1st Colonial Bancorp's 2007 Net Income and Deposits Up 4.8% and 20.9% Respectively; Total Assets Exceed $200 Million
January 30 2008 - 2:32PM
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: �We are glad to report to
our shareholders and to the public that despite a significant
amount of negative news from other banks, 1st Colonial continues to
grow in net income and assets. Our results being released today
demonstrate that the bank continues on in its upward trend in
profitability and growth.� 1st Colonial�s net income for the year
ended December 31, 2007 was $887,000, an increase of 4.8% over the
2006 fiscal year. Additionally, diluted earnings per share
increased to $0.31 for the year ended December 31, 2007 from $0.29
for the year ended December 31, 2006. Net interest income for 2007
increased 5.0% or $250,000 over 2006. Other income for 2007 of
$580,000 represented an increase of $59,000 or 11.3%, compared to
2006. Non-interest expense in 2007 increased $368,000 or 8.9% from
the comparable period in 2006. Occupancy and equipment expense
related to the bank�s move to its new administrative and operations
headquarters in May 2007 accounted for $105,000 of the increase.
Continued attention to credit quality allowed the bank to decrease
its loan loss provision by $64,000 for 2007. 1st Colonial reported
$218.3�million in assets and $123.4�million in loans at December
31, 2007.�These amounts reflect an increase of $33.5�million in
assets and $11.9�million in loans from December 31, 2006. Deposits
were $189.6 million, an increase of $32.8 million or 20.9% from
December 31, 2006. Highlights as of December 31, 2007 and December
31, 2006, comparing the year ended December 31, 2007 and the year
ended December 31, 2006, respectively, include the following
(dollars in thousands, except per share data): � AtDecember 31,
2007 � AtDecember 31, 2006 � $ increase/(decrease) � %
increase/(decrease) (Unaudited) Total assets $ 218,294 $ 184,842 $
33,452 18.1 % � Total loans 123,381 111,523 11,858 10.6 % � Total
deposits 189,621 156,819 32,802 20.9 % � Shareholders' equity
21,722 20,837 885 4.2 % � For the year ended � December 31, 2007
December 31, 2006 $ increase/(decrease) % increase/(decrease)
(Unaudited) Net interest income $ 5,242 $ 4,992 $ 250 5.0 % �
Provision for loan losses 162 226 (64 ) -28.3 % � Other income 580
521 59 11.3 % � Other expense 4,522 4,154 368 8.9 % � Net income
887 846 41 4.8 % � Earnings per share, diluted $ 0.31 $ 0.29 $ 0.02
6.9 % 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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