A clear vision
for future success
2O2 4 A N N U A L R E P O R T
In 2024, First Bank ranked in the top quartile of our peers in numerous key performance metrics by staying
true to our vision of success. We took stock of our recent growth, assessed where we could do even better,
and executed to ensure our company with community bank roots is well-equipped to thrive as an
emerging middle market commercial bank. Having grown at a 21% average annual rate over the past
11 years, we used 2024 — a year of economic unease and industry apprehension — to position ourselves
for future success.
Highlights from our 19th year include relationship-driven loan and deposit growth, opportunistic balance
sheet optimization, technological enhancements, and continued expansion of our community banking
network and specialty banking teams. We produced top quartile profitability with best-in-class efficiency
and a clean, well-positioned balance sheet. Our robust earnings generated ample returns to fund
organic growth, dividends, and share buybacks.
Our branches sit within the New York City to Philadelphia corridor — one of the country’s wealthiest and
most densely populated markets — with an outpost in the vibrant West Palm Beach, Florida market.
Most importantly, we have an experienced, engaged, and incentivized team leading the way. First Bank has
a clear vision for our future success.
2 Letter to Shareholders
4 Charitable Foundation
6 Performance Overview
7 Selected Financial Information
8 Operations Review
13 Market Area & Branch Listing
14 Board of Directors
15 Executive Management
16 Bank Officers
17 Investment Profile
17 Corporate & Shareholder Information
A clear vision for future success
Contents
1
Efficiency ratio below
60% for 22 consecutive quarters
through 2024
Robust earnings per share
growth with 19% CAGR
from 2019 through 2024
Both assets and deposits
grew at 13% CAGR from 2019
through 2024
Consistently strong credit metrics, with
NCOs/Avg Loans of 0.01% for 2024*
and 0.07% average over the preceding 7 years
Balance sheet is positioned
to generate stable net interest income
in almost any interest rate scenario
Kroll Bond Rating
Agency Affirmed Investment
Grade Rating
Expanding technology
platform to support evolution into
middle market franchise
We are a relationship focused commercial bank with
branch locations in New Jersey, Pennsylvania and Florida
with $3.78 billion in assets at the end of 2024
Fast Facts
* NCOs for 2024 exclude a $5.5 million PCD loan charge-off which was reserved for through purchase
accounting marks at the time of the Malvern acquisition.
Total net revenue
growth in 2024
25%
2
To our shareholders, stakeholders,
employees and friends:
2024 — DELIVERING STRONG RESULTS IN A DIFFICULT OPERATING ENVIRONMENT
In 2024, First Bank again demonstrated how the community bank model — with a focus on relationships, service,
and prudent risk management — can perform well in any environment. Our model has delivered steady and
strong earnings in the face of varied industry challenges, largely because our vision of success does not include
generating blockbuster annual returns. Instead, we believe banking can and should be a boring business,
where boring means producing top tier returns in any environment.
Our team’s ability to achieve continued financial outperformance is impressive when viewed in the context of the
broader operating landscape for banks.
Banks generally earn higher profits when longer term interest rates are higher than short term interest rates, forming
an upward-sloping “yield curve.” When long term rates are lower than short term rates, the yield curve is inverted.
This phenomenon presents a serious challenge for banks, which earn money primarily on the spread between rates
paid on shorter term deposits, borrowed funds, and other liabilities and yields earned on longer-term
earning assets. Unfortunately, 2024 saw the continuation of the longest period of inverted interest rates in modern
US history. In total, the yield curve remained inverted for 793 days, only moving to neutral in December 2024.
Furthermore, interest rates moved higher leading up to 2024, and they remained at the highest level we’ve
seen since before the Great Recession. Higher rates make business more difficult for borrowers (our customers),
which can put pressure on credit quality. Add a cautious regulatory climate to the mix, and you can see how
difficult the environment has been for banks.
First Bank navigated these choppy seas quite successfully in 2024. We earned a 1.15% return on average assets
(ROAA), our preferred metric to assess financial performance. An ROAA above 1% is the community banking
industry benchmark for strong performance, and at 1.15%, we realized one of the highest levels of ROAA for banks
our size and in our markets. Those returns equated to $42.2 million in net income for the year, or $1.67 per fully
diluted share. Importantly, we generated a 12.5% return on tangible capital. We have been clear about our goal of
achieving top-quartile financial performance and we achieved that goal again in 2024.
