1st Colonial Bancorp, Inc. (OTCBB:FCOB), holding company of 1st
Colonial National Bank, today reported that its net income for the
nine months ended September 30, 2012 was $1,039,000 ($0.33 per
share), compared to $573,000 ($0.18 per share) for the nine months
ended September 30, 2011.
Gerry Banmiller, President and Chief Executive Officer,
commented, “Current languid economic climate dictates a measured
growth plan. We continue to follow this conservative philosophy yet
have, as you’ve just read, dramatically increased our profits from
September 30, 2011 to September 30, 2012.”
At September 30, 2012, 1st Colonial also reported $280.9 million
in total assets, $247.1 million in deposits and $183.9 million in
loans. These amounts reflect a decrease in total assets of
$559,000, but increases of $1.4 million in deposits and $7.0
million in loans, from September 30, 2011. Loans available for sale
accounted for $4.8 million of the $7.0 million increase in loans.
The decrease in assets was a result of decreases in cash and due
from banks of $10.5 million, most of which was redeployed into
loans and investments. Investments increased by $3.0 million. The
increase of $1.4 million in deposits was offset by a decrease in
other borrowing of $3.4 million.
Net interest income of $7,015,000 for the nine months ended
September 30, 2012 was $347,000, or 5.2%, higher than the net
interest income of $6,668,000 for the nine months ended September
30, 2011. This was due primarily to an increase of 0.17% in net
interest spread to 3.44% for the nine months ended September 30,
2012 compared to 3.27% for the nine months ended September 30,
2011.
1st Colonial’s provision for loan losses was $1,375,000 for the
nine months ended September 30, 2012 compared to a provision for
loan losses of $1,525,000 for the nine months ended September 30,
2011.
Non-interest income of $1,806,000 for the nine months ended
September 30, 2012 was $626,000, or 53.1%, higher than non-interest
income for the nine months ended September 30, 2011. Fees generated
by the origination and sale of residential mortgage loans and SBA
loans increased by $454,000 and $144,000 respectively. Gains on
investment securities sold were $30,000 for the nine months ended
September 30, 2012 and there was no gain or loss from the sale of
investments during the nine months ended September 30, 2011.
Non-interest expense for the nine months ended September 30,
2012 increased $328,000 or 5.8% from the comparable period in 2011.
Losses on real estate owned accounted for $176,000 of the increase.
Salaries and benefits increased by $149,000 and legal collection
expenses increased by $69,000. These increases were partially
offset by a decrease in FDIC Assessments of $36,000.
For the nine months ended September 30, 2012, 1st Colonial had
income tax expenses of $379,000 compared to income tax expenses of
$50,000 for the nine months ended September 30, 2011 representing
an increase of $329,000.
The Company also reported that its net income for the three
months ended September 30, 2012 was $417,000, an increase of
$189,000 from the comparable period ended September 30, 2011.
Additionally, diluted earnings per share increased to $0.13 for the
quarter ended September 30, 2012 from $0.07 for the quarter ended
September 30, 2011. Net interest income of $2,291,000 was
relatively unchanged from the prior year’s comparable period of
$2,287,000, non-interest income increased by $424,000 primarily
from fees generated by the origination and sale of residential
mortgage loans and SBA loans. Non-interest expense increased by
$193,000 due to increased commission expenses related to loan
volume in our residential lending department and the addition of a
full time Compliance Officer. In addition, our provision for loan
losses decreased by $100,000 for the quarter ended September 30,
2012 from the quarter ended September 30, 2011.
Highlights as of September 30, 2012 and September 30, 2011, and
comparing the three and nine months ended September 30, 2012 and
the three and nine months ended September 30, 2011, respectively
(all unaudited), include the following (dollars in thousands,
except per share data):
At At $ increase/ % increase/
September 30, 2012 September 30, 2011
(decrease) (decrease) Total assets
$ 280,895 $ 281,454 $ (559 ) -0.2 % Total loans 183,893
176,845 7,048 4.0 % Investments 81,597 78,640 2,957 3.8 %
Total deposits 247,096 245,639 1,457 0.6 %
Shareholders' equity
25,438
24,124
1,314 5.4 %
Book value per share
7.99 7.58 0.41 5.4 %
For the nine months ended $ increase/ % increase/
September
30, 2012 September 30, 2011
(decrease) (decrease) Net interest
income $ 7,015 $ 6,668 $ 347 5.2 % Provision for loan losses
1,375 1,525 (150 ) -9.8 % Other income 1,806 1,180 626 53.1
% Non-interest expense 6,028 5,700 328 5.8 % Tax
expense 379 50 329 658.0 % Net income 1,039 573 466 81.3 %
Earnings per share, diluted $ 0.33 $ 0.18 $ 0.15 83.3 %
For the three months ended $ increase/ % increase/
September 30, 2012 September 30, 2011
(decrease) (decrease) Net interest
income $ 2,291 $ 2,287 $ 4 0.2 % Provision for loan losses
525 625 (100 ) -16.0 % Other income 904 480 424 88.3 %
Non-interest expense 2,080 1,887 193 10.2 % Tax
expense 173 27 146 540.7 % Net income 417 228 189 82.9 %
Earnings per share, diluted $ 0.13 $ 0.07 $ 0.06 85.7 %
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; unanticipated loan losses, lack of
liquidity; varying and unanticipated costs of collection with
respect to nonperforming loans; changes in interest rates, changes
in FDIC assessments, deposit flows, loan demand, and real estate
values; changes in relationships with major customers; operational
risks, including the risk of fraud by employees or outsiders;
competition; changes in accounting principles, policies or
guidelines; changes in laws or regulations and in the manner in
which the regulators enforce same; new technology and other factors
affecting our operations, pricing, products and services.
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