2023 annual report
momentum
2023 marked a pivotal year in First Bank’s evolution into a middle market commercial bank. We closed our largest-ever acquisition,
gaining meaningful presence in the highly attractive Main Line corridor of Philadelphia and adding approximately 19,000 new
relationships to the First Bank family. Our parallel focus on acquisition and organic growth continued to drive diversifi cation and strength
in our deposit and loan portfolios.
We faced the challenges present across our industry with consistency and from a position of strength. We grew deposits amidst
profound liquidity pressures and competition. We effi ciently repositioned our balance sheet, enhancing our liquidity and interest rate
risk positions while also improving future earnings potential. We also strategically invested in new business units and technology.
We believe a consistent strategy drives enhanced results. Our solid business model enabled the Bank to grow assets, add customers,
increase revenues, incentivize employees, and return capital to shareholders with increasing momentum in 2023. First Bank has
been steadily climbing to this point since our founding in 2007, 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.
fast facts
We are a unique, commercially focused bank with branch locations in New Jersey, Pennsylvania and Florida, with approximately
$3.61 billion in assets at the end of 2023.
Highly attractive market with
highest population density in
the country
26 customer facilities and
286 company employees at
12/31/2023
Improved geographic and
asset diversifi cation
driven by successful M&A
and new business units
Kroll Bond Rating Agency
Investment Grade Rating
Total adjusted net revenue
grew 12.8% in 2023*
Effi ciency ratio consistently
below 60%
Diluted earnings per share of
$1.64 (adjusted) represents
11.5% CAGR from 2018**
Consistently strong credit
metrics, with NCOs/Avg Loans
of 0.06% for 2023
Proven asset growth with
16.1% CAGR since 2018
Total deposits grew
29.4% from 12/31/2022
Successful balance sheet
repositioning in 2023, selling
$238.2 million in non-strategic
loans and securities
Focus on shareholder return
with a consistent common stock
cash dividend and treasury
share repurchases during 2023
* Excludes the net impact of loan and investment securities sales
** Excludes merger-related expenses, losses on the sale of loans and investments, and credit loss expenses on acquired loans
CONTENTS 2 Letter to Shareholders 6 Performance Overview 7 Selected Financial Information 8 Operations Review
13 Market Area & Branch Listing 14 Board of Directors 15 Executive Management 16 Bank Offi cers 17 Investment Profi le
17 Corporate & Shareholder Information
invigorating our communities
First Bank is committed to the social and economic development of our local areas. With a longstanding mission to do
right by our customers and neighbors, our eff orts are focused on making generational and transformative impacts
to enhance the quality of life for residents across our communities. Since our founding we have worked closely with our
community partners to continually assess their needs, off ering grants and funding to help them with their economic
and social initiatives.
In 2023 we were honored to relaunch a charitable foundation previously affi liated with
Malvern Bank. The newly renamed FirstBank Charitable Foundation (FBCF) continues
the philanthropic legacies of both organizations, aiming to make a sustained positive
diff erence where our customers and employees live and work. Together with the Bank,
the Foundation builds and leverages purposeful relationships with non-profi t
organizations, local businesses, public servants, and other pillars of the community to
foster welcome change.
Since its founding, the Charitable Foundation has donated just over $1 million dollars to
non-profi t organizations impacting thousands of individuals in New Jersey, Pennsylvania,
and Florida. These dedicated non-profi t organizations are committed to civic and
community well-being, education, arts and culture, health and human services,
and the environment. We are honored to continue and add to the meaningful work of the
Foundation. In addition to the fi nancial contributions of the Foundation, since 2018 our
employees have also contributed over 6,800 in volunteer hours to support our community
partners during the year.
1
to our shareholders, stakeholders,
employees and friends:
2023 — A YEAR OF PERSEVERANCE AND CONTINUED TRANSFORMATION
There is an old adage that banking should be a boring business. Well, 2023 was not a boring year here at First Bank.
On the heels of announcing our acquisition of Malvern Bank in December of 2022, things changed quickly in early 2023.
The Federal Reserve continued moving vigorously to raise interest rates, in an eff ort to tamp down infl ation.
Specifi cally, from March 2022 to July 2023, the Fed Funds rate went from 0.25% to 5.50%. For historical perspective,
this was the largest and fastest rate increase since the late 1970s. There is another market adage that says when the Fed
starts raising rates, they keep going until “something breaks.” In early March, cracks started emerging in the banking
system. Banks that had taken on too much interest rate risk came under pressure. Then, as fear for the fi nancial health of
some of these institutions increased, deposits started moving away from banks with concentrated deposit positions
and large embedded losses on their balance sheets. It became a very diffi cult spring for the industry as investors fl ed
and deposit levels moved lower.
Over time, it became clear that the problem was largely isolated to a few regional banks with unique business models
that left them overexposed to rapid changes in interest rates. In the spring of 2023, however, the magnitude of the
problem wasn’t entirely clear, and fear ruled the day. I remember those few weeks after the downfall of Silicon Valley
Bank and Signature Bank vividly. I knew our balance sheet was strong and our interest rate risk position was well
managed. I did not know if public perception would be able to fully grasp the diff erences between the “high fl yers”
that had gotten into trouble and the rest of the industry that was managed in a more conservative fashion. That moment
in time, and our ability to eff ectively manage through those challenges, reminds me of the great scene in the movie
Apollo 13. In the middle of the movie, as problems are mounting for the vessel on its way to the moon, one of the men
in the control room comments that it could be the biggest disaster in NASA history. The man in charge of the mission
(played by Ed Harris) responds, “with all due respect, I believe this will be our fi nest hour.”