We managed interest rates effectively at a time when many banks were stuck in neutral (or worse) because of
poor earnings and balance sheets weighed down by assets with market values well below book values. With rates
seemingly set up to be “higher for longer,” our well-managed balance sheet should allow for continued strong
performance in 2025 and beyond. While we would prefer the yield curve to get steeper, we don’t need rates to move
lower to sustain our profitability levels and grow our future earnings.
3
To be successful, banks need a viable business model, great people, a clean balance sheet, adequate capital, and
solid regulatory relationships. I’m proud to say we have all of these. We have a clear vision for future success, especially
as the prospects for a better interest rate environment and a more favorable regulatory climate emerge in 2025.
LOOKING AHEAD IN 2025: ORGANIC GROWTH
Today, First Bank is a relationship driven community bank that is evolving into a relationship driven middle market
commercial bank. We have a clear roadmap to achieve our strategic vision, and organic growth is a key component
of our plan. We are committed to our essential core businesses of deposit generation and lending to consumers
and small businesses. At the same time, we’re expanding “up-market” to service larger middle market commercial
customers, within our existing geographic footprint. We are targeting larger businesses with a combination of our
existing products and services alongside our expanding Treasury Management offerings. Additionally, we continue
to build out niche commercial lending units, including Private Equity/Fund Banking (PE) and Asset-Based Lending
(ABL). Much like the smaller, neighborhood businesses that we have always served, these middle market businesses
are eager to rediscover a relationship-based banking model. Many of these businesses ended up with a big bank
because of mergers, but they would prefer local, flexible, and responsive banking. We’re working to fill that void in
the market.
As we continue to grow and serve larger customers, we remain deeply loyal to our business banking customers.
Our Business Express product (loans under $500,000) continues to gain traction, and with a revamp of our Small
Business Administration (SBA) unit, we’re looking to gain market share in small business lending as well.
We are also doing essential work to build out our technological capabilities. We believe this is critical to thriving as
a bank of the future. We expect to drive new sources of fee income and deposits via fintech partnerships, and we are
excited for the potential of our developing “Banking as a Service” (BaaS) model. Our initial BaaS programs should
launch in the first half of 2025, and if successful, we hope to run several more throughout the year.
We cannot achieve our goals without strong asset quality and solid capital, and we are well positioned in both areas.
Our credit quality metrics are strong and improved throughout 2024. Net charge offs during 2024 were negligible,
our level of non-performing assets was modest, and our allowance for credit losses stood at 323% of non-performing
loans at year-end, higher than any peer bank in our region.
Deposits remain the fuel for our business. We continue to invest in people, branches, and technology to help us
compete and grow our core deposit base. Our branch network is both efficient and convenient, providing
coverage throughout most of the New York City to Philadelphia corridor. We recently expanded our coverage with
the opening of two new locations — one in Trenton, NJ and the other in Media, PA. The Trenton location fills an
important gap in the center of our footprint, and Media opens up a new and contiguous market in Southeastern PA.
As always, our branches remain staffed with the most dedicated, service-focused bankers in the market.
4
In addition to our outstanding branch banking team, we have a re-tooled Business Banking group made up of
seasoned, relationship bankers. This group drives new business across all product categories with a special focus on
deposit generation. Additionally, we leverage our great Treasury Management team and our new online
account opening functionality to help build and grow deposits. As we tell our bankers every day — community
banking is all about deposits, deposits, deposits.
Our C&I lending teams are very relationship focused, and most customers have meaningful deposit relationships.
Even our investor real estate and ABL teams — two areas not normally known for deposit growth — are generating
notable levels of new deposits.
Likewise, our loan pipelines show opportunity for growth in 2025. If we can effectively leverage all our deposit-
generating vehicles, 2025 should be another year of solid asset growth.
The FirstBank Charitable Foundation (FBCF) is committed
to driving positive community transformation through
innovative partnerships and reimagined community investment
approaches.
•
In 2024, FBCF distributed nearly $160,000 to 44 organizations
focused on housing, education, and community well-being,
marking our largest year of giving
•
Since our inception, we have invested over $1 million in
organizations aligned with our vision of lasting positive change
•
FBCF hosted the inaugural Better Giving for Greater Impact
Summit in May 2024, bringing together nonprofit leaders,
donors, foundations, and corporations to foster collaboration
and maximize community impact
Invigorating Our Communities
5
M&A LANDSCAPE
Many are predicting a coming “M&A wave” in 2025. I have my doubts. I do expect bank consolidation to continue
and likely accelerate off a low level of activity in the past two years. However, buyers on the sidelines, balance sheet
marks, and thorny social issues could all work to slow down the wave. I have little doubt that — while the
community bank model will survive and thrive — there will be hundreds (maybe even thousands) that disappear in
the next 20 years. It just won’t happen in the next five years.
