1st Colonial Bancorp First Quarter Profit up 30 Percent.
COLLINGSWOOD, N.J. -- 1st Colonial Bancorp, Inc. (OTC 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 today that first quarter 2007 earnings rose 30.8% or $45,000. Net income for the three months ended March 31, 2007 was $191,000 compared to $146,000 for the three months ended March 31, 2006. 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 increased to $.07 for the three month period ended March 31, 2007 from $.05 for the three month period ended March 31, 2006. The earnings per share numbers for both periods have been adjusted to reflect the 5% stock dividends paid on April 17, 2006 and April 16, 2007.
At March 31, 2007, 1st Colonial reported $191.4 million in assets and $112.3 million in loans. These amounts reflect an increase of $17.3 million in assets and $15.3 million in loans from March 31, 2006. Deposits were $164.6 million, an increase of $19.7 million or 13.6% from March 31, 2006.
For the quarter, 1st Colonial's net interest income was $111,000 or 9.7% higher than the first quarter of 2006. This increase is attributable to an increase of $17.8 million in average loans outstanding. In addition, other income increased by $10,000. This increase is due to higher fees generated on mortgage loans sold. Other expenses increased by $74,000 or 7.2%. Salaries and benefits accounted for $43,000 of the increase, data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a increased by $16,000 and professional fees by $15,000. Continued attention to credit quality allowed the Bank to decrease its loan loss provision by $21,000.
Highlights as of March 31, 2007 and March 31, 2006, and comparing the three months ended March 31, 2007 to the three months ended March 31, 2006, respectively (all unaudited), include the following (dollars in thousands, except per share data):
(1) Annualized annualized
Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared.
(2) Efficiency ratio is total other expense divided by the sum of net interest income and total other income.
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 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 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.