The First Bank model — the community/relationship banking model — didn’t just survive a scare. We showed that
a bank built with great bankers and deep customer relationships can withstand stress and even thrive under pressure.
To be clear, we were not immune from the challenges. We saw profi t margins contract as funding costs moved higher.
Importantly, though, our relationships held and our customers stayed. What had become an existential problem
for some, remained just a modest profi tability challenge for us.
As the fear subsided, we shifted our focus to fi nalizing our Malvern acquisition. Despite some market concerns about
regulatory approval of mergers, we were able to close the transaction in mid-July of 2023, just a couple of weeks later
than initially expected. By early September we had completed the systems and signage conversions, and by the
2
end of the year we were operating effectively as a combined team. I am incredibly proud of the entire team that
helped execute this merger so successfully. This was our largest acquisition to date, and the skills we developed on prior
mergers helped to make this our most effective integration project ever.
The market turmoil of the spring did prompt us to revisit the strategic management of our combined balance sheet.
Specifically, we chose to sell some loans and securities to bolster liquidity, improve our capital position, and enhance the
future profitability of the franchise. Losses on the sale of assets combined with the costs associated with closing
the merger led to reduced profitability in the second half of the year. As a result of the merger and the balance sheet
repositioning, First Bank enters 2024 from a position of strength, a unique position as many banks continue to struggle
with shrinking margins and large embedded losses on the balance sheet.
The benefits of our merger with Malvern extend far beyond the repositioning and strengthening of our balance sheet.
Thirteen (50%) of our branches now serve the Greater Philadelphia market, providing critical mass in a key market for
growth. Additionally, successful cost savings initiatives will drive improved profitability. Our combined franchise now has
critical mass in both the greater New York City and Philadelphia markets, along with enhanced liquidity, a more
capital efficient balance sheet, a more liquid market for our stock, and an improved earnings trajectory. Our model of
finding cost-effective acquisitions continues to bear fruit.
In addition to the benefits derived from the merger, 2023 was also a good year for our new, niche commercial
lending businesses. Our Private Equity/ Fund Banking group continued to add assets and make new relationships.
Our Asset Based Lending group got off the ground, is now fully operational and closed several deals toward the
end of the year. Our Small Business lending group also grew nicely as our new, automated online platform saw a nice
uptick in applications during the year. We expect to see continued growth in each of these areas in 2024 as we
work to reduce our overall commercial real estate exposure and enhance our commercial deposit base. Each of these
initiatives is part of our transformation plan — evolving from a CRE-focused community bank to a diversified
middle-market commercial lender.
Our digital banking initiatives also made nice progress during 2023. Our online small business loan application platform
became fully operational and customer feedback has been very positive regarding the new streamlined application
and approval process. On the deposit side, we selected a partner and are close to launching our new online deposit
account opening and funding process. We plan to launch the business account application first, followed closely by the
consumer account application. These digital initiatives will be enhanced by our new IT middleware structure,
through which we aim to streamline the implementation process and reduce reliance on our core operating platform.
These early successes mark promising progress toward this goal.
In summary, despite the significant market turbulence during the year, we accomplished many important strategic
projects that leave us very well positioned to build on this momentum in 2024 and beyond.
3
A QUICK LOOK AHEAD TO 2024
Our core community banking business is well positioned for a bounce back year in 2024. Our cost of funds is starting
to stabilize and should even start to move moderately lower once the Fed starts to lower short-term interest rates.
Earning-asset yields continue to move higher as lower-rate loans mature and pay off and they get replaced by higher-
rate loans. As some larger banks pull back from lending, we are seeing many new, high-quality loan opportunities
emerging. And, our dedicated, relationship-based bankers continue to source new opportunities even as new deposit
generation remains challenging due to excess liquidity continuing to trickle out of the banking system. We expect
modest balance sheet growth, an improved margin, and a more streamlined expense base, which should all lead to
improved profitability in 2024.
Asset quality continues to be solid. The Fed’s current stance (flat to down rates) has taken the doomsday interest rate
risk scenario off the table. While office property continues to be a challenged asset class, we have relatively modest
office-property exposure, and our other commercial real estate segments are performing quite well. For our business
customers, strong balance sheets and a healthy economy continue to drive strong results and solid asset quality.
In addition to the improved profit profile in our core community bank business, our newer commercial and small
business lending segments seem poised to become an even more meaningful part of the overall franchise as we move
forward. This will help drive in commercial deposits, improve earning-asset yields, and reduce commercial real
estate concentrations. The ABL and PE / Fund Banking groups will even help to drive improved geographic diversity.
