a little diff erently, we need to
continue to evolve if we want to continue to thrive. That quest for continued growth, evolution, and progress is
what I want to discuss in our letter this year.
Historical Context
For those of you that have not been with us from the beginning, let me provide some quick historical context.
Our “DNA” is traditional, community-bank DNA. We focus on taking deposits, making loans, providing
great service, and building true, long-term relationships. While that may be true for many community banks
operating today, it is important to note that we understand where we started and where we’re coming from.
That DNA is the core of who we are, and it is why I’m focused on the concept of evolution, not revolution
or transformation. Many organizations get into business to disrupt or tear-down the status quo. While those
stories grab headlines and generate excitement, the models are fraught with risk and many more of them
fail than succeed. We understand that the world is changing, but we want to leverage what is good about the
current models rather than start over. Hence, we’re focused on evolution — modifying and changing, but
building from the base, not starting over.
2
First Bank was formed in 2007, and our team brought in fresh capital through a change-in-control
recapitalization in 2008. Since then, the organization has evolved through a few distinct phases. In the early
years from 2008 to 2012, we were in “start-up” mode. We had a very basic product set; we were focused on
reconnecting with old friends and customers and getting up to profitability. This was the period where we built
our base or foundation for future growth and development. Next came our quest to scale up. During 2013
through 2018, using our existing lines of business and operating within our core markets, we looked to create
better size and scale to help drive profitability. We did this through a combination of continued organic growth
along with opportunistic acquisitions. During that period, we grew from approximately $350 million in assets
to $1.71 billion, completing an initial public offering and three, whole-bank acquisitions. While successful in our
drive for revenue growth, our strong loan production during that period put pressure on our funding sources.
Hence, our next phase of development was focused on generating core, low-cost deposits. From 2019
through 2022, we became laser-focused on improved profitability led by core deposit growth. Our results
during this period reached new heights — net income and EPS doubled, ROA increased by 30 basis points and
our tangible book value per share grew $4.39, or 46%. Importantly, our cost of deposits declined significantly,
and our mix of lower-cost deposits also improved.
In 2022, while achieving those super-strong operating results, we also made important strategic investments
that will drive our next phase of evolution here at First Bank. Key investments in 2022 include the build-out of
a Private Equity fund Banking group, creation of a digital banking focus, and key hires to grow core deposits
and help build out a new Small Business (SMB) group. And, in early 2023, we’ve announced the creation of
a new Asset-based Lending (ABL) group. Those investments will help propel First Bank on its evolutionary
journey from small, traditional community bank, to a true, middle-market commercial bank. It will not happen
overnight, and it will not involve losing our roots as relationship-based community bankers. Nevertheless, our
strategic path is clear, and we will leverage our strengths to continue to grow, evolve, and thrive.
A Quick Look Back at 2022
Results in 2022 mirrored the changing interest rate landscape. Our bank is designed to make good money in
a tough interest rate environment and really good money in a favorable interest rate environment. And that’s
what happened. In Q1 our net interest margin (NIM) was 3.57% and we made $8.2 million in net income.
In Q2, our NIM was 3.76% and we made $8.8 million. In Q3, our NIM got up to 3.97% and we made $10.2 million,
and in Q4, our NIM came back down to 3.69% and we made $9.1 million. As the Federal Reserve moved short
term rates higher in the first half of the year, we made more money because earning-asset yields moved
higher, and deposit costs stayed flat. By the time we reached Q4, those increases in asset yields had tempered
and deposit costs finally started moving higher in a meaningful way. We got caught a little bit flat-footed in
Q4 as deposit costs moved up faster than anticipated and a nice surge in C&I loan demand forced us to
get additional dollars at higher rates. In general, banks do not do as well when the yield earned on long-term
assets is lower than the yield on short-term assets (i.e., an inverted yield curve), and that certainly played out
3
in Q4. Despite the more challenging environment toward the end of the year, we still achieved a 1.35% return
on average assets (ROA) during the fourth quarter, a very healthy level of profitability by historical industry
standards. Another component of First Bank’s financial strength and profitability is our operational efficiency,
where we continuously outperform our peers. For eight straight quarters our efficiency ratio has been below
50%, proving our stability and positioning us to continue profitability throughout our evolutionary journey.
A Quick Look Ahead to 2023
Results in 2023 will largely be driven by the outcome of the current tug-of-war between bond investors and
the Federal Reserve. The Fed is saying the battle with inflation is not over, and more rate hikes are coming.
