1st Colonial Bancorp First Quarter Profit up 22 Percent
April 16 2008 - 2:05PM
Business Wire
Gerry Banmiller, the President and Chief Executive Officer of 1st
Colonial Bancorp, Inc. (OTCBB:FCOB), holding company of 1st
Colonial National Bank, today announced: �We are glad to report to
our shareholders and to the public that in contrast to a
significant amount of negative news from other banks, 1st Colonial
continues to grow in net income and assets. Our first quarter 2008
earning�s rose 22.0% or $42,000, and our assets at March 31 grew
$37.5�million to $229.0�million, compared to the quarter ended
March 31, 2007. These results demonstrate that 1st Colonial
continues its upward trend in profitability and growth.� 1st
Colonial reported that its net income for the three months ended
March 31, 2008 was $233,000 compared to $191,000 for the three
months ended March 31, 2007. Additionally, diluted earnings per
share increased to $.08 for the quarter ended March 31, 2008 from
$.06 for the quarter ended March 31, 2007. The earnings per share
numbers for both periods have been adjusted to reflect the 5% stock
dividends paid on April 15, 2008 and April 16, 2007. At March 31,
2008, 1st Colonial also reported $131.5�million in loans, an
increase of $19.1�million from March 31, 2007. Deposits were $200.1
million, an increase of $35.5 million or 21.6% from March 31, 2007.
For the quarter, 1st Colonial�s net interest income of $1.5 million
was $222,000, or 17.6%, higher than the first quarter of 2007.
Non-interest expense also increased $189,000 or 17.2% from the
comparable period in 2007. Salaries and benefits accounted for
$80,000 of the increase, occupancy and equipment expense increased
by $49,000 due to our new administrative headquarters, FDIC
assessments increased by $31,000 and advertising expense increased
by $15,000. Highlights as of March 31, 2008 and March 31, 2007, and
comparing the three months ended March 31, 2008 and the three
months ended March 31, 2007, respectively (all unaudited), include
the following (dollars in thousands, except per share data): � At �
At � $ increase/ � % increase/ March 31, 2008 March 31, 2007
(decrease) (decrease) � Total assets $ 228,961 $ 191,442 $ 37,519
19.6 % � Total loans 131,455 112,306 19,149 17.1 % � Total deposits
200,118 164,592 35,526 21.6 % � Shareholders' equity 21,918 21,127
791 3.7 % � For the three months ended � $ increase/ % increase/
March 31, 2008 March 31, 2007 (decrease) (decrease) � Net interest
income $ 1,482 $ 1,260 $ 222 17.6 % � Provision for loan losses 30
22 8 36.4 % � Other income 146 141 5 3.5 % � Non-interest expense
1,288 1,099 189 17.2 % � Net income 233 191 42 22.0 % � Earnings
per share, diluted $ 0.08 $ 0.06 $ 0.02 33.3 % 1st Colonial
National Bank, the subsidiary of 1st Colonial Bancorp, provides a
range of business and consumer financial services, placing emphasis
on customer service, access to decision makers and quick turnaround
on credit applications. Headquartered in Collingswood, New Jersey,
the Bank also has branches in the New Jersey communities of
Westville and Cinnaminson. 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; changes in interest rates,
deposit flows, loan demand, and real estate values; competition;
changes in accounting principles, policies or guidelines; changes
in laws or regulation; new technology and other factors affecting
our operations, pricing, products and services.
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