1st Colonial Bancorp, Inc. Reports Increase in Assets, Deposits and Loans

1st Colonial Bancorp, Inc. (OTC:FCOB), holding company
of 1st Colonial National Bank, announced on July 24, 2006 that as of
June 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 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 decrease in earnings per
share following the launch of our third branch due to initial
expenses," said Gerard 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, 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.
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(dollars in thousands, except per share data) 


                                                At            At
                                          June 30, 2006  June 30, 2005
                                          -------------- -------------

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
                                          ----------------------------
                                          June 30, 2006  June 30, 2005
                                          -------------- -------------

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
                                          ----------------------------
                                          June 30, 2006  June 30, 2005
                                          -------------- -------------

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
                                          ----------------------------
                                          June 30, 2006  June 30, 2005
                                          -------------- -------------
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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