The Bond market is saying the Fed will need to blink, and stop raising rates, and that they will then need to start
lowering rates to help out a softening economy. If that battle continues throughout most of 2023, and the
yield curve stays significantly inverted, the rate environment for banks will remain challenging and margins
will likely continue to move lower. Thankfully, they will be moving lower from historically high levels, so some
margin compression can be realized and banks can still generate healthy returns.
While margins drive incremental bank profitability, credit quality is always the existential threat. Banks can
make decent returns, grow book value and grow capital in a low-margin environment. A level of economic
stress that leads to loan charge offs and credit losses can be a different animal all together. Very few
economists are predicting that level of economic stress and credit quality deterioration. The conversation
or debate is between mild recession or modest growth. Either scenario should be fine from a credit quality
perspective. The equation for understanding credit costs is not linear: economic output needs to deteriorate
in a significant way and credit markets need to shut down in order for large scale losses to emerge.
While anything is possible, most economic signals are not pointing to that type of environment in 2023.
Our delinquencies ended the year at an all-time low, criticized and classified assets remained very low and
actually declined as a percentage of capital, and charge offs remained very low.
With the expectation that full-year margins will be a bit lower in 2023 compared to the 3.75% achieved in for
the full year in 2022, the real question is whether or not we will make more money this year compared to last
year. We believe the answer to that question depends upon our ability to generate core, low-cost deposits.
With our stock trading slightly below our tangible book value on March 3, 2023, clearly the market is skeptical.
While the current level of skepticism is frustrating given our historical track record of delivering best-in-class
growth and earnings, we accept and embrace the challenge. For most of our existence, we have faced
skepticism and we’ve pushed forward and delivered on the plans and goals we set for ourselves.
As all good managers and leaders know, “hope is not a strategy.” Our ability to deliver quality deposit growth
will be tied to several factors: i) great performance from our existing branches and sales teams, ii) deposit
growth from our new SMB business unit, and iii) new business generated from key new hires taken from local
banks that are in the process of being acquired. It won’t be easy, but as I have done since I helped get things
started here back in 2008, I’ll be betting on our team!
4
The Future Beyond 2023
What gets me most excited (when I think about our future prospects) is this simple fact — most small and
medium-sized business prefer to deal with relationship-focused community/commercial banks. It can
sometimes be hard to fi nd them, and harder still to fi ght the inertia to get them to switch, but the fact is that
we have what they want! It takes time, but “slow and steady” (i.e., evolution) wins the race.
We will continue to evolve. Banking ten years from now will be diff erent from how it functions today.
Customers will want more and better technology, added convenience, and tighter security. We are making
investments in all of these areas. But let me be clear, our secret sauce will not be digital. It will remain
relationship-banking. I believe banks that cannot reach point of parity with critical digital solutions will not
survive. That is now part of our evolutionary mission. We’re also exploring opportunities to leverage our charter
and back offi ce to generate deposits and/or fee income through banking as a service (BaaS) partnership.
The jury is still out regarding whether BaaS will be part of our evolutionary path, but we remain committed to
exploring all viable options for creating long-term shareholder value.
The other certainty in banking is continued consolidation. The overall number of banking institutions in
the United States has been cut in half over the past 20 years, from 8,500 to 4,200. That’s a net decline of about
215 per year. If the industry continued to decline at that pace, the number of banks will be cut in half again
in ten years. This pace may slow, or accelerate, but the trends that are driving it (regulatory costs, investor
pressure, management succession issues) are not going away. Will First Bank be around when the industry is
down to 2,000 banks? Time, and natural/market selection will tell. We control our own destiny in the sense
that our strategic decisions and our operating results (not random mutation) will dictate our future survival.
The other key part of our DNA is a shareholder mindset. If we are still here, it will be because we have earned it
through great performance and shareholder value creation. I am proud of what we have accomplished
so far, but we hold ourselves to a very high standard. I am excited to see it our evolutionary path will allow us
to achieve those elevated standards of success and survival.
Patrick L. Ryan
President and CEO
S A F E - H A R B O R S T A T E M E N T
NOTE This document contains forward-looking statements concerning the fi nancial 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
eff ects 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 diff er 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 qualifi ed 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.
