First Bank

FRBA

$18.32

+0.94%

2026-09-04 12:49:28 EDT+$0.17

Financial Services

Banks - Regional

NASDAQ

Active Trading

First Bank offers a comprehensive array of financial products and services tailored for individuals, businesses, and governmental bodies. Its diverse deposit options ...

Supply Chain of FRBA

Upstream

Foundry, packaging, memory, wafers, components, and input vendors.

Upstream

Federal Home Loan Bank of New York (FHLBNY)

Federal Reserve Bank (FRB)

Federal Deposit Insurance Corporation (FDIC)

Backbase

Small Business Administration (SBA)

Federal Home Loan Bank of New York (FHLBNY)

OTC:FHLBN

Wholesale funding provider — FHLB advances secured against loan collateral; key liquidity and funding source

Federal Reserve Bank (FRB)

Central bank payment services, reserve accounts, discount window liquidity access

Federal Deposit Insurance Corporation (FDIC)

Deposit insurance and regulatory supervision; enables deposit gathering franchise

Fiserv, Inc.

NYSE:FI

Core banking system provider — likely core processing platform (Premier); account processing, transaction posting, general ledger

Jack Henry & Associates, Inc.

NASDAQ:JKHY

Alternative potential core banking provider — SilverLake System; enterprise-wide automation for community banks

Downstream

Customers, distributors, OEMs, and channels that absorb output.

Downstream

Commercial Real Estate Investors (Small-to-Mid-Scale)

Owner-Occupied Commercial Real Estate Borrowers

Commercial & Industrial (C&I) Borrowers

Multi-Family Property Owners

Construction & Development Companies

Residential Mortgage Borrowers

Small Business Borrowers (SBA Loans)

Atlantic Merchant Services

Commercial Real Estate Investors (Small-to-Mid-Scale)

Largest borrower group — non-owner-occupied CRE financing for multifamily, office, retail, industrial properties in NJ corridor · 35.9%

Owner-Occupied Commercial Real Estate Borrowers

SME and mid-market business owners financing their own operational properties · 20.3%

Commercial & Industrial (C&I) Borrowers

Working capital, equipment financing, and term loans to local/regional businesses across NJ, PA, FL · 21.5%

Multi-Family Property Owners

Apartment complex and multi-family rental property financing in the bank's footprint · 9.9%

Construction & Development Companies

Construction loans for residential and commercial development projects · 5.9%

Proxies

Public comparables and monitoring names used as representatives for the analysis.

Proxies

Provident Financial Services, Inc.

First Bancorp (Southern Pines, NC)

Peoples Bancorp (Marietta, OH)

Provident Financial Services, Inc.

NYSE:PFS

Regional bank peer headquartered in New Jersey with similar community banking model, CRE-focused loan portfolio, and comparable asset size (~$14B), offering the closest public market proxy for FRBA's business profile and geographic exposure.

First Bancorp (Southern Pines, NC)

NASDAQ:FBNC

OceanFirst Financial Corp.

NASDAQ:OCFC

New Jersey-based regional bank with similar community bank model and strong CRE concentration, offering direct geographic overlap with FRBA's core market.

Peoples Bancorp (Marietta, OH)

NASDAQ:PEBO

Comparable-sized regional bank (~$9B assets) with similar commercial lending focus and traditional deposit-funded business model.

Geographic

Region-level exposures that can distort the supply network.

Geographic

New Jersey (Central & Southern)

Pennsylvania (Philadelphia MSA)

Florida

Commercial Real Estate Borrowers (NJ-based)

PA-based C&I and CRE Borrowers

FL-based Borrowers

New Jersey (Central & Southern)

Primary lending and deposit market — majority of branches and loan portfolio

Commercial Real Estate Borrowers (NJ-based)Largest borrower segment in primary market

Pennsylvania (Philadelphia MSA)

Secondary market — branch presence and lending activity

PA-based C&I and CRE BorrowersSecondary lending market in greater Philadelphia corridor

Florida

Tertiary market — limited branch presence, some lending activity

FL-based BorrowersExpanding market with hurricane and climate risk exposure

Concentration

Customer, supplier, or partner concentration exposures that can distort the supply network.

