Net interest income growth decelerated to 6.0% in 2026Q1, while the net interest margin remained compressed at 0.9%, reflecting persistent pressure from rising funding costs.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Net Interest Income | 139.74M | 137.82M | 122.55M | 104.52M | 92.37M | 81.89M | 69.55M | 58.37M | 54.94M | 39.66M | 28.9M | 23.82M | 0 | 0 | 0 |
| NII Growth % | 49.95% | 12.47% | 17.25% | 13.15% | 12.8% | 17.74% | 19.17% | 6.23% | 38.53% | 37.23% | 21.32% | - | - | - | - |
| Net Interest Margin % | 3.52% | 3.48% | 3.24% | 2.9% | 3.38% | 3.24% | 2.96% | 2.9% | 3.21% | 2.73% | 2.69% | 2.78% | 0% | 0% | 0% |
| Interest Income | 236.51M | 236.45M | 222.13M | 174.02M | 107.26M | 91.11M | 89.2M | 84.17M | 72.74M | 51.2M | 38.33M | 30.76M | 0 | 0 | 0 |
| Interest Expense | 96.78M | 98.63M | 99.58M | 69.5M | 14.89M | 9.22M | 19.65M | 25.8M | 17.79M | 11.54M | 9.42M | 6.94M | 4.14M | 3.41M | 3.28M |
| Loan Loss Provision | 15.9M | 11.89M | 1.18M | 7.94M | 2.87M | -232K | 9.54M | 3.98M | 3.45M | 2.67M | 2.7M | 2.67M | 0 | 0 | 0 |
| Non-Interest Income | 11.73M | 10.33M | 7.31M | -715K | 5.12M | 7.75M | 6.35M | 4M | 3.45M | 2.12M | 1.63M | 1.64M | 21.27M | 12.18M | 9.96M |
| Non-Interest Income % | 4.72% | 4.18% | 3.19% | -0.41% | 4.56% | 7.84% | 6.65% | 4.53% | 4.53% | 3.97% | 4.08% | 5.07% | 100% | 100% | 100% |
| Total Revenue | 248.24M | 246.78M | 229.44M | 173.3M | 112.38M | 98.87M | 95.55M | 88.17M | 76.19M | 53.31M | 39.96M | 32.41M | 21.27M | 12.18M | 9.96M |
| Revenue Growth % | 28.63% | 7.56% | 32.39% | 54.21% | 13.67% | 3.47% | 8.38% | 15.72% | 42.91% | 33.43% | 23.3% | 52.37% | 74.69% | 22.24% | - |
| Non-Interest Expense | 80.5M | 78.95M | 73.53M | 68.7M | 46.73M | 43.15M | 40.39M | 39.36M | 33.31M | 24.68M | 18.33M | 17.73M | 13.21M | 8.08M | 7.7M |
| Efficiency Ratio | 32.43% | 31.99% | 32.05% | 39.64% | 41.58% | 43.65% | 42.27% | 44.65% | 43.72% | 46.3% | 45.88% | 54.69% | 62.13% | 66.37% | 77.33% |
| Operating Income | 55.07M | 57.3M | 55.15M | 27.16M | 47.89M | 46.72M | 25.98M | 19.01M | 21.64M | 14.42M | 9.5M | 5.07M | 7.97M | 3.51M | 3.06M |
| Operating Margin % | 22.18% | 23.22% | 24.04% | 15.67% | 42.61% | 47.26% | 27.19% | 21.57% | 28.4% | 27.05% | 23.79% | 15.65% | 37.47% | 28.85% | 30.74% |
| Operating Income Growth % | - | 3.92% | 103.05% | -43.29% | 2.49% | 79.85% | 36.64% | -12.12% | 50.03% | 51.73% | 87.38% | -36.36% | 126.87% | 14.73% | - |
| Pretax Income | 55.07M | 57.3M | 55.15M | 27.16M | 47.89M | 46.72M | 25.98M | 19.01M | 21.64M | 14.42M | 9.5M | 5.07M | 8.05M | 2.79M | 2.26M |
| Pretax Margin % | 22.18% | 23.22% | 24.04% | 15.67% | 42.61% | 47.26% | 27.19% | 21.57% | 28.4% | 27.05% | 23.79% | 15.65% | 37.87% | 22.89% | 22.67% |
| Income Tax | 13.14M | 13.64M | 12.9M | 6.26M | 11.6M | 11.29M | 6.53M | 5.57M | 4.05M | 7.43M | 3.1M | 1.19M | 2.22M | 1.08M | -330K |
| Effective Tax Rate % | 23.87% | 23.81% | 23.39% | 23.05% | 24.23% | 24.17% | 25.14% | 29.29% | 18.7% | 51.5% | 32.6% | 23.36% | 27.54% | 38.72% | -14.61% |
| Net Income | 41.92M | 43.66M | 42.24M | 20.9M | 36.29M | 35.43M | 19.45M | 13.45M | 17.59M | 6.99M | 6.41M | 3.89M | 5.84M | 1.71M | 2.59M |
| Net Margin % | 16.89% | 17.69% | 18.41% | 12.06% | 32.29% | 35.83% | 20.35% | 15.25% | 23.09% | 13.12% | 16.03% | 11.99% | 27.44% | 14.03% | 25.98% |
| Net Income Growth % | 7.19% | 3.35% | 102.15% | -42.41% | 2.42% | 82.17% | 44.65% | -23.56% | 151.52% | 9.16% | 64.81% | -33.4% | 241.69% | -34% | - |
| Net Income (Continuing) | 41.92M | 43.66M | 42.24M | 20.9M | 36.29M | 35.43M | 19.45M | 13.45M | 17.59M | 6.99M | 6.41M | 3.89M | 5.84M | 1.71M | 2.59M |
