FCOB 1st Colonial Bancorp Inc (PK)

1st Colonial Bancorp, Inc. (OTCBB:FCOB), holding company of 1st Colonial National Bank, today reported that its net income for the three months ended March 31, 2009 was $225,000 ($0.08 per share), compared to $233,000 ($0.08 per share) for the three months ended March 31, 2008. Gerry Banmiller, the President and Chief Executive Officer of 1st Colonial announced: �These positive results demonstrate our discipline of not being driven by competitors who set their deposit rates and loan conditions to achieve growth, not profit. They still have to learn their lessons.�

At March 31, 2009, 1st Colonial also reported total assets of $231.0 million compared to $229.0 million at March 31, 2008; total loans were $149.3�million, an increase of $17.8�million from March 31, 2008. Deposits were $187.7 million, a decrease of $12.4 million from March 31, 2008; this decrease is a result of management�s utilization of lower cost borrowings to improve net interest margins.

For the quarter, 1st Colonial�s net interest income of $1.6 million was $160,000, or 10.8%, higher than the first quarter of 2008. The provision for loan losses was $151,000, compared to $30,000 for the first quarter of 2008. Non-interest income was $211,000, an increase of $65,000 over the first quarter of 2008, primarily due to our new residential lending department. Non-interest expense also increased $147,000 or 11.4% from the comparable period in 2008. Salaries and benefits accounted for $82,000 of the increase due to the addition of our residential lending department and general salary and benefit increases; occupancy and equipment expense increased by $24,000 due to our acquiring additional space in our administrative headquarters to accommodate our growth, and professional fees increased by $15,000.

Highlights as of March 31, 2009 and March 31, 2008, and comparing the three months ended March 31, 2009 and the three months ended March 31, 2008, respectively (all unaudited), include the following (dollars in thousands, except per share data):

� � � � At At $ increase/ % increase/ March 31, 2009 March 31, 2008 (decrease) (decrease) � Total assets $ 230,969 $ 228,961 $ 2,008 0.9 % � Total loans 149,285 131,455 17,830 13.6 % � Total deposits 187,746 200,118 (12,372 ) -6.2 % � Shareholders' equity 22,317 21,918 399 1.8 % � For the three months ended � $ increase/ % increase/ March 31, 2009 March 31, 2008 (decrease) (decrease) � Net interest income $ 1,642 $ 1,482 $ 160 10.8 % � Provision for loan losses 151 30 121 403.3 % � Other income 211 146 65 44.5 % � Non-interest expense 1,435 1,288 147 11.4 % � Tax benefit (expense) (42 ) (77 ) (35 ) -45.5 % � Net income 225 233 (8 ) -3.4 % � Earnings per share, diluted $ 0.08 $ 0.08 $ 0.00 0.0 %

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.