HAMILTON, N.J., July 23, 2026 (GLOBE NEWSWIRE) -- First Bank (Nasdaq Global Market: FRBA) ("the Bank") today announced results for the second quarter of 2026. Net income for the second quarter of 2026 was $10.9 million, or $0.43 per diluted share, compared to $10.2 million, or $0.41 per diluted share, for the second quarter of 2025. Return on average assets, return on average equity and return on average tangible equityⁱ for the second quarter of 2026 were 1.09%, 9.62% and 10.84%, respectively, compared to 1.04%, 9.77% and 11.16%, respectively, for the second quarter of 2025.

Second Quarter 2026 Performance Highlights:

	●	Total loans grew to $3.37 billion at June 30, 2026, increasing $68.0 million, or 8.3% annualized, from March 31, 2026 and $44.8 million, or 1.3%, from June 30, 2025.

	●	Total deposits grew to $3.32 billion at June 30, 2026, increasing $96.2 million, or 12.0% annualized, from March 31, 2026 and $155.5 million, or 4.9%, from June 30, 2025.

	●	Net interest margin remained strong and stable, measuring 3.68% for the second quarter of 2026, compared to 3.69% and 3.65% for the linked and prior year quarters, respectively.

	●	Efficiency ratioⁱⁱ improved to 54.52%, compared to 57.55% and 56.13% for the linked and prior year quarters, respectively.

	●	Tangible book value per shareⁱⁱⁱ grew to $16.27 at June 30, 2026, increasing 9.5%, annualized, from March 31, 2026 and 9.4%, annualized from June 30, 2025.

Patrick L. Ryan, President and CEO of First Bank, reflecting on the Bank’s performance, stated, "Our team’s outstanding execution drove our strong and improved performance in the second quarter. Pre-provision net revenue^iv expanded by nearly 9% from the linked quarter, reflecting momentum in our core business activities. Loan production was robust in our areas of focus, with C&I loans and owner-occupied CRE loans up a combined $83 million during the quarter. Deposit growth of $96 million was strong, despite increased pricing and competitive pressure for deposit dollars. Small declines in both loan yields and deposit costs overall supported our strong and stable net interest margin. We maintained our focus on tight expense management, operating with an improved efficiency ratio that remained below 60% for the 28th consecutive quarter. We believe this is a core operating strength that differentiates us in a competitive environment. We will continue to focus on expense management and efficiency gains moving forward as that will be the biggest driver of improved profitability in the near term. Importantly, credit costs decreased to the lowest level in five quarters, contributing to growth of nearly 7% in earnings per share compared to last year’s second quarter. Charge-offs during the quarter remained isolated to the credit-scored, small business portfolio, and the underlying metrics in the portfolio continue to improve which should lead to a reduction in credit costs related to this portfolio in future quarters. The changes we’ve implemented to this product’s structure and sales process are proving effective."

Mr. Ryan continued, "Overall credit quality remains within acceptable historical ranges. Our ratio of allowance for credit losses on loans to total loans remained flat to the linked quarter. The increase in non-performing assets reflected the addition of one commercial real estate credit that moved to non-accrual status. Our ratio of criticized loans to total loans increased modestly to 2.69% from 2.52% in the linked quarter and 2.40% a year ago. While this ratio is elevated from historical lows, we remain well within industry and peer averages."

"We track tangible book value per share as a critical measure of progress toward our strategic goals," Mr. Ryan added. "Over the past twelve months, we grew tangible book value per share over 9%. We’ve delivered tangible book value growth in each of the past eleven quarters since our largest acquisition in 2023, demonstrating our operational effectiveness as we’ve continued our evolution from a traditional community bank into a full-service, middle market commercial bank. We aim to continue growing profitability and shareholder returns through consistent and efficient execution."

Income Statement

In the second quarter of 2026, the Bank’s net interest income increased to $34.8 million, growing $798,000, or 2.3%, compared to the same period in 2025. The increase was primarily driven by a $2.7 million decrease in interest expense, which outpaced a $1.9 million decrease in interest income. The decrease in interest expense was primarily due to a 37 basis point reduction in the cost of interest bearing deposits combined with decreased average borrowings and borrowing costs. Net interest income increased $798,000, or 2.3%, compared to the linked first quarter of 2026. The increase reflected growth of $1.4 million in interest income, which primarily resulted from higher average loan balances at relatively stable yields. This was partially offset by growth of $622,000 in interest expense, which was driven by higher average interest-bearing deposit balances at relatively stable costs.

The Bank’s tax equivalent net interest margin measured 3.68% for the second quarter of 2026, increasing three basis points from 3.65% for the second quarter of 2025 and decreasing one basis point from the first quarter of 2026. Improvement from the prior year quarter was driven by nine basis points of improvement in interest rate spread, reflecting declines in average rates on deposits and borrowings which outpaced the reduction in average yields on earning assets. The Bank’s net interest margin declined one basis point compared to the linked quarter, remaining relatively stable due to a modest one basis point decline in interest rate spread. The average cost of interest bearing deposits declined by one basis point, while average loan yields declined by two basis points. The Bank’s tax equivalent net interest margin includes the impact of amortization and accretion of premiums and discounts from fair value measurements of assets acquired and liabilities assumed in acquisitions and prepayment penalty income. The net purchase accounting impact was $1.2 million in net interest income during both first and second quarter of 2026 and $2.7 million for the second quarter of 2025. Prepayment penalty income was $257,000 in the second quarter of 2026, compared to $517,000 in the first quarter of 2026 and $268,000 in the second quarter of 2025.

