First Bank had a standout year in 2024, more than doubling its earnings to $44 million from just under $21 million in 2023 — the biggest jump among Philadelphia-area banks. The Hamilton, N.J.-based bank credited this growth to its acquisition of Malvern Bancorp in July 2023, along with strong loan growth and higher loan interest rates.
Like many banks, First Bank is adjusting to recent Federal Reserve rate cuts and changing economic conditions. While challenges like rising deposit costs and banking regulations remain, the Bank’s strong loan growth puts it in a good position moving forward.
Looking ahead to 2025, analysts believe the banking industry will continue to improve, which could help First Bank build on its recent success.
Read more at Philadelphia Business Journal.