As our digital banking initiatives come online, we may see a nice improvement in non-interest income. As we usually do,
as part of our prudent risk-management culture, we will take things slowly in Banking as a Service (BaaS) to ensure
we have the infrastructure in place to manage these efforts effectively. However, we are currently exploring some very
interesting BaaS opportunities. If run correctly, these businesses have the ability to scale up in a way that drives both
revenue growth and deposits, in a very capital efficient manner. I view these new digital banking initiatives as interesting,
relatively low-cost, “long shot” opportunities that may or may not bear fruit. If they do, they could be quite lucrative
and a nice complement to our core banking businesses. Our business has grown to the point where we now have some
resources that we can deploy into new, entrepreneurial areas. Not only do these initiatives provide interesting risk-reward
characteristics, but they also help ensure that the bank stays relevant as the nature of our business changes over time.
One other important area of note for 2024 is our Residential and Consumer Lending group. We expect rates to stabilize
and then move lower in 2024. To capitalize on this opportunity for a return to normalcy in consumer and residential
mortgage borrowing, our existing consumer team, together with the great new residential lending platform that came
over with Malvern, has plans to scale up new originations in 2024. This is another area where we hope to drive
improved non-interest income in the future.
4
New business units and bright prospects don’t materialize without great people. Fortunately, success attracts talent.
I’d like to highlight a few people that are driving growth in these new units. Michael Smith, together with Rob Kim and
Casi Tiernan, is helping to drive growth in our small business customer segment and Treasury Management.
Mike Maiorino, together with Donna Calderaro and Carrie Squeo, will be building out our ABL segment. Ramzi Dagher
and Adam Regnery will be building off their strong start with the PE/ Fund Banking initiative. Darleen Gillespie,
with her regional managers Denise Goetting and Sherri Schulz, along with Greg Dittrich in Government Banking,
will be making sure we have the deposits we need to fund all these great opportunities. John Shepardson and Gabe
Dragos, together with the great Compliance and BSA teams, will be making sure our new digital banking initiatives are
successful. While we embark on these newer initiatives, our more traditional community bank teams, led by
Marianne DeSimone, Joseph Calabro (PA Regional President) and David DiStefano (NJ Regional President) continue to
build on our strong core competencies. Of course, these are just a few of the many, many great team members
we have in our core banking businesses and our back offi ce. Many banks our size struggle to attract great talent.
I feel we are an outlier in this regard.
Predicting M&A can be diffi cult. I do suspect that we will see a rebound in deal-making over the next few years.
We will continue to look for opportunities, but our strategy won’t change. M&A, for us, is a nice to have, not a need to have.
I hope that we can fi nd another opportunity to continue to create franchise value through thoughtful acquisitions,
but we are prepared to grow and improve the franchise in either case.
I am sure 2024 will have some new surprises in store. Much like we couldn’t have predicted the global pandemic or the
banking crisis, our job is to manage the business to withstand these shocks and capitalize when times are good.
I’m hopeful that 2024 will be a year to capitalize. We are well positioned to build on the momentum we created in 2023
and take advantage of the opportunities.
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 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 Bank's 2023 annual report on Form 10-K, as well as changes in
economic activity in our markets, changes in interest rates and changes in regulation and the regulatory environment. If one or more events related to these or other risks or uncertainties
materialize, or if First Bank’s underlying assumptions prove to be incorrect, actual results may 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
2 01 8
2 01 9
2 020
2 021
2 022
2023
194.8
226.4
238.1
266.7
289.6
2018
2019
2020
2021
2022
1.54
1.76
2.12
2.30
2.47
370.9
2023
3.02
5-YEAR CAGR = 13.7%
5-YEAR CAGR = 14.4%
TOTAL LOANS
AT 12-31, $ IN BILLIONS
TOTAL DEPOSITS
AT 12-31, $ IN BILLIONS
2 01 8
2 01 9
2 020
2 021
2 022
2023
1.46
1.72
2.05
2.11
2.34
2018
2019
2020
2021
2022
1.39
1.64
1.90
2.11
2.29
3.02
2023
2.97
5-YEAR CAGR = 15.6%
5-YEAR CAGR = 16.4%
BOOK VALUE PER SHARE
AT 12-31
TOTAL NET REVENUE 1
FOR YEAR ENDED 12-31, $ IN MILLIONS
2 01 8
2 01 9
2 020
2 021
2 022
2023
$10.43
$11.07
$12.08
$13.69
2018
2019
2020
2021
$14.89
2022
$14.85
2023
58.4
62.4
75.9
89.6
97.5
103.8
5-YEAR CAGR = 7.3%
5-YEAR CAGR = 12.2%
1 Total net revenue is the sum of net interest income and non-interest income
6
selected financial information
IN THOUSANDS, EXCEPT COMMON SHARE DATA
AT OR FOR THE YEAR ENDED DECEMBER 31,
2023
2018
5-YR CAGR
Selected Balance Sheet Data
Total assets
Total loans
Allowance for loan losses
Total deposits
Total borrowings
Total subordinated debentures
Total stockholders’ equity
Average total assets
Average stockholders’ equity
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
$
$
$
$
3,609,326
3,021,501
42,397
2,967,569
179,140
55,261
370,899
3,1 77,57 1
327,291
174,017
69,501
104,516
7,943
96,573
(7 1 5)
68,700
27,1 58
6,261
Net income
$
20,897
$
1,7 1 1 ,159
1,462,516
15,1 35
1,393,204
93,35 1
21,856
194,836
1,617,614
181,273
72,738
17,794
54,944
3,447
5 1 ,497
3,452
33,3 1 4
21,635
4,046
17,589
Common Share Data
Diluted earnings per share
Adjusted diluted earnings per share1
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
$
$
0.95
1.64
0.24
0.95
0.95
0. 1 2
22,072,616
14.85
24,968,122
18,571 ,537
10.43
18,676,056
0.66%
1 . 1 4%
6.38%
1 1.06%
3.47%
55.32%
0.82%
170.52%
0.06%
10.28%
9. 1 2%
9.22%
9.22%
1 1 .58%
1.09%
1.1 0%
9.70%
9.78%
3.57%
56. 1 3%
0.44%
237.90%
0.00%
1 1 .39%
10.40%
10.85%
10.85%
13.1 2%
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 2023 calculation.
