1st Colonial Bancorp, Inc. (OTCQB:FCOB), holding company of 1st
Colonial Community Bank, today reported that its net income for the
three months ended December 31, 2014 was $561,000 ($0.14 per
share), compared to $153,000 ($0.04 per share) for the three months
ended December 31, 2013. Net interest income increased $483,000
resulting from continued growth in interest earning assets.
Non-interest income also increased by $202,000, primarily
attributable to increased fees from the origination and sale of
residential first mortgage loans.
The provision for loan losses increased by $185,000 for the
quarter ended December 31, 2014 from the quarter ended December 31,
2013. Non-interest expense decreased by $141,000 in the three
months ended December 31, 2014 compared to the three months ended
December 31, 2013; salaries and benefits increased by $385,000
primarily as a result of key additions of personnel in the
residential lending area, offset by a $500,000 decrease in costs
related to the collection of problem loans during the quarter ended
December 31, 2014 compared to the quarter ended December 31,
2013.
Gerry Banmiller, President and Chief Executive Officer,
commented, “We have continued to diversify our loan portfolio in
such a way as to not rely too much on any particular loan
type.”
Net income for the year ended December 31, 2014 was $1.33
million ($0.36 per share), compared to $873,000 ($0.26 per share)
for the year ended December 31, 2013.
At December 31, 2014, 1st Colonial also reported $409 million in
total assets, $377.8 million in deposits and $249.2 million in
loans. These amounts reflect increases of $72.8 million in assets,
$71.0 million in deposits, $57.2 million in loans and $14.2 million
in investment securities from December 31, 2013.
Net interest income of $10.55 million for the year ended
December 31, 2014 was $1.35 million, or 14.7%, higher than the net
interest income of $9.20 million for the year ended December 31,
2013, resulting from an increase in average interest earning assets
of approximately $40 million for the year ended December 31, 2014
compared to the year ended December 31, 2013. 1st Colonial’s
provision for loan losses was $1.23 million for the year ended
December 31, 2014 compared to a provision for loan losses of $1.02
million for the year ended December 31, 2013.
Non-interest income of $2.06 million for the year ended December
31, 2014 was $234,000 lower than non-interest income for the year
ended December 31, 2013. Fees generated by the origination and sale
of residential mortgage loans and SBA loans decreased by $10,000
and $352,000 respectively, due to a decrease in the number of such
loans closed in 2014 compared to 2013 and a decision to retain some
of the residential loans in the Bank’s portfolio. These decreases
were partially offset by a gain on the sale of investment
securities of $108,000 for the year ended December 31, 2014
compared to no such gain during the year ended December 31,
2013.
Non-interest expense for the year ended December 31, 2014
increased $185,000 or 2.0% from the year ended December 31, 2013.
Occupancy and equipment expenses increased $202,000 due to the
relocation of our Administration and Loan Offices from Collingswood
to Cherry Hill, and salaries and benefits increased by $520,000 due
to the additions to our residential lending staff mentioned above,
additional support personnel and normal increases; however, these
increases were partially offset by a decrease in expenses related
the collection of problem assets of $409,000 and other expense
decreases.
The company also reported that its shareholders equity of $27.0
million and book value per share of $7.67 at December 31, 2014
increased by 8.9% and 8.8%, respectively, since December 31, 2013.
This was due to a reduction in the unrealized loss in the
investment portfolio, as interest rates moved lower compared to
prior year, and additions to capital through accretive earnings of
$1.36 million for the year ended December 31, 2013.
During the quarter, the Bank closed its current branch office
located at 2802 Route 130 North, Cinnaminson, New Jersey. This
branch ceased all branch banking operations at the close of
business on Friday, December 19, 2014. The Bank anticipates that
closing the branch will save the Bank approximately $250,000 per
year in operating costs, and significantly more than that when the
building is sold.
Highlights as of December 31, 2014 and December 31, 2013, and
comparing the three months and year ended December 31, 2014 and the
three months and year ended December 31, 2013, respectively,
include the following (dollars in thousands, except per share
data):
At At $ %
December 31,
December 31,
increase/ increase/
2014
2013
decrease decrease Total assets $409,000 $336,172 $72,828
21.7%
Total loans 249,238 192,077 57,161
29.8%
Investments 137,613 123,461 14,152
11.5%
Total deposits 377,934 306,979 70,955
23.1%
Shareholders' equity 26,984 24,777 2,207
8.9%
Book Value Per Share (1) 7.67 7.05 0.62
8.8%
For the year ended
$
%
December 31,
December 31,
increase/
increase/
2014
2013
decrease decrease Net interest income $10,549 $9,197 $1,352
14.7%
Provision for loan losses 1,225 1,015 210
20.7%
Other income 2,060 2,294
(234)
-10.2%
Non interest expense 9,451 9,266 185
2.0%
Tax expense 607 337 270
80.1%
Net income 1,326 873 453
51.9%
Earnings per share (1) $0.36 $0.25 $0.11
43.0%
For the three months ended
$
%
December 31,
December 31,
increase/
increase/
2014
2013
decrease decrease Net interest income $2,884 $2,401 $483
20.1%
Provision for loan losses $400 $215 185
86.0%
Other income $783 $581 202
34.8%
Non interest expense $2,403 $2,544
(141)
-5.5%
Tax expense 303 70 233
332.9%
Net income 561 153 408
266.7%
Earnings per share (1) $0.14 $0.04 $0.10
227.5%
(1) Adjusted to give effect to the 5% stock dividend
distributed to shareholders on April 15, 2014.
1st Colonial Community Bank, the subsidiary of 1st Colonial
Bancorp, provides a range of business and consumer financial
services, placing emphasis on customer service and access to
decision makers. Headquartered in Collingswood, New Jersey, the
Bank also has a branch in the New Jersey community of Westville and
a loan production office in Mantua, Gloucester County. To learn
more, call (856) 858-8402 or visit www.1stcolonial.com.
This Release contains forward-looking statements that are not
historical facts and include statements about management’s
strategies and expectations about our business. There are risks and
uncertainties that may cause our actual results and performance to
be materially different from results indicated by these
forward-looking statements. Factors that might cause a difference
include economic conditions; unanticipated loan losses, inability
to close loans in our pipeline, lack of liquidity; varying and
unanticipated costs of collection with respect to nonperforming
loans; an inability to dispose of its real estate owned; changes in
interest rates, changes in FDIC assessments, deposit flows, loan
demand, and real estate values; changes in relationships with major
customers; operational risks, including the risk of fraud by
employees, customers or outsiders; competition; changes in
accounting principles, policies or guidelines; changes in laws or
regulations and in the manner in which the regulators enforce same;
new technology and other factors affecting our operations, pricing,
products and services.
1st Colonial Bancorp, Inc.Gerry Banmiller, 856-858-8402
1st Colonial Bancorp (PK) (USOTC:FCOB)
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