Customer

Critical

Commercial Real Estate concentration — combined CRE (investor + owner-occupied + construction) represents ~62% of total loan portfolio, significantly above regulatory guidance levels, creating vulnerability to CRE market downturns

Other

High

Net interest margin sensitivity — as a traditional deposit-funded lender, profitability is highly sensitive to interest rate changes and yield curve shape; NIM compressed if deposit costs rise faster than loan yields

Other

High

Geographic concentration — loan portfolio heavily concentrated in New Jersey, Pennsylvania, and Florida markets, all subject to regional economic conditions, local real estate cycles, and natural disaster risk (hurricanes in FL)

Foundry

Medium

Technology vendor dependency — reliance on a small number of core banking system providers (Fiserv/Jack Henry/FIS) creates operational risk if vendor experiences service disruptions or sunset critical systems

Other

Medium

Deposit competition risk — competition from larger national banks and online fintechs for low-cost core deposits, which are the primary funding source for the loan portfolio

Revenue mix

How the target's revenue mix translates into supply-chain leverage and dependency.

Commercial & Industrial (C&I) Lending

21.5%

Drives demand for upstream credit analysis tools, loan origination systems, and treasury management technology. Downstream serves SME and mid-market corporate borrowers across NJ/PA/FL.

Commercial Real Estate — Investor (CREI)

35.9%

Largest portfolio segment; requires specialized CRE underwriting software, appraisal services, and property valuation data providers. Exposure to investor-owned multifamily and commercial properties creates geographic concentration risk.

Commercial Real Estate — Owner-Occupied (CREO)

20.3%

Funds business owners purchasing their own facilities; tied closely to SBA lending capabilities and requires upstream SBA guaranty processing infrastructure.

Multi-Family Lending

9.9%

Linked to housing market conditions; uses similar upstream underwriting and servicing platforms as CREI.

Construction & Development Lending

5.9%

Higher-risk segment requiring construction draw management systems; dependent on upstream project monitoring and inspection services.

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First Bank

Supply Chain of FRBA

Upstream

Federal Home Loan Bank of New York (FHLBNY)

Federal Reserve Bank (FRB)

Federal Deposit Insurance Corporation (FDIC)

Fiserv, Inc.

Jack Henry & Associates, Inc.

Backbase

Visa Inc. / Mastercard Inc.

Small Business Administration (SBA)

View More

Downstream

Commercial Real Estate Investors (Small-to-Mid-Scale)

Owner-Occupied Commercial Real Estate Borrowers

Commercial & Industrial (C&I) Borrowers

Multi-Family Property Owners

Construction & Development Companies

Residential Mortgage Borrowers

Small Business Borrowers (SBA Loans)

Atlantic Merchant Services

Proxies

Provident Financial Services, Inc.

First Bancorp (Southern Pines, NC)

OceanFirst Financial Corp.

Peoples Bancorp (Marietta, OH)

Geographic

New Jersey (Central & Southern)

Pennsylvania (Philadelphia MSA)

Florida

Supply Chain of FRBA

Upstream

Federal Home Loan Bank of New York (FHLBNY)

Federal Reserve Bank (FRB)

Federal Deposit Insurance Corporation (FDIC)

Fiserv, Inc.

Jack Henry & Associates, Inc.

Backbase

Visa Inc. / Mastercard Inc.

Small Business Administration (SBA)

View More

Downstream

Commercial Real Estate Investors (Small-to-Mid-Scale)

Owner-Occupied Commercial Real Estate Borrowers

Commercial & Industrial (C&I) Borrowers

Multi-Family Property Owners

Construction & Development Companies

Residential Mortgage Borrowers

Small Business Borrowers (SBA Loans)

Atlantic Merchant Services

Proxies

Provident Financial Services, Inc.

First Bancorp (Southern Pines, NC)

OceanFirst Financial Corp.

Peoples Bancorp (Marietta, OH)

Geographic

New Jersey (Central & Southern)

Pennsylvania (Philadelphia MSA)

Florida