The Bank recorded a credit loss expense totaling $2.2 million during the second quarter of 2026, compared to credit loss expense totaling $5.6 million for the first quarter of 2026 and $2.6 million for the second quarter of 2025. Compared to the linked quarter, the decreased credit loss reflected continued but lower net charge-offs related to the Bank's small business portfolio. Credit loss expense for the second quarter of 2025 was commensurate with loan growth during the quarter.

The Bank recorded non-interest income totaling $2.1 million for the second quarter of 2026, compared to $2.7 million and $2.4 million for the prior year and linked quarters, respectively. Non-interest income decreased by $555,000 compared to the prior year quarter, primarily related to a $397,000 gain on the sale of a corporate facility in the second quarter of 2025 and higher loan fees earned in the prior year quarter primarily due to higher loan swap fee income. Non-interest income decreased by $237,000 from the linked quarter primarily due to lower earnings from other investments, lower gain on sale of loans and lower loan swap fees income offset by higher gain on recovery of acquired loans.

Non-interest expense for the second quarter of 2026 was $20.1 million, decreasing $721,000 or 3.5%, compared to $20.9 million for the second quarter of 2025. The decrease was primarily due to a $549,000 decrease in salaries and employee benefits expense.

Non-interest expense for the second quarter of 2026 decreased $797,000 from $20.9 million in the first quarter of 2026. The linked quarter decline reflected a $910,000 decrease in salaries and employee benefits costs. Occupancy and equipment expenses also declined by $280,000 primarily due to lower weather-related maintenance costs in the second quarter.

Income tax expense for the second quarter of 2026 was $3.7 million with an effective tax rate of 25.5%, compared to $3.0 million with an effective tax rate of 22.9% for the second quarter of 2025 and $2.3 million with an effective tax rate of 22.7% for the first quarter of 2026. Income tax expense for the first quarter of 2026 included the benefit of certain discrete items related to stock compensation activity which typically has an outsized impact during the first quarter due to the timing of year-end stock compensation issuance. Income tax expense for the second quarter of 2025 included Historic and Solar Tax credits. Excluding discrete items, we anticipate our future effective tax rate will be approximately 23% to 25%.

Balance Sheet

The Bank reported total assets of $4.09 billion at June 30, 2026, an increase of $129.4 million, or 3.3%, from $3.96 billion at December 31, 2025. Total loans increased $78.9 million, or 2.3%, over the same period, reflecting strong organic growth in the C&I, commercial real estate owner-occupied and commercial real estate investor portfolios. The Bank’s cash and cash equivalents increased by $42.3 million, or 13.7%, compared to December 31, 2025, as management continued to focus on adequate on-balance sheet liquidity.

Total assets increased $116.6 million, or 2.9%, during the current quarter, primarily due to an increase in loans of $68.0 million and a $33.3 million increase in cash and cash equivalents. The increase reflected strong growth in commercial loans. New loan pipelines continued to be strong and support the Bank’s long-term growth expectations. Cash and cash equivalents increase supports strong liquidity ratios at June 30, 2026.

Total deposits increased to $3.32 billion at June 30, 2026 by $121.4 million, or 3.8%, from $3.20 billion at December 31, 2025. The Bank's total deposits increased $96.2 million, or 3.0%, from $3.23 billion at March 31, 2026. Deposit growth was primarily due to our team’s success in attracting new deposit relationships while also maintaining existing relationships amid heightened industry-wide pricing competition.

During the six months ended June 30, 2026, stockholders’ equity increased by $9.7 million, or 2.2%, primarily due to net income, partially offset by dividends and share repurchases.

As of June 30, 2026, the Bank continued to exceed all regulatory capital requirements to be considered well-capitalized, with a Tier 1 Leverage ratio of 10.17%, a Tier 1 Risk-Based capital ratio of 10.82%, a Common Equity Tier 1 Capital ratio of 10.82%, and a Total Risk-Based capital ratio of 13.00%. The tangible stockholders' equity to tangible assets ratio^v measured 9.98% as of June 30, 2026, compared to 10.04% at December 31, 2025. The decline from December 31, 2025, was primarily due to the asset growth during the period.

Asset Quality

Total nonperforming assets, comprised exclusively of nonperforming loans in both periods, increased from $18.4 million at December 31, 2025 to $32.7 million at June 30, 2026. Nonperforming loans increased $14.3 million from December 31, 2025 primarily due to the addition of two well-secured commercial real estate credits totaling $16.5 million, partially offset by pay-offs and paydowns on other nonperforming loans during the first six months of the year.