2 The tax equivalent adjustment is calculated using a federal income tax rate of 21% in 2018 and 2023.
3 Nonperforming loans consist of nonaccrual loans (including nonaccrual purchased credit deteriorated loans)
and loans past due 90 days or more and still accruing.
16. 1 %
15.6%
22.9%
16.3%
13.9%
20.4%
13.7%
14.5%
12.5%
19. 1 %
31.3%
13.7%
18.2%
13.4%
NM
15.6%
4.7%
9. 1 %
3.5%
0.0%
1 1.5%
14.9%
3.5%
7.3%
6.0%
7
deposit growth momentum
Deposits grew over 29% in 2023, driven by the Malvern acquisition, which
brought approximately 19,000 new customers and over $672 million in new
deposits. We experienced a mix shift toward interest-bearing balances
because of both the acquired balances and the interest rate environment,
which drove significant industry-wide increases in funding costs. Total deposits
measured $3.0 billion at 2023 year-end, representing compound annual
growth of over 16% over the last five years, since 2018.
Through productive acquisition growth and organic deposit gathering efforts,
we have increased our average deposits per branch to $114 million at the end
of 2023, compared to $82 million just five years ago. Our deposit mix improved
over this period as well, shifting away from costly time deposits.
Deposit initiatives are at the forefront of our growth strategy, and our sales
teams have been reoriented to prioritize deposit generation. Goals and incentive
compensation targets are aligned with this strategic priority to encourage
optimal funding costs, solid net interest margin, fee revenue growth, and most
importantly, deeper customer relationships.
We continue to explore new opportunities and sources for deposit growth.
This includes ongoing evaluation of new locations and new branches.
It also includes seeking new deposit sources, such as through online deposit
account opening — an exciting new product we are thrilled to offer in 2024.
We also successfully launched our new ZSuite Escrow product, which
will allow our customers to simplify their management of escrow and escrow
subaccounting activities.
We have a disciplined approach to new business: we work to attract profitable
relationships, which means relationships that bring in deposits, have adequate
pricing, and, ideally, present the opportunity to benefit from fee-based services.
Our commercial clients fit this profile well, and we continued to leverage
the successful growth of our commercial deposit and cash management area
to generate increased fees and increased services used per customer.
Growing non-interest bearing funding, managing our cost of deposits, and
organic growth will continue to be key drivers of deposit momentum and net
interest margin management in 2024.
8
Focus on commercial
deposit growth
has led to an improved
deposit mix.
TOTAL DEPOSITS
16.3% 5 -YEAR CAGR
2018
$1.39 billion AT 12-31-18
16%
12%
44%
28%
2023
$2.97 billion AT 12-31-23
17%
21%
22%
40%
Non-interest bearing demand deposits
Interest bearing demand deposits
Money market and savings deposits
Time deposits
strategic M & A
Acquisition growth is a core competency at First Bank. It is a key ingredient in the momentum of our success. In tandem with
organic expansion of relationships in our core markets, acquisitions allow us to grow deeper into existing markets, outward
to adjacent markets, and upward in our profitability. We believe responsible growth centers on markets we know intimately
and where we see great opportunities for expansion. It means high-quality growth, focused on customers that value
our relationship-based approach to banking. Done selectively and proficiently, our acquisitions also add to our balance sheet
flexibility and best-in-class efficiency.
Our July 2023 acquisition of Malvern Bank marked our fifth and largest merger. With characteristic discipline and efficiency,
we achieved our expected cost savings by the end of 2023, establishing a launchpad for 2024 profitability. We believe this
successful integration has set the stage for increased earnings per share and tangible book value per share, as it has in each
of our past acquisitions.
We will continue to seek opportunities for immediate benefits from in-market acquisitions with ideal geographic location in
our densely populated, high-wealth New York to Philadelphia corridor. We are also committed to evaluating the long-term
opportunities presented with the introduction to new geographies and niche businesses. For example, through Malvern we
gained access to the southeast Florida market, an area we are interested in learning more about with the benefit of our
newest colleagues’ local expertise.
The Malvern Bank acquisition increased
First Bank’s assets by 33%, deposits by 28%,
and enhanced the Bank’s profitability profile
and balance sheet flexibility.
Our disciplined M&A strategy delivers ongoing
momentum, fueling growth and franchise value for
the benefit of customers and shareholders alike.