5
Performance Overview
Total Stockholders’ Equity
AT 12-31, $ IN MILLIONS
Average Total Earning Assets
FOR YEAR ENDED 12-31, $ IN BILLIONS
2022
2021
2020
2019
2018
2017
289.6
266.7
238.1
226.4
194.8
163.3
2022
2021
2020
2019
2018
2017
5-YEAR CAGR = 12.1%
5-YEAR CAGR = 21.6%
Total Loans
AT 12-31, $ IN BILLIONS
Total Deposits
AT 12-31, $ IN BILLIONS
2022
2021
2020
2019
2018
2017
2.34
2.1 3
2.05
1.72
1.46
1.23
2022
2021
2020
2019
2018
2017
5-YEAR CAGR = 13.8%
5-YEAR CAGR = 14.5%
Total Net Revenue
FOR YEAR ENDED 12-31, $ IN MILLIONS 1
Net Income
FOR YEAR ENDED 12-31, $ IN MILLIONS
2022
2021
2020
2019
2018
2017
97.5
89.6
75.9
62.4
58.4
41 .8
2022
2021
2020
2019
2018
2017
5-YEAR CAGR = 18.5%
5-YEAR CAGR = 39.1%
1 Total net revenue is the sum of net interest income and non-interest income
6
2.47
2.30
2. 12
1.76
1.54
0.93
2.29
2. 1 1
1.90
1.64
1.39
1. 17
36.3
35.4
19.4
13.4
17.6
7.0
Selected Financial Information
IN THOUSANDS, EXCEPT COMMON SHARE DATA
AT OR FOR THE YEAR ENDED DECEMBER 31,
2 02 2
2 01 7
5-YR CAGR
S E L EC T E D BA L A N C E S H E E T 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
S E L EC T E D I N CO M E S TAT E M E N T 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
Net income
CO M M O N S H A R E DATA
Diluted earnings per share
Cash dividends paid
Diluted weighted average
common shares outstanding
Book value per common share
Common shares outstanding
S E L EC T E D P E R F O R M A N C E R AT I O S
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
S E L EC T E D A S S E T Q UA L I T Y R AT I O S
Nonperforming loans to total loans3
Allowance for loan losses
to nonperforming loans
Net loan charge offs to average loans
C A P I TA L R AT I O S
Stockholders’ equity to assets
Tier 1 leverage capital
Common equity tier 1 capital
Tier 1 risk-based capital
Total risk-based capital
$
$
$
$
2,732,940
2,337,814
25,474
2,293,952
90,932
29,731
289,562
2,587,344
277,639
107,261
14,888
92,373
2,872
89,501
5,120
46,733
47,888
11,601
$
36,287
$
1,452,327
1,227,413
11,697
1,167,098
94,863
21,748
163,250
1,218,699
124,879
51 ,198
11 ,535
39,663
2,675
36,988
2,116
24,684
14,420
7,427
6,993
$
1.84
0.24
$
0.48
0.08
19,716,661
14.89
19,451,755
14,577,664
9.36
17,443,173
1.40%
1.42%
13.07%
13.23%
3.75%
47.53%
0.27%
407.58%
(0.05%)
10.62%
10.41 %
10.40%
10.40%
12.49%
0.57%
0.72%
5.60%
7.01%
3.39%
55.27%
0.43%
220.78%
0.08%
11 .24%
10.54%
11 .05%
11 .05%
13.49%
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 2022 calculation.
2 The tax equivalent adjustment is calculated using a federal income tax rate of 21% in 2021 and 34% in 2017.
3 Nonperforming loans consist of nonaccrual loans and loans past due 90 days or more and still accruing.
1 3.5%
13.8%
16.8%
14.5%
(0.8%)
6.5%
12. 1 %
16.3%
17.3%
15.9%
5.2%
18.4%
1.4%
19.3%
19.3%
13.6%
27. 1 %
9.3%
39.0%
30.8%
24.6%
6.2%
9.7%
2.2%
19.7%
14.6%
7
Strategic Evolution towards Middle-Market Commercial Banking
Poised to Expand with New Service Lines
Asset Based Lending & Private Equity
First Bank is at an exciting inflection point, as we evolve into a true middle-market commercial bank while
maintaining our foundations in community banking. With sixteen years of experience and a strong foothold in the
community banking sector, we are identifying new opportunities for growth and progress in the middle-market
commercial banking market.
To achieve our strategic goal, we are adding more complex products and services for larger businesses and
gradually changing how we operate to serve small businesses more efficiently and effectively.