What role First Bank will play in the future consolidation of the banking industry remains to be seen. Our M&A
strategy will remain thoughtful and opportunistic. We know how to use M&A to create value, but we don’t need
M&A to create value. Since initiating our M&A strategy in 2013, we’ve grown assets and earnings per share at
compound average annual rates of 21% and 16%, respectively, through a mix of both M&A and organic growth,
complemented by efficient balance sheet and operational management.
Your management team and board of directors here at First Bank do not believe in deviating from prudent,
conservative banking practices. We remain focused on proven businesses and new opportunities with strong
risk/reward characteristics. We won’t be looking to “stretch” to find growth. With our core businesses
performing well, and our newer ventures scaling up, we have the raw materials and unique ingredients we need
to grow while staying focused on profitability.
A BRIGHT FUTURE
We are proud of what we achieved in a challenging environment in 2024. Following our largest-ever acquisition
in 2023, 2024 was a year for settling into our growing size and optimizing our franchise for the future.
Today, First Bank is a nearly $4 billion franchise that can serve clients of varying sizes and complexity through our
extensive coverage in New Jersey and Pennsylvania, and a growing presence in South Florida. In 2024, our franchise
generated more than $40 million in earnings, and we believe that we are well-positioned for continuing success.
We are excited about 2025 and beyond as our newer ventures reach scale, our core businesses continue to perform,
and an upward-sloping yield curve should drive net interest margin expansion. With these catalysts in place,
plus an experienced and talented team, a knowledgeable and effective board, and our vibrant banking markets —
First Bank’s future looks bright.
Patrick L. Ryan
President and CEO
SA F E - H A R B O R STAT 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 Bank's 2024 annual report on Form 10-K,
as well as changes in economic activity in our markets, changes in interest rates and changes in regulation and the regulatory environment. If one or more events related
to these or other risks or uncertainties materialize, or if First Bank’s underlying assumptions prove to be incorrect, actual results may differ materially from what First Bank anticipates.
Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made,
and First Bank does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or
otherwise. All forward-looking statements, expressed or implied, included in this communication are expressly qualified in their entirety by this cautionary statement. This cautionary
statement should also be considered in connection with any subsequent written or oral forward-looking statements that First Bank or persons acting on First Bank’s behalf may issue.
6
Total Stockholders’ Equity
At 12-31, $ in Millions
Performance Overview
* Total net revenue is the sum of net interest income and non-interest income
Total Loans
At 12-31, $ in Billions
Book Value Per Share
At 12-31
Total Net Revenue*
For Year Ended 12-31, $ in Millions
Total Deposits
At 12-31, $ in Billions
Tangible Book Value Per Share
At 12-31
2019
2019
2019
2019
2019
2019
226.4
1.72
$11.07
1.64
$10.17
62.4
2020
2020
2020
2020
2020
2020
238.1
2.05
$12.08
1.90
$11.17
75.9
2021
2021
2021
2021
2021
2021
266.7
2.11
$13.69
2.11
$12.67
89.6
2022
2022
2022
2022
2022
2022
289.6
2.34
$14.89
2.29
$13.89
97.5
2023
2023
2023
2023
2023
2023
370.9
3.02
$14.85
2.97
$12.65
103.8
2024
2024
2024
2024
2024
2024
409.2
3.14
$16.30
3.06
$14.19
129.9
5-year CAGR = 12.6%
5-year CAGR = 12.8%
5-year CAGR = 8.0%
5-year CAGR = 13.2%
5-year CAGR = 6.9%
5-year CAGR = 15.8%
7
Selected Financial Information
IN THOUSANDS, EXCEPT COMMON SHARE DATA
AT OR FOR THE YEAR ENDED DECEMBER 31,
2024
2019
5-YR CAGR
Selected Balance Sheet Data
Total assets
$
3,780,346
$
2,011,587
13.4%
Total loans
3,144,266
1,723,574
12.8%
Allowance for loan losses
37,773
17,245
17.0%
Total deposits
3,055,896
1,640,867
13.2%
Total borrowings
246,933
105,476
18.5%
Total subordinated debentures
29,954
21,964
6.4%
Total stockholders’ equity
409,156
226,393
12.6%
Average total assets
3,664,463
1,858,291
14.5%
Average stockholders’ equity
392,132
207,338
13.6%
Selected Income Statement Data
Interest and dividend income
$
222,127
$
84,170
21.4%
Interest expense
99,581
25,804
31.0%
Net interest income
122,546
58,366
16.0%
Credit loss expense
1,178
3,984
(21.6%)
Net interest income after credit
loss expense
121,368
54,382
17.4%
Non-interest income
7,308
3,995
12.8%
Non-interest expense
73,531
39,364
13.3%
Income before income taxes
55,145
19,013
23.7%
Income tax expense
12,901
5,568
18.3%
Net income
$
42,244
$
