1st Colonial Bancorp First Quarter Profit up 22 Percent

  
    
  
  
    
      Gerry Banmiller, the President and Chief Executive Officer of 1st 
      Colonial Bancorp, Inc. (OTCBB:FCOB), holding company of 1st 
      Colonial National Bank, today announced: “We 
      are glad to report to our shareholders and to the public that in 
      contrast to a significant amount of negative news from other banks, 1st 
      Colonial continues to grow in net income and assets. Our first quarter 
      2008 earning’s rose 22.0% or $42,000, and our 
      assets at March 31 grew $37.5 million to $229.0 million, compared to the 
      quarter ended March 31, 2007. These results demonstrate that 1st 
      Colonial continues its upward trend in profitability and growth.”
    
    
      1st Colonial reported that its net income for the three months ended 
      March 31, 2008 was $233,000 compared to $191,000 for the three months 
      ended March 31, 2007. Additionally, diluted earnings per share increased 
      to $.08 for the quarter ended March 31, 2008 from $.06 for the quarter 
      ended March 31, 2007. The earnings per share numbers for both periods 
      have been adjusted to reflect the 5% stock dividends paid on April 15, 
      2008 and April 16, 2007.
    
    
      At March 31, 2008, 1st Colonial also reported 
      $131.5 million in loans, an increase of $19.1 million from March 31, 
      2007. Deposits were $200.1 million, an increase of $35.5 million or 
      21.6% from March 31, 2007.
    
    
      For the quarter, 1st Colonial’s 
      net interest income of $1.5 million was $222,000, or 17.6%, higher than 
      the first quarter of 2007. Non-interest expense also increased $189,000 
      or 17.2% from the comparable period in 2007. Salaries and benefits 
      accounted for $80,000 of the increase, occupancy and equipment expense 
      increased by $49,000 due to our new administrative headquarters, FDIC 
      assessments increased by $31,000 and advertising expense increased by 
      $15,000.
    
    
      Highlights as of March 31, 2008 and March 31, 2007, and comparing the 
      three months ended March 31, 2008 and the three months ended March 31, 
      2007, respectively (all unaudited), include the following (dollars in 
      thousands, except per share data):
    
    
      
        
        
        
           
        
        
          At
        
        
           
        
        
          At
        
        
           
        
        
          $ increase/
        
        
           
        
        
          % increase/
        
      
      
        
        
        
        
        
          March 31, 2008
        
        
        
        
          March 31, 2007
        
        
        
        
          (decrease)
        
        
        
        
          (decrease)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Total assets
        
        
        
        
          $
        
        
          228,961
        
        
        
        
          $
        
        
          191,442
        
        
        
        
          $
        
        
          37,519
        
        
        
        
          19.6
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Total loans
        
        
        
        
        
        
          131,455
        
        
        
        
        
        
          112,306
        
        
        
        
        
        
          19,149
        
        
        
        
          17.1
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Total deposits
        
        
        
        
        
        
          200,118
        
        
        
        
        
        
          164,592
        
        
        
        
        
        
          35,526
        
        
        
        
          21.6
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Shareholders' equity
        
        
        
        
        
        
          21,918
        
        
        
        
        
        
          21,127
        
        
        
        
        
        
          791
        
        
        
        
          3.7
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
          For the three months ended
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
          $ increase/
        
        
        
        
          % increase/
        
      
      
        
        
        
        
        
          March 31, 2008
        
        
        
        
          March 31, 2007
        
        
        
        
          (decrease)
        
        
        
        
          (decrease)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net interest income
        
        
        
        
          $
        
        
          1,482
        
        
        
        
          $
        
        
          1,260
        
        
        
        
          $
        
        
          222
        
        
        
        
          17.6
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Provision for loan losses
        
        
        
        
        
        
          30
        
        
        
        
        
        
          22
        
        
        
        
        
        
          8
        
        
        
        
          36.4
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Other income
        
        
        
        
        
        
          146
        
        
        
        
        
        
          141
        
        
        
        
        
        
          5
        
        
        
        
          3.5
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Non-interest expense
        
        
        
        
        
        
          1,288
        
        
        
        
        
        
          1,099
        
        
        
        
        
        
          189
        
        
        
        
          17.2
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net income
        
        
        
        
        
        
          233
        
        
        
        
        
        
          191
        
        
        
        
        
        
          42
        
        
        
        
          22.0
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Earnings per share, diluted
        
        
        
        
          $
        
        
          0.08
        
        
        
        
          $
        
        
          0.06
        
        
        
        
          $
        
        
          0.02
        
        
        
        
          33.3
        
        
          %
        
      
    
    
      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; 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.