First Bank Surveillance Report

Company Profile

First Bank (NASDAQ: FRBA) (“the bank”) is a ~$4 billion asset bank that operates 27 branches between Philadelphia and NYC, with another in Southeast FL. The bank’s legacy footprint is primarily in Central New Jersey (headquartered in Hamilton), though FRBA has diversified its operations more into Eastern Pennsylvania over the years, in which the franchise currently reflects a 60/40 split between the NJ and PA markets, respectively.
Since its inception in 2007, the bank has grown through a combination of organic and acquisitive growth. FRBA has completed five whole bank and one branch-related transactions since 2014, which has added over $1.7 billion in assets. The most recent acquisition of Malvern Bancorp, Inc. (“Malvern”), which closed in 3Q23, was the largest transaction to date at just under $1 billion in assets, and strengthened the bank’s presence in Eastern PA, specifically on the Philadelphia Main Line. Moving forward, management will continue to…

KBRA is a global full-service rating agency with a mission to set a standard of excellence and integrity. Established in 2010, KBRA remains dedicated to the restoration of trust in credit ratings by creating new standards for assessing risk and by offering timely and transparent ratings. KBRA provides market participants with an alternative solution by delivering in-depth research across various sectors within the United States and European markets. We strive to provide the investment community with the products and tools needed to make informed investment decisions.