13,445
25.7%
Common Share Data
Diluted earnings per share
$
1.67
$
0.69
19.3%
Adjusted diluted earnings per share1
1.72
0.85
15.1%
Cash dividends paid
0.24
0.12
14.9%
Diluted weighted average
common shares outstanding
25,283,771
19,392,429
5.4%
Book value per common share
16.30
11.07
8.0%
Common shares outstanding
25,100,829
20,458,665
4.2%
Selected Performance Ratios
Return on average assets
1.15%
0.72%
Adjusted return on average assets1
1.18%
0.88%
Return on average equity
10.77%
6.48%
Adjusted return on average equity1
11.06%
7.93%
Net interest margin, tax equivalent2
3.57%
3.32%
Efficiency ratio1
56.73%
58.00%
Selected Asset Quality Ratios
Nonperforming loans to total loans3
0.37%
1.32%
Allowance for credit losses on loans
to nonperforming loans
323.48%
75.82%
Net loan charge offs to average loans
0.19%
0.12%
Capital Ratios
Stockholders’ equity to assets
10.82%
11.25%
Tier 1 leverage capital
9.50%
10.27%
Common equity tier 1 capital
9.70%
10.74%
Tier 1 risk-based capital
9.70%
10.74%
Total risk-based capital
11.56%
12.79%
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 2024 calculation.
2 The tax equivalent adjustment is calculated using a federal income tax rate of 21% in 2019 and 2024.
3 Nonperforming loans consist of nonaccrual loans (including nonaccrual purchased credit deteriorated loans)
and loans past due 90 days or more and still accruing.
8
Core Community Banking
Relationship-driven community bank model,
with resiliency and value validated during recent
market turbulence
Highly experienced and invested leadership team
In 2024 we continued to optimize our branch
network, deepening and expanding our presence
in the densely populated and high-wealth
NYC – Philadelphia corridor
DEPOSITS
•
Deposit initiatives are at the forefront of our
growth strategy, with sales teams focused on
core deposit generation
•
Deposits grew $88 million during 2024 as
we focused on building new relationships and
optimizing the existing portfolio
•
The percentage of non-interest bearing deposits
to total deposits remained stable in 2024
LOANS
Our loan portfolio is well-diversified across our
footprint and key commercial categories
In 2024 we grew C&I loans to further diversify the
portfolio, creating new deposit growth channels
Our conservative underwriting continues to result in
excellent credit quality, with NPAs/Assets and
NCOs/Average Loans that have been below our
peers in 7 of the past 9 years, including 2024
Complementary Community Banking
and Specialty Banking Teams
Total Deposits
At 12-31, $ in Millions
Total Loans*
At 12-31, $ in Millions
Time
Money Market
Savings
Interest Checking
Noninterest
Checking
CREI
CREO
C&I
Consumer and
Residential Mortgage
Multi-Family
ACD
8%
5%
2019
2024
41%
24%
10%
17%
23%
34%
21%
17%
$1,641
$3,056
2019
2024
39%
23%
14%
11%
7%
6%
38%
21%
18%
7%
9%
7%
$1,725
$3,148
Total Loans by Geography
At 12-31-2024
Total Loans* — $3,148M
Central NJ
Northern NJ
Eastern PA
Southern NJ
All Other
30%
27%
24%
13%
6%
* Total loans excluding deferred loan fees and costs
9
Specialized Business Units
We’re focused on expanding our middle market
commercial banking capabilities
Private Equity Fund Banking, Small Business and
Government Banking, and Asset-Based Lending
teams are in place and getting close to scale
Recent investments create diversification benefits
and future financial upside
SMALL BUSINESS LENDING
•
Over $100 million in Small Business Express loans to
local businesses since 2018
•
“Preferred Lender” status with the Small Business
Administration accelerates SBA loan decisions
PRIVATE EQUITY BANKING
•
Providing resources and solutions for private equity
funds and their portfolio companies
•
Offering financing and comprehensive cash
management products and deposit accounts
ASSET-BASED LENDING
•
ABL loans are typically higher-yielding, with
comprehensive collateralization
•
Flexible asset-based solutions provided for financing
of inventory, receivables, capital improvements,
recapitalizations, acquisitions, equipment,
and real estate
100%
80%
60%
40%
20%
SPECIALIZED
LENDING TEAMS
TOTAL
LOANS*
Asset-Based Lending
$55 | 14%
Residential Mortgage
$79 | 21%
Consumer
$54 | 14%
Private Equity Banking
$121 | 31%
Small Business Lending
$76 | 20%
Specialized Lending Team
$385 | 12%
Regional Community
Banking Teams
$1,735 | 55%
CREI Specialist Group
$1,028 | 33%
$385M
$3,148M
10
We are committed to producing top-tier returns as an evolving middle market commercial bank. First Bank’s track record
of profitable organic growth and accretive M&A has driven significant franchise value in recent years. Following our
largest-ever acquisition of Malvern Bank in 2023, in 2024 we took actions to optimize our balance sheet and franchise,
ensuring the Bank is positioned to thrive in any interest rate and economic environment.
