CORRECTING and REPLACING 1st Colonial Bancorp Reports Increases in Net Income, Assets, Deposits and Loans
04 November 2005 - 10:30AM
Business Wire
Please replace the release (dated November 2, 2005) with the
following corrected version due to revisions made in the tables
listing results for the nine months ended September 30, 2005. The
corrected release reads: 1ST COLONIAL BANCORP REPORTS INCREASES IN
NET INCOME, ASSETS, DEPOSITS AND LOANS 1st Colonial Bancorp, Inc.
(OTC:FCOB), the holding company for 1st Colonial National Bank,
today announced that for the nine months ended September 30, 2005,
it had net income of $569,000, representing a $160,000 or 39.1%
increase over the prior year. For the three months ended September
30, 2005, net income was $198,000 compared to $175,000 for the
comparable period ended September 30, 2004, a 13.1% increase. It
also reported that its total assets and loans had increased by
19.1% and 16.0% respectively since September 30, 2004. Gerry
Banmiller, the President and Chief Executive Officer of 1st
Colonial, said, "We are continuing our steady growth that we have
maintained since we opened our doors in June 2000. The first-class
customer service provided by our hard working employees has helped
to fuel this growth. Our reputation as a true "community bank" has
allowed us to successfully expand our market into portions of
Burlington and Gloucester Counties, New Jersey, in addition to our
home base of Camden County. We opened our third full service office
on September 6, 2005. This Burlington County office is located at
2802 Route 130 N., Cinnaminson, New Jersey." At September 30, 2005,
1st Colonial reported $172.1 million in assets and $86.5 million in
loans. These amounts reflect an increase of $27.6 million in assets
and $11.9 million in loans from September 30, 2004. Deposits were
$146.7 million, an increase of $26.1 million or 21.6% from
September 30, 2004. 1st Colonial also reported a 16.7% increase in
net interest income to $3.4 million for the nine months ended
September 30, 2005 from $2.9 million for the comparable period
ended September 30, 2004. For the three month period ended
September 30, 2005, the Company reported a 9.1% increase in net
interest income from the comparable period last year. Net interest
income for the three month period was $1.2 million compared to $1.1
million for the three months ended September 30, 2004. According to
Gerry Banmiller, "growth in our loan portfolio has resulted in
substantial net interest income growth." 1st Colonial's 39.1%
increase in net income for the nine months ended September 30, 2005
compared to the comparable period in 2004, enabled its diluted
earnings per share to increase to $0.23 compared to $0.20 in the
prior period. For the three months ended September 30, 2005,
diluted earnings per share increased to $.08 from $.07 for the
three months ended September 30, 2004. The earnings per share
numbers for both periods have been adjusted to reflect the 5% stock
dividend paid on April 15, 2005. For the nine months ended
September 30, 2005, other income increased approximately $80,000 or
38.5% compared to the comparable prior period. This was due
primarily to increased account fees of $26,000, an increase in ATM
fees of $12,000, the receipt $5,000 as a tentative settlement in a
class action lawsuit of which the Bank participated as a member of
the Pulse EFT network, income of $33,000 on Bank Owned Life
Insurance ("BOLI"), offset by lower gains on loans sold of $9,000.
The remaining increase was volume related. For the three month
period ended September 30, 2005, the Company's reported a $53,000
or 77.9% increase in other income from the comparable period last
year. During the third quarter 2005, the Bank purchased $4.0
million of BOLI on certain key employees. Income on these policies,
which is recorded as other income and is exempt from federal income
taxes, accounted for a majority of this increase. For the nine
months ended September 30, 2005, other expense increased
approximately $420,000 or 18.5% from the comparable prior period.
Most of these increases were growth related. Due to the opening of
our Cinnaminson office, employee salaries and benefits increased
$251,000. The Cinnaminson opening also contributed to an increase
in occupancy and equipment expenses of approximately $55,000.
Advertising expenses increased $61,000 for the nine months ended
September 30, 2005 as compared to the nine months ended September
30, 2004. Professional fees increased $22,000 for the nine months
ended September 30, 2005 compared to the comparable prior period.
For the three months ended September 30, 2005, other expense
increased approximately $199,000 or 25.5% as compared to the
comparable period in 2004. As with the nine month comparison, most
of these increases were related to growth and the opening of our
new office. Employee related expenses increased $135,000, occupancy
and equipment increased $17,000, and advertising increased $14,000.
Data processing costs increased $17,000 and professional fees
increased $8,000 for the three months ended September 30, 2005
compared to the linked quarter in 2004. The Company announced that
during the nine months ended September 30, 2005, certain warrants
to purchase 30,919 shares were exercised resulting in $257,000 in
additional capital. These warrants were issued in the 2002 unit
offering. In addition, in June 2005, warrants that had been issued
in its initial public offering in June 2000 were exercised,
resulting in the Company's issuance of 63,592 shares and $579,000
in additional capital to the Company. The remaining year 2000
warrants representing 38,282 shares were not exercised and expired
on June 29, 2005. Highlights as of September 30, 2005 and September
30, 2004, and comparing the three and nine months ended September
30, 2005 to the three and nine months ended September 30, 2004,
respectively (all unaudited), include the following (dollars in
thousands, except per share data): -0- *T At At Sept. 30, Sept. 30,
$ increase/ % increase/ 2005 2004 (decrease) (decrease) ----------
---------- ----------- ----------- Total assets $172,079 $144,447
$27,632 19.1% Total loans 86,520 74,608 11,912 16.0% Total deposits
146,711 120,653 26,058 21.6% Shareholders' equity 18,546 17,262
1,284 7.4% For the three months ended
----------------------------------------- $ % Sept. 30, Sept. 30,
increase/ increase/ 2005 2004 (decrease) (decrease) ---------
--------- ---------- ---------- Net interest income $1,175 $1,077
$98 9.1% Provision for loan losses 25 68 (43) -63.2% Other income
121 68 53 77.9% Other expense 980 781 199 25.5% Net income 198 175
23 13.1% Earnings per share, diluted $0.08 $0.07 $0.01 14.3% For
the nine months ended ----------------------------------------- $ %
Sept. 30, Sept. 30, increase/ increase/ 2005 2004 (decrease)
(decrease) --------- --------- ---------- ---------- Net interest
income $3,432 $2,941 $491 16.7% Provision for loan losses 130 193
(63) -32.6% Other income 288 208 80 38.5% Other expense 2,695 2,275
420 18.5% Net income 569 409 160 39.1% Earnings per share, diluted
$0.23 $0.20 $0.03 15.0% At and for the nine months ended
-------------------- Sept. 30, Sept. 30, 2005 2004 ---------
---------- Key financial ratios Return on average assets (1) 0.50%
0.44% Return on average equity (1) 4.26% 3.68% Net interest margin
3.26% 3.33% Efficiency ratio (1) (2) 72.45% 72.25% Non-interest
income/operating revenue 7.74% 6.61% Non-performing assets/assets
0.02% 0.02% Net charge offs/average loans (1) 0.00% 0.03% Allowance
for loan losses/loans 1.27% 1.27% *T (1)Annualized (2) Efficiency
ratio is total other expense divided by the sum of net interest
income and total other income. 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.
More detailed information concerning our financial condition and
results of operations can be found in our 2004 annual report on
Form 10-KSB 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 our main branch at
856-858-1100.
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