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FRBA

First Bank NasdaqGM:FRBA Stock Report

Last Price

US$13.67

Market Cap

US$265.7m

7D

-3.4%

1Y

0.7%

Updated

02 Oct, 2022

Data

Company Financials +
FRBA fundamental analysis
Snowflake Score
Valuation6/6
Future Growth2/6
Past Performance4/6
Financial Health6/6
Dividends3/6

FRBA Stock Overview

First Bank provides various banking products and services to individuals, businesses, and governmental entities.

First Bank Competitors

Price History & Performance

Summary of all time highs, changes and price drops for First Bank
Historical stock prices
Current Share PriceUS$13.67
52 Week HighUS$16.76
52 Week LowUS$13.02
Beta0.73
1 Month Change-7.64%
3 Month Change-3.39%
1 Year Change0.74%
3 Year Change29.08%
5 Year Change7.64%
Change since IPO30.19%

Recent News & Updates

Aug 10

First Bank goes ex dividend tomorrow

First Bank (NASDAQ:FRBA) has declared $0.06/share quarterly dividend, in line with previous. Payable Aug. 26; for shareholders of record Aug. 12; ex-div Aug. 11. See FRBA Dividend Scorecard, Yield Chart, & Dividend Growth.

Shareholder Returns

FRBAUS BanksUS Market
7D-3.4%-3.2%-2.5%
1Y0.7%-26.1%-23.2%

Return vs Industry: FRBA exceeded the US Banks industry which returned -26.1% over the past year.

Return vs Market: FRBA exceeded the US Market which returned -23.2% over the past year.

Price Volatility

Is FRBA's price volatile compared to industry and market?
FRBA volatility
FRBA Average Weekly Movement3.9%
Banks Industry Average Movement3.4%
Market Average Movement6.8%
10% most volatile stocks in US Market15.5%
10% least volatile stocks in US Market2.8%

Stable Share Price: FRBA is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: FRBA's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2007225Pat Ryanhttps://www.firstbanknj.com

First Bank provides various banking products and services to individuals, businesses, and governmental entities. The company accepts various deposits, including non-interest bearing demand deposits, interest bearing demand accounts, money market accounts, savings accounts, and certificates of deposit, as well as commercial checking accounts. Its loan products include commercial and industrial loans; commercial real estate loans, such as owner-occupied, investor, construction and development, and multi-family loans; residential real estate loans comprising residential mortgages, first and second lien home equity loans, and revolving lines of credit; and consumer and other loans that include auto, personal, and traditional installment loans.

First Bank Fundamentals Summary

How do First Bank's earnings and revenue compare to its market cap?
FRBA fundamental statistics
Market CapUS$265.73m
Earnings (TTM)US$33.86m
Revenue (TTM)US$89.40m

7.8x

P/E Ratio

1.0x

P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
FRBA income statement (TTM)
RevenueUS$89.40m
Cost of RevenueUS$0
Gross ProfitUS$89.40m
Other ExpensesUS$55.54m
EarningsUS$33.86m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Oct 25, 2022

Earnings per share (EPS)1.74
Gross Margin100.00%
Net Profit Margin37.87%
Debt/Equity Ratio41.3%

How did FRBA perform over the long term?

See historical performance and comparison

Dividends

1.8%

Current Dividend Yield

12%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is FRBA undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FRBA?

Other financial metrics that can be useful for relative valuation.

FRBA key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenuen/a
Enterprise Value/EBITDAn/a
PEG Ratio0.8x

Price to Earnings Ratio vs Peers

How does FRBA's PE Ratio compare to its peers?

FRBA PE Ratio vs Peers
The above table shows the PE ratio for FRBA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average8.8x
UNTY Unity Bancorp
7x6.0%US$263.9m
FBIZ First Business Financial Services
7.5x-3.2%US$273.9m
FGBI First Guaranty Bancshares
8x1.3%US$234.5m
MYFW First Western Financial
12.8x35.3%US$233.9m
FRBA First Bank
7.8x9.5%US$265.7m

Price-To-Earnings vs Peers: FRBA is good value based on its Price-To-Earnings Ratio (7.8x) compared to the peer average (8.8x).


Price to Earnings Ratio vs Industry

How does FRBA's PE Ratio compare vs other companies in the US Banks Industry?

Price-To-Earnings vs Industry: FRBA is good value based on its Price-To-Earnings Ratio (7.8x) compared to the US Banks industry average (9.4x)


Price to Earnings Ratio vs Fair Ratio

What is FRBA's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

FRBA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7.8x
Fair PE Ratio12.3x

Price-To-Earnings vs Fair Ratio: FRBA is good value based on its Price-To-Earnings Ratio (7.8x) compared to the estimated Fair Price-To-Earnings Ratio (12.3x).