The Bank recorded net charge-offs of $1.6 million during the second quarter of 2026, compared to net charge-offs of $5.0 million during the first quarter of 2026 and net charge-offs of $796,000 in the second quarter of 2025. Net charge-offs for the first and second quarters of 2026 primarily reflect losses in the Bank's small business portfolio. The allowance for credit losses on loans as a percentage of total loans measured 1.38% at June 30, 2026, compared to 1.39% at March 31, 2026 and 1.23% at June 30, 2025.

Total criticized loans, which includes loans classified as substandard and special mention, increased to $90.9 million, or 2.69% of loans at June 30, 2026, compared to $83.2 million, or 2.52% of loans at March 31, 2026 and $79.9 million or 2.40% of loans at June 30, 2025.

Liquidity and Borrowings

Management believes the Bank’s current on-balance sheet liquidity position, coupled with our various contingent funding sources, provides the Bank with a strong liquidity base and a diverse source of funding options. The Bank’s cash and cash equivalents increased by $33.3 million, or 10.5%, compared to March 31, 2026. Borrowings increased by $19.9 million compared to March 31, 2026 as Federal Home Loan Bank ("FHLB") advances were utilized to support strong loan growth, FHLB advances decreased $85.3 million compared to June 30, 2025, which has allowed for higher available borrowing capacity at the FHLB.

Cash Dividend Declared

On July 21, 2026, the Bank’s Board of Directors declared a quarterly cash dividend of $0.09 per share to common stockholders of record at the close of business on August 7, 2026, payable on August 21, 2026.

Share Repurchase Program

During the second quarter of 2026, the Bank repurchased 325,388 shares of common stock at an average price of $15.45 per share, under the share repurchase program authorized in November 2025. Through June 30, 2026, 359,007 shares have been repurchased from the current share repurchase plan with a total cost of $5.5 million or $15.46 per share on average. The share repurchase program provides for the repurchase of up to 1.2 million shares of First Bank common stock with an aggregate repurchase amount of up to $20.4 million. The repurchase program expires on September 30, 2026.

Conference Call and Earnings Release Supplement

Additional details on the quarterly results and the Bank are included in the attached earnings release supplement.

http://ml.globenewswire.com/Resource/Download/daf9708b-882b-4e58-9643-28a13c87789f

First Bank will host its earnings call on Friday, July 24, 2026 at 9:00 AM Eastern Time. The direct dial number for the call is 1-833-461-5787, toll free, using the meeting ID 872 094 274. The conference call will also be available (listen-only) via the internet by accessing FRBA conference call. For those unable to participate in the call, a replay will be available on the "Investor Relations" page of the Bank’s website, www.myfirstbank.com.

About First Bank

First Bank is a New Jersey state-chartered bank with a branch network that traverses the New York to Philadelphia corridor and includes a single location in Palm Beach County, Florida. With $4.09 billion in assets as of June 30, 2026, First Bank offers a full range of deposit and loan products to individuals and businesses in its markets. First Bank's common stock is listed on the Nasdaq Global Market under the symbol "FRBA."

Forward Looking Statements

This press release contains certain forward-looking statements, either express or implied, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding First Bank’s future financial and business performance, business and growth strategy, projected plans, objectives for our business, products and risk management, integration of the acquired businesses and anticipated results related thereto, our ability to recognize anticipated operational efficiencies, our market presence and desirability of the markets we operate in, competition in our markets, our competitive strength, consumers behavior and relative expectations, our share repurchase programs, anticipated changes in statutes, regulations or regulatory policies applicable to us and their impacts on our business, and other projections based on macroeconomic and industry conditions and trends, which are inherently unreliable due to the multiple factors that impact economic trends, and any such variations may be material. Such forward-looking statements are based on various facts and derived utilizing important assumptions, current expectations, estimates and projections about First Bank, any of which may change over time and some of which may be beyond First Bank’s control. Statements preceded by, followed by or that otherwise include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans" and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could" are generally forward-looking in nature and not historical facts, although not all forward- looking statements include the foregoing. Further, certain important factors that could affect First Bank’s future results and cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to: whether First Bank can: successfully implement its growth strategy, including identifying acquisition targets, consummating and integrating suitable acquisitions and realizing anticipated efficiencies, sustain its internal growth rate, and provide competitive products and services that appeal to its customers and target markets; difficult market conditions and unfavorable economic trends in the United States generally, and particularly in the market areas in which First Bank operates and in which its loans are concentrated, including the effects of inflation, declines in housing markets and public sentiment regarding the financial services industry; the chance that we may experience material weaknesses in our internal control over financial reporting or otherwise fail to maintain an effective system of internal controls in the future; an increase in unemployment levels and slowdowns in economic growth; First Bank’s level of nonperforming assets and the costs associated with resolving any problem loans including litigation and other costs; changes in market interest rates may increase funding costs or reduce earning asset yields thus reducing margin; the impact of changes in interest rates, both up and down, and the credit quality and strength of underlying collateral and the effect of such changes on the market value of First Bank's investment securities portfolio; decreases in the value of securities and other assets, adequacy of loan loss reserves, or deposit levels necessitating increased borrowing to fund loans and investments; operational risks, including, but not limited to, cybersecurity incidents, fraud, natural disasters and public health emergencies; the extensive federal and state regulation, supervision and examination governing almost every aspect of First Bank’s operations, including the effect of any changes in regulations affecting financial institutions and expenses associated with complying with such regulations; uncertainties in tax estimates and valuations, including due to changes in state and federal tax law; First Bank’s ability to comply with applicable capital and liquidity requirements, including the ability to generate liquidity internally or raise capital on favorable terms, including continued access to the debt and equity capital markets; and possible changes in trade, monetary and fiscal policies, accounting standards, laws and regulations and other activities of governments, agencies, and similar organizations. For discussion of these and other risks, uncertainties, and assumptions, including the important factors that may cause actual results to differ from expectations, please refer to "Forward-Looking Statements" and "Risk Factors" in First Bank's Annual Report on Form 10-K and any updates to those risk factors set forth in First Bank’s subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. 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.