STRATEGIC M&A
Disciplined and successful acquisition strategy was initiated in 2013 as part of our quest for improved scale,
with five acquisitions completed over ten years
Proven ability to successfully integrate while growing EPS and tangible book value per share
Significant earnings benefits from economies of scale and cost savings
Success of past acquisitions leaves us positioned to grow organically, through additional M&A,
or through a combination of both
BALANCE SHEET OPTIMIZATION
Opportunistic balance sheet repositioning improved
our profitability profile
Ample available liquidity as of December 31, 2024
Balance sheet is positioned to generate stable net interest
income in up or down rate scenarios
Commitment to Returns
ACQUISITIONS ACCELERATE
EARNINGS GROWTH
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
$0.33
$0.63
$0.41
$0.61
$0.48
$0.95
$0.69
$0.97
$1.79
$1.84
$1.64
$1.67
Heritage
Community
Bank
Acquisition
Bucks
County
Bank
Acquisition
Delanco
Federal
Savings Bank
Acquisition
Grand
Bank
Acquisition
Malvern
Bank
Acquisition
Total Assets AT 12-31, IN MILLIONS
11-YEAR CAGR = 21%
EPS AT 12-31
11-YEAR CAGR = 16%
$1,711
$1,452
$1,073
$856
$677
$467
$2,012
$2,346
$2,524
$2,733
$3,609
$3,780
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.
1
Improved geographic and
asset diversification
driven by successful M&A
and new business units
11
Our performance places us among
the top tier of our peers
Top quartile results for ROAA, ROTCE,
and Efficiency Ratio
Performance driven by :
•
Exceptional expense management
•
Superior net interest margin
•
Consistently low credit costs
•
Prudent capital stewardship
ROAA
ROTCE1
2019
2019
2018
2018
0.72
6.46
0.94
11.95
1.09
9.92
0.91
12.10
2020
2020
0.87
8.84
0.72
9.90
2021
2021
1.46
14.36
0.98
13.46
2022
2022
1.48
13.43
0.95
13.96
2023
2023
0.66
6.61
0.94
10.87
2024
2024
1.15
11.86
0.89
9.63
Peer banks include publicly traded NJ and PA banks under $10 billion in assets.
Source: S&P Capital IQ Pro
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 2024 calculation.
ROAA outperformed peers
in 5 of the last 7 years
First Bank
Peers
0.5%
5.0%
1.0%
10.0%
1.5%
15.0%
12
In recent years, we invested in middleware, software that enables the Bank to more
easily integrate with other third-party software applications. We have multiple use cases
under implementation in 2025:
BANKING AS A SERVICE (BaaS)
First Bank is afforded the opportunity to act as a BaaS provider due to
our solid financial position and excellent regulatory compliance track record
Using middleware already in place (and financially justified by other use cases)
lessens the financial risk of our BaaS initiative
Our first anticipated program is at the lower end of the BaaS risk spectrum,
offering prepaid debit cards that will generate deposits and fee income
ARTIFICIAL INTELLIGENCE (AI)
•
Through third-party software, AI is enhancing our ability to identify
suspicious activity and stop fraudulent transactions
Initiatives are in place to identify areas where additional use of AI can improve
our internal operations and customer experience
CUSTOMER RELATIONSHIP MANAGEMENT (CRM)
We recently implemented a leading CRM tool that provides myriad opportunities
to enhance our sales culture and our customer experience
ONLINE ACCOUNT OPENING
Marketing campaigns launched in third quarter 2024
Continued roll-out should generate relationship-based deposits
and support bank funding initiatives
Advancing Technology for the Future
BUCKS
CHESTER
DELAWARE
HUNTERDON
MORRIS
SOMERSET
ESSEX
MIDDLESEX
MERCER
GLOUCESTER
BURLINGTON
TRENTON
NEW YORK CITY
PHILADELPHIA
PALM BEACH
NEW YORK
CONNECTICUT
NEW JERSEY
PENNSYLVANIA
13
First Bank serves the attractive New York City to Main Line
Philadelphia corridor, offering 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 office in West Palm Beach,
Florida. With total assets of $3.78 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.