Share Price vs Fair Value

What is the Fair Price of FRBA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: FRBA ($13.67) is trading below our estimate of fair value ($29)

Significantly Below Fair Value: FRBA is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


Discover undervalued companies

Future Growth

How is First Bank forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


9.5%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FRBA's forecast earnings growth (9.5% per year) is above the savings rate (1.9%).

Earnings vs Market: FRBA's earnings (9.5% per year) are forecast to grow slower than the US market (14.8% per year).

High Growth Earnings: FRBA's earnings are forecast to grow, but not significantly.

Revenue vs Market: FRBA's revenue (11.1% per year) is forecast to grow faster than the US market (7.7% per year).

High Growth Revenue: FRBA's revenue (11.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: FRBA's Return on Equity is forecast to be low in 3 years time (12.9%).


Discover growth companies

Past Performance

How has First Bank performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


29.9%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: FRBA has high quality earnings.

Growing Profit Margin: FRBA's current net profit margins (37.9%) are higher than last year (37.2%).


Past Earnings Growth Analysis

Earnings Trend: FRBA's earnings have grown significantly by 29.9% per year over the past 5 years.

Accelerating Growth: FRBA's earnings growth over the past year (10.5%) is below its 5-year average (29.9% per year).

Earnings vs Industry: FRBA earnings growth over the past year (10.5%) exceeded the Banks industry 8.4%.


Return on Equity

High ROE: FRBA's Return on Equity (12.3%) is considered low.


Discover strong past performing companies

Financial Health

How is First Bank's financial position? (This company is analysed differently as a bank or financial institution)

Financial Health Score

6/6

Financial Health Score 6/6

  • Asset Level

  • Allowance for Bad Loans

  • Low Risk Liabilities

  • Loan Level

  • Low Risk Deposits

  • Level of Bad Loans

Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: FRBA's Assets to Equity ratio (9.3x) is low.

Allowance for Bad Loans: FRBA has a sufficient allowance for bad loans (211%).

Low Risk Liabilities: 94% of FRBA's liabilities are made up of primarily low risk sources of funding.

Loan Level: FRBA has an appropriate level of Loans to Assets ratio (85%).

Low Risk Deposits: FRBA's Loans to Deposits ratio (101%) is appropriate.

Level of Bad Loans: FRBA has an appropriate level of bad loans (0.5%).


Discover healthy companies

Dividend

What is First Bank current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


1.76%

Current Dividend Yield

Dividend Yield vs Market

First Bank Dividend Yield vs Market
How does First Bank dividend yield compare to the market?
SegmentDividend Yield
Company (First Bank)1.8%
Market Bottom 25% (US)1.7%
Market Top 25% (US)4.7%
Industry Average (Banks)3.4%
Analyst forecast in 3 Years (First Bank)1.8%

Notable Dividend: FRBA's dividend (1.76%) is higher than the bottom 25% of dividend payers in the US market (1.67%).

High Dividend: FRBA's dividend (1.76%) is low compared to the top 25% of dividend payers in the US market (4.73%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, FRBA has been paying a dividend for less than 10 years.

Growing Dividend: FRBA's dividend payments have increased, but the company has only paid a dividend for 6 years.


Current Payout to Shareholders

Earnings Coverage: With its low payout ratio (12.1%), FRBA's dividend payments are thoroughly covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: FRBA's dividends in 3 years are forecast to be thoroughly covered by earnings (11.6% payout ratio).


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

2.1yrs

Average management tenure


CEO

Pat Ryan (46 yo)

14yrs

Tenure

US$1,032,498

Compensation

Mr. Patrick L. Ryan has been the Chief Executive Officer and President of First Bank since January 1, 2013 and has been its Director since 2008. Mr. Ryan served as Member of Community Depository Institutio...