______________________

This press release contains "non-GAAP" financial measures, which management uses in its analysis of First Bank’s performance. Management believes these non-GAAP financial measures allow for better comparability of period to period operating performance. Additionally, First Bank believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. A reconciliation of the non-GAAP measures used in this presentation to the most directly comparable GAAP measures is provided in the accompanying financial tables.

ⁱ Return on average tangible equity is a non-GAAP financial measure and is calculated by dividing net income by average tangible equity (average equity minus average goodwill and other intangible assets). For a reconciliation of this non-GAAP financial measure, along with the other non-GAAP financial measures in this press release, to their comparable GAAP measures, see the financial reconciliations at the end of this press release.

ⁱⁱ The efficiency ratio is a non-U.S. GAAP financial measure and is calculated by dividing adjusted non-interest expense by adjusted total revenue (net interest income plus non-interest income). For a reconciliation of this non-GAAP financial measure, along with the other non-GAAP financial measures in this press release, to their comparable U.S. GAAP measures, see the financial reconciliations at the end of this press release.

ⁱⁱⁱ Tangible book value per share is a non-GAAP financial measure and is calculated by dividing tangible equity (equity minus goodwill and other intangible assets) by common shares outstanding. For a reconciliation of this non-GAAP financial measure, along with the other non-GAAP financial measures in this press release, to their comparable GAAP measures, see the financial reconciliations at the end of this press release.

^iv Pre-provision net revenue is a non-U.S. GAAP financial measure and is calculated by adding net interest income and non-interest income and subtracting non-interest expense adjusted by certain non-recurring items. For a reconciliation of this non-U.S. GAAP financial measure, along with the other non-U.S. GAAP financial measures in this press release, to their comparable U.S. GAAP measures, see the financial reconciliations at the end of this press release.

^v Tangible stockholders' equity to tangible assets ratio is a non-GAAP financial measure and is calculated by dividing tangible equity (equity minus goodwill and other intangible assets) by tangible assets (total assets minus goodwill and other intangible assets). For a reconciliation of this non-GAAP financial measure, along with the other non-GAAP financial measures in this press release, to their comparable GAAP measures, see the financial reconciliations at the end of this press release.

FIRST BANK CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (in thousands, except for share data, unaudited)

	June 30, 2026			December 31, 2025
Assets
Cash and due from banks	$	27,257		$	22,141
Restricted cash		9,690			7,780
Interest bearing deposits with banks		314,576			279,299
Cash and cash equivalents		351,523			309,220
Interest bearing time deposits with banks		498			747
Investment securities available for sale, at fair value (amortized cost of $117,994 and $108,635, respectively)		112,969			104,740
Investment securities held to maturity, net of allowance for credit losses of $175 and $163 (fair value of $40,550 and $37,866, respectively)		42,803			40,424
Equity securities, at fair value		1,910			1,930
Restricted investment in bank stocks		14,119			13,877
Other investments		14,512			16,033
Loans held for sale		800			-
Loans, net of deferred fees and costs		3,372,136			3,293,225
Less: Allowance for credit losses		(46,631	)		(45,384	)
Net loans		3,325,505			3,247,841
Premises and equipment, net		17,735			18,367
Accrued interest receivable		14,920			14,382
Bank-owned life insurance		89,991			88,475
Goodwill		44,166			44,166
Other intangible assets, net		6,307			7,124
Deferred income taxes, net		23,051			22,623
Other assets		26,597			28,087
Total assets	$	4,087,406		$	3,958,036

Liabilities and Stockholders' Equity
Liabilities:
Non-interest bearing deposits	$	607,104		$	572,349
Interest bearing deposits		2,716,573			2,629,959
Total deposits		3,323,677			3,202,308
Borrowings		241,542			236,672
Subordinated debentures		34,453			34,384
Accrued interest payable		5,236			4,763
Other liabilities		29,274			36,407
Total liabilities		3,634,182			3,514,534

