1st Colonial Bancorp, Inc. (OTCBB:FCOB), holding company of 1st
Colonial National Bank, today reported that its net income for the
six months ended June 30, 2010 was $373,000 ($0.12 per share),
compared to $340,000 ($0.11 per share) for the six months ended
June 30, 2009. Additionally, diluted earnings per share increased
to $0.12 for the six months ended June 30, 2010 from $0.11 for the
six months ended June 30, 2009.
Gerry Banmiller, President and Chief Executive Officer,
commented that “These results, in face of recessionary pressures
and other economic challenges, are a positive commentary on the
strength of our sound community banking model.
At June 30, 2010, 1st Colonial also reported total assets of
$276.9 million compared to $239.8 million at June 30, 2009, total
loans increased 10.9% to $173.3 million, and deposits
were $239.1 million, an increase of 17.5% from June 30, 2009.
1st Colonial’s net interest income of $4.1 million was $724,000,
or 21.2%, higher than the six month period ended June 30, 2009.
Non-interest income was $648,000, compared to $591,000 for the six
months ended June 30, 2009. Non-interest expense also increased
$304,000 or 9.6% from the comparable period in 2009. Salaries and
benefits accounted for $155,000 of the increase; professional fees
increased by $43,000 related to legal expenses inherent with
enforcing loan contracts, and advertising expense increased by
$56,000.
1st Colonial’s provision for loan losses increased by $494,000
to $995,000 for the six months ended June 30, 2010 compared to the
$501,000 provision for the six months ended June 30, 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 six
months ended June 30, 2010 compared to $0 for the six months ended
June 30, 2010.
The company also reported that its net income for the three
months ended June 30, 2010 was $262,000, an increase of $147,000
from the comparable period ended June 30, 2009. Net interest income
increased $330,000, or 18.6%, offset by an increase in income tax
expense of $140,000 compared to the three months ended June 30,
2009. Additionally, diluted earnings per share increased to $0.08
for the quarter ended June 30, 2010 from $0.04 for the quarter
ended June 30, 2009. The earnings per share numbers stated herein
for all periods have been adjusted to reflect the 5% stock
dividends paid on April 15, 2010 and April 15, 2009.
Highlights as of June 30, 2010 and June 30, 2009, and comparing
the three and six months ended June 30, 2010 and the three and six
months ended June 30, 2009, respectively (all unaudited), include
the following (dollars in thousands, except per share data):
$ % at at increase/ increase/ June 30,
June 30,
2010
2009
decrease
decrease
Total assets $276,897 $239,812 $37,085 15.5 % Total
loans 173,315 156,284 17,031 10.9 % Total deposits 239,134
203,551 35,583 17.5 % Shareholders' equity 23,658 22,425
1,233 5.5 %
For
the six months ended
$ % increase/ increase/ June 30, June 30,
2010
2009
decrease
decrease
Net interest income $4,142 $3,418 $724 21.2 %
Provision for loan losses 995 501 494 98.6 % Other income
648 591 57 9.6 % Non interest expense 3,482 3,178 304 9.6 %
Gain on securities/real estate 183 0 183 N/A Tax
expense (benefit) 123 (10 ) 133 -1330.0 % Net income 373 340
33 9.7 % Earnings per share (diluted) $0.12 $0.11 $0.01 9.1
%
For
the three months ended
$ % increase/ increase/ June 30, June 30,
2010
2009
decrease
decrease
Net interest income $2,106 $1,776 $330 18.6 %
Provision for loan losses 355 350 5 1.4 % Other income 371
380 (9 ) -2.4 % Non interest expense 1,772 1,743 29 1.7 %
Tax expense (benefit) 88 (52 ) 140 -269.2 % Net
income 262 115 147 127.8 % Earnings per share (diluted)
$0.08 $0.04 $0.04 100.0 %
1st Colonial National Bank, the subsidiary of 1st Colonial
Bancorp, provides a range of business and consumer financial
services, placing emphasis on customer service 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; lack of liquidity; changes in interest
rates, changes in FDIC assessments, 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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