FIRST BANK MARKET AREA
BRANCH LOCATIONS
NEW JERSEY
CINNAMINSON
DELANCO
DENVILLE
EWING
FAIRFIELD
FLEMINGTON
HAMILTON
LAWRENCE
MONROE
MORRISTOWN
PENNINGTON
RANDOLPH
SOMERSET
TRENTON
WILLIAMSTOWN
HEADQUARTERS +
FIRST BANK BRANCH
FIRST BANK BRANCH
PENNSYLVANIA
COVENTRY
DEVON
DOYLESTOWN
LIONVILLE
MALVERN
MEDIA
PAOLI
TREVOSE
WARMINSTER
WEST CHESTER
FLORIDA
PALM BEACH
14
First Bank extends its sincere gratitude and
appreciation to John E. Strydesky for his
exceptional guidance to the Company
during his tenure as a director. Mr. Strydesky
will step down in April following 15 years
of dedicated service. As a certified public
accountant, Mr. Strydesky brought
extensive experience and expertise to our
Compliance Committee, which he chaired,
and to the Asset/Liability and Audit and Risk
Management Committees. The entire First
Bank team thanks Mr. Strydesky for his service
and commitment to the Company.
Patrick M. Ryan
CHAIRMAN
Owner of North Buffalo Advisors, LLC; former President
and Chief Executive Officer of Yardville National Bank
DIRECTOR SINCE 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.
DIRECTOR SINCE 2008
BOARD COMMITTEES ASSET/LIABILITY (CHAIR),
COMPENSATION AND PERSONNEL, AUDIT AND
RISK MANAGEMENT
Patrick L. Ryan
President and Chief Executive Officer of First Bank
DIRECTOR SINCE 2008
BOARD COMMITTEES ASSET/LIABILITY, COMPLIANCE,
INFORMATION TECHNOLOGY
Zaid Alsikafi
Private Investor; Former Managing Director of
Madison Dearborn Partners
DIRECTOR SINCE 2024
BOARD COMMITTEES ASSET/LIABILITY, AUDIT,
COMPLIANCE
Douglas C. Borden
Northeast President of CBIZ Borden Perlman
DIRECTOR SINCE 2017
BOARD COMMITTEES NOMINATING AND GOVERNANCE
(CHAIR), COMPENSATION AND PERSONNEL,
INFORMATION TECHNOLOGY
Andrew Fish
Director of The Real Estate Equity Company
DIRECTOR SINCE 2023
BOARD COMMITTEES ASSET/LIABILITY,
COMPENSATION AND PERSONNEL, COMPLIANCE,
INFORMATION TECHNOLOGY
Scott R. Gamble
Principal of Patriot Financial Partners LP
DIRECTOR SINCE 2020
BOARD COMMITTEES ASSET/LIABILITY, COMPENSATION
AND PERSONNEL, AUDIT AND RISK MANAGEMENT,
COMPLIANCE
Glenn M. Josephs
Former Partner of Friedman, LLP
DIRECTOR SINCE 2008
BOARD COMMITTEES AUDIT AND RISK MANAGEMENT (CHAIR),
NOMINATING AND GOVERNANCE
Deborah Paige Hanson
Principal, Executive Vice President and Fund Manager
of The Hampshire Companies
DIRECTOR SINCE 2016
BOARD COMMITTEES COMPENSATION AND
PERSONNEL (CHAIR), NOMINATING AND GOVERNANCE,
INFORMATION TECHNOLOGY
Michael E. Salz
President of Linden Bulk Transportation Co., LLC
DIRECTOR SINCE 2017
BOARD COMMITTEES ASSET/LIABILITY (CHAIR),
AUDIT AND RISK MANAGEMENT, COMPENSATION AND
PERSONNEL, NOMINATING AND GOVERNANCE
Neha Shah
President and Co-Founder of GEP
DIRECTOR SINCE 2024
BOARD COMMITTEES INFORMATION TECHNOLOGY (CHAIR),
NOMINATING AND GOVERNANCE, COMPLIANCE
ALL DIRECTORS ALSO SERVE ON THE STRATEGIC PLANNING
AND BOARD LOAN COMMITTEES.
