1st Colonial Bancorp's 2007 Net Income and Deposits Up 4.8% and 20.9% Respectively; Total Assets Exceed $200 Million

  
    
  
  
    
      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 despite a 
      significant amount of negative news from other banks, 1st 
      Colonial continues to grow in net income and assets. Our results being 
      released today demonstrate that the bank continues on in its upward 
      trend in profitability and growth.”
    
    
      1st Colonial’s net 
      income for the year ended December 31, 2007 was $887,000, an increase of 
      4.8% over the 2006 fiscal year. Additionally, diluted earnings per share 
      increased to $0.31 for the year ended December 31, 2007 from $0.29 for 
      the year ended December 31, 2006. Net interest income for 2007 increased 
      5.0% or $250,000 over 2006. Other income for 2007 of $580,000 
      represented an increase of $59,000 or 11.3%, compared to 2006. 
      Non-interest expense in 2007 increased $368,000 or 8.9% from the 
      comparable period in 2006. Occupancy and equipment expense related to 
      the bank’s move to its new administrative and 
      operations headquarters in May 2007 accounted for $105,000 of the 
      increase. Continued attention to credit quality allowed the bank to 
      decrease its loan loss provision by $64,000 for 2007.
    
    
      1st Colonial reported $218.3 million in assets 
      and $123.4 million in loans at December 31, 2007. These amounts reflect 
      an increase of $33.5 million in assets and $11.9 million in loans from 
      December 31, 2006. Deposits were $189.6 million, an increase of $32.8 
      million or 20.9% from December 31, 2006.
    
    
      Highlights as of December 31, 2007 and December 31, 2006, comparing the 
      year ended December 31, 2007 and the year ended December 31, 2006, 
      respectively, include the following (dollars in thousands, except per 
      share data):
    
    
      
        
        
        
           
        
        
          
            AtDecember 31,
          
          
            2007
          
        
        
           
        
        
          
            AtDecember 31,
          
          
            2006
          
        
        
           
        
        
          $ increase/(decrease)
        
        
           
        
        
          % increase/(decrease)
        
      
      
        
        
        
        
        
          (Unaudited)
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Total assets
        
        
        
        
          $
        
        
          218,294
        
        
        
        
          $
        
        
          184,842
        
        
        
        
          $
        
        
          33,452
        
        
        
        
        
        
          18.1
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Total loans
        
        
        
        
        
        
          123,381
        
        
        
        
        
        
          111,523
        
        
        
        
        
        
          11,858
        
        
        
        
        
        
          10.6
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Total deposits
        
        
        
        
        
        
          189,621
        
        
        
        
        
        
          156,819
        
        
        
        
        
        
          32,802
        
        
        
        
        
        
          20.9
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Shareholders' equity
        
        
        
        
        
        
          21,722
        
        
        
        
        
        
          20,837
        
        
        
        
        
        
          885
        
        
        
        
        
        
          4.2
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
          For the year ended
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
          
            December 31,
          
          
            2007
          
        
        
        
        
          
            December 31,
          
          
            2006
          
        
        
        
        
          $ increase/(decrease)
        
        
        
        
          % increase/(decrease)
        
      
      
        
        
        
        
        
          (Unaudited)
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Net interest income
        
        
        
        
          $
        
        
          5,242
        
        
        
        
          $
        
        
          4,992
        
        
        
        
          $
        
        
          250
        
        
        
        
        
        
          5.0
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Provision for loan losses
        
        
        
        
        
        
          162
        
        
        
        
        
        
          226
        
        
        
        
        
        
          (64
        
        
          )
        
        
        
        
          -28.3
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Other income
        
        
        
        
        
        
          580
        
        
        
        
        
        
          521
        
        
        
        
        
        
          59
        
        
        
        
        
        
          11.3
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Other expense
        
        
        
        
        
        
          4,522
        
        
        
        
        
        
          4,154
        
        
        
        
        
        
          368
        
        
        
        
        
        
          8.9
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net income
        
        
        
        
        
        
          887
        
        
        
        
        
        
          846
        
        
        
        
        
        
          41
        
        
        
        
        
        
          4.8
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Earnings per share, diluted
        
        
        
        
          $
        
        
          0.31
        
        
        
        
          $
        
        
          0.29
        
        
        
        
          $
        
        
          0.02
        
        
        
        
        
        
          6.9
        
        
          %
        
      
    
    
      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.