ACQUISITIONS ACCELERATE
EARNINGS GROWTH
Total Assets AT 12-31, IN MILLIONS
10-YEAR CAGR = 23%
Adjusted EPS1 AT 12-31
10-YEAR CAGR = 17%
$677
$856
$467
$1,073
$3,609
$2,346
$2,524
$2,733
$1,452
$1,711
$2,012
2013
$0.33
2014
$0.63
2015
$0.41
2016
$0.61
2017
$0.48
2018
$0.95
2019
$0.69
2020
2021
2022
2023
$0.97
$1.79
$1.84
$1.64
Heritage
Community
Bank
Acquisition
Bucks
County
Bank
Acquisition
Delanco
Federal
Savings Bank
Acquisition
Grand
Bank
Acquisition
Malvern
Bank
Acquisition
1 Adjusted EPS. 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 2023 calculation.
9
commitment to diversification
We believe diversification of our loan portfolio, revenue streams, and customer base is essential to growing First Bank’s
value proposition, and our efforts toward this end are showing outstanding momentum.
GROWTH IN SPECIALTY BANKING
We have recently expanded the niche financial services offerings we believe hold high potential for growth as First
Bank evolves into a middle market commercial bank. Niche specialty banking offerings allow us to meet our customers’
ever-evolving and expanding needs, and they open our reach to a wider pool of customers. Importantly, specialty
banking provides opportunities to grow revenues without departing from our lean operating model, and it reduces our
concentration in investor real estate lending. It also helps us grow our core funding base, as C&I customers tend
to carry substantial and well-priced deposit balances. Our traditional community bank model has grown in scale and
sophistication through these investments.
With the Bank’s recent implementation of the Small Business initiative, we experienced unprecedented growth providing
small business loans to businesses throughout our geographic footprint. The small business initiative is a testament to our
commitment to servicing businesses in our communities. To further enhance our small business focus, we shifted the
SBA Loan Department under the Director of Small Business to create further synergies across our business loan offerings.
Successful shift toward
C&I reflected in decreasing
share of investor real
estate loans.
❙ Since 2018, First Bank has funded over $71 million in Small Business Express
Loans to local businesses while maintaining a Bauer Financial 5-Star Rating
❙ Funded over $50 million in SBA Loans to local businesses since the
inception of the program
INVESTOR REAL ESTATE
AS A % OF TOTAL
NEW LOAN FUNDINGS
2021
2022
2023
58%
53%
24%
Our Private Equity Banking group delivers resources and solutions for private equity funds and the portfolio companies
within these funds. In addition to financing, we offer comprehensive cash management products and deposit accounts,
presenting meaningful opportunities for future fee revenue growth.
During 2023, we built our Asset Based Lending (ABL) team, created ABL policies and procedures, invested in the
software solutions needed to manage the ABL process, and closed our first ABL deal during the fourth quarter.
Our ABL team provides critical funding to clients in the food and beverage, manufacturing, transportation and logistics,
and wholesale and retail industries. ABL loans are typically higher-yielding than our conventional loan portfolio, with
comprehensive collateralization that supports the Bank’s commitment to maintaining pristine asset quality.
We provide flexible asset-based solutions for:
❙ Inventory, receivables financing
❙ Seasonal, cyclical, and concentrations needs
❙ Funding growth and acquisitions
❙ Capital investments and improvements
❙ Recapitalizations
❙ Funding of equipment and real estate
10
EXPANDING BEYOND
NEW JERSEY
BRANCHES
2013
100%
2023
58%
42%
DEPOSITS
2013
100%
GEOGRAPHIC EXPANSION
With proven success growing within our home market, we are in the
early stages of exploring the terrain outside our doorstep. Opportunities
exist for geographic diversification into the attractive markets that are
adjacent to our footprint and existing facilities. Like everything we do,
we are taking a “walk before we run” approach, evaluating local talent and
prospects with characteristic diligence. We continue to experiment
with learning these markets and evaluating our ability to produce prudent
and profitable growth there.
We've achieved geographic diversification
with our Pennsylvania expansion, while remaining
within the prime NYC to Philadelphia corridor.
DIVERSIFYING OUR REVENUE STREAMS
Improving the contribution of non-interest income to our total revenue
profile is a key objective for First Bank. Excluding the impact of losses on
the sale of loans and investments, non-interest income comprised 5% of
total net revenue in 2023. As we expand our relationships organically and
through acquisitions, deposit service fees and loan fees should grow
in tandem. We aim to build upon that growth and diversify fee income
further, being prudent and taking our typical “walk before we run”
approach. We are in the early stages of evaluating the opportunities to
add fee income in SBA, Banking as a Service, and Residential Mortgage,
2023
for example. Our investment in technology infrastructure has expanded
our ability to pursue these revenue streams.
67%
33%
New Jersey
Pennsylvania and other
11
technology and transfor mation
Keeping pace with advances in technology is essential to
First Bank’s value proposition. We believe our recent and
opportunistic investments in technology have diff erentiated
us from our local and like-sized competitors.
Central to our approach to technology is an entrepreneurial,
forward-looking view. We ask ourselves: how can First Bank
and our customers thrive in the future through enhanced
technological tools and platforms? We consider three factors
in evaluating and investing in advancements:
❙ Will it improve operational effi ciency?