Thank You
Board of Directors
15
Executive Management
Patrick L. Ryan
PRESIDENT
Chief Executive Officer
William Boylan
Manager Investor
Real Estate
Gabriel Dragos
Chief Technology Officer
Peter J. Cahill
EXECUTIVE VICE PRESIDENT
Chief Lending Officer
Darleen R. Gillespie
EXECUTIVE VICE PRESIDENT
Chief Retail Banking Officer
Joseph Calabro
Pennsylvania
Regional President
Paula Huergo
Strategic Planning and
Operations Officer
Michael Maiorino
Asset Based
Lending President
Andrew L. Hibshman
EXECUTIVE VICE PRESIDENT
Chief Financial Officer
Kimberly Cerasi
Director of
Human Resources
Arlene Pedovitch
Chief Credit Officer
Maria E. Mayshura
EXECUTIVE VICE PRESIDENT
Chief Risk Officer
Anthony DeSenzo
Market Executive
Michael Smith
Director of Small Business
& Corporate Development
John F. Shepardson
EXECUTIVE VICE PRESIDENT
Chief Operating Officer
Marianne DeSimone
Lending Group Manager
David DiStefano
New Jersey
Regional President
Parwinder Virk
Chief Accounting Officer
16
SENIOR VICE PRESIDENTS
Scott Bachman
Team Leader
Michael Baymor
Team Leader
Belinda Blazic
Loan Administration Manager
Donna Calderaro
ABL Market Executive
Scott Civil
Market Executive
Michael Cook
Manager Investor Real Estate
Tiffany Craddock
Credit Officer
Ramzi Dagher
Team Leader
Keryn Dettlinger
Consumer Lending Manager
Gregory Dittrich
Director of Government Banking
Jason Fischer
Team Leader/Market Executive
Michael Giacobello
Business Banking Team Leader
Denise Goetting
Regional Branch Manager NJ
Ashwini Hiremath
Head of Financial Reporting
Lisa James
Facilities & Security Director
Larry Lee
Loan Workout Manager
Lauretta Lucchesi
Commercial Lending Relationship Manager
Jamie Paucar
Market Executive
Lisa Perez
Director of Internal Audit
William Pounds
Manager Investor Real Estate
Cassandra Reid
BSA Officer
George Robostello
Senior Credit Officer
Sherri Schulz
Regional Branch Manager SNJ/PA
Stacy Schwartz
Head of Deposit Operations
Philip Smith
Business Banking Team Leader
Carrie Squeo
Chief Administrative Officer of Asset Based Lending
John Stack
Senior Mortgage Sales Manager
Donald Theobald, Jr.
Controller
Casi Tiernan
Director of Treasury Management
Richard Tocci
Manager Investor Real Estate
Stacy Valent
Credit Officer
Karen Walter
Director of Community Development & Charitable Giving
Gregory Weckel
Director Information Technology Operations
Caryn Wilson
Head of Retail Branch Administration
FIRST VICE PRESIDENTS
Nadine Barron
Credit Manager
Michael Cahill
Commercial Lending Relationship Manager
Edward Caporellie
Market Manager
Cori Cubberley
Lending Data Integrity Manager
Brent Gardner
Consumer Loan Officer
Philip Heberling
Commercial Lending Relationship Manager
Anthony Janglee
Market Manager
Jose Jurado
Construction Lending Manager
Michael Kahn
Market Manager
Christopher Kelly
Commercial Lending Relationship Manager
Juan Luna
Market Manager
Andrew Mitchell
Market Manager
Sevan Montano
Treasury Management Sales & Escrow - Team Leader
Sarah Pearson
Chief Compliance & CRA Officer
Adam Regnery
Commercial Lending Relationship Manager
Terrence Ryan
ABL Relationship Manager
Elizabeth Scozzari
Market Manager
Joseph Stefans
Business Banker
VICE PRESIDENTS
Rosemarie Abate
Portfolio Manager
Shatha Abbasi
Internal Auditor
John Alfredsen
Senior Credit Underwriter
Vanessa Aviles
Branch Manager
Thomas Bay
Commercial Lending Relationship Manager
Donna Bencivengo
Executive Assistant and Corporate Secretary
Keysha Berry
Branch Manager
Michael Borkowski
Branch Manager
Marjorie Callahan
Commercial Lending Relationship Manager
Karen Carr
SBA Closing Manager
Joseph Cavalchire
Commercial Lending Relationship Manager
Alissa Christensen
Branch Manager
