1st Colonial Bancorp, Inc. Reports Increase in Assets, Deposits and Loans
19 August 2006 - 7:04AM
Business Wire
1st Colonial Bancorp, Inc. (OTC:FCOB), holding company of 1st
Colonial National Bank, announced on July 24, 2006 that as of June
30, 2006, it had assets of $186.8 million. This compares to assets
of $158.3 million at June 30, 2005, showing an increase of 18.0%.
Loans totaled $104.2 million at June 30, 2006. This compares to
June 30, 2005 outstandings of $84.8 million representing an
increase of 22.9%. Deposits for June 30, 2006 also increased to
$158.8 million. This compares to June 30, 2005 deposits of $131.8
million for an increase of 20.4% Net income for the six months
ended June 30, 2006 was $295,035. This represents a decrease from
$370,705 for the period ended June 30, 2005. The lion's share of
this decrease was a reflection of expenses for the opening of the
bank's third facility, located in Cinnaminson, New Jersey. This
represents a decline of 20.5% in net income from the same period in
the previous year. Additionally, diluted earnings per share dropped
from $0.14 as of June 30, 2005 to $0.11 for the period ended June
30, 2006. "We expected to experience a short-term decrease in
earnings per share following the launch of our third branch due to
initial expenses," said Gerard Banmiller, president and chief
executive officer of 1st Colonial. "We are confident that the
decrease in earnings should soon be leveraged by the growth in
deposits and loans at our new facility in Cinnaminson." About 1st
Colonial 1st Colonial National Bank, owned by holding company 1st
Colonial Bancorp, opened in Collingswood in June 2000. The bank
provides a range of business and consumer financial services,
placing emphasis on customer service, access to decision makers and
quick turnaround on credit applications. The second branch was
opened in Westville in January 2003 and a third branch opened in
Cinnaminson in September 2005. To learn more, call (856) 858-1100
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; 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. -0- *T (dollars in
thousands, except per share data) At At June 30, 2006 June 30, 2005
-------------- ------------- Total assets $186,775 $158,343 Total
loans 104,247 84,843 Total deposits 158,758 131,806 Shareholders'
equity 19,914 18,408 For the Three Months Ended
---------------------------- June 30, 2006 June 30, 2005
-------------- ------------- Net interest income $1,220 $1,151
Provision for loan losses 65 30 Other income 117 83 Other expense
1,056 897 Net income 149 190 Earnings per share, diluted $0.06
$0.07 For the Six Months Ended ---------------------------- June
30, 2006 June 30, 2005 -------------- ------------- Net interest
income $2,369 $2,258 Provision for loan losses 108 105 Other income
248 167 Other expense 2,081 1,715 Net income 295 371 Earnings per
share, diluted $0.11 $0.14 For the Six Months Ended
---------------------------- June 30, 2006 June 30, 2005
-------------- ------------- Key financial ratios Return on average
assets 0.33% 0.51% Return of average equity 2.98% 4.23% Net
interest margin (TE) 3.02% 3.31% Efficiency ratio 79.52% 70.72%
Non-interest income/operating revenue 9.48% 6.89% Non-performing
assets/assets 0.13% 0.03% Net charge offs/average loans -0.02%
0.00% Allowance for loan losses/loans 1.20% 1.28% *T
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