❙ Will it improve the customer experience?
❙ Will it generate new business and revenue opportunities?
An investment that checks all three boxes is the Bank’s recent
implementation of middleware, a software that enables
the Bank to easily integrate with other third-party software
applications. The interface allows us to consider a broader
array of technology solutions for our customers and accelerate
our time-to-market for future applications and off erings.
This creates momentum for First Bank to evolve and off er
products and conveniences akin to larger banks, accelerating
our evolution as a commercial bank.
It also benefi ts our M&A eff orts, as it can expedite and
facilitate the integration of IT systems. The ability to apply our
enhanced technology to future acquired entities will
enhance cost savings and synergies.
Middleware is already creating benefi ts for our customers.
It has enabled us to off er new and improved products and
services, including online deposit account opening in 2024.
We expect these improvements and benefi ts to continue,
elevating First Bank’s digital banking experience for the future.
12
bank locations
FIRST BANK MARKET AREA
First Bank serves the attractive New York City to Main Line Philadelphia
corridor, off ering a full range of deposit and loan products to
individuals and businesses. Our 26-branch banking franchise spans
eleven counties across New Jersey and eastern Pennsylvania,
with an additional offi ce in West Palm Beach, Florida. With total assets
of $3.6 billion, we serve highly desirable markets marked by strong
income and business activity, with customers who have sophisticated
banking needs and desire personalized service. Our unique value
proposition includes providing a superior customer experience, access
to our decision makers, and competitive interest rates and fees.
HEADQUARTERS +
FIRST BANK BRANCH
FIRST BANK BRANCH +
REGIONAL BANKING CENTER
FIRST BANK BRANCH
NORTHAMPTON
LEHIGH
SUSSEX
PASSAIC
WARREN
MORRIS
HUNTERDON
SOMERSET
BERGEN
ESSEX
UNION
NYC
HUDSON
BERKS
MIDDLESEX
BUCKS
MERCER
MONMOUTH
MONTGOMERY
PHILADELPHIA
CHESTER
DELAWARE
OCEAN
BURLINGTON
GLOUCESTER
CAMDEN
SALEM
ATLANTIC
CUMBERLAND
CUMBERLAND
CAPE MAY
PALM BEACH
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
NEW JERSEY
CINNAMINSON
506 US Route 130 North
Suite #1
Cinnaminson, NJ 08077
856 303 8899
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
MORRISTOWN
163 Madison Avenue, 3rd Floor
Morristown, NJ 07960
973 265 9690
PENNINGTON
3 Tree Farm Road
Pennington, NJ 08534
609 281 5808
WILLIAMSTOWN
1020 North Black Horse Pike
Williamstown, NJ 08094
856 728 3400
PENNSYLVANIA
COVENTRY
1000 Ridge Road
Pottstown, PA 19465
610 469 6201
DEVON
144 Lancaster Avenue
Devon, PA 19333
610 251 9585
DOYLESTOWN
200 South Main Street
Doylestown, PA 18901
215 230 7533
GLEN MILLS
940 Baltimore Pike
Glen Mills, PA 19342
610 558 1555
LIONVILLE
537 West Uwchlan Avenue
Downingtown, PA 19335
610 594 6400
MALVERN
100 West King Street
Malvern, PA 19355
610-647-7944
PAOLI
34 East Lancaster Avenue
Paoli, PA 19301
610 993 6200
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
FLORIDA
PALM BEACH
205 Worth Avenue
Suite 308
Palm Beach, FL 33480
561 720 6818
13
board of directors
thank you
Patrick M. Ryan
C H A I R M A N
Owner of North Buffalo Advisors, LLC; former President and
Chief Executive Officer of Yardville National Bank
DIR E CTOR SI NC E 2 011
BOARD COMMITTEES ASSET/LIABILITY, COMPLIANCE,
INFORMATION TECHNOLOGY
Leslie E. Goodman
V I C E C H A I R M A N | L E A D I N D E P E N D E N T D I R E C T O R
Principal of The Eagle Group of Princeton, Inc.;
Director of Wawa, Inc.
DIR E CTOR SI NC E 2 008
BOARD COMMITTEES ASSET/LIABILITY (CHAIR), COMPENSATION
AND PERSONNEL, AUDIT AND RISK MANAGEMENT
Patrick L. Ryan
C H I E F E X E C U T I V E O F F I C E R
President and Chief Executive Officer of First Bank
DIR E CTOR SI NC E 2 008
BOARD COMMITTEES ASSET/LIABILITY, COMPLIANCE,
INFORMATION TECHNOLOGY
Douglas C. Borden
Northeast President of CBIZ Borden Perlman
DIR E CTOR SI NC E 2 017
BOARD COMMITTEES NOMINATING AND GOVERNANCE
(CHAIR), COMPENSATION AND PERSONNEL,
INFORMATION TECHNOLOGY
First Bank would like to extend its sincere gratitude
and appreciation to three directors who have
provided exceptional guidance during their tenures at
the Company, as they prepare to step down from
their roles in April. Peter L. A. Pantages joined the
board in 2019, bringing extensive banking experience
as the former Chairman, President, and Chief
Executive Officer of Grand Bank. Cynthia Felzer
Leitzell and Howard Kent have been important
leaders through the Malvern transition, joining the
First Bank board from the Malvern board in July 2023.
