1st Colonial Bancorp Reports First Quarter Profit of $111,000
April 28 2010 - 1:52PM
Business Wire
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, 2010 was $111,000 ($0.04 per share),
compared to $225,000 ($0.07 per share) for the three months ended
March 31, 2009.
Gerry Banmiller, President and Chief Executive Officer,
commented that “although the 2010 first quarter earnings are lower
than the prior year, as you consider the other core elements of the
bank’s performance, you will notice that there were increases in
these areas. The total assets, loans, and deposits had healthy
increases. The deterioration in net income springs primarily from a
conservative approach to the loan loss reserve which contemplates a
realistic examination of certain loan contracts not being honored.
We will continue to aggressively attack these non-performers,
accepting at the same time the depreciation in real estate
values.”
At March 31, 2010, 1st Colonial also reported total assets of
$279.8 million compared to $231.0 million at March 31, 2009, an
increase in total loans of 14.8% to $171.3 million from March
31, 2009, and deposits of $245.6 million, an increase of 30.8%
from March 31, 2009.
For the quarter, 1st Colonial’s net interest income of $2.0
million was $394,000, or 24.0%, higher than the first quarter of
2009. Non-interest income was $277,000, an increase of $66,000 over
the first quarter of 2009. Included in such non-interest income
were fees generated by the origination and sale of residential
mortgage loans, which increased by $37,000 in the first three
months of 2010 compared to the same period in 2009. Non-interest
expense also increased $275,000 or 19.2% from the comparable period
in 2009. Salaries and benefits accounted for $115,000 of the
increase; FDIC assessments increased by $66,000; professional fees
increased by $30,000 related to legal expenses inherent with
enforcing loan contracts, and advertising expense increased by
$17,000.
1st Colonial’s provision for loan losses increased by $489,000
to $640,000 for the three months ended March 31, 2010 compared to
the $151,000 provision for the three months ended March 31, 2009.
Additionally, a $212,000 gain on the sale of investment securities
was partially offset by a loss of $29,000 on the sale of other real
estate owned. This resulted in a net gain of $183,000 for the
quarter ended March 31, 2010.
Highlights as of March 31, 2010 and March 31, 2009, and
comparing the three months ended March 31, 2010 and the three
months ended March 31, 2009, respectively (all unaudited), include
the following (dollars in thousands, except per share data):
At At $ increase/ % increase/
March 31, 2010
March 31, 2009
(decrease)
(decrease)
Total assets $ 279,779 $ 230,968 $ 48,811 21.1 %
Total loans 171,305 149,285 22,020 14.8 % Total deposits
245,634 187,746 57,888 30.8 % Shareholders' equity 23,032
22,317 715 3.2 % For the three months ended $
increase/ % increase/
March 31, 2010
March 31, 2009
(decrease)
(decrease)
Net interest income $ 2,036 $ 1,642 $ 394 24.0 %
Provision for loan losses 640 151 489 323.8 % Other income
277 211 66 31.3 % Non-interest expense 1,710 1,435 275 19.2
% Gain on securities / real estate 183 - 183 N/A Tax
expense 35 42 (7 ) (16.7 %) Net income 111 225 (114 ) (50.7
%) Earnings per share, diluted $ 0.04 $ 0.07 $ (0.03 ) (42.9
%)
1st Colonial National Bank, the subsidiary of 1st Colonial
Bancorp, provides a range of business and consumer financial
services, placing emphasis on customer service and access to
decision makers. 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; unexpected loan losses; lack of
liquidity; changes in interest rates, FDIC assessments, deposit
flows, loan demand, or real estate values; increased 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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