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, 2009 was $340,000 ($0.12 per share),
compared to $511,000 ($0.17 per share) for the six months ended
June 30, 2008. Gerry Banmiller, the President and Chief Executive
Officer of 1st Colonial announced: �The lower YTD earnings for
these two periods were driven by two factors; an increased
provision for loan losses, and the FDIC�s special assessment
imposed on all banks. The addition to the loan loss provision, as
well as the special assessment, are each a function of the overall
challenging times most banks are experiencing. The positive news is
that we are generating sufficient core earnings to absorb these
required additional charges.
At June 30, 2009, 1st Colonial also reported total assets of
$239.8 million compared to $228.1 million at June 30, 2008; total
loans were $156.3�million, an increase of $17.7�million from June
30, 2008. Deposits were $203.6 million, an increase of $4.5 million
from June 30, 2008
1st Colonial�s net interest income of $3.4 million was $374,000,
or 12.2%, higher than the six month period ended June 30, 2008. The
provision for loan losses was $501,000 compared to $83,000 for the
six month period ended June 30, 2008. Non-interest income increased
98.0% or $287,000 from the comparable period in 2008. This increase
was primarily due to our new residential lending department.
Non-interest expense also increased $568,000 or 21.8% from the
comparable period in 2008. Salaries and benefits accounted for
$311,000 of the increase due to the addition of our residential
lending department and general salary and benefit increases. FDIC
assessments increased by $136,000; occupancy and equipment expense
increased by $46,000 due to our acquiring additional space in our
administrative headquarters to accommodate our growth; and
professional fees increased by $25,000. Net income was positively
effected by a decrease of $154,000 in tax expense for the six month
period ended June 30, 2009 compared to the six month period ended
June 30, 2008.
The company also reported that its net income for the three
months ended June 30, 2009 was $115,000, a decrease of $163,000
from the comparable period ended June 30, 2008, as the $297,000
increase in the loan loss reserve provision and the $110,000
special assessment imposed by the FDIC was partially offset by
$80,000 of non-interest income contributed by our Residential
Lending Division, and a decrease of $118,000 in tax expense as a
result of our position in tax free earning assets. Additionally,
diluted earnings per share decreased from $0.09 for the quarter
ended June 30, 2008 to $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,
2009 and April 15, 2008.
Highlights as of June 30, 2009 and June 30, 2008, and comparing
the six and three months ended June 30, 2009 and the six and three
months ended June 30, 2008, respectively (all unaudited), include
the following (dollars in thousands, except per share data):
� � � � At At $ increase/ % increase/
June 30, 2009
June 30, 2008 (decrease)
(decrease) � Total assets $ 239,812 $ 228,057 $ 11,755
5.2 % � Total loans 156,284 138,536 17,748 12.8 % � Total deposits
203,551 199,069 4,482 2.3 % � Shareholders' equity 22,425 21,740
685 3.2 % � For the six months ended � $ increase/ % increase/
June 30, 2009 June 30, 2008
(decrease) (decrease) � Net interest
income $ 3,428 $ 3,054 $ 374 12.2 % � Provision for loan losses 501
83 418 503.6 % � Other income 580 293 287 98.0 % � Non-interest
expense 3,177 2,609 568 21.8 % � Tax benefit (expense) 10 (144 )
(154 ) -106.9 % � Net income 340 511 (171 ) -33.5 % � Earnings per
share, diluted $ 0.12 $ 0.17 $ (0.05 ) -29.4 % � For the three
months ended � $ increase/ % increase/
June 30, 2009
June 30, 2008 (decrease)
(decrease) � Net interest income $ 1,781 $ 1,571 $ 210
13.4 % � Provision for loan losses 350 53 297 560.4 % � Other
income 374 147 227 154.4 % � Non-interest expense 1,742 1,321 421
31.9 % � Tax benefit (expense) 52 (66 ) (118 ) -178.8 % � Net
income 115 278 (163 ) -58.6 % � Earnings per share, diluted $ 0.04
$ 0.09 $ (0.05 ) -55.6 % �
1st Colonial National Bank, the subsidiary of 1st Colonial
Bancorp, provides a range of business and consumer financial
services, placing emphasis on customer service, access to decision
makers and quick turnaround on credit applications. 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, 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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