First Bank Announces Quarterly Cash Dividend Increase
HAMILTON, NJ, October 25, 2021 (GLOBE NEWSWIRE) – First Bank (Nasdaq Global Market: FRBA) today announced that on October 19, 2021, its board of directors declared a quarterly cash dividend of 0.06 $ per share to common shareholders of record at the close of business on November 5, 2021, payable on November 19, 2021.
âFirst Bank is deeply committed to creating long-term value for its shareholders through its quarterly cash dividend,â said Patrick L. Ryan, President and CEO. âIn recognition of our strong financial position and our confidence in our strategy of continued growth, the Board of Directors approved an increase in the quarterly dividend to $ 0.06, which represents an annualized return of 1.57% on the base of our closing stock price of $ 15.25 on October 19. , 2021.
The dividend of $ 0.06 reflects a 100% increase over the cash dividend of $ 0.03 per share declared in the related quarters and the prior year and is equivalent to a dividend payout ratio of one just over 13% using the quarterly results of June 30, 2021.
About First Bank
First Bank is a New Jersey State chartered bank with 16 full-service branches in Cinnaminson, Cranbury, Delanco, Denville, Ewing, Flemington, Hamilton, Lawrence, Pennington, Randolph, Somerset and Williamstown, New Jersey and Doylestown, Trevose, Warminster and West Chester, Pennsylvania. With $ 2.4 billion in assets as of June 30, 2021, First Bank offers a full range of personal and business deposit and lending products across the New York to Philadelphia corridor. The common shares of First Bank are listed on the Nasdaq Global Market under the symbol âFRBAâ.
This press release contains certain forward-looking statements, express or implied, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information regarding First Bank’s future financial performance, business and growth strategy, plans and objectives projected. , and related transactions, the integration of acquired businesses, the ability to recognize anticipated operational efficiencies and other projections based on macroeconomic and industry trends, which are inherently unreliable due to the multiple factors that impact economic trends, and such variations can be significant. These forward-looking statements are based on various facts and are derived from material assumptions, current expectations, estimates and projections regarding First Bank, which may change over time and some of which may be beyond the control of First Bank. Statements preceded, followed by or which otherwise include the words “believes”, “expects”, “anticipates”, “intends”, “projects”, “estimates”, “plans” and similar expressions or future or conditional verbs such as “” will “,” should “,” would “,” could “and” could “are generally forward-looking in nature and not historical facts, although not all forward-looking statements include what is precedes. In addition, certain factors that could affect our future results and cause actual results to differ materially from those expressed in forward-looking statements include, but are not limited to: whether First Bank can: successfully execute its growth strategy , including identifying acquisition targets and consuming appropriate acquisitions; continue to support its rate of internal growth; provide competitive products and services that appeal to its customers and target markets; difficult market conditions and adverse economic trends in the United States in general, and in particular in the market areas in which First Bank operates and in which its lending is concentrated, including the effects of declining real estate market values ; the impact of disease pandemics, including COVID-19, on First Bank, its operations, customers and employees; an increase in the unemployment rate and slowdowns in economic growth; The level of First Bank’s non-performing assets and the costs associated with resolving any credit issues, including litigation and other costs; changes in market interest rates can increase financing costs and reduce returns on productive assets, thereby reducing the margin; the impact of changes in interest rates, credit quality and the strength of the underlying collateral and the effect of such changes on the market value of First Bank’s investment securities portfolio; comprehensive federal and state regulation, oversight and review governing nearly all aspects of First Bank’s operations, including changes in regulations affecting financial institutions and the expenses associated with complying with those regulations; uncertainties in tax estimates and assessments, including due to changes in federal and state tax laws; First Bank’s ability to comply with applicable capital and liquidity requirements, including First Bank’s ability to generate liquidity internally or raise capital on favorable terms, including continued access to capital markets debt and equity; possible changes in trade, monetary and fiscal policies, laws and regulations and other activities of governments, agencies and similar organizations. For a discussion of these and other risks that may cause actual results to differ from expectations, please see âForward-Looking Statementsâ and âRisk Factorsâ in First Bank’s Annual Report on Form 10-K and any updates to those risk factors set out in First Bank’s proxy statement, subsequent quarterly reports on Form 10-Q or current reports on Form 8-K. If one or more events relating 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. Therefore, you should not place undue reliance on these forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and First Bank undertakes no obligation to update or publicly review any forward-looking statement, whether as a result of new information, future developments or otherwise. All forward-looking statements, express 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 behalf of First Bank may make.
CONTACT: Patrick L. Ryan, President and CEO
(609) 643-0168, [email protected]