HAMILTON, N.J., Feb. 11, 2013 /PRNewswire/ -- First Bank (OTC BB: FRBA) today announced fourth quarter 2012 results. Net income for the quarter was $999,800. Net income for the year ended 12/31/12 was $2,588,200.
Total assets at December 31, 2012 were $351 million, an increase of $23 million or 7% during the quarter. Total loans reached $260 million at quarter end, an increase of $18 million or 7% compared to September 30, 2012. Total deposits reached $309 million, an increase of $17 million or 6% compared to the end of the third quarter.
With the fourth quarter earnings and the $500,000 from the second closing of the capital offering on October 31, 2012, book equity increased to $31.0 million. Book value per share improved to $6.62.
President and Chief Executive Officer Patrick L. Ryan discussed the financial results: "Net income of almost $1.0 million in Q4 was up 50% compared to $664,500 in Q3. Income in the quarter was boosted by $332,100 due to the elimination of the valuation allowance against our deferred tax asset. Even without the tax benefit, core earnings were up slightly in the quarter."In the fourth quarter, we saw the continuation of a number of positive trends: interest income grew 4% while interest expense was flat; non-interest income grew $56k in the quarter; non-performing loan and asset metrics improved; and book value per share grew by $0.13. Given the challenging conditions in our industry, we are pleased with our results and are hopeful this positive momentum will continue in 2013." About First Bank