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, 2010 was $664,000 ($0.21 per
share), compared to $449,000 ($0.14 per share) for the nine months
ended September 30, 2009.
Gerry Banmiller, President and Chief Executive Officer,
commented that “the increase in income and the growth in assets
over the prior year period speaks to the banking public’s
recognition of 1st Colonial’s superb delivery systems. These
results did not come without diligence and hard work by the board,
its officers and employees.”
At September 30, 2010, 1st Colonial also reported total assets
of $277.4 million compared to $257.4 million at September 30, 2009,
and that total loans increased 10.4% since September 30, 2009 to
$177.2 million, and deposits were $243.4 million, an
increase of 10.1% from September 30, 2009.
1st Colonial’s net interest income of $6.3 million for the nine
month period ended September 30, 2010 was 19.8% higher than the
$5.2 million in net interest income for the comparable prior year
period. This was due to an increase in net interest spread of 0.25%
to 3.14% for the nine month period ended September 30, 2010
compared to 2.89% for the nine month period ended September 30,
2009. Non-interest income for the nine month period ended September
30, 2010 was $1,070,000, compared to $902,000 for the nine months
ended September 30, 2009. Fees generated by the origination and
sale of residential mortgage loans increased by $75,000 and income
from bank owned life insurance increased by $32,000. Non-interest
expense also increased $467,000 or 9.6% from the comparable period
in 2009. Salaries and benefits accounted for $248,000 of the
increase and advertising expense increased by $86,000.
1st Colonial’s provision for loan losses increased by $503,000
to $1.3 million for the nine months ended September 30, 2010
compared to the $807,000 provision for the nine months ended
September 30, 2009. Additionally, a $212,000 gain on the sale of
investment securities was partially offset by a loss of $29,000 on
the sale of other real estate owned. This resulted in a net gain of
$183,000 for the nine months ended September 30, 2010.
The company also reported that its net income for the three
months ended September 30, 2010 was $291,000, an increase of
$182,000, or 167.0%, from the comparable period ended September 30,
2009. Net interest income increased $313,000. This was due to an
increase in net interest spread of 0.19% to 3.08% for the three
month period ended September 30, 2010 compared to 2.89% for the
three month period ended September 30, 2009. Non-interest income
increased $111,000. Included in such non-interest income were fees
generated by the origination and sale of residential mortgage
loans, which increased by $76,000 in the three months ended
September 30, 2010 compared to the same period in 2009.
Non-interest expense increased $163,000. Salaries and benefits
accounted for $93,000 of the increase and advertising expense
increased by $30,000. Income tax expense increased by $70,000
compared to the three months ended September 30, 2009.
Additionally, diluted earnings per share increased to $0.09 for the
quarter ended September 30, 2010 from $0.03 for the quarter ended
September 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, 2010 and April 15, 2009.
Highlights as of September 30, 2010 and September 30, 2009, and
comparing the three and nine months ended September 30, 2010 and
the three and nine months ended September 30, 2009, respectively
(all unaudited), include the following (dollars in thousands,
except per share data):
at at
$
increase/
%
increase/
September
30, 2010
September
30, 2009
decrease
decrease
Total assets $277,404 $257,371 $20,033 7.8% Total
loans 177,160 160,467 16,693 10.4% Total deposits 243,370
221,107 22,263 10.1% Shareholders' equity 23,973 22,984 989
4.3%
For the nine months
ended
$
increase/
%
increase/
September
30, 2010
September
30, 2009
decrease
decrease
Net interest income $6,277 $5,240 $1,037 19.8%
Provision for loan losses 1,310 807 503 62.3% Other income
1,070 902 168 18.6% Non interest expense 5,341 4,874 467
9.6% Net gain on securities/real estate 183 0 183 N/A
Tax expense 215 12 203 1691.7% Net income 664 449 215 47.9%
Earnings per share (diluted) $0.21 $0.14 $0.07 50.0%
For the three months
ended
$
increase/
%
increase/
September
30, 2010
September
30, 2009
decrease
decrease
Net interest income $2,135 $1,822 $313 17.2%
Provision for loan losses 315 306 9 2.9% Other income 422
311 111 35.7% Non interest expense 1,859 1,696 163 9.6%
Tax expense 92 22 70 318.2% Net income 291 109 182
167.0% Earnings per share (diluted) $0.09 $0.03 $0.06 200.0%
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; lack of liquidity; changes in interest
rates, changes in FDIC assessments, 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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