Stockholders' Equity:
Preferred stock, par value $2 per share; 10,000,000 shares authorized; no shares issued and outstanding		-			-
Common stock, par value $5 per share; 40,000,000 shares authorized; 27,950,422 shares issued and 24,747,673 shares outstanding and 27,643,986 shares issued and 24,800,244 shares outstanding, respectively		138,180			136,788
Additional paid-in capital		127,033			126,334
Retained earnings		228,473			214,458
Accumulated other comprehensive loss		(3,710	)		(2,875	)
Treasury stock, 3,202,749 and 2,843,742 shares, respectively		(36,752	)		(31,203	)
Total stockholders' equity		453,224			443,502
Total liabilities and stockholders' equity	$	4,087,406		$	3,958,036

FIRST BANK CONSOLIDATED STATEMENTS OF INCOME (in thousands, except for share data, unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Interest and Dividend Income
Investment securities—taxable	$	1,420	$	1,246	$	2,760	$	2,434
Investment securities—tax-exempt		47		41		95		92
Interest bearing deposits with banks, Federal funds sold and other		2,675		3,487		5,492		6,484
Loans, including fees		53,131		54,394		104,779		105,946
Total interest and dividend income		57,273		59,168		113,126		114,956

Interest Expense
Deposits		19,584		21,276		38,736		42,120
Borrowings		2,224		3,256		4,258		5,668
Subordinated debentures		658		627		1,316		1,067
Total interest expense		22,466		25,159		44,310		48,855
Net interest income		34,807		34,009		68,816		66,101
Credit loss expense		2,232		2,558		7,785		4,102
Net interest income after credit loss expense		32,575		31,451		61,031		61,999

Non-Interest Income
Service fees on deposit accounts		356		382		714		738
Loan fees		123		568		379		894
Income from bank-owned life insurance		768		723		1,516		1,516
Gains on sale of loans, net		104		75		344		104
Gains on recovery of acquired loans		299		100		360		124
Gain on sale of other assets		-		397		-		397
Other non-interest income		497		457		1,218		900
Total non-interest income		2,147		2,702		4,531		4,673

Non-Interest Expense
Salaries and employee benefits		11,410		11,959		23,730		23,077
Occupancy and equipment		2,301		2,350		4,882		4,814
Legal fees		354		279		593		647
Other professional fees		876		924		1,647		1,650
Regulatory fees		565		684		1,186		1,368
Directors' fees		265		260		520		542
Data processing		785		893		1,576		1,698
Marketing and advertising		521		503		954		902
Travel and entertainment		274		251		556		487
Insurance		171		233		353		447
Other real estate owned expense, net		-		69		-		989
Other expense		2,624		2,462		5,092		4,630
Total non-interest expense		20,146		20,867		41,089		41,251
Income Before Income Taxes		14,576		13,286		24,473		25,421
Income tax expense		3,718		3,047		5,969		5,801
Net Income	$	10,858	$	10,239	$	18,504	$	19,620

Basic earnings per common share	$	0.44	$	0.41	$	0.74	$	0.78
Diluted earnings per common share	$	0.43	$	0.41	$	0.74	$	0.77
Cash dividends per common share	$	0.09	$	0.06	$	0.18	$	0.12

Basic weighted average common shares outstanding		24,916,914		25,029,164		24,932,612		25,073,368
Diluted weighted average common shares outstanding		25,074,625		25,234,120		25,156,888		25,335,743

FIRST BANK AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES (dollars in thousands, unaudited)

	Three Months Ended June 30,
	2026									2025
	Average						Average			Average						Average
	Balance			Interest			Rate ⁽⁵⁾			Balance			Interest			Rate ⁽⁵⁾
Interest earning assets
Investment securities ^{(1) (2)}	$	152,237		$	1,477			3.89	%	$	135,094		$	1,295			3.84	%
Loans ⁽³⁾		3,365,954			53,131			6.33	%		3,296,031			54,394			6.62	%
Interest bearing deposits with banks,
Federal funds sold and other		250,376			2,310			3.70	%		276,488			3,079			4.47	%
Restricted investment in bank stocks		14,055			243			6.93	%		17,960			276			6.16	%
Other investments		16,160			122			3.03	%		15,402			132			3.44	%
Total interest earning assets ⁽²⁾		3,798,782			57,283			6.05	%		3,740,975			59,176			6.34	%
Allowance for credit losses		(46,710	)								(39,507	)
Non-interest earning assets		243,774									251,475
Total assets	$	3,995,846								$	3,952,943

Interest bearing liabilities
Interest bearing demand deposits	$	583,931		$	3,162			2.17	%	$	606,838		$	3,701			2.45	%
Money market deposits		1,079,797			7,960			2.96	%		1,064,363			8,917			3.36	%
Savings deposits		155,134			658			1.70	%		140,301			694			1.98	%
Time deposits		865,849			7,804			3.62	%		781,299			7,964			4.09	%
Total interest bearing deposits		2,684,711			19,584			2.93	%		2,592,801			21,276			3.29	%
Borrowings		234,268			2,224			3.81	%		319,494			3,256			4.09	%
Subordinated debentures		34,430			658			7.64	%		34,966			627			7.17	%
Total interest bearing liabilities		2,953,409			22,466			3.05	%		2,947,261			25,159			3.42	%
Non-interest bearing deposits		554,860									548,279
Other liabilities		35,031									36,960
Stockholders' equity		452,546									420,443
Total liabilities and stockholders' equity	$	3,995,846								$	3,952,943
Net interest income/interest rate spread ⁽²⁾					34,817			3.01	%					34,017			2.92	%
Net interest margin ^{(2) (4)}								3.68	%								3.65	%
Tax equivalent adjustment ⁽²⁾					(10	)								(8	)
Net interest income				$	34,807								$	34,009

(1) Average balance of investment securities available for sale is based on amortized cost.