Ms. Felzer Leitzell served on the board of Malvern
Bank since 2016, lending her significant accounting
expertise. Mr. Kent served as Chairman of the
board of Malvern Bank since 2016, bringing his
experience in real estate investment and
management. The entire First Bank team thanks
Mr. Pantages, Ms. Felzer Leitzell, and Mr. Kent for their
service and commitment to the Company.
Andrew Fish
Director of The Real Estate Equity Company
DIR E CTOR SI NC E 2 023
MA LVER N BANK – DI RECTOR S INC E 2016
BOARD COMMITTEES ASSET/LIABILITY, COMPENSATION
AND PERSONNEL, INFORMATION TECHNOLOGY
Glenn M. Josephs
Former Partner of Friedman, LLP
DIRECTOR SINCE 2008
BOARD COMMITTEES AUDIT AND RISK MANAGEMENT (CHAIR),
NOMINATING AND GOVERNANCE, COMPENSATION
AND PERSONNEL
Scott R. Gamble
Principal of Patriot Financial Partners LP
DIR E CTOR SI NC E 2 020
BOARD COMMITTEES ASSET/LIABILITY, COMPENSATION
AND PERSONNEL, AUDIT AND RISK MANAGEMENT,
COMPLIANCE
Michael E. Salz
President of Linden Bulk Transportation Co., LLC
DIRECTOR SINCE 2017
BOARD COMMITTEES INFORMATION TECHNOLOGY (CHAIR),
AUDIT AND RISK MANAGEMENT, COMPENSATION
AND PERSONNEL, NOMINATING AND GOVERNANCE
Deborah Paige Hanson
Principal, Executive Vice President and Fund Manager
of The Hampshire Companies
DIR E CTOR SI NC E 2 016
BOARD COMMITTEES COMPENSATION AND
PERSONNEL (CHAIR), NOMINATING AND GOVERNANCE,
INFORMATION TECHNOLOGY
John E. Strydesky
Certified Public Accountant; Owner of Strydesky & Company,
CPAs/Business Consultants
DIRECTOR SINCE 2010
BOARD COMMITTEES COMPLIANCE (CHAIR), AUDIT
AND RISK MANAGEMENT, ASSET/LIABILITY
14
ALL DIRECTORS ALSO SERVE ON THE STRATEGIC PLANNING
AND BOARD LOAN COMMITTEES.
executive management
Patrick L. Ryan
P R E S I D E N T
Chief Executive Officer
William Boylan
Manager Investor
Real Estate
Gabriel Dragos
Chief Technology Officer
Peter J. Cahill
E X E C U T I V E V I C E P R E S I D E N T
Chief Lending Officer
Joseph Calabro
Pennsylvania
Regional President
Michael Maiorino
Asset Based
Lending President
Darleen R. Gillespie
E X E C U T I V E V I C E P R E S I D E N T
Chief Retail Banking Officer
Kimberly Cerasi
Director of
Human Resources
Arlene Pedovitch
Chief Credit Officer
Andrew L. Hibshman
E X E C U T I V E V I C E P R E S I D E N T
Chief Financial Officer
Anthony DeSenzo
Market Executive
Michael Smith
Director of Small Business
& Corporate Development
Maria E. Mayshura
E X E C U T I V E V I C E P R E S I D E N T
Chief Risk Officer
Marianne DeSimone
Lending Group Manager
Parwinder Virk
Chief Accounting Officer
John F. Shepardson
E X E C U T I V E V I C E P R E S I D E N T
Chief Operating Officer
David DiStefano
New Jersey
Regional President
15
bank officers
SENIOR VICE PRESIDENTS
Scott A. Bachman
Team Leader
Belinda L. Blazic
Loan Administration Manager
Joseph F. Browarski
Loan Workout Officer
Donna Calderaro
ABL Business Development 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
Michael Giacobello
Business Development Manager
Denise Goetting
Regional Branch Manager NJ
Ashwini Hiremath
Head of Financial Reporting
Paula Huergo
Strategic Planning and Operations Officer
Robert Kim
Director of SBA Lending
Larry F. Lee
Loan Workout Manager
Lauretta Lucchesi
Commercial Lending Relationship Manager
Daniel Markus
Market Executive
David Hill Marx
Team Leader
Jamie Paucar
Market Executive
Gregorio Perri, Jr.
Consumer Lending Manager
Sucre Ramirez
Director of Facilities
Michael Rist
Commercial Lending Relationship Manager
George Robostello
Credit Officer
Sherri Schulz
Regional Branch Manager
Stacy L. Schwartz
Head of Deposit Operations
Carrie Squeo
Chief Administrative Officer of Asset Based Lending
John Stack
Senior Mortgage Sales Manager
Donald Theobald, Jr.
