1st Colonial Bancorp Announces Increases in Assets (up 6.7%), Loans (up 18.7%) and Deposits (up 5.9%)
February 09 2009 - 7:35PM
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 $232.8�million in assets at December 31, 2008, an increase of
$14.5�million from December 31, 2007, including a $23.1 million
increase in loans to $146.5 million. He also announced that
deposits were $200.1 million, an increase of $11.3 million or 5.9%
from December 31, 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.�
1st Colonial�s net income for the year ended December 31, 2008
was $649,000, a decrease of 26.8% or $238,000 below the net income
for the 2007 fiscal year. Additionally, diluted earnings per share
decreased to $0.22 for the year ended December 31, 2008 from $0.31
for the year ended December 31, 2007. Net interest income increased
18.6% or $973,000 for the year ended December 31, 2008 over 2007�s
results. Other income increased $277,000 or 47.8% to $857,000 for
the year ended December 31, 2008. One time death benefits from bank
owned life insurance accounted for $236,000 of that increase and
gains on investment securities sold accounted for $33,000.
Non-interest expense also increased $1,078,000 or 23.8% from the
year ended 2007. Salaries and benefits accounted for $581,000 of
the increase largely because of an increase in staff to accommodate
our growth; occupancy and equipment expense increased by $141,000
due to a full year in our new administrative headquarters; FDIC and
OCC assessments increased by $145,000 due to an increase in
assessment rates and our growth; advertising increased by $62,000;
professional fees increased by $62,000; and postage and delivery
increased by $30,000.
1st Colonial�s provision for loan losses increased by $795,000
to $957,000 for the year ended December 31, 2008 compared to the
$162,000 provision for the year ended December 31, 2007. This
increase was prompted by overall economic conditions causing
impairment in the value of real estate collateral, and slowing of
contractual payments on some real estate secured loans.
Highlights as of December 31, 2008 and December 31, 2007, and
comparing the year ended December 31, 2008 and the year ended
December 31, 2007, respectively, include the following (dollars in
thousands, except per share data):
� � � � At At $ increase/ % increase/
December 31,
2008 December 31, 2007 (decrease)
(decrease) (Unaudited) Total assets $ 232,818 $
218,295 $ 14,523 6.7 % � Total loans 146,468 123,381 23,087 18.7 %
� Total deposits 200,882 189,622 11,260 5.9 % � Shareholders'
equity 21,791 21,722 69 0.3 % � � For the year ended � $ increase/
% increase/
December 31, 2008 December 31,
2007 (decrease) (decrease)
(Unaudited) Net interest income $ 6,215 $ 5,242 $ 973 18.6 % �
Provision for loan losses 957 162 795 490.7 % � Other income 857
580 277 47.8 % � Non-interest expense 5,601 4,523 1,078 23.8 % �
Tax benefit (expense) 135 (250 ) (385 ) 154.0 % � Net income 649
887 (238 ) (26.8 %) � Earnings per share, diluted $ 0.22 $ 0.31 $
(0.09 ) (29.0 %) �
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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