FCOB($8) reports $.23 vs $.16; book value $8.60/share
1st Colonial Bancorp Reports First Quarter Net Income Growth and Profit of $883,000
COLLINGSWOOD, N.J.--(BUSINESS WIRE)-- 1st Colonial Bancorp, Inc. (FCOB), holding company of 1st Colonial Community Bank, today reported that its net income for the three months ended March 31, 2016 was $883,000 ($0.23 per share), compared to $623,000 ($0.16 per share) for the three months ended March 31, 2015. Net interest income increased $548,000, resulting from continued growth in interest earning assets. Non-interest income also increased by $211,000, primarily attributable to increased fees from the origination and sale of residential first mortgage loans.
The provision for loan losses decreased by $7,000 for the quarter ended March 31, 2016 from the quarter ended March 31, 2015. Non-interest expense increased by $369,000 in the three months ended March 31, 2016 compared to the three months ended March 31, 2015; salaries and benefits increased by $233,000, primarily as a result of increased personnel expenses in the residential lending area, general operating costs increased by $113,000 and occupancy and equipment costs increased $23,000. Income tax expense also increased by $137,000 thousand for the quarter ended March 31, 2016 from the quarter ended March 31, 2015.
Gerry Banmiller, President and Chief Executive Officer, commented, In 2015 we had net income in excess of $3 million. The best year we ever had. At the risk of sharing corporate secrets, we are going to publicly disclose how we did this: assemble a committeed Board of Directors to represent the Bank to business associates and the community at large; hire motivated managers and employees who consistently perform their duties to the benefit of customers; execute a business and marketing plan utilizing individual energies and creative media, especially radio, and make hard choices in expense control to facilitate our profit goals.
At March 31, 2016, 1st Colonial also reported $485.8 million in total assets, $448.5 million in deposits and $320.4 million in loans. These amounts reflect increases of $57.7 million in assets, $68.0 million in deposits, $55.5 million in loans and a decrease of $10.9 million in investment securities from March 31, 2015.
The company also reported that its shareholders equity of $31.8 million and book value per share of $8.60 at March 31, 2016 both increased by 13% since March 31, 2015, the latter after giving effect to the 5% stock dividend distributed in April 2016.
Highlights as of March 31, 2016 and 2015, and comparing the three months ended March 31, 2016 and the three months ended March 31, 2015 include the following (dollars in thousands, except per share data):
at at
$
increase/
%
increase/
March 31, 2016
March 31, 2015
decrease
decrease
Total assets $485,817 $428,071 $57,746 13.5%
Total loans 320,369 264,880 55,489 20.9%
Investments 136,546 147,412 (10,866) -7.4%
Total deposits 448,454 380,472 67,982 17.9%
Shareholders equity 31,765 28,118 3,647 13.0%
Book Value per share (1) $8.19 $7.25 $0.94 13.0%
For the three months ended
$
increase/
%
increase/
March 31, 2016
March 31, 2015
decrease
decrease
Net interest income $3,557 $3,009 $548 18.2%
Provision for loan losses 300 307 (7) -2.3%
Other income 852 641 211 32.9%
Non interest expense 2,743 2,374 369 15.5%
Tax expense 483 346 137 39.6%
Net income 883 623 260 41.7%
Earnings per share (1) $0.23 $0.16 $0.07 41.7%
(1) Adjusted to give effect to the 5% stock dividend distributed to shareholders on April 15, 2016.
1st Colonial Community Bank, the subsidiary of 1st Colonial Bancorp, provides a range of business and consumer financial services, placing emphasis on customer service and access to decision makers. Headquartered in Collingswood, New Jersey, the Bank also has a branch in the New Jersey community of Westville and a loan production office in Mantua, Gloucester County. To learn more, call (856) 858-8402 or visit www.1stcolonial.com.
