1st Colonial Bancorp Reports Increases in Net Income, Assets, Deposits and Loans
07 May 2005 - 1:04AM
Business Wire
1st Colonial Bancorp, Inc. (OTC:FCOB), the holding company for 1st
Colonial National Bank, today announced that for the three months
ended March 31, 2005, it had net income of $181,000, representing a
$72,000 or 66.1% increase over the prior year. It also reported
that its total assets and loans had increased by 24.8% and 18.8%
respectively since March 31, 2004. Gerry Banmiller, the President
and Chief Executive Officer of 1st Colonial, said "The success of
our public offering that closed in April, 2004 has enabled the bank
to grow. We are actively exploring branching opportunities in the
counties surrounding our main office in order to further foster our
loan and deposit growth. As a leading community bank in our market
area, we intend to continue to strive to meet the banking needs of
our local businesses and residents." The Bank also announced that
it has completed the distribution of the five percent stock
dividend declared on January 19, 2005. The dividend was distributed
on April 15, 2005 on all issued and outstanding shares of common
stock held of record as of April 1, 2005. "2004 was a very
important year for us in terms of growth," said Mr. Banmiller. "We
thank our shareholders very much for their support, especially in
connection with our 2004 stock offering, and declared this stock
dividend as a token of our appreciation." At March 31, 2005, 1st
Colonial reported $150.3 million in assets and $81.9 million in
loans. These amounts reflect an increase of $29.9 million in assets
and $13.0 million in loans from March 31, 2004. 1st Colonial also
reported a 21.4% increase in net interest income. Net interest
income was $1.1 million for the three months ended March 31, 2005
compared to $911,000 for the comparable period ended March 31,
2004. According to Gerry Banmiller, "we were able to grow our loan
portfolio due to the hard work of our loan department and the
strong relationships we have with our borrowers." Despite 1st
Colonial's 66.1% increase in net income for the three months ended
March 31, 2005 compared to the comparable period in 2004, its
diluted earnings per share remained constant at $0.07. This was due
primarily to the issuance of 828,000 additional shares of common
stock in 1st Colonial's public offering, which was completed in
April 2004. The earnings per share numbers for both periods have
been adjusted to reflect the 5% stock dividend paid on April 15,
2005. The Company noted that for the three months ended March 31,
2005, its other income increased approximately $25,000 or 42.4%
compared to the comparable prior period. This was due primarily to
increased account fees of $8,000, an increase in ATM fees of $7,000
and the receipt $5,000 as a tentative settlement in a class action
lawsuit in which the Bank participated as a member of the Pulse EFT
network. The remaining increase was volume related. For the three
months ended March 31, 2005, 1st Colonial advised that its other
expense increased approximately $88,000 or 12.1% from the
comparable prior period. Most of these increases were growth
related. Employee salaries and benefits increased $45,000. Due to
increased staffing levels, occupancy and equipment expenses
increased approximately $18,000. Advertising expenses increased
$20,000 for the three months ended March 31, 2005, as compared to
the three months ended March 31, 2004, due to the implementation of
a new marketing campaign in 2005. At the Company's also announced
that at its annual meeting of shareholders held on April 27, 2005,
the following Class 1 directors were elected to serve a term of
three years: Gerard M. Banmiller, Mary R. Burke, Thomas A. Clark,
III and Letitia G. Colombi. Amendments to the Company's stock
option plans were also approved at the annual meeting. These
amendments increase the number of shares available for issuance
under the Company's Employee Stock Option Plan from 78,750 to
150,000 and the number of shares available for issuance under its
Stock Option Plan for Non-Employee Directors from 52,500 to
100,000. The shareholders also ratified the audit committee's
appointment of KMPG LLP as 1st Colonial Bancorp's independent
auditors for the fiscal year ending December 31, 2005. Highlights
as of March 31, 2005 and March 31, 2004, and comparing the three
months ended March 31, 2005 to the three months ended March 31,
2004 (all unaudited) include the following (dollars in thousands,
except per share data): -0- *T At At $ % March 31, March 31,
increase/ increase/ 2005 2004 (decrease) (decrease) --------
-------- -------- -------- Total Assets $150,316 $120,446 $ 29,870
24.8% Total Loans 81,909 68,933 12,976 18.8% Total Deposits 128,958
105,878 23,080 21.8% Shareholders' Equity 17,390 9,823 7,567 77.0%
For the Three Months Ended $ % March 31, March 31, increase/
increase/ 2005 2004 (decrease) (decrease) -------- --------
-------- -------- Net Interest Income $ 1,106 $ 911 $ 195 21.4%
Provision for Loan Losses 75 57 18 31.6% Other Income 84 59 25
42.4% Other Expense 818 730 88 12.1% Net Income 181 109 72 66.1%
Earnings Per Share, Diluted 0.07 0.07 -- -- As of or As of or for
the three for the three months months Key Financial Ratios ended
3/31/05 ended 3/31/04 ------------- ------------- Return on average
assets (1) 0.51% 0.37% Return on average equity (1) 4.16% 4.50% Net
interest margin 3.31% 3.40% Efficiency ratio (1) (2) 68.74% 75.26%
Non-interest income/operating revenue 7.06% 6.08% Non-performing
assets/assets 0.02% 0.00% Net charge offs/average loans (1) 0.00%
0.04% Allowance for loan losses/loans 1.28% 1.21%
------------------------------------- (1) Annualized (2) Efficiency
ratio is total other expense divided by the sum of net interest
income and total other income. *T 1st Colonial National Bank is a
locally managed community bank located in Collingswood, New Jersey.
The Bank strives to offer highly personalized service combined with
extended lobby and drive-through hours, and low fees and charges.
The Bank services consumers as well as small- to mid-sized
businesses. Services include free personal checking, savings, money
market and certificates of deposit accounts. In addition, the bank
offers consumer and commercial loans, lines of credit, home equity
loans, ATM cards, debit cards, free internet banking and free
telephone banking. This Release contains forward-looking
statements. These statements are not historical facts and include
statements about management's strategies and expectations about
programs, products, and opportunities. Such forward-looking
statements involve certain risks and uncertainties. Because of such
risks and uncertainties, actual results and performance may be
materially different from results indicated by these
forward-looking statements. Factors that might cause a difference
include, but are not limited to, general economic conditions;
changes in interest rates, deposit flows, loan demand, real estate
values and competition; changes in accounting principles, policies
or guidelines; changes in legislation or regulation; and other
economic, competitive, governmental, regulatory and technological
factors affecting the bank's operations, pricing, products and
services. More detailed information concerning 1st Colonial's
financial condition and results of operations can be found in the
company's 2004 annual report filed with the Securities and Exchange
Commission. This report can be accessed over the Internet at
www.sec.gov. More information on 1st Colonial can be found online
at www.1stColonial.com or by telephoning 1st Colonial's main branch
at 856-858-1100.
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