CEO Compensation Analysis

Pat Ryan's Compensation vs First Bank Earnings
How has Pat Ryan's remuneration changed compared to First Bank's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

US$34m

Mar 31 2022n/an/a

US$34m

Dec 31 2021US$1mUS$513k

US$35m

Sep 30 2021n/an/a

US$34m

Jun 30 2021n/an/a

US$31m

Mar 31 2021n/an/a

US$26m

Dec 31 2020US$884kUS$478k

US$19m

Sep 30 2020n/an/a

US$18m

Jun 30 2020n/an/a

US$14m

Mar 31 2020n/an/a

US$12m

Dec 31 2019US$799kUS$455k

US$13m

Sep 30 2019n/an/a

US$12m

Jun 30 2019n/an/a

US$17m

Mar 31 2019n/an/a

US$18m

Dec 31 2018US$827kUS$430k

US$18m

Sep 30 2018n/an/a

US$14m

Jun 30 2018n/an/a

US$11m

Mar 31 2018n/an/a

US$9m

Dec 31 2017US$629kUS$360k

US$7m

Sep 30 2017n/an/a

US$8m

Jun 30 2017n/an/a

US$8m

Mar 31 2017n/an/a

US$7m

Dec 31 2016US$610kUS$310k

US$6m

Sep 30 2016n/an/a

US$5m

Jun 30 2016n/an/a

US$4m

Mar 31 2016n/an/a

US$4m

Dec 31 2015US$401kUS$280k

US$4m

Compensation vs Market: Pat's total compensation ($USD1.03M) is below average for companies of similar size in the US market ($USD1.69M).

Compensation vs Earnings: Pat's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: FRBA's management team is considered experienced (2.1 years average tenure).


Board Members

Experienced Board: FRBA's board of directors are considered experienced (9.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

NasdaqGM:FRBA Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
15 Jun 22BuyUS$7,000John StrydeskyIndividual500US$14.00
01 Feb 22BuyUS$7,390Peter CahillIndividual515US$14.35

Ownership Breakdown

What is the ownership structure of FRBA?
Owner TypeNumber of SharesOwnership Percentage
Private Companies69,0000.4%
Individual Insiders1,868,8589.6%
VC/PE Firms2,736,89014.1%
Institutions6,376,14232.8%
General Public8,388,27843.2%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 48.78% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
8.2%
Patriot Financial Partners, L.P.
1,594,437$21.8m0%6.01%
5.88%
Banc Funds Company, L.L.C.
1,142,453$15.6m0%1.47%
4.74%
BlackRock, Inc.
922,162$12.6m1.22%no data
4.27%
The Vanguard Group, Inc.
830,290$11.4m-0.41%no data
3.27%
Dimensional Fund Advisors LP
634,786$8.7m10.35%no data
2.03%
Wellington Management Group LLP
395,187$5.4m36.74%no data
1.66%
AllianceBernstein L.P.
322,518$4.4m7.68%no data
1.61%
John Strydesky
312,743$4.3m1.62%no data
1.6%
Capital Market Strategies Llc
310,600$4.2m0%4.72%
1.48%
State Street Global Advisors, Inc.
287,946$3.9m-0.91%no data
1.41%
BHZ Capital Management, LP
274,953$3.8m-0.79%1.87%
1.4%
Patrick Ryan
273,044$3.7m-9.26%no data
1.36%
Geode Capital Management, LLC
263,920$3.6m-1.16%no data
1.27%
Ryan Financial LLC
246,838$3.4m0%no data
1.06%
Gary Hofing
205,802$2.8m0%no data
1.06%
Leslie Goodman
205,095$2.8m2.5%no data
1.03%
MFP Investors LLC
200,100$2.7m0%0.52%
1.02%
Patrick Ryan
197,720$2.7m0%no data
0.93%
IAM Advisory LLC
179,941$2.5m0%1.08%
0.76%
Tontine Capital Management LLC
148,076$2.0m-1.09%0.25%
0.66%
Northern Trust Global Investments
128,595$1.8m-1.68%no data
0.62%
Peter Pantages
121,116$1.7m-28.64%no data
0.55%
Bridgeway Capital Management, LLC
106,322$1.5m-37.87%0.03%
0.46%
Elbert Basolis
90,381$1.2m0%no data
0.45%
Foundry Partners, LLC
88,025$1.2m0%0.08%

Company Information

First Bank's employee growth, exchange listings and data sources


Key Information

  • Name: First Bank
  • Ticker: FRBA
  • Exchange: NasdaqGM
  • Founded: 2007
  • Industry: Regional Banks
  • Sector: Banks
  • Implied Market Cap: US$265.733m
  • Shares outstanding: 19.44m
  • Website: https://www.firstbanknj.com

Number of Employees


Location

  • First Bank
  • 2465 Kuser Road
  • Hamilton
  • New Jersey
  • 8690
  • United States


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FRBANasdaqGM (Nasdaq Global Market)YesCommon StockUSUSDMar 2007
6UTDB (Deutsche Boerse AG)YesCommon StockDEEURMar 2007

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/02 00:00
End of Day Share Price2022/09/30 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.