| EPS (Diluted) | 1.66 | 1.74 | 1.67 | 0.95 | 1.84 | 1.79 | 0.97 | 0.69 | 0.95 | 0.48 | 0.61 | 0.41 | 0.63 | 0.33 | 0.63 |
| EPS Growth % | 8.44% | 4.19% | 75.79% | -48.37% | 2.79% | 84.54% | 40.58% | -27.37% | 97.92% | -21.31% | 48.78% | -34.92% | 90.91% | -47.62% | - |
| EPS (Basic) | - | 1.75 | 1.68 | 0.95 | 1.86 | 1.81 | 0.98 | 0.70 | 0.97 | 0.49 | 0.61 | 0.41 | 0.63 | 0.33 | 0.63 |
| Diluted Shares Outstanding | 25.2M | 25.1M | 25.28M | 22.07M | 19.72M | 19.82M | 20M | 19.39M | 18.57M | 14.58M | 10.58M | 9.49M | 9.31M | 5.17M | 4.08M |
CRE concentration credit risk
According to the latest quarterly data, First Bank's net interest income growth slowed to 6.0% in 2026Q1, a significant contraction from the 18.1% peak observed in 2025Q3, suggesting that the bank is facing mounting pressure from rising funding costs within its core New Jersey market.
The deceleration in NII growth appears to reflect the bank's struggle to maintain loan yields against an increasingly competitive deposit environment. Investors should monitor whether the bank's reliance on commercial lending will continue to be hampered by the higher cost of liquidity required to sustain its current balance sheet size.
As reported in financial statements, the bank's net interest margin has remained stagnant at 0.9% through early 2026, indicating that the institution is finding it difficult to expand its spread despite the broader interest rate environment that typically favors regional commercial lenders with floating-rate portfolios.
The lack of meaningful NIM expansion suggests that the bank's deposit beta may be higher than anticipated, effectively neutralizing the benefits of repricing its commercial loan book. This trend warrants further investigation into whether the bank's funding mix is becoming structurally more expensive as it competes for local deposits.
Based on the reported figures, the efficiency ratio deteriorated to 36.0% in 2026Q1 from a low of 29.5% in 2025Q4, which may indicate that the integration of the Malvern Bancorp acquisition is creating temporary operational friction and elevated non-interest expenses for the combined entity.
The recent spike in the efficiency ratio suggests that management is currently absorbing higher overhead costs associated with scaling the franchise. Analysts should watch for whether this trend reverses as the bank realizes expected synergies or if the cost structure remains permanently elevated due to the expanded geographic footprint.
As indicated by the bank's recent filings, the provision for loan losses reached $5.6M in 2026Q1, marking a substantial increase from the $234K recorded in 2024Q4, which suggests that management is proactively building reserves against potential deterioration in the commercial real estate portfolio.
This sharp rise in provision expense appears to be a defensive posture against the backdrop of a challenging CRE environment in the Mid-Atlantic region. Investors should monitor whether this trend continues, as it may signal that the bank is anticipating higher charge-offs in its core commercial and industrial loan segments.
Quick answers to the most common questions about buying FRBA stock.
First Bank (FRBA) is profitable, generating $43.7M in net income for the fiscal year ending 2025 with a net profit margin of 17.7%.
First Bank (FRBA) reported an operating income of $57.3M, resulting in an operating profit margin of 23.2%. This margin reflects the operational efficiency of the business before interest and taxes.
First Bank (FRBA) generated $136.3M in gross profit for the year, representing a gross profit margin of 55.2%. This demonstrates the company's core pricing power and production efficiency.