1st Colonial Bancorp, Inc. (OTCBB:FCOB), holding company of 1st
Colonial National Bank, today announced that Third Quarter 2006
earnings rose 28.8% or $57,000. Net income for the three months
ended September 30, 2006 was $255,000, compared to $198,000 for the
three months ended September 30, 2005. Additionally, diluted
earnings per share increased to $0.09 for the three month period
ended September 30, 2006 from $0.07 for the three month period
ended September 30, 2005. President Gerard Banmiller attributed the
improvement in quarterly earnings to the continuing growth in
deposits and loans from all three branch locations and an ongoing
emphasis on cost controls to counteract tighter margins. At
September 30, 2006, 1st Colonial reported $188.7�million in assets
and $108.0�million in loans.�These amounts reflect an increase of
$16.6�million in assets and $21.5�million in loans from September
30, 2005. Deposits were $159.8 million, an increase of $13.1
million or 8.9% from September 30, 2005. For the nine months ended
September�30, 2006, 1st Colonial reported net income of $550,000,
representing a $19,000 or 3.3% decrease over the same nine month
period of the prior year. This decrease, which is largely due to
increased expenses generated by the opening of our Cinnaminson, New
Jersey branch in September 2005, caused diluted earnings per share
to drop from $0.22 for the nine months ended September 30, 2005 to
$.20 for the nine-month period ended September 30, 2006.�The
earnings per share numbers for both periods have been adjusted to
reflect the 5% stock dividend paid on April 15, 2006. Highlights as
of September 30, 2006 and September 30, 2005, and comparing the
three and nine months ended September�30, 2006 to the three and
nine months ended September 30, 2005, respectively (all unaudited),
include the following (dollars in thousands, except per share
data): At September 30, 2006 At September 30, 2005 $ increase/
(decrease) % increase/ (decrease) � Total assets $ 188,694� $
172,080� $ 16,614� 9.7% � Total loans 108,035� 86,520� 21,515�
24.9% � Total deposits 159,771� 146,711� 13,060� 8.9% �
Shareholders' equity 20,477� 18,546� 1,931� 10.4% � � For the three
months ended September 30, 2006 September 30, 2005 $ increase/
(decrease) % increase/ (decrease) � Net interest income $ 1,336� $
1,175� $ 161� 13.7% � Provision for loan losses 65� 25� 40� 160.0%
� Other income 140� 121� 19� 15.7% � Other expense 1,042� 980� 62�
6.3% � Net income 255� 198� 57� 28.8% � Earnings per share, diluted
$ 0.09� $ 0.07� $ 0.02� 28.6% � � For the nine months ended
September 30, 2006 September 30, 2005 $ increase/ (decrease) %
increase/ (decrease) � Net interest income $ 3,706� $ 3,432� $ 274�
8.0% � Provision for loan losses 172� 130� 42� 32.3% � Other income
388� 288� 100� 34.7% � Other expense 3,123� 2,695� 428� 15.9% � Net
income 550� 569� (19) -3.3% � Earnings per share, diluted $ 0.20� $
0.22� $ (0.02) -9.1% � � At and for the nine months ended September
30, 2006 September 30, 2005 Key financial ratios Return on average
assets (1) 0.41% 0.50% � Return on average equity (1) 3.68% 4.26% �
Net interest margin 3.09% 3.26% � Efficiency ratio (1) (2) 76.28%
72.45% � Non-interest income/operating revenue 9.48% 7.74% �
Non-performing assets/assets 0.11% 0.02% � Net charge offs/average
loans (1) 0.03% 0.00% � Allowance for loan losses/loans 1.21% 1.27%
� � (1) Annualized � (2) Efficiency ratio is total other expense
divided by the sum of net interest income and total other income. �
1st Colonial National Bank, owned by holding company 1st Colonial
Bancorp, opened in Collingswood in June 2000. The bank provides a
range of business and consumer financial services, placing emphasis
on customer service, access to decision makers and quick turnaround
on credit applications. The second branch was opened in Westville
in January 2003 and a third branch opened in Cinnaminson in
September 2005. To learn more, call (856) 858-1100 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. 1st Colonial
Bancorp, Inc. (OTCBB:FCOB), holding company of 1st Colonial
National Bank, today announced that Third Quarter 2006 earnings
rose 28.8% or $57,000. Net income for the three months ended
September 30, 2006 was $255,000, compared to $198,000 for the three
months ended September 30, 2005. Additionally, diluted earnings per
share increased to $0.09 for the three month period ended September
30, 2006 from $0.07 for the three month period ended September 30,
2005. President Gerard Banmiller attributed the improvement in
quarterly earnings to the continuing growth in deposits and loans
from all three branch locations and an ongoing emphasis on cost
controls to counteract tighter margins. At September 30, 2006, 1st
Colonial reported $188.7 million in assets and $108.0 million in
loans. These amounts reflect an increase of $16.6 million in assets
and $21.5 million in loans from September 30, 2005. Deposits were
$159.8 million, an increase of $13.1 million or 8.9% from September
30, 2005. For the nine months ended September 30, 2006, 1st
Colonial reported net income of $550,000, representing a $19,000 or
3.3% decrease over the same nine month period of the prior year.
