First Bank reports Q4 adjusted EPS 49c, consensus 39c

Reports Q4 adjusted revenue $32.7M, consensus $29.58M. Tangible book value per share was $12.65 at quarter end from $12.26 at previous quarter end. CEO Patrick Ryan stated, “Results for Q4 display the outstanding momentum First Bank has achieved from solid execution of our strategic priorities in 2023. The completed acquisition of Malvern Bancorp and Malvern Bank added meaningfully to our earnings profile, contributing to a 30% increase in adjusted revenue compared to Q4 2022, despite the challenging interest rate environment. The ramp up of new business units and information technology investments remained on track and in line with expected costs. We also continued to reposition our balance sheet through the sale of $36M in commercial loans. These outcomes drove improvement in our profitability metrics and overall risk diversification. In 2024, we will continue to prioritize strong profit growth above overall balance sheet growth. We will continue to focus on core deposit generation which will drive our loan and asset growth in 2024. While the current rate environment continues to be a challenge, our strong team of bankers is focused on adding quality deposit relationships, diversifying our lending profile through growth in our new specialty banking businesses, and maintaining our excellent asset quality. With continued success, we expect to produce strong profitability metrics in 2024.”