1st Colonial Bancorp Reports First Quarter Profit Of $383,000
1st Colonial Bancorp, Inc. (OTCBB:FCOB), holding company of 1 st Colonial National Bank, today reported that its net income for the three months ended March 31, 2012 was $383,000 ($0.12 per share), compared to $170,000 ($0.05 per share) for the three months ended March 31, 2011.
Gerry Banmiller, President and Chief Executive Officer, commented, “In prior messages I promised we would attack the cost of deposits by reducing our Certificate of Deposit portfolio. Kindly note that as of March 31st, the time deposit interest expense decreased from $248,000 to $109,000. Yet, even with this reduction, we still have a conservative loan-to-deposit ratio of 70%. Our dramatic increase in net income for the first quarter resulted from this level of intense focus on expense control.”
He added, “We are continuing our efforts to produce more fee income through our participation in the SBA loan program. Due to the Small Business Administration’s guaranty of these loans, this lending function has minimal risk to the Bank, and is therefore made for these challenging economic times.”
At March 31, 2012, 1 st Colonial also reported $282.3 million in total assets and $247.3 million in deposits. These amounts reflect increases of $6.2 million in assets and $6.6 million in deposits from March 31, 2011. As noted above, the deposit mix changed as a result of a decrease of $25.8 million in certificates of deposits and an increase of $22.9 million in transaction accounts and $9.5 million in savings accounts. Loans were relatively unchanged at $178.2 million.Net interest income of $2,377,000 for the three months ended March 31, 2012 was $224,000, or 10.4%, higher than the net interest income of $2,153,000 for the three months ended March 31, 2011. This was due primarily to an increase of 0.28% in net interest spread to 3.45% for the three months ended March 31, 2012 compared to 3.17% for the three months ended March 31, 2011.
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