This decrease, which is largely due to increased expenses generated
by the opening of our Cinnaminson, New Jersey branch in September
2005, caused diluted earnings per share to drop from $0.22 for the
nine months ended September 30, 2005 to $.20 for the nine-month
period ended September 30, 2006. The earnings per share numbers for
both periods have been adjusted to reflect the 5% stock dividend
paid on April 15, 2006. Highlights as of September 30, 2006 and
September 30, 2005, and comparing the three and nine months ended
September 30, 2006 to the three and nine months ended September 30,
2005, respectively (all unaudited), include the following (dollars
in thousands, except per share data): -0- *T At At September 30,
September 30, $ increase/ % increase/ 2006 2005 (decrease)
(decrease) ------------- ------------- ------------ -----------
Total assets $188,694 $172,080 $16,614 9.7% Total loans 108,035
86,520 21,515 24.9% Total deposits 159,771 146,711 13,060 8.9%
Shareholders' equity 20,477 18,546 1,931 10.4% For the three months
ended ----------------------------------------------------
September 30, September 30, $ increase/ % increase/ 2006 2005
(decrease) (decrease) ------------- ------------- ------------
----------- Net interest income $1,336 $1,175 $161 13.7% Provision
for loan losses 65 25 40 160.0% Other income 140 121 19 15.7% Other
expense 1,042 980 62 6.3% Net income 255 198 57 28.8% Earnings per
share, diluted $0.09 $0.07 $0.02 28.6% For the nine months ended
---------------------------------------------------- September 30,
September 30, $ increase/ % increase/ 2006 2005 (decrease)
(decrease) ------------- ------------- ------------ ----------- Net
interest income $3,706 $3,432 $274 8.0% Provision for loan losses
172 130 42 32.3% Other income 388 288 100 34.7% Other expense 3,123
2,695 428 15.9% Net income 550 569 (19) -3.3% Earnings per share,
diluted $0.20 $0.22 $(0.02) -9.1% At and for the nine months ended
--------------------------- September 30, September 30, 2006 2005
------------- ------------- Key financial ratios Return on average
assets (1) 0.41% 0.50% Return on average equity (1) 3.68% 4.26% Net
interest margin 3.09% 3.26% Efficiency ratio (1) (2) 76.28% 72.45%
Non-interest income/operating revenue 9.48% 7.74% Non-performing
assets/assets 0.11% 0.02% Net charge offs/average loans (1) 0.03%
0.00% Allowance for loan losses/loans 1.21% 1.27% (1) Annualized
(2) Efficiency ratio is total other expense divided by the sum of
net interest income and total other income.
----------------------------------------------------------------------
*T 1st Colonial National Bank, owned by holding company 1st
Colonial Bancorp, opened in Collingswood in June 2000. The bank
provides a range of business and consumer financial services,
placing emphasis on customer service, access to decision makers and
quick turnaround on credit applications. The second branch was
opened in Westville in January 2003 and a third branch opened in
Cinnaminson in September 2005. To learn more, call (856) 858-1100
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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