1st Colonial Bancorp Reports First Quarter Net Income Growth and Profit of $623,000

COLLINGSWOOD, N.J.--(BUSINESS WIRE)--

1st Colonial Bancorp, Inc. FCOB, holding company of 1^st Colonial Community Bank, today reported that its net income for the three months ended March 31, 2015 was $623,000 ($0.17 per share), compared to $112,000 ($0.03 per share) for the three months ended March 31, 2014. Net interest income increased $565,000 resulting from continued growth in interest earning assets. Non-interest income also increased by $275,000, primarily attributable to increased fees from the origination and sale of residential first mortgage loans.

The provision for loan losses increased by $7,000 for the quarter ended March 31, 2015 from the quarter ended March 31, 2014. Non-interest expense increased by $26,000 in the three months ended March 31, 2015 compared to the three months ended March 31, 2014; salaries and benefits increased by $265,000 primarily as a result of key additions of personnel in the residential lending area, and general operating costs increased by $27,000; these were partially offset by a $93,000 decrease in occupancy and equipment costs related to reduced expenses in the new administration building and the closing of our Cinnaminson branch in December, 2014, and a $173,000 decrease in expenses related to the collection of problem loans during the quarter ended March 31, 2015 compared to the quarter ended March 31, 2014. Income tax expense also increased by $307,000 thousand for the quarter ended March 31, 2015 from the quarter ended March 31, 2014.

Gerry Banmiller, President and Chief Executive Officer, commented, "In our message in our Annual Report for 2014, I stated that it was a ‘very good year.' That performance has continued throughout the first quarter of 2015. You will observe, as you review this release, how things have improved dramatically from the first quarter of 2014. I bring particular attention to the net income for the first quarter of 2015, which is $623,000 compared to $112,000 for that same quarter in 2014."

At March 31, 2015, 1^st Colonial also reported $418 million in total assets, $380.5 million in deposits and $257.8 million in loans. These amounts reflect increases of $79.9 million in assets, $76.8 million in deposits, $64.4 million in loans and $11.5 million in investment securities from March 31, 2014.

The company also reported that its shareholders equity of $28.1 million and book value per share of $7.61 at March 31, 2015 increased by 11.5% and 7.9%, respectively, since March 31, 2014, the latter after giving effect to the 5% stock dividend distributed in April 2015.

Highlights as of March 31, 2015 and 2014, and comparing the three months ended March 31, 2015 and the three months ended March 31, 2014 include the following (dollars in thousands, except per share data):

							$		%
		at		at			increase/		increase/
		March 31, 2015		March 31, 2014			decrease		decrease
Total assets		$428,071		$348,180			$79,891		22.9	%
Total loans		264,880		196,222			68,658		35.0	%
Investments		147,412		135,917			11,495		8.5	%
Total deposits		380,472		303,647			76,825		25.3	%
Shareholders' equity		28,118		25,226			2,892		11.5	%
Book Value		7.61		7.05			0.56		7.9	%
		For the quarter ended
							$		%
							increase/		increase/
		March 31, 2015		March 31, 2014			decrease		decrease
Net interest income		$3,009		$2,444			$565		23.1	%
Provision for loan losses		307		300			7		2.3	%
Other income		641		355			286		80.6	%
Non interest expense		2,374		2,348			26		1.1	%
Tax expense		346		39			307		787.2	%
Net income		623		112			511		456.3	%
Earnings per share (1)		$0.16		$0.03			$0.13		455.1	%

(1) Adjusted to give effect to the 5% stock dividend distributed to shareholders on April 15, 2015.

1st Colonial Community Bank, the subsidiary of 1^st 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.

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 its 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 by employees, customers or outsiders; 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.