(2) Interest and average rates are presented on a tax equivalent basis using a federal income tax rate of 21%.

(3) Average balances of loans include loans on nonaccrual status.

(4) Net interest income divided by average total interest earning assets.

(5) Annualized.

FIRST BANK AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES (dollars in thousands, unaudited)

	Six Months Ended June 30,
	2026									2025
	Average						Average			Average						Average
	Balance			Interest			Rate ⁽⁵⁾			Balance			Interest			Rate⁽⁵⁾
Interest earning assets
Investment securities ^{(1) (2)}	$	149,522		$	2,875			3.88	%	$	134,686		$	2,545			3.81	%
Loans ⁽³⁾		3,331,408			104,779			6.34	%		3,233,747			105,946			6.61	%
Interest bearing deposits with banks,
Federal funds sold and other		258,173			4,735			3.70	%		255,378			5,654			4.46	%
Restricted investment in bank stocks		13,586			527			7.82	%		16,059			576			7.23	%
Other investments		17,029			230			2.72	%		14,731			254			3.48	%
Total interest earning assets ⁽²⁾		3,769,718			113,146			6.05	%		3,654,601			114,975			6.34	%
Allowance for credit losses		(46,354	)								(38,847	)
Non-interest earning assets		244,291									256,261
Total assets	$	3,967,655								$	3,872,015

Interest bearing liabilities
Interest bearing demand deposits	$	593,197		$	6,446			2.19	%	$	625,682		$	7,728			2.49	%
Money market deposits		1,064,840			15,562			2.95	%		1,054,742			17,548			3.36	%
Savings deposits		152,687			1,266			1.67	%		141,395			1,344			1.92	%
Time deposits		853,418			15,462			3.65	%		749,765			15,500			4.17	%
Total interest bearing deposits		2,664,142			38,736			2.93	%		2,571,584			42,120			3.30	%
Borrowings		223,894			4,258			3.84	%		277,245			5,668			4.12	%
Subordinated debentures		34,413			1,316			7.65	%		32,478			1,067			6.57	%
Total interest bearing liabilities		2,922,449			44,310			3.06	%		2,881,307			48,855			3.42	%
Non-interest bearing deposits		555,088									534,877
Other liabilities		38,971									38,755
Stockholders' equity		451,147									417,076
Total liabilities and stockholders' equity	$	3,967,655								$	3,872,015
Net interest income/interest rate spread ⁽²⁾					68,836			2.99	%					66,120			2.92	%
Net interest margin ^{(2) (4)}								3.68	%								3.65	%
Tax equivalent adjustment ⁽²⁾					(20	)								(19	)
Net interest income				$	68,816								$	66,101

(1) Average balance of investment securities available for sale is based on amortized cost.

(2) Interest and average rates are presented on a tax equivalent basis using a federal income tax rate of 21%.

(3) Average balances of loans include loans on nonaccrual status.

(4) Net interest income divided by average total interest earning assets.

(5) Annualized.

FIRST BANK QUARTERLY FINANCIAL HIGHLIGHTS (in thousands, except for share and employee data, unaudited)

	As of or For the Quarter Ended
	6/30/2026			3/31/2026			12/31/2025			9/30/2025			6/30/2025
EARNINGS
Net interest income	$	34,807		$	34,009		$	36,177		$	35,544		$	34,009
Credit loss expense		2,232			5,553			4,789			2,998			2,558
Non-interest income		2,147			2,384			2,283			2,421			2,702
Non-interest expense		20,146			20,943			17,085			19,670			20,867
Income tax expense		3,718			2,251			4,262			3,582			3,047
Net income		10,858			7,646			12,324			11,715			10,239

PERFORMANCE RATIOS
Return on average assets ⁽¹⁾		1.09	%		0.79	%		1.21	%		1.16	%		1.04	%
Return on average equity ⁽¹⁾		9.62	%		6.89	%		11.11	%		10.85	%		9.77	%
Return on average tangible equity ^{(1) (2)}		10.84	%		7.78	%		12.58	%		12.35	%		11.16	%
Net interest margin ^{(1) (3)}		3.68	%		3.69	%		3.74	%		3.71	%		3.65	%
Yield on loans⁽¹⁾		6.33	%		6.35	%		6.57	%		6.66	%		6.62	%
Total cost of deposits ⁽¹⁾		2.42	%		2.43	%		2.54	%		2.69	%		2.72	%
Efficiency ratio ⁽²⁾		54.52	%		57.55	%		49.46	%		51.81	%		56.13	%

SHARE DATA
Common shares outstanding		24,747,673			25,061,700			24,800,244			24,799,049			24,905,790
Basic earnings per share	$	0.44		$	0.31		$	0.50		$	0.47		$	0.41
Diluted earnings per share		0.43			0.30			0.49			0.47			0.41
Book value per share		18.31			17.93			17.88			17.41			16.96
Tangible book value per share⁽²⁾		16.27			15.90			15.81			15.33			14.87

