1st Colonial Bancorp First Quarter Profit up 30 Percent

  
    
  
  
    
      1st Colonial Bancorp, Inc. (OTC: FCOB), holding company of 1st 
      Colonial National Bank, 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 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 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):
    
    
      
        
          
          
        
        
          
            AtMarch 31,2007
          
        
        
        
        
          
            AtMarch 31,2006
          
        
        
        
        
          $ increase/(decrease)
        
        
        
        
          % increase/(decrease)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Total assets
        
        
          $ 191,442 
        
        
        
        
          $ 174,110 
        
        
        
        
          $ 17,332 
        
        
        
        
          10.0%
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Total loans
        
        
          112,306 
        
        
        
        
          96,977 
        
        
        
        
          15,329 
        
        
        
        
          15.8%
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Total deposits
        
        
          164,592 
        
        
        
        
          144,893 
        
        
        
        
          19,699 
        
        
        
        
          13.6%
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Shareholders' equity
        
        
          21,127 
        
        
        
        
          19,828 
        
        
        
        
          1,299 
        
        
        
        
          6.6%
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
          For the three months ended
        
      
      
        
        
        
          
            March 31,2007
          
        
        
        
        
          
            March 31,2006
          
        
        
        
        
          $ increase/(decrease)
        
        
        
        
          % increase/(decrease)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net interest income
        
        
          $ 1,260 
        
        
        
        
          $ 1,149 
        
        
        
        
          $ 111 
        
        
        
        
          9.7%
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Provision for loan losses
        
        
          22 
        
        
        
        
          43 
        
        
        
        
          (21)
        
        
        
        
          -48.8%
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Other income
        
        
          141 
        
        
        
        
          131 
        
        
        
        
          10 
        
        
        
        
          7.6%
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Other expense
        
        
          1,099 
        
        
        
        
          1,025 
        
        
        
        
          74 
        
        
        
        
          7.2%
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net income
        
        
          191 
        
        
        
        
          146 
        
        
        
        
          45 
        
        
        
        
          30.8%
        
      
      
        
          
             
          
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Earnings per share, diluted
        
        
          $ 0.07 
        
        
        
        
          $ 0.05 
        
        
        
        
          $ 0.02 
        
        
        
        
          40.0%
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
          
            At and for thethree months ended
          
        
        
        
        
        
      
      
        
        
        
        
        
        
        
          
            March 31,2007
          
        
        
        
        
          
            March 31,2006
          
        
        
        
        
        
      
      
        
          Key financial ratios
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Return on average assets (1)
        
        
        
        
        
        
          0.40%
        
        
        
        
          0.34%
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Return on average equity (1)
        
        
        
        
        
        
          3.64%
        
        
        
        
          2.95%
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net interest margin
        
        
        
        
        
        
          2.98%
        
        
        
        
          3.05%
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Efficiency ratio (1) (2)
        
        
        
        
        
        
          78.44%
        
        
        
        
          80.08%
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          
            Non-interest income/ operating revenue
          
        
        
        
        
        
        
          10.06%
        
        
        
        
          10.23%
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Non-performing assets/assets
        
        
        
        
        
        
          0.05%
        
        
        
        
          0.08%
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net charge offs/average loans (1)
        
        
        
        
        
        
          0.05%
        
        
        
        
          0.00%
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Allowance for loan losses/loans
        
        
        
        
        
        
          1.10%
        
        
        
        
          1.24%
        
        
        
        
        
      
    
    
      (1) Annualized
    
    
      (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, 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 [phone] 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.