1st Colonial Bancorp Year-to-Date Net Income up 42 Percent
July 16 2008 - 10:50AM
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 the cumulative results for
the six months ended June 30, 2008. Net income was $511,000, an
increase of 42.3% or $152,000 from the comparable period in 2007.
Our loans stand at $138.5 million on June 30, 2008 as compared to
$115.7 million on June 30, 2007, an increase of 19.7%.
Additionally, diluted earnings per share increased to $0.18 for the
six-months ended June 30, 2008 from $0.12 for the six-months ended
June 30, 2007. �Our performance is a result of prudent credit
management, careful attention to expenses, and adherence to the
basics of sound banking principles,� said Banmiller. He continued,
�These results are reflective of our consistent delivery of
superior service to our customers rather than teaser rates and
other gimmicks offered by some banks.� At June 30, 2008, 1st
Colonial also reported $228.1�million in assets, an increase of
$35.5�million from June 30, 2007. Deposits were $199.1 million, an
increase of $34.7 million or 21.1% from June 30, 2007. Net interest
income increased 20.3% or $516,000 for the six month period ended
June 30, 2008. Non-interest expense also increased $412,000 or
18.8% from the comparable period in 2007. Salaries and benefits
accounted for $179,000 of the increase largely because of an
increase in staff to accommodate our growth; occupancy and
equipment expense increased by $76,000 due to our new
administrative headquarters; FDIC and OCC assessments increased by
$77,000 due to an increase in assessment rates and our growth;
postage and delivery increased by $22,000; and professional fees
increased by $18,000. Continued attention to credit quality allowed
the Bank to decrease its loan loss provision by $22,000. 1st
Colonial also reported that its net income for the three months
ended June 30, 2008 rose 65.5% or $110,000 to $278,000.
Additionally, diluted earnings per share increased to $0.10 for the
quarter ended June 30, 2008 from $0.06 for the quarter ended June
30, 2007. The earnings per share numbers stated in this release for
all periods have been adjusted to reflect the 5% stock dividends
paid on April 15, 2008 and April 16, 2007. Highlights as of June
30, 2008 and June 30, 2007, and comparing the six and three months
ended June 30, 2008 and the six and three months ended June 30,
2007, respectively (all unaudited), include the following (dollars
in thousands, except per share data): � � � � At At $ increase/ %
increase/ June 30, 2008 June 30, 2007 (decrease) (decrease) � Total
assets $ 228,057 $ 192,509 $ 35,548 18.5 % � Total loans 138,536
115,729 22,807 19.7 % � Total deposits 199,069 164,333 34,736 21.1
% � Shareholders' equity 21,740 21,120 620 2.9 % � For the six
months ended � $ increase/ % increase/ June 30, 2008 June 30, 2007
(decrease) (decrease) � Net interest income $ 3,054 $ 2,538 $ 516
20.3 % � Provision for loan losses 83 105 (22 ) (21.0 %) � Other
income 293 292 1 0.3 % � Non-interest expense 2,609 2,197 412 18.8
% � Net income 511 359 152 42.3 % � Earnings per share, diluted $
0.18 $ 0.12 $ 0.06 50.0 % � For the three months ended � $
increase/ % increase/ June 30, 2008 June 30, 2007 (decrease)
(decrease) � Net interest income $ 1,571 $ 1,278 $ 293 22.9 % �
Provision for loan losses 53 83 (30 ) (36.1 %) � Other income 147
151 (4 ) (2.6 %) � Non-interest expense 1,321 1,098 223 20.3 % �
Net income 278 168 110 65.5 % � Earnings per share, diluted $ 0.10
$ 0.06 $ 0.04 66.7 % 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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