Led by Ramzi Dagher, Senior Vice President of the Private Equity Group, our Private Equity fund banking group
is set to provide innovative lending solutions to businesses in our communities.
Our plan for evolving into a middle-market commercial bank includes several key tenants, starting with our
focus on commercial lines of business. We will explore products and businesses that are closely connected to
the things we already do well, while moving “up market” with our growth and lending limit expansion.
Finally, we will focus on becoming more diversified, with new lines of business working to reduce concentration
levels in other areas.
In 2023, we are expanding our Asset Based Lending (ABL) capabilities, a unique underwriting and monitoring
project with immense growth potential. To lead this initiative, we have hired Mike Maiorino as President
of Asset Based Lending. With Mike’s expertise and our growing digital capabilities, we plan to validate the ABL
model before expanding beyond our current branch coverage area.
At First Bank, we are committed to expanding our capabilities and services to customers while staying true to
our roots in community banking. By focusing on our key tenants and strategic initiatives, we are well-positioned
to provide innovative lending solutions to businesses in our communities and beyond. As we continue
to explore new technologies and partnerships that enhance our services and support our growth, we are
confident in our ability to evolve into a true middle-market commercial bank.
“As a community bank, we are dedicated to supporting businesses in our region and providing convenient and
efficient lending solutions. Our strategic initiatives reflect this commitment, and we are excited about the
potential for growth and progress in the middle commercial banking market,” said First Bank CEO Patrick Ryan.
“Expanding with new service lines —
Asset Based Lending and Private Equity
Fund Banking.”
8
“As President of Asset Based
Lending at First Bank, I am excited
to lead the expansion into
this unique line of business with
immense growth potential.
Asset Based Lending provides a
fl exible fi nancing option for
businesses in need of short-term
capital. With the support of
First Bank's digital capabilities and
expertise, we are well-positioned
to grow the ABL business and
expand our services beyond our
current branch coverage area.”
Michael Maiorino
Asset Based Lending President
at First Bank
From left, Ramzi Dagher and Michael Maiorino
“Our focus on commercial lines of business and creation of a Private Equity Fund banking
group are the fi rst steps in our plan to evolve into a middle-market commercial bank.
By exploring new products and businesses and becoming more diversifi ed, we are
well-positioned to provide innovative lending solutions to businesses in our communities
and beyond.”
Ramzi Dagher
Senior Vice President of the Private Equity Group at First Bank
9
Enhanced Small Business Lending
Growing Our Digital Expertise
In late 2022, First Bank announced the implementation and roll-out of its small business initiative, which
is set to simplify the borrowing process for small businesses in the region and enhance the Bank’s growth and
progress in the community banking sector.
The small business initiative is a significant step towards providing innovative and convenient lending solutions
to small businesses. Led by Michael Smith, who joined First Bank from Investors Bank, the initiative
comprises several key components, starting with the creation of an automated small business portal to receive
applications, make credit decisions, and open and fund commercial deposit accounts. This digital portal will
leverage First Bank’s growing digital expertise and enhance the borrower experience for small businesses.
In addition to the digital portal, the Bank is also targeting the smallest/micro businesses and the underbanked
through targeted product offerings and marketing strategies. By expanding its marketing reach and
growing its digital expertise, First Bank is well-positioned to become a leader in providing innovative lending
solutions to small businesses in the region.
“As a community bank, we recognize the importance of supporting small businesses in our region.
We are excited to have Michael Smith lead this business unit and enhance our services to small business owners,”
said First Bank CEO Patrick Ryan.
“With the implementation of the small business initiative, we are well on our way to becoming a true middle-market
commercial bank and providing convenient and efficient lending solutions to small businesses in our communities.”
First Bank’s commitment to providing innovative lending solutions to small businesses in its communities is reflected
in its strategic initiatives. The Bank is exploring new technologies and partnerships that enhance its services
and support its growth, prioritizing the needs of its customers. By leveraging its digital capabilities and growing its
expertise, the Bank is set to achieve significant growth and progress in the community banking sector.
The small business initiative is a testament to First Bank’s dedication to serving
businesses in its communities, and the Bank will continue to explore new
opportunities that enhance its services and support its growth as it evolves into
a true middle-market commercial bank.
“The small business initiative is a significant step towards providing
innovative and convenient lending solutions to small businesses.
We’re excited to invest in next-gen digital technology platforms
to enhance the borrower experience for small businesses.
