1st Colonial Bancorp (PK) (USOTC:FCOB)
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Please replace the release (dated November 2, 2005) with
the following corrected version due to revisions made in the tables
listing results for the nine months ended September 30, 2005.
The corrected release reads:
1ST COLONIAL BANCORP REPORTS INCREASES IN NET INCOME, ASSETS,
DEPOSITS AND LOANS
1st Colonial Bancorp, Inc. (OTC:FCOB), the holding company for 1st
Colonial National Bank, today announced that for the nine months ended
September 30, 2005, it had net income of $569,000, representing a
$160,000 or 39.1% increase over the prior year. For the three months
ended September 30, 2005, net income was $198,000 compared to $175,000
for the comparable period ended September 30, 2004, a 13.1% increase.
It also reported that its total assets and loans had increased by
19.1% and 16.0% respectively since September 30, 2004.
Gerry Banmiller, the President and Chief Executive Officer of 1st
Colonial, said, "We are continuing our steady growth that we have
maintained since we opened our doors in June 2000. The first-class
customer service provided by our hard working employees has helped to
fuel this growth. Our reputation as a true "community bank" has
allowed us to successfully expand our market into portions of
Burlington and Gloucester Counties, New Jersey, in addition to our
home base of Camden County. We opened our third full service office on
September 6, 2005. This Burlington County office is located at 2802
Route 130 N., Cinnaminson, New Jersey."
At September 30, 2005, 1st Colonial reported $172.1 million in
assets and $86.5 million in loans. These amounts reflect an increase
of $27.6 million in assets and $11.9 million in loans from September
30, 2004. Deposits were $146.7 million, an increase of $26.1 million
or 21.6% from September 30, 2004.
1st Colonial also reported a 16.7% increase in net interest income
to $3.4 million for the nine months ended September 30, 2005 from $2.9
million for the comparable period ended September 30, 2004. For the
three month period ended September 30, 2005, the Company reported a
9.1% increase in net interest income from the comparable period last
year. Net interest income for the three month period was $1.2 million
compared to $1.1 million for the three months ended September 30,
2004. According to Gerry Banmiller, "growth in our loan portfolio has
resulted in substantial net interest income growth."
1st Colonial's 39.1% increase in net income for the nine months
ended September 30, 2005 compared to the comparable period in 2004,
enabled its diluted earnings per share to increase to $0.23 compared
to $0.20 in the prior period. For the three months ended September 30,
2005, diluted earnings per share increased to $.08 from $.07 for the
three months ended September 30, 2004. The earnings per share numbers
for both periods have been adjusted to reflect the 5% stock dividend
paid on April 15, 2005.
For the nine months ended September 30, 2005, other income
increased approximately $80,000 or 38.5% compared to the comparable
prior period. This was due primarily to increased account fees of
$26,000, an increase in ATM fees of $12,000, the receipt $5,000 as a
tentative settlement in a class action lawsuit of which the Bank
participated as a member of the Pulse EFT network, income of $33,000
on Bank Owned Life Insurance ("BOLI"), offset by lower gains on loans
sold of $9,000. The remaining increase was volume related. For the
three month period ended September 30, 2005, the Company's reported a
$53,000 or 77.9% increase in other income from the comparable period
last year. During the third quarter 2005, the Bank purchased $4.0
million of BOLI on certain key employees. Income on these policies,
which is recorded as other income and is exempt from federal income
taxes, accounted for a majority of this increase.
For the nine months ended September 30, 2005, other expense
increased approximately $420,000 or 18.5% from the comparable prior
period. Most of these increases were growth related. Due to the
opening of our Cinnaminson office, employee salaries and benefits
increased $251,000. The Cinnaminson opening also contributed to an
increase in occupancy and equipment expenses of approximately $55,000.
Advertising expenses increased $61,000 for the nine months ended
September 30, 2005 as compared to the nine months ended September 30,
2004. Professional fees increased $22,000 for the nine months ended
September 30, 2005 compared to the comparable prior period. For the
three months ended September 30, 2005, other expense increased
approximately $199,000 or 25.5% as compared to the comparable period
in 2004. As with the nine month comparison, most of these increases
were related to growth and the opening of our new office. Employee
related expenses increased $135,000, occupancy and equipment increased
$17,000, and advertising increased $14,000. Data processing costs
increased $17,000 and professional fees increased $8,000 for the three
months ended September 30, 2005 compared to the linked quarter in
2004.
The Company announced that during the nine months ended September
30, 2005, certain warrants to purchase 30,919 shares were exercised
resulting in $257,000 in additional capital. These warrants were
issued in the 2002 unit offering. In addition, in June 2005, warrants
that had been issued in its initial public offering in June 2000 were
exercised, resulting in the Company's issuance of 63,592 shares and
$579,000 in additional capital to the Company. The remaining year 2000
warrants representing 38,282 shares were not exercised and expired on
June 29, 2005.
Highlights as of September 30, 2005 and September 30, 2004, and
comparing the three and nine months ended September 30, 2005 to the
three and nine months ended September 30, 2004, respectively (all
unaudited), include the following (dollars in thousands, except per
share data):
-0-
*T
At At
Sept. 30, Sept. 30, $ increase/ % increase/
2005 2004 (decrease) (decrease)
---------- ---------- ----------- -----------
Total assets $172,079 $144,447 $27,632 19.1%
Total loans 86,520 74,608 11,912 16.0%
Total deposits 146,711 120,653 26,058 21.6%
Shareholders' equity 18,546 17,262 1,284 7.4%
For the three months ended
-----------------------------------------
$ %
Sept. 30, Sept. 30, increase/ increase/
2005 2004 (decrease) (decrease)
--------- --------- ---------- ----------
Net interest income $1,175 $1,077 $98 9.1%
Provision for loan losses 25 68 (43) -63.2%
Other income 121 68 53 77.9%
Other expense 980 781 199 25.5%
Net income 198 175 23 13.1%
Earnings per share, diluted $0.08 $0.07 $0.01 14.3%
For the nine months ended
-----------------------------------------
$ %
Sept. 30, Sept. 30, increase/ increase/
2005 2004 (decrease) (decrease)
--------- --------- ---------- ----------
Net interest income $3,432 $2,941 $491 16.7%
Provision for loan losses 130 193 (63) -32.6%
Other income 288 208 80 38.5%
Other expense 2,695 2,275 420 18.5%
Net income 569 409 160 39.1%
Earnings per share, diluted $0.23 $0.20 $0.03 15.0%
At and for the nine
months ended
--------------------
Sept. 30, Sept. 30,
2005 2004
--------- ----------
Key financial ratios
Return on average assets (1) 0.50% 0.44%
Return on average equity (1) 4.26% 3.68%
Net interest margin 3.26% 3.33%
Efficiency ratio (1) (2) 72.45% 72.25%
Non-interest income/operating revenue 7.74% 6.61%
Non-performing assets/assets 0.02% 0.02%
Net charge offs/average loans (1) 0.00% 0.03%
Allowance for loan losses/loans 1.27% 1.27%
*T
(1)Annualized
(2) Efficiency ratio is total other expense divided by the sum of
net interest income and total other income.
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. More
detailed information concerning our financial condition and results of
operations can be found in our 2004 annual report on Form 10-KSB filed
with the Securities and Exchange Commission. This report can be
accessed over the Internet at www.sec.gov. More information on 1st
Colonial can be found online at www.1stColonial.com or by telephoning
our main branch at 856-858-1100.