To Our Valued Customers,

The banking industry is still under stress due to some recent bank failures, and we wanted to continue to update you on the fact that Firstrust was, is and continues to be Safe and Sound. Since our inception in 1934, Firstrust Bank has been devoted to delivering secure and reliable banking services. Our reputation is anchored in the core principles of financial stability, judicious risk management, and a conservative credit culture. These time-tested values have propelled our success and equipped us to successfully navigate even the most tumultuous economic periods.

As a privately held bank, we customarily refrain from publishing quarterly financials. However, considering the prevailing concerns within the banking sector, we recognize the importance of providing this information.

You can find our quarterly published financial information here.

Also, as a private company, our operations are unaffected by the ongoing short-selling activity in the market, particularly in the banking sector, as there are no publicly traded shares. This investment strategy employed by some can become destabilizing to banks, but we are not subject to that kind of market manipulation.

Our capital and our liquidity are and remain strong.

As of March 31, 2023, the Bank had just under $525 million in cash and another $500 million in readily marketable securities, thereby providing for sufficient liquidity to meet any eventuality.

In addition, our total capital grew to $487 million during the first quarter as we posted net income of $25 million.

Our capital level includes the mark to market adjustment in our securities portfolio and we have determined that even if all our securities had to be sold at current market prices, Firstrust would still well exceed the ratios required to be rated well capitalized.

Our conservative credit culture has been instrumental in ensuring our long-term stability. Our lending practices emphasize rigorous underwriting standards and responsible risk-taking. This approach has allowed us to weather economic storms and provide unwavering support to our customers throughout our history.

At Firstrust Bank, we understand the trust you place in us to safeguard your hard-earned money, and we never take this responsibility lightly. Our commitment to safe and sound banking practices has been the cornerstone of our success for nearly a century, and we remain dedicated to serving you with the same level of integrity and security.

Thank you for your continued trust in Firstrust Bank. We appreciate your business and look forward to supporting your financial goals for many years to come.
‍

Richard J. Green

Executive Chairman of the Board

Timothy J. Abell

CEO & President