First Bank (FRBA.PK), 2465 Kuser Road, Hamilton 08690; 609-528-4400; fax, 609-587-8353. Patrick L. Ryan, president & CEO.www.firstbanknj.com
First Bank announced fourth quarter 2012 net income of $999,800 and a total of $2.58 million for the year.
In addition to its headquarters at 2465 Kuser Road in Hamilton, the bank has offices at 590 Lawrence Square Boulevard South in Lawrenceville; 1340 Parkway Avenue in Ewing, and 1020 North Blackhorse Pike in Williamstown.
Total assets as of the end of 2012 were $351 million, an increase of $23 million (7 percent) during the quarter. Total loans reached $260 million at quarter end, an increase of $18 million (7 percent) compared to September 30, 2012. Total deposits reached $309 million, an increase of $17 million (6 percent) compared to the end of the third quarter.
Patrick Ryan, president and CEO, said that income in the quarter was boosted by $332,100 resulting from the elimination of the valuation allowance against the bank’s deferred tax asset.
“In the fourth quarter, we saw the continuation of a number of positive trends,” said Ryan. “Interest income grew 4 percent while interest expense was flat; non-interest income grew $56,000 in the quarter; non-performing loan and asset metrics improved; and book value per share grew by $0.13.”
Dr. Brian Keegan of Windsor Dermatology has joined the Medical Advisory Board for the Princeton Fitness & Wellness Center. Keegan began serving his three-year term on January 1.
Nina Melker, senior vice president and commercial relationship manager for Hopewell Valley Community Bank, has been elected as the new chair of the Mercer County College Foundation. The foundation provides financial support for scholarships, facility expansion, and programs at the college.
Melker also serves as co-chair of the college’s annual fundraiser for student scholarships, which will be held on Thursday, April 4.
Hill Wallack LLP partners Michael Karpoff, Terry Kessler, and Ronald Perl, were featured speakers at the 34th annual Community Association Law Seminar in Tucson, Arizona, in January.
Karpoff and Kessler presented a seminar on “Essentials of Community Association Contracts: From Regular Operations to Capital Projects.” Perl spoke on “The Constitutional Conundrum: The Application of State and Federal Constitutions to Planned Communities and Condominiums.”
The Princeton Area Community Foundation has elected three new trustees: Eleanor Horne, Carolyn Sanderson, and Lisa Skeete Tatum.
Horne is retired vice president at Educational Testing Service’s Social Investment Fund. Sanderson is managing director of J.P. Morgan Private Bank in Princeton. Tatum is a former general partner of Cardinal Partners, a health care venture capital firm on Nassau Street.
Peter Naumann has joined Weichert Commercial Brokerage as sales associate. Naumann has almost 30 years of experience in the corporate sector focusing on sales and recruiting. He will be concentrating on the retail market.
Allstate Insurance/Van Leeuwen Insurance, 246 Nassau Street, Princeton 08540; 609-924-1484; fax, 609-497-7379. David W. Van Leeuwen, agency owner.
The Allstate Insurance office at 246 Nassau Street will be closing Thursday, February 28. Agency owner David Van Leeuwen is retiring.
A memorial service will be held on Sunday, February 17, at 2 p.m. for Joel May who died on December 24. The service will be held at Meadow Lakes, 300 Etra Road, East Windsor.
May was president of the Health Research and Educational Trust of New Jersey in Princeton. After he retired he taught computing principles at the Ewing Senior Net Computer Literacy Center, the Mercer County Educational Technology Training Center, and 55Plus of Princeton.
Livia Plaks, 65, on February 2. She was the co-founder and executive director of the Project on Ethnic Relations.
Ralph Collier, 91, on January 29. He was the voice of “The Week Ahead” on WWFM radio based at Mercer County Community College. For two decades he hosted a daily interview program on classical-music WFLN-FM.