We want to be the leader in merging technology with traditional
personal banking relationships. We think this is a winning formula
for First Bank.” Michael Smith, Director of Small Business Banking
10
Consistent Strategy Driving Enhanced Results
Net Interest Income
FOR THE YEAR ENDED AT 12-31, $ IN MILLIONS
Net Loan Charge Off s/
Average Loans FOR THE YEAR ENDED AT 12-31
2022
2021
2020
2019
2018
2017
5-YEAR CAGR = 18.4%
92.4
81.9
69.6
58.4
54.9
39.7
0.12%
0.15%
0.15
0.10
0.05
0.00
0.00%
0.05%
0.00%
2018
2019
2020
2021
2022
Return on Average Assets
FOR THE YEAR ENDED AT 12-31
Return on Average Equity
FOR THE YEAR ENDED AT 12-31
2022
2021
2020
2019
2018
2017
1.40%
1.46%
0.87%
0.72%
1.09%
0.57%
2022
2021
2020
2019
2018
201 7
13.1%
14.0%
8.5%
6.5%
9.7%
5.6%
11
Board of Directors
Patrick M. Ryan
CHAIRMAN
Owner of North Buffalo Advisors, LLC;
former President and Chief Executive Officer of
Yardville National Bank
D I R E C T O R S I N C E 2011
BOARD COMMITTEES 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 I R E C T O R S I N C E 2008
BOARD COMMITTEES ASSET/LIABILITY (CHAIR),
COMPENSATION AND PERSONNEL
Patrick L. Ryan
CHIEF EXECUTIVE OFFICER
President and Chief Executive Officer
of First Bank
D I R E C T O R S I N C E 2008
BOARD COMMITTEES ASSET/LIABILITY,
COMPLIANCE, INFORMATION TECHNOLOGY
Douglas C. Borden
Northeast President of CBIZ Borden Perlman
D I R E C T O R S I N C E 2017
BOARD COMMITTEES NOMINATING AND
GOVERNANCE (CHAIR), COMPENSATION AND
PERSONNEL, INFORMATION TECHNOLOGY
Scott R. Gamble
Principal of Patriot Financial Partners, LP
D I R E C T O R S I N C E 2020
BOARD COMMITTEES 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 I R E C T O R S I N C E 2016
BOARD COMMITTEES COMPENSATION AND
PERSONNEL (CHAIR), NOMINATING AND
GOVERNANCE, INFORMATION TECHNOLOGY
Glenn M. Josephs
Partner of Friedman, LLP; former Partner, Bagell, Josephs,
Levine and Company, LLC
D I R E C T O R S I N C E 2008
BOARD COMMITTEES AUDIT AND RISK MANAGEMENT
(CHAIR), NOMINATING AND GOVERNANCE,
COMPENSATION AND PERSONNEL
Peter Pantages
Former Chairman, President and
Chief Executive Officer of Grand Bank
D I R E C T O R S I N C E 2019
BOARD COMMITTEES COMPLIANCE,
INFORMATION TECHNOLOGY
Michael E. Salz
President of Linden Bulk Transportation Co., LLC
D I R E C T O R S I N C E 2017
BOARD COMMITTEES INFORMATION
TECHNOLOGY (CHAIR), AUDIT AND RISK
MANAGEMENT, ASSET/LIABILITY,
COMPENSATION AND PERSONNEL
John E. Strydesky
Certified Public Accountant; Owner of Strydesky
& Company, CPAs/Business Consultants
D I R E C T O R S I N C E 2010
BOARD COMMITTEES COMPLIANCE (CHAIR),
AUDIT AND RISK MANAGEMENT,
ASSET/LIABILITY
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All directors also serve on the Strategic Planning
and Board Loan Committees.
First Bank Locations
ADMINISTRATIVE
2465 Kuser Road
Hamilton, NJ 08690
877 821 2265
1395 Yardville-Hamilton Square Rd
Hamilton, NJ 08691
877 821 2265
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
849 Paoli Pike
West Chester, PA 19380
484 881 3800
First Bank Market Area
First Bank's 19-branch franchise serves highly desirable markets in
New Jersey and eastern Pennsylvania, offering a full range of deposit
and loan products to individuals and businesses. With total assets
of $2.73 billion at year-end 2022 the bank’s unique value proposition
includes providing a superior customer experience, access to
decision makers, and competitive interest rates and fees.
