First Bank Targets Loan Growth Near $300 Million, Authorizes Up to $24 Million in Buybacks

First Bank Chief Lending Officer Peter Cahill said Friday the bank is targeting total loan growth near $300 million in 2027, above its recent $200 million annual goal; directors also authorized up to $24 million in share repurchases.

The board authorization permits purchases of as many as 1.2 million shares, with $24 million as the aggregate maximum. It runs through Sept. 30, 2027, and does not require First Bank to buy a set number of shares. Purchases depend on market conditions and other factors.

First Bank made no share repurchases during the third quarter of 2026. Its previous program expired Sept. 30, 2026, after 359,007 shares had been bought for $5.5 million, averaging $15.46 per share.

Total loans stood at $3.42 billion on Sept. 30, up $50.2 million from June 30, a 5.9% annualized increase. Deposits reached $3.37 billion after rising $43 million over the same period, a 5.1% annualized increase.

On the earnings call, Cahill put the probable funding pipeline at $363 million at Sept. 30, compared with $326 million at March quarter-end and $323 million at June quarter-end. He described the September figure as about 12% above the average of those March and June amounts.

First Bank's third-quarter net income was $12.2 million, or 49 cents per diluted share. That compared with $10.9 million, or 43 cents, in the second quarter and $11.7 million, or 47 cents, in the third quarter of 2025.

The New Jersey-chartered bank is based in Hamilton, New Jersey. It had $4.05 billion in assets as of Sept. 30, and its common stock trades on Nasdaq under FRBA.