1st Colonial Bancorp Year-to-Date Net Income up 42 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 the cumulative results for the 
      six months ended June 30, 2008. Net income was $511,000, an increase of 
      42.3% or $152,000 from the comparable period in 2007. Our loans stand at 
      $138.5 million on June 30, 2008 as compared to $115.7 million on June 
      30, 2007, an increase of 19.7%. Additionally, diluted earnings per share 
      increased to $0.18 for the six-months ended June 30, 2008 from $0.12 for 
      the six-months ended June 30, 2007. “Our 
      performance is a result of prudent credit management, careful attention 
      to expenses, and adherence to the basics of sound banking principles,” 
      said Banmiller. He continued, “These results 
      are reflective of our consistent delivery of superior service to our 
      customers rather than teaser rates and other gimmicks offered by some 
      banks.”
    
    
      At June 30, 2008, 1st Colonial also reported 
      $228.1 million in assets, an increase of $35.5 million from June 30, 
      2007. Deposits were $199.1 million, an increase of $34.7 million or 
      21.1% from June 30, 2007.
    
    
      Net interest income increased 20.3% or $516,000 for the six month period 
      ended June 30, 2008. Non-interest expense also increased $412,000 or 
      18.8% from the comparable period in 2007. Salaries and benefits 
      accounted for $179,000 of the increase largely because of an increase in 
      staff to accommodate our growth; occupancy and equipment expense 
      increased by $76,000 due to our new administrative headquarters; FDIC 
      and OCC assessments increased by $77,000 due to an increase in 
      assessment rates and our growth; postage and delivery increased by 
      $22,000; and professional fees increased by $18,000. Continued attention 
      to credit quality allowed the Bank to decrease its loan loss provision 
      by $22,000.
    
    
      1st Colonial also reported that its net income for the three months 
      ended June 30, 2008 rose 65.5% or $110,000 to $278,000. Additionally, 
      diluted earnings per share increased to $0.10 for the quarter ended June 
      30, 2008 from $0.06 for the quarter ended June 30, 2007. The earnings 
      per share numbers stated in this release for all periods have been 
      adjusted to reflect the 5% stock dividends paid on April 15, 2008 and 
      April 16, 2007.
    
    
      Highlights as of June 30, 2008 and June 30, 2007, and comparing the six 
      and three months ended June 30, 2008 and the six and three months ended 
      June 30, 2007, respectively (all unaudited), include the following 
      (dollars in thousands, except per share data):
    
    
      
        
        
        
           
        
        
        
        
           
        
        
        
        
           
        
        
        
        
           
        
        
        
      
      
        
        
        
        
        
          At
        
        
        
        
          At
        
        
        
        
          $ increase/
        
        
        
        
          % increase/
        
      
      
        
        
        
        
        
          June 30, 2008
        
        
        
        
          June 30, 2007
        
        
        
        
          (decrease)
        
        
        
        
          (decrease)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Total assets
        
        
        
        
          $
        
        
          228,057
        
        
        
        
          $
        
        
          192,509
        
        
        
        
          $
        
        
          35,548
        
        
        
        
        
        
          18.5
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Total loans
        
        
        
        
        
        
          138,536
        
        
        
        
        
        
          115,729
        
        
        
        
        
        
          22,807
        
        
        
        
        
        
          19.7
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Total deposits
        
        
        
        
        
        
          199,069
        
        
        
        
        
        
          164,333
        
        
        
        
        
        
          34,736
        
        
        
        
        
        
          21.1
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Shareholders' equity
        
        
        
        
        
        
          21,740
        
        
        
        
        
        
          21,120
        
        
        
        
        
        
          620
        
        
        
        
        
        
          2.9
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
          For the six months ended
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
          $ increase/
        
        
        
        
          % increase/
        
      
      
        
        
        
        
        
          June 30, 2008
        
        
        
        
          June 30, 2007
        
        
        
        
          (decrease)
        
        
        
        
          (decrease)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net interest income
        
        
        
        
          $
        
        
          3,054
        
        
        
        
          $
        
        
          2,538
        
        
        
        
          $
        
        
          516
        
        
        
        
        
        
          20.3
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Provision for loan losses
        
        
        
        
        
        
          83
        
        
        
        
        
        
          105
        
        
        
        
        
        
          (22
        
        
          )
        
        
        
        
          (21.0
        
        
          %)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Other income
        
        
        
        
        
        
          293
        
        
        
        
        
        
          292
        
        
        
        
        
        
          1
        
        
        
        
        
        
          0.3
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Non-interest expense
        
        
        
        
        
        
          2,609
        
        
        
        
        
        
          2,197
        
        
        
        
        
        
          412
        
        
        
        
        
        
          18.8
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net income
        
        
        
        
        
        
          511
        
        
        
        
        
        
          359
        
        
        
        
        
        
          152
        
        
        
        
        
        
          42.3
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Earnings per share, diluted
        
        
        
        
          $
        
        
          0.18
        
        
        
        
          $
        
        
          0.12
        
        
        
        
          $
        
        
          0.06
        
        
        
        
        
        
          50.0
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
          For the three months ended
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
          $ increase/
        
        
        
        
          % increase/
        
      
      
        
        
        
        
        
          June 30, 2008
        
        
        
        
          June 30, 2007
        
        
        
        
          (decrease)
        
        
        
        
          (decrease)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net interest income
        
        
        
        
          $
        
        
          1,571
        
        
        
        
          $
        
        
          1,278
        
        
        
        
          $
        
        
          293
        
        
        
        
        
        
          22.9
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Provision for loan losses
        
        
        
        
        
        
          53
        
        
        
        
        
        
          83
        
        
        
        
        
        
          (30
        
        
          )
        
        
        
        
          (36.1
        
        
          %)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Other income
        
        
        
        
        
        
          147
        
        
        
        
        
        
          151
        
        
        
        
        
        
          (4
        
        
          )
        
        
        
        
          (2.6
        
        
          %)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Non-interest expense
        
        
        
        
        
        
          1,321
        
        
        
        
        
        
          1,098
        
        
        
        
        
        
          223
        
        
        
        
        
        
          20.3
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net income
        
        
        
        
        
        
          278
        
        
        
        
        
        
          168
        
        
        
        
        
        
          110
        
        
        
        
        
        
          65.5
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Earnings per share, diluted
        
        
        
        
          $
        
        
          0.10
        
        
        
        
          $
        
        
          0.06
        
        
        
        
          $
        
        
          0.04
        
        
        
        
        
        
          66.7
        
        
          %
        
      
    
    
      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.