1st Colonial Bancorp, Inc. Reports Increase in Assets, Deposits and Loans.COLLINGSWOOD Collingswood, borough (1990 pop. 15,289), Camden co., SW N.J.; settled 1682 by Quakers, inc. 1888. The borough has some light industry. , N.J. -- 1st Colonial Bancorp, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :FCOB FCOB Flip Chip-On-Board FCOB Fisher College of Business (Ohio State University) ), holding company of 1st Colonial National Bank The full name of the bank is National Bank of Fiji trading as Colonial National Bank. The bank is a subsidiary of Commonwealth Bank and has the largest branch network in Fiji. It also has a majority holding in one of the two merchant banks in the country. , announced on July July: see month. 24, 2006 that as of June June: see month. 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 diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of 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 Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. decrease in earnings per share following the launch of our third branch due to initial expenses," said Gerard Gerard is a male forename of Germanic origin, variations of which exist in many Germanic and Romance languages. The name derives from Old Germanic 'ger' ('spear') and 'hard' ('hard/strong/brave'). Its meaning is 'strong/brave with the spear'. 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 The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , placing emphasis on customer service, access to decision makers and quick turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. on credit applications. The second branch was opened in Westville Westville is the name of several locations: In Canada:
This Release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. ; changes in laws or regulation; new technology and other factors affecting our operations, pricing, products and services.
(dollars in thousands, except per share data)
At At
June 30, 2006 June 30, 2005
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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
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June 30, 2006 June 30, 2005
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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
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June 30, 2006 June 30, 2005
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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
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June 30, 2006 June 30, 2005
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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%
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