Welcome to our dedicated page for 1ST COLONIAL BANCORP news (Ticker: FCOB), a resource for investors and traders seeking the latest updates and insights on 1ST COLONIAL BANCORP stock.
1ST Colonial Bancorp, Inc. (Symbol: FCOB) operates as the bank holding company for 1st Colonial Community Bank, providing a comprehensive range of business and consumer financial services in New Jersey. Founded in 2000 and headquartered in Collingswood, New Jersey, the company has established itself as a reliable financial institution.
Core Business: The company offers diverse deposit products including savings accounts, money market accounts, certificates of deposit, club accounts, and both business and personal checking accounts. These products cater to individual and business clients looking for dependable and flexible banking solutions.
Loan Services: 1ST Colonial Bancorp, Inc. delivers a variety of loan services such as home equity loans, home equity lines of credit, personal and vehicle loans, residential and commercial mortgages, construction loans, lines of credit, equipment and vehicle financing, real estate loans, working capital lines of credit, and business acquisition loans. These services are crafted to meet the varied financial needs of their clientele.
Merchant Services: The bank offers numerous merchant services, which include remote deposit capture, ACH/wire transfer, night deposit drop, and other merchant services. These services enable businesses to manage their finances efficiently and securely.
Digital Banking: In addition to traditional banking services, 1ST Colonial Bancorp, Inc. provides online banking, mobile banking, debit card, and ATM services. These digital solutions enhance convenience for customers, allowing them to manage their finances on the go.
The company operates two branch offices located in Collingswood and Westville, New Jersey, ensuring they serve the community with a personal touch. Recent achievements include strengthening their financial condition, expanding their service offerings, and forging strategic partnerships aimed at enhancing customer experience.
With a solid foundation and a commitment to providing exceptional financial services, 1ST Colonial Bancorp, Inc. continues to play a significant role in the banking sector in New Jersey.
1st Colonial Bancorp, Inc. (FCOB) reported net income of $1.8 million for Q3 2024, consistent with Q3 2023 and down $115 thousand from Q2 2024. Net interest income was $6.2 million, a 7% decrease from Q3 2023. The net interest margin for Q3 2024 was 3.16%, down 8% year-over