HAMILTON, NJ--(Marketwired - November 16, 2016) - First Bank (NASDAQ: FRBA) today announced that the Board of Directors, at their November 15, 2016 meeting, declared an initial quarterly cash dividend of $0.02 per share to common shareholders of record at the close of business on February 10, 2017 payable on February 28, 2017.
"We are extremely pleased to be able to initiate a cash dividend for our common shareholders," said Patrick L. Ryan, President and Chief Executive Officer. "We believe this dividend provides our shareholders an added tangible benefit, and feel it is appropriate given our current financial performance momentum. This and future cash dividends demonstrate the confidence we have in our strategy to continue to grow the Bank and its earnings."
About First Bank
First Bank (www.firstbanknj.com) is a New Jersey state-chartered bank with ten full-service branches in Cranbury, Denville, Ewing, Flemington, Hamilton, Lawrence, Randolph, Somerset and Williamstown, New Jersey, and Trevose, Pennsylvania. With $1.0 billion in assets as of September 30, 2016, First Bank offers a traditional range of deposit and loan products to individuals and businesses throughout the New York City to Philadelphia corridor. First Bank's common stock is listed on the Nasdaq Global Market under the symbol "FRBA".
This news release contains certain forward-looking statements, either expressed or implied, which are provided to assist the reader in understanding anticipated future financial performance. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond First Bank's control and could impede its ability to achieve these goals. These factors include those listed in our Annual Report on Form 10K under the caption "Item 1A-Risk Factors", and general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, and results of regulatory exams, among other factors.