First Bank (FRBA) investor relations material

Executive summary

• Net income for Q2 2026 was $10.9 million ($0.43 per diluted share), up from $10.2 million ($0.41 per share) in Q2 2025, driven by strong loan and deposit growth and improved operating efficiency.

• Total assets reached $4.09 billion, loans $3.37 billion, and deposits $3.32 billion as of June 30, 2026, with a network of 26 branches in the NYC-Philadelphia corridor and Palm Beach County, FL.

• Return on average assets was 1.09%, return on average equity 9.62%, and return on average tangible equity 10.84% for Q2 2026.

• Tangible book value per share grew to $16.27, up 9.4% annualized from Q2 2025.

• The company continues to evolve from a community bank to a middle market commercial bank, expanding commercial capabilities and digital banking.

Financial highlights

• Net interest income for Q2 2026 was $34.8 million, up from $34.0 million in Q2 2025; net interest margin was stable at 3.68%.

• Efficiency ratio improved to 54.52% from 56.13% a year ago, marking the 28th consecutive quarter below 60%.

• Non-interest income was $2.1 million, down from $2.7 million in Q2 2025 due to lower gains on asset sales and loan fees.

• Non-interest expense decreased 3.5% year-over-year to $20.1 million, mainly from lower salaries and benefits.

• Diluted EPS rose $0.13 (43%) from Q1 and 6.6% year-over-year.

Outlook and guidance

• Management expects continued loan and deposit growth, with a strong pipeline and robust commercial opportunities, focusing on organic growth in core markets.

• Net interest margin is expected to remain flat or decline slightly, with ongoing deposit pricing pressure.

• Expense growth is targeted to remain flat to single digits, with ongoing focus on efficiency.

• Effective tax rate is projected at 23% to 25% going forward.

• Liquidity position remains strong, with significant unused borrowing capacity.