MARKET DATA
Market value per share	$	17.73		$	16.00		$	16.46		$	16.29		$	15.47
Market value / Tangible book value⁽²⁾		108.94	%		100.63	%		104.08	%		106.24	%		104.03	%
Market capitalization	$	438,776		$	400,987		$	408,212		$	403,977		$	385,293

CAPITAL & LIQUIDITY
Stockholders' equity / assets		11.09	%		11.32	%		11.21	%		10.71	%		10.51	%
Tangible stockholders' equity / tangible assets⁽²⁾		9.98	%		10.17	%		10.04	%		9.55	%		9.34	%
Loans / deposits		101.46	%		102.38	%		102.84	%		104.66	%		105.02	%

ASSET QUALITY
Net charge-offs (recoveries)	$	1,625		$	5,034		$	1,686		$	1,737		$	796
Nonperforming loans		32,662			26,169			18,381			14,420			15,978
Nonperforming assets		32,662			26,169			18,381			14,420			15,978
Net charge offs (recoveries)/ average loans⁽¹⁾		0.19	%		0.62	%		0.20	%		0.21	%		0.10	%
Nonperforming loans / total loans		0.97	%		0.79	%		0.56	%		0.43	%		0.48	%
Nonperforming assets / total assets		0.80	%		0.66	%		0.46	%		0.36	%		0.40	%
Allowance for credit losses on loans / total loans		1.38	%		1.39	%		1.38	%		1.25	%		1.23	%
Allowance for credit losses on loans / nonperforming loans		142.77	%		175.47	%		246.91	%		292.73	%		255.83	%

OTHER DATA
Total assets	$	4,087,406		$	3,970,761		$	3,958,036		$	4,032,636		$	4,019,335
Total loans		3,372,136			3,304,110			3,293,225			3,373,910			3,327,288
Total deposits		3,323,677			3,227,439			3,202,308			3,223,607			3,168,213
Total stockholders' equity		453,224			449,378			443,502			431,875			422,379
Number of full-time equivalent employees		338			327			334			332			335

(1) Annualized.

(2) Non-GAAP financial measure that we believe provides management and investors with information that is useful in understanding our financial performance and condition. See accompanying table, "Non-GAAP Financial Measures," for calculation and reconciliation.

(3) Tax equivalent using a federal income tax rate of 21%.

FIRST BANK QUARTERLY FINANCIAL HIGHLIGHTS (dollars in thousands, unaudited)

	As of the Quarter Ended
	6/30/2026			3/31/2026			12/31/2025			9/30/2025			6/30/2025
LOAN COMPOSITION
Commercial and industrial	$	752,208		$	722,312		$	727,075		$	740,350		$	706,849
Commercial real estate:
Owner-occupied		722,838			670,240			662,245			685,277			707,766
Investor		1,180,531			1,165,319			1,148,297			1,211,491			1,192,716
Construction and development		177,671			184,252			193,312			181,855			161,361
Multi-family		270,951			284,134			282,854			284,983			309,189
Total commercial real estate		2,351,991			2,303,945			2,286,708			2,363,606			2,371,032
Residential real estate:
Residential mortgage and first lien home equity loans		141,914			154,533			154,167			151,372			160,935
Home equity–second lien loans and revolving lines of credit		75,718			72,584			72,919			65,129			62,738
Total residential real estate		217,632			227,117			227,086			216,501			223,673
Consumer and other		54,177			54,235			55,862			57,222			29,248
Total loans prior to deferred loan fees and costs		3,376,008			3,307,609			3,296,731			3,377,679			3,330,802
Net deferred loan fees and costs		(3,872	)		(3,499	)		(3,506	)		(3,769	)		(3,514	)
Total loans	$	3,372,136		$	3,304,110		$	3,293,225		$	3,373,910		$	3,327,288

LOAN MIX
Commercial and industrial		22.3	%		21.9	%		22.1	%		21.9	%		21.2	%
Commercial real estate:
Owner-occupied		21.4	%		20.3	%		20.1	%		20.3	%		21.3	%
Investor		35.0	%		35.2	%		34.9	%		35.9	%		35.8	%
Construction and development		5.3	%		5.6	%		5.9	%		5.4	%		4.8	%
Multi-family		8.0	%		8.6	%		8.5	%		8.5	%		9.3	%
Total commercial real estate		69.7	%		69.7	%		69.4	%		70.1	%		71.3	%
Residential real estate:
Residential mortgage and first lien home equity loans		4.2	%		4.7	%		4.7	%		4.5	%		4.8	%
Home equity–second lien loans and revolving lines of credit		2.3	%		2.2	%		2.2	%		1.9	%		1.9	%
Total residential real estate		6.5	%		6.9	%		6.9	%		6.4	%		6.7	%
Consumer and other		1.6	%		1.6	%		1.7	%		1.7	%		0.9	%
Net deferred loan fees and costs		(0.1	%)		(0.1	%)		(0.1	%)		(0.1	%)		(0.1	%)
Total loans		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