Controller
Casi L. Tiernan
Director of Treasury Sales and Operations
Richard Tocci
Manager Investor Real Estate
Stacy Valent
Credit Officer
Edward Caporellie
Market Manager
Cori Cubberley
Lending Data Integrity Manager
Phil Heberling
Relationship Manager
Anthony Janglee
Market Manager
Jose Jurado
Construction Lending Manager
Christopher M. Kelly
Commercial Lending Relationship Manager
Adam Regnery
Relationship Manager
Elizabeth Scozzari
Market Manager
VICE PRESIDENTS
Rosemarie Abate
Portfolio Manager
Shatha Abbasi
Internal Auditor
John Alfredsen
Senior Credit Underwriter
Nadine D. Barron
Credit Manager
Thomas P. Bay
Commercial Lending Relationship Manager
Donna Bencivengo
Executive Assistant and Corporate Secretary
Keysha L. Berry
Branch Manager
Stephen Bohmert
Business Development Officer
Sharon E. Bokma
Branch Manager
Michael R. Borkowski
Branch Manager
Richard L. Burzynski
Commercial Lending Relationship Manager
Marjorie A. Callahan
Commercial Lending Relationship Manager
Joseph Cavalchire
Commercial Lending Relationship Manager
Louis A. Ciarlante
Commercial Lending Relationship Manager
Joan S. Costa
Loan Administration Assistant Manager
Samantha Dayton
Loan Accounting Manager
Jessica DiRocco
Branch Manager
Alan Dolnick
Portfolio Manager
Ryan D. Earley
Business Banker
Daniel Fuchs
Portfolio Manager
Derrick Futch
Branch Manager
Arnaldo F. Galassi
Lending Project Manager
Brent Gardner
Consumer Loan Officer
Laurie Gibeau
ABL Collateral Control Manager
Karen Walter
Director of Community Development & Charitable Giving
Gregory Weckel
Director Information Technology Operations
Caryn Wilson
Head of Retail Branch Administration
Michele M. Green
SBA Portfolio Manager & Senior Underwriter
Stephen Helhowski
Commercial Real Estate Administrator
Albert Jackson
Business Development Officer
FIRST VICE PRESIDENTS
Joseph Ball
Market Manager
Michael P. Cahill
Relationship Manager
16
16
Joseph Kerr
Business Banker
Pradeep Kohli
Branch Manager
Georgette Krick
Branch Manager
Brett Lawrence
Commercial Lending Relationship Manager
Andrea Lazarus
Branch Manager
Rebecca Lorie
Sale Support Manager
Darcy Lowe
Business Banker
Christina Maguire
Branch Manager
Patricio Martins
Branch Manager
Christopher McDaniel
Branch Manager
William J. Mellon
Senior Credit Underwriter
Carol Monaghan
Branch Manager
Sarah M. Pearson
CRA Officer
Ruth Powell
Branch Manager
Anubha Raj
Sales & Training Manager
Steven Rash
Branch Manager
Sandra Reale
Commercial Loan Documentation Manager
L. David Roque
Branch Manager
David Roskowsky
Branch Manager
Katherine M. Rowley
Retail Escrow Rent Security Specialist
Sandra K. Ryan
Branch Manager
Terrence Ryan
Commercial Lending Relationship Manager
Tamantha Schaeffer
Cash Management Operations Manager
Bethany Schaffer
Consumer Loan Officer
Patricia L. Schofield
Branch Manager
Brian Seeber
Branch Manager
Julianne Silletti
Human Resources Supervisor
Eugene Slickers
Commercial Lending Relationship Manager
Diane L. Smith
Senior Credit Underwriter
Kyle Smith
Commercial Lending Relationship Manager
Elena Spaho
Portfolio Manager
Ernest Springer
Compliance Officer
Joseph Stefans
Business Development Officer
Traci L. Sundberg
BSA Officer
Peter Thomas
Branch Manager
John M. Thompson
Treasury Management Sales Officer
Maria Tramo
Retail Operations Manager
Sharon Unger
Deposit Operations Analyst
Andrew Varsallona
System Application Administrator
Steven Walker
Portfolio Manager
Jennifer Wallace-Dressner
Assistant Controller
Tara White
Branch Manager
investment profile
AT 12/31/23
cor por ate and shareholder infor mation
LISTING
Nasdaq
SYMBOL
FRBA
SHARE PRICE
$14.70
MARKET CAPITALIZATION
$367.0 M
PRICE/2023 EARNINGS
15.5 X
PRICE/TANGIBLE BOOK
1.16 X
ANNUALIZED DIVIDEND
$0.24
DIVIDEND YIELD
1.6%
52-WEEK HIGH
$15.05
52-WEEK LOW
$8.60
AVERAGE DAILY TRADING VOLUME
45,650
SHARES OUTSTANDING
25.0 M
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 on
April 24, 2024 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 2023:
Justin Crowley
Piper Sandler & Co.
212 466 7921
justin.crowley@psc.com
Nicholas Cucharale
Hovde Group, LLC
347 689 7782
ncucharale@hovdegroup.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.
17
2 4 6 5 K U S E R R OA D | H A M I LTO N , N J 0 8 6 9 0
1 3 9 5 YA R DV I L L E - H A M I LTO N S Q UA R E R D | H A M I LTO N , N J 0 8 6 9 1
8 7 7 8 2 1 B A N K | F I R S T B A N K N J .C O M | N A S DAQ : F R B A