On December 14, 2022, First Bank announced the signing of a
defi nitive merger agreement to acquire Malvern Bancorp.
Subject to the receipt of regulatory and shareholder approvals, the
merger is expected to close in the second quarter of 2023 and
will add nine locations, primarily in eastern Pennsylvania with one
location in northern New Jersey and one in Palm Beach, Florida.
This strategic transaction is another example of what we believe is
a high-quality and low-risk transaction
that we are using to build size and
scale, solidify our market position
and expand our service area.
SUSSEX
WARREN
MORRIS
ESSEX
UNION
NYC
HUNTERDON
HUDSON
SOMERSET
MIDDLESEX
BUCKS
MERCER
MONMOUTH
MONTGOMERY
PHILADELPHIA
CHESTER
DELAWARE
OCEAN
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
FIRST BANK BRANCH & REGIONAL BANKING CENTER
MALVERN BANCORP BRANCH
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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
FAIRFIELD
330 Passaic Avenue
Fairfi eld, NJ 07004
973 840 1110
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
Executive Management
Patrick L.
Ryan
PRESIDENT
CHIEF EXECUTIVE
OFFICER
Peter J.
Cahill
EXECUTIVE
VICE PRESIDENT
CHIEF LENDING
OFFICER
Andrew L.
Hibshman
EXECUTIVE
VICE PRESIDENT
CHIEF FINANCIAL
OFFICER
Maria E.
Mayshura
EXECUTIVE
VICE PRESIDENT
CHIEF RISK
OFFICER
John F.
Shepardson
EXECUTIVE
VICE PRESIDENT
CHIEF OPERATING
OFFICER
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Joseph R.
Calabro
PENNSYLVANIA
REGIONAL PRESIDENT
Gabriel K.
Dragos
CHIEF TECHNOLOGY
OFFICER
Kimberly
Cerasi
DIRECTOR OF
HUMAN RESOURCES
Darleen
Gillespie
CHIEF RETAIL
BANKING OFFICER
Anthony F.
DeSenzo
MARKET EXECUTIVE
Michael
Maiorino
ASSET BASED
LENDING PRESIDENT
Marianne E.
DeSimone
LENDING GROUP
MANAGER
David J.
DiStefano
NEW JERSEY
REGIONAL
PRESIDENT
Arlene S.
Pedovitch
CHIEF CREDIT
OFFICER
Parwinder
Virk
CHIEF
ACCOUNTING
OFFICER
Bank Officers
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
Gregory Dittrich
Director of Government Banking
Jason Fischer
Team Leader/Market Executive
Denise Goetting
Regional Branch Manager NJ
Paula Huergo
Strategic Planning and Operations Officer
Robert Kim
Director of SBA Lending
Sriramulu Krishnamurthy
SBA Manager
Larry F. Lee
Loan Workout Manager
Lauretta Lucchesi
Commercial Lending Relationship Manager
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
George Robostello
Credit Officer
Megan Schlessinger
Small Business Banker/Team Leader
Stacy L. Schwartz
Head of Deposit Operations
Michael Smith
Director of Small Business & Corporate Development
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
Joseph Ball
Market Manager
Robert Goldzman
Commercial Lending Relationship Manager
Jose Jurado
Construction Lending Manager
Christopher M. Kelly
Commercial Lending Relationship Manager
Elizabeth Scozzari
Market Manager
VICE PRESIDENTS
Rosemarie Abate
Portfolio Manager
Nadine D. Barron
Credit Manager
Thomas P. Bay
Commercial Lending Relationship Manager
Donna Bencivengo
Executive Assistant and Corporate Secretary
Keysha Berry
Branch Manager
Stephen Bohmert
Business Development Officer
Sharon E. Bokma
Branch Manager
Michael R. Borkowski
Branch Manager
Linda Bransfield
Senior Credit Underwriter
Richard L. Burzynski
Commercial Lending Relationship Manager
Michael P. Cahill
Commercial Lending Relationship Manager
Marjorie A. Callahan
Commercial Lending Relationship Manager
Edward Caporellie
Commercial Lending Relationship Manager
Joseph Cavalchire
Commercial Lending Relationship Manager
Louis A. Ciarlante
Commercial Lending Relationship Manager
Joan S. Costa
Loan Administration Assistant Manager
Cori Cubberley
Lending Data Integrity Manager
Douglas D’Aulerio
Branch Manager
Samantha Dayton
Loan Accounting Manager
Jessica DiRocco
Branch Manager
