1st Colonial Bancorp Announces Increases in Assets (Up 14.1%), Loans (Up 16.6%) and Deposits (Up 14.3%)
November 04 2008 - 4:48PM
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 that the company had grown
to $225.6�million in assets at September 30, 2008, an increase of
$27.9�million from September 30, 2007, including a $20.0 million
increase in loans to $141.3 million. He also announced that
deposits were $194.0 million, an increase of $24.2 million or 14.3%
from September 30, 2007. Said Banmiller: �Our growth in 2008, in
face of recessionary pressures and other economic challenges, is a
positive commentary on the strength of our sound community banking
model.� The company also reported its results of operations for the
nine and three month periods ended September 30, 2008. For the nine
months, net income was $653,000, an increase of 9.6% or $57,000
from the comparable period in 2007. Additionally, diluted earnings
per share increased to $0.23 for the nine-months ended September
30, 2008 from $0.20 for the nine-months ended September 30, 2007.
Net interest income increased 19.5% or $763,000 for the nine month
period ended September 30, 2008 over 2007�s results. Other income
increased $273,000 or 62.8% to $708,000 for the nine month period
ended September 30, 2008. Death benefits received from bank owned
life insurance accounted for $232,000 of that increase and gains on
investment securities sold accounted for $31,000. Non-interest
expense also increased $657,000 or 19.7% from the comparable period
in 2007. Salaries and benefits accounted for $289,000 of the
increase largely because of an increase in staff to accommodate our
growth; occupancy and equipment expense increased by $115,000 due
to our new administrative headquarters; FDIC and OCC assessments
increased by $109,000 due to an increase in assessment rates and
our growth; postage and delivery increased by $29,000; and
professional fees increased by $31,000. 1st Colonial�s provision
for loan losses increased by $573,000 to $705,000 for the nine
months ended September 30, 2008 compared to the $132,000 provision
for the nine months ended September 30, 2007. This increase was
prompted by overall economic conditions causing impairment in the
value of real estate collateral, and some slowing of contractual
payments on certain real estate secured loans. 1st Colonial also
reported that its net income for the three months ended September
30, 2008 decreased 39.8% or $94,000 to $142,000, as the $595,000
increase in the loan loss reserve provision to $622,000 was only
partially offset by the $232,000 in death benefit proceeds, an
increased tax benefit of $227,000 and gains on investment
securities sold of $28,000. Additionally, diluted earnings per
share decreased from $0.08 for the quarter ended September 30, 2007
to $0.05 for the quarter ended September 30, 2008. The earnings per
share numbers stated herein for all periods have been adjusted to
reflect the 5% stock dividends paid on April 15, 2008 and April 16,
2007. Highlights as of September 30, 2008 and September 30, 2007,
and comparing the nine and three months ended September 30, 2008
and the nine and three months ended September 30, 2007,
respectively (all unaudited), include the following (dollars in
thousands, except per share data): � � � � At At $ increase/ %
increase/ September 30, 2008 September 30, 2007 (decrease)
(decrease) � Total assets $ 225,608 $ 197,663 $ 27,945 14.1 % �
Total loans 141,329 121,259 20,070 16.6 % � Total deposits 194,004
169,801 24,203 14.3 % � Shareholders' equity 21,744 21,273 471 2.2
% � For the nine months ended � $ increase/ % increase/ September
30, 2008 September 30, 2007 (decrease) (decrease) � Net interest
income $ 4,668 $ 3,905 $ 763 19.5 % � Provision for loan losses 705
132 573 434.1 % � Other income 708 435 273 62.8 % � Non-interest
expense 3,994 3,337 657 19.7 % � Tax benefit (expense) (24 ) (275 )
(251 ) 91.3 % � Net income 653 596 57 9.6 % � Earnings per share,
diluted $ 0.23 $ 0.20 $ 0.03 15.0 % � For the three months ended �
$ increase/ % increase/ September 30, 2008 September 30, 2007
(decrease) (decrease) � Net interest income $ 1,615 $ 1,367 $ 248
18.1 % � Provision for loan losses 622 27 595 2,203.7 % � Other
income 415 143 272 190.2 % � Non-interest expense 1,386 1,140 246
21.6 % � Tax benefit (expense) 120 (107 ) 227 212.1 % � Net income
142 236 (94 ) (39.8 %) � Earnings per share, diluted $ 0.05 $ 0.08
$ (0.03 ) (37.5 %) � 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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