1st Colonial Bancorp, Inc. (FCOB), holding company of 1st
Colonial Community Bank, today reported net income of $1.3 million, or
$0.29 per diluted share, for the three months ended June 30, 2018
compared to net income of $1.0 million, or $0.22 per diluted share, for
the three months ended June 30, 2017. For the six months ended June 30,
2018, net income was $2.4 million, or $0.55 per diluted share, compared
to $2.0 million, or $0.47 per diluted share for the same period in 2017.
The 2017 earnings per diluted share were adjusted to give effect to the
5% stock dividend distributed to shareholders on April 16, 2018.
Gerry Banmiller, President and Chief Executive Officer, commented, “With
the increase in short-term interest rates, we have been able to
prudently manage our loan growth and overall product pricing. This
sensible approach resulted in a 9% increase in net interest income,
which is a fundamental component of our earnings.”
Highlights for the three and six months ended June 30, 2018, included:
Balance Sheet Trends:
Income Statement and Other Highlights:
Highlights as of June 30, 2018 and 2017, and a comparison of the three
and six months ended June 30, 2018 to the three and six months ended
June 30, 2017 include the following:
1st COLONIAL BANCORP, INC.
2018
2017
2018
2017
$
5,521
$
1,337
$
0.30
$
0.29
SELECTED PERFORMANCE RATIOS:
For the three monthsended June 30,
For the six monthsended June 30,
2018
2017
2018
2017
At December 31, 2017
1st COLONIAL BANCORP, INC.
Total Assets
1st COLONIAL BANCORP, INC.
(Unaudited, in thousands, except percentages)
Interest-bearing deposits
Interest-bearing deposits
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 administrative offices in
Cherry Hill, New Jersey. 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; unanticipated loan
losses, inability to close loans in our pipeline, lack of liquidity;
varying and unanticipated costs of collection with respect to
nonperforming loans; an inability to dispose of real estate owned;
changes in interest rates, changes in FDIC assessments, deposit flows,
loan demand, and real estate values; changes in relationships with major
customers; operational risks, including the risk of fraud or theft by
employees, customers or outsiders, and the risk of interruptions in and
breaches in security of our information systems; competition; changes in
accounting principles, policies or guidelines; changes in laws or
regulations and in the manner in which the regulators enforce same; new
technology and other factors affecting our operations, pricing, products
and services.
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