1st Colonial Bancorp Second Quarter Profit up 12 Percent

  
    
  
  
    
      1st Colonial Bancorp, Inc. (OTC:FCOB), holding company of 1st 
      Colonial National Bank, announced today that second quarter 2007 
      earnings rose 12.8% or $19,000. Net income for the three months ended 
      June 30, 2007 was $168,000 compared to $149,000 for the three months 
      ended June 30, 2006. Additionally, diluted earnings per share were $.05 
      for the three month periods ended June 30, 2007 and 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 June 30, 2007, 1st Colonial reported 
      $192.5 million in assets and $164.3 million in deposits. These amounts 
      reflect an increase of $5.7 million in assets and $5.6 million in 
      deposits from June 30, 2006. Loans were $115.7 million, an increase of 
      $11.5 million or 11.0% from June 30, 2006.
    
    
      For the quarter, 1st Colonial’s 
      net interest income was $57,000 higher than the second quarter of 2006. 
      In addition, other income increased by $34,000 or 29.1%. This increase 
      is attributable to higher fees generated on mortgage loans sold, service 
      charges and other fee income. Other expenses increased by $43,000 or 
      4.1%, as salaries and benefits increased by $23,000, occupancy expense 
      increased by $27,000 due to our new administrative offices, and data 
      processing expense increased by $12,000 due to the bank’s 
      growth, and loan and business development expenses decreased.
    
    
      Gerry Banmiller, President and Chief Executive Officer of 1st 
      Colonial said, “At a time when many banks are 
      having earnings challenges, it speaks to the quality of the effort here 
      at 1st Colonial National Bank that we are able 
      to post a double-digit earnings increase. Coupled with an increase in 
      deposits and assets, the good news of our bank’s 
      performance is impressive.”
    
    
      Net income for the six months ended June 30, 2007 was $359,000, a 21.7% 
      increase from the comparable period in 2006. Net interest income 
      increased 7.1% or $169,000 for the six month period. Other income 
      increased $44,000 or 17.7% to $292,000 for the six month period ended 
      June 30, 2007 compared to the six month period ended June 30, 2006. 
      Other expense increased $116,000 or 5.6% from the comparable period in 
      2006. Non-recurring expenses related to relocating our administrative 
      offices to a new building on May 5, 2007 accounted for $22,000 of this 
      increase.
    
    
      Highlights as of June 30, 2007 and June 30, 2006, and comparing the 
      three and six months ended June 30, 2007 to the three and six months 
      ended June 30, 2006, respectively (all unaudited), include the following 
      (dollars in thousands, except per share data):
    
    
      
        
        
        
        
        
          
            AtJune 30, 2007
          
        
        
        
        
          
            AtJune 30, 2006
          
        
        
        
        
          
            $ increase/(decrease)
          
        
        
        
        
          
            % increase/(decrease)
          
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Total assets
        
        
        
        
          $
        
        
          192,509
        
        
        
        
          $
        
        
          186,775
        
        
        
        
          $
        
        
          5,734
        
        
        
        
        
        
          3.1
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Total loans
        
        
        
        
        
        
          115,729
        
        
        
        
        
        
          104,247
        
        
        
        
        
        
          11,482
        
        
        
        
        
        
          11.0
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Total deposits
        
        
        
        
        
        
          164,333
        
        
        
        
        
        
          158,758
        
        
        
        
        
        
          5,575
        
        
        
        
        
        
          3.5
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Shareholders' equity
        
        
        
        
        
        
          21,120
        
        
        
        
        
        
          19,914
        
        
        
        
        
        
          1,206
        
        
        
        
        
        
          6.1
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
          For the three months ended
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
          June 30, 2007
        
        
        
        
          June 30, 2006
        
        
        
        
          
            $ increase/(decrease)
          
        
        
        
        
          
            % increase/(decrease)
          
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net interest income
        
        
        
        
          $
        
        
          1,277
        
        
        
        
          $
        
        
          1,220
        
        
        
        
          $
        
        
          57
        
        
        
        
        
        
          4.7
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Provision for loan losses
        
        
        
        
        
        
          83
        
        
        
        
        
        
          65
        
        
        
        
        
        
          18
        
        
        
        
        
        
          27.7
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Other income
        
        
        
        
        
        
          151
        
        
        
        
        
        
          117
        
        
        
        
        
        
          34
        
        
        
        
        
        
          29.1
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Other expense
        
        
        
        
        
        
          1,099
        
        
        
        
        
        
          1,056
        
        
        
        
        
        
          43
        
        
        
        
        
        
          4.1
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net income
        
        
        
        
        
        
          168
        
        
        
        
        
        
          149
        
        
        
        
        
        
          19
        
        
        
        
        
        
          12.8
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Earnings per share, diluted
        
        
        
        
          $
        
        
          0.05
        
        
        
        
          $
        
        
          0.05
        
        
        
        
          $
        
        
          -
        
        
        
        
        
        
          0.0
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
          For the six months ended
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
          June 30, 2007
        
        
        
        
          June 30, 2006
        
        
        
        
          
            $ increase/(decrease)
          
        
        
        
        
          
            % increase/(decrease)
          
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net interest income
        
        
        
        
          $
        
        
          2,538
        
        
        
        
          $
        
        
          2,369
        
        
        
        
          $
        
        
          169
        
        
        
        
        
        
          7.1
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Provision for loan losses
        
        
        
        
        
        
          105
        
        
        
        
        
        
          108
        
        
        
        
        
        
          (3
        
        
          )
        
        
        
        
          (2.8
        
        
          %)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Other income
        
        
        
        
        
        
          292
        
        
        
        
        
        
          248
        
        
        
        
        
        
          44
        
        
        
        
        
        
          17.7
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Other expense
        
        
        
        
        
        
          2,197
        
        
        
        
        
        
          2,081
        
        
        
        
        
        
          116
        
        
        
        
        
        
          5.6
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net income
        
        
        
        
        
        
          359
        
        
        
        
        
        
          295
        
        
        
        
        
        
          64
        
        
        
        
        
        
          21.7
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Earnings per share, diluted
        
        
        
        
          $
        
        
          0.12
        
        
        
        
          $
        
        
          0.10
        
        
        
        
          $
        
        
          0.02
        
        
        
        
        
        
          20.0
        
        
          %
        
      
    
    
      1st Colonial National Bank, the subsidiary of 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. Its 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 1st Colonial’s 
      business. There are risks and uncertainties that may cause 1st Colonial’s 
      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 
      regulations; new technology and other factors affecting our operations, 
      pricing, products and services.