1st Colonial Bancorp First Quarter Profit up 30 Percent
April 27 2007 - 4:05PM
Business Wire
1st Colonial Bancorp, Inc. (OTC: FCOB), holding company of 1st
Colonial National Bank, announced today that first quarter 2007
earnings rose 30.8% or $45,000. Net income for the three months
ended March 31, 2007 was $191,000 compared to $146,000 for the
three months ended March 31, 2006. Additionally, diluted earnings
per share increased to $.07 for the three month period ended March
31, 2007 from $.05 for the three month period ended March 31, 2006.
The earnings per share numbers for both periods have been adjusted
to reflect the 5% stock dividends paid on April 17, 2006 and April
16, 2007. At March 31, 2007, 1st Colonial reported $191.4�million
in assets and $112.3�million in loans.�These amounts reflect an
increase of $17.3�million in assets and $15.3�million in loans from
March 31, 2006. Deposits were $164.6 million, an increase of $19.7
million or 13.6% from March 31, 2006. For the quarter, 1st
Colonial�s net interest income was $111,000 or 9.7% higher than the
first quarter of 2006. This increase is attributable to an increase
of $17.8 million in average loans outstanding. In addition, other
income increased by $10,000. This increase is due to higher fees
generated on mortgage loans sold. Other expenses increased by
$74,000 or 7.2%. Salaries and benefits accounted for $43,000 of the
increase, data processing increased by $16,000 and professional
fees by $15,000. Continued attention to credit quality allowed the
Bank to decrease its loan loss provision by $21,000. Highlights as
of March 31, 2007 and March 31, 2006, and comparing the three
months ended March 31, 2007 to the three months ended March 31,
2006, respectively (all unaudited), include the following (dollars
in thousands, except per share data): AtMarch 31,2007 AtMarch
31,2006 $ increase/(decrease) % increase/(decrease) � Total assets
$ 191,442� $ 174,110� $ 17,332� 10.0% � Total loans 112,306�
96,977� 15,329� 15.8% � Total deposits 164,592� 144,893� 19,699�
13.6% � Shareholders' equity 21,127� 19,828� 1,299� 6.6% � For the
three months ended March 31,2007 March 31,2006 $
increase/(decrease) % increase/(decrease) � Net interest income $
1,260� $ 1,149� $ 111� 9.7% � Provision for loan losses 22� 43�
(21) -48.8% � Other income 141� 131� 10� 7.6% � Other expense
1,099� 1,025� 74� 7.2% � Net income 191� 146� 45� 30.8% � Earnings
per share, diluted $ 0.07� $ 0.05� $ 0.02� 40.0% � At and for
thethree months ended March 31,2007 March 31,2006 Key financial
ratios Return on average assets (1) 0.40% 0.34% � Return on average
equity (1) 3.64% 2.95% � Net interest margin 2.98% 3.05% �
Efficiency ratio (1) (2) 78.44% 80.08% � Non-interest income/
operating revenue 10.06% 10.23% � Non-performing assets/assets
0.05% 0.08% � Net charge offs/average loans (1) 0.05% 0.00% �
Allowance for loan losses/loans 1.10% 1.24% (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.
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