Louis Ciarlante
Commercial Lending Relationship Manager
Zoe Combs
SBA Relationship Manager
Joan Costa
Loan Administration Assistant Manager
Razie Dauti
Business Banker
Samantha Dayton
Loan Accounting Manager
Jessica DiRocco
Branch Manager
Alan Dolnick
Portfolio Manager
Ryan Earley
Business Banker
Jon Edwards
Branch Manager
Gwendelyn Fisher
Corporate Training & Development Specialist
Daniel Fuchs
Portfolio Manager
Derrick Futch
Branch Manager
Arnaldo Galassi
MIS/Small Business & Corporate Development
Laurie Gibeau
ABL Collateral Control Manager
Michele Green
SBA Senior Underwriter
Stephen Helhowski
Commercial Real Estate Administrator
Joseph Kerr
Business Banker
Kenneth Klein
Business Banker
Gordon Kline
Branch Manager
Pradeep Kohli
Branch Manager
Olesya Komyagina
Senior Credit Underwriter
Ashwin Lakhraj
Business Banker
Brett Lawrence
Commercial Lending Relationship Manager
Andrea Lazarus
Branch Manager
Darcy Lowe
SBA Relationship Manager
Christina Maguire
Branch Manager
David Marshall
Branch Manager
Christopher McDaniel
Branch Manager
Patrick McDermott
Business Banker
William Mellon
Senior Credit Underwriter
Elizabeth Mertes
Branch Manager
Carol Monaghan
Branch Manager
James Muzio
Director of Marketing
Sannia Naz
Branch Manager
Eveliesse Nieves
Branch Manager
Quinal Ojageer
Commercial Lending Relationship Manager I
Ruth Powell
Branch Manager
Robert Pullia
Business Banker
Meher Rafiq
SBA Portfolio Manager
Anubha Raj
Sales & Training Manager
Frank Riker
Commercial Lending Relationship Manager
Rebecca Robotin Lorie
Sales Support Manager
Katherine Rowley
Retail Escrow Rent Security Specialist
Sandra Ryan
Branch Manager
Tamantha Schaeffer
Treasury Management Operations Manager
Bethany Schaffer
Consumer Loan Officer
Brian Seeber
Branch Manager
Julianne Silletti
Human Resources Supervisor
Eugene Slickers
Commercial Lending Relationship Manager
Diane Smith
Senior Credit Underwriter
Kyle Smith
Commercial Lending Relationship Manager
Elena Spaho
Portfolio Manager
Ernest Springer
Compliance Officer
Brian Sweeney
Business Banker
Peter Thomas
Branch Manager
John Thompson
Treasury Management Sales Officer
Maria Tramo
Retail Operations Manager NNJ/CNJ
Sharon Unger
Deposit Operations Analyst
Andrew Varsallona
System Application Administrator
Steven Walker
Portfolio Manager
Jennifer Wallace-Dressner
Assistant Controller
Thomas Waller
Commercial Lending Relationship Manager
Tara White
Branch Manager
Bank Officers
17
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 2024:
David Bishop
Hovde Group
443 610 7379
dbishop@hovdegroup.com
Justin Crowley
Piper Sandler & Co.
212 466 7921
justin.crowley@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.
CORPORATE
HEADQUARTERS
FIRST BANK
2465 Kuser Road
Hamilton, NJ 08690
877 821 2265
myfirstbank.com
ANNUAL SHAREHOLDER
MEETING INFORMATION
The Annual Shareholders’
Meeting will be held on
April 25, 2025 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 filings by visiting
myfirstbank.com.
Additional inquiries can
be directed to:
Chief Financial Officer
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
certificates or require additional
services should contact our Stock
Registrar and Transfer Agent.
Corporate and Shareholder Information
LISTING
Nasdaq
SYMBOL
FRBA
SHARE PRICE
$15.28
MARKET CAPITALIZATION
$383.9 M
PRICE/2024 EARNINGS
9.1 X
PRICE/TANGIBLE BOOK
1.07 X
ANNUALIZED DIVIDEND
$0.24
DIVIDEND YIELD
1.6%
52-WEEK HIGH
$15.87
52-WEEK LOW
$11.20
AVERAGE 3M DAILY TRADING VOLUME
53,104
SHARES OUTSTANDING
25.1 M
Investment Profile
AT 2/28/25
2465 KUSER ROAD | HAMILTON, NJ 08690
1395 YARDVILLE-HAMILTON SQUARE RD | HAMILTON, NJ 08691
877 821 BANK | MYFIRSTBANK.COM | NASDAQ: FRBA