Alan Dolnick
Portfolio Manager
Ryan D. Earley
Business Banker
Derrick Futch
Branch Manager
Arnaldo F. Galassi
Lending Project Manager
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
Stephen Helhowski
Commercial Real Estate Administrator
Joseph Kerr
Business Banker
Jason M. Koenigsberg
Branch Manager
Brett Lawrence
Commercial Lending Relationship Manager
Andrea Lazarus
Branch Manager
Darcy Lowe
Commercial Lending Relationship Manager
Christina Maguire
Branch Manager
Patricio Martins
Branch Manager
William J. Mellon
Senior Credit Underwriter
Kahla Miscavage
SBA Relationship Manager
Carol Monaghan
Branch Manager
Sarah M. Pearson
CRA Officer
Ruth Powell
Branch Manager
Anubha Raj
Sales & Training Manager
Steven Rash
Branch Manager
Adam Regnery
Commercial Lending Relationship Manager
David Roskowsky
Branch Manager
Katherine M. Rowley
Retail Escrow Rent Security Specialist
Sandra K. Ryan
Branch Manager
Terrence Ryan
Commercial Lending Relationship Manager
Patricia L. Schofield
Branch Manager
Eugene Slickers
Commercial Lending Relationship Manager
Diane L. Smith
Senior Credit Underwriter
Kyle Smith
Commercial Lending Relationship Manager
Joseph Stefans
Business Development Officer
Traci L. Sundberg
BSA Officer
John M. Thompson
Treasury Management Sales Officer
Andrew Varsallona
System Application Administrator
Jennifer Wallace-Dressner
Assistant Controller
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Investment Profi le AT 3- 3 -23
L I S T I N G
S YM B O L
S H A R E P R I C E
M A R K E T C A P I TA L I Z AT I O N
P R I C E /2022 E A R N I N G S
P R I C E / TA N G I B L E B O O K
A N N U A L I Z E D D I V I D E N D
D I V I D E N D Y I E L D
52- W E E K H I G H
52- W E E K LO W
AVERAGE DAILY TRADING VOLUME
S H A R E S O U T S TA N D I N G
Nasdaq
FRBA
$13.60
$264.5 M
7.35 X
0.97 X
$0.24
1.76%
$16.76
$12.93
48,873
19.5 M
Investment Highlights
Solid and consistent book
value per share growth
Strong performance
metrics refl ect our
commitment to sound
fi nancial management
and eff ective risk
management practices
Revenue growth and
non-interest expense control
driving stronger operating
leverage
Strong balance sheet with
very solid asset quality
Addition of high-quality
banking talent
Record of organic
and acquired growth with
strong profi t metrics
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Corporate and Shareholder Information
CORPORATE
HEADQUARTERS
FIRST BANK
2465 Kuser Road
Hamilton, NJ 08690
877 821 2265
fi rstbanknj.com
ANNUAL SHAREHOLDER
MEETING INFORMATION
The Annual Shareholders’
Meeting will be held at
April 28, 2023 at 10:00 a.m. EST
The Stone Terrace
2275 Kuser Road
Hamilton, New Jersey 08690
INVESTOR RELATIONS
Shareholders seeking
information about us may
obtain press releases
and FDIC fi lings by visiting
fi rstbanknj.com.
Additional inquiries can
be directed to:
Chief Financial Offi cer
2465 Kuser Road
Hamilton, NJ 08690
or by calling 609 643 0058
SHAREHOLDER
ACCOUNT INQUIRIES
Shareholders who wish to change
the name, address or ownership
of their stock or replace lost
certifi cates or require additional
services should contact our Stock
Registrar and Transfer Agent.
STOCK REGISTRAR
AND TRANSFER AGENT
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
STOCK LISTING
First Bank’s common stock
is traded on the NASDAQ Global
Market under the symbol FRBA.
ANALYST COVERAGE
The following analysts published
research on First Bank in 2022:
David Jason Bishop
Hovde Group, LLC
804 318 0969
dbishop@hovdegroup.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.
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1 3 9 5 YA R D V I L L E - H A M I L T O N S Q U A R E R D H A M I L T O N , N J 0 8 6 9 0 8 7 7 8 2 1 B A N K
F I R S T B A N K N J . C O M F I R S T B A N K PA . C O M N A S D A Q : F R B A