FIRST BANK QUARTERLY FINANCIAL HIGHLIGHTS (dollars in thousands, unaudited)

	As of the Quarter Ended
	6/30/2026			3/31/2026			12/31/2025			9/30/2025			6/30/2025
DEPOSIT COMPOSITION
Non-interest bearing demand deposits	$	607,104		$	561,963		$	572,349		$	578,345		$	590,209
Interest bearing demand deposits		595,751			582,519			608,076			561,365			553,909
Money market and savings deposits		1,211,116			1,228,983			1,205,275			1,228,758			1,241,277
Time deposits		909,706			853,974			816,608			855,139			782,818
Total Deposits	$	3,323,677		$	3,227,439		$	3,202,308		$	3,223,607		$	3,168,213

DEPOSIT MIX
Non-interest bearing demand deposits		18.3	%		17.4	%		17.9	%		18.0	%		18.6	%
Interest bearing demand deposits		17.9	%		18.0	%		19.0	%		17.4	%		17.5	%
Money market and savings deposits		36.4	%		38.1	%		37.6	%		38.1	%		39.2	%
Time deposits		27.4	%		26.5	%		25.5	%		26.5	%		24.7	%
Total Deposits		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

FIRST BANK NON-GAAP FINANCIAL MEASURES (in thousands, except for share data, unaudited)

	As of or For the Quarter Ended
	6/30/2026			3/31/2026			12/31/2025			9/30/2025			6/30/2025
Return on Average Tangible Equity
Net income (numerator)	$	10,858		$	7,646		$	12,324		$	11,715		$	10,239

Average stockholders' equity	$	452,546		$	449,734		$	440,059		$	428,359		$	420,443
Less: Average Goodwill and other intangible assets, net		50,705			51,143			51,434			51,882			52,301
Average Tangible stockholders' equity (denominator)	$	401,841		$	398,591		$	388,625		$	376,477		$	368,142

Return on average tangible equity ⁽¹⁾		10.84	%		7.78	%		12.58	%		12.35	%		11.16	%

Tangible Book Value Per Share
Stockholders' equity	$	453,224		$	449,378		$	443,502		$	431,875		$	422,379
Less: Goodwill and other intangible assets, net		50,473			50,905			51,290			51,633			52,026
Tangible stockholders' equity (numerator)	$	402,751		$	398,473		$	392,212		$	380,242		$	370,353

Common shares outstanding (denominator)		24,747,673			25,061,700			24,800,244			24,799,049			24,905,790

Tangible book value per share	$	16.27		$	15.90		$	15.81		$	15.33		$	14.87

Tangible Equity / Tangible Assets
Stockholders' equity	$	453,224		$	449,378		$	443,502		$	431,875		$	422,379
Less: Goodwill and other intangible assets, net		50,473			50,905			51,290			51,633			52,026
Tangible stockholders' equity (numerator)	$	402,751		$	398,473		$	392,212		$	380,242		$	370,353

Total assets	$	4,087,406		$	3,970,761		$	3,958,036		$	4,032,636		$	4,019,335
Less: Goodwill and other intangible assets, net		50,473			50,905			51,290			51,633			52,026
Tangible total assets (denominator)	$	4,036,933		$	3,919,856		$	3,906,746		$	3,981,003		$	3,967,309

Tangible stockholders' equity / tangible assets		9.98	%		10.17	%		10.04	%		9.55	%		9.34	%

Efficiency Ratio
Non-interest expense	$	20,146		$	20,943		$	17,085		$	19,670		$	20,867
Less: Executive officer severance benefits		-			-			-			-			863
Add: Gains on sale of other real estate owned		-			-			1,938			-			-
Adjusted non-interest expense (numerator)	$	20,146		$	20,943		$	19,023		$	19,670		$	20,004

Net interest income	$	34,807		$	34,009		$	36,177		$	35,544		$	34,009
Non-interest income		2,147			2,384			2,283			2,421			2,702
Total revenue		36,954			36,393			38,460			37,965			36,711
Less: Gain on sale of other assets		-			-			-			-			(397	)
Adjusted total revenue (denominator)	$	36,954		$	36,393		$	38,460		$	37,965		$	36,314
Efficiency ratio		54.52	%		57.55	%		49.46	%		51.81	%		55.09	%

Pre-Provision Net Revenue
Net interest income	$	34,807		$	34,009		$	36,177		$	35,544		$	34,009
Non-interest income		2,147			2,384			2,283			2,421			2,702
Subtract: Gain on sale of other assets		-			-			-			-			(397	)
Subtract: Gains on sale of other real estate owned		-			-			(1,938	)		-			-
Add: Executive officer severance benefits		-			-			-			-			863
Less: Non-interest expense		(20,146	)		(20,943	)		(17,085	)		(19,670	)		(20,867	)
Pre-provision net revenue	$	16,808		$	15,450		$	19,437		$	18,295		$	16,310

(1) Annualized.

CONTACT: Andrew Hibshman, Chief Financial Officer

(609) 643-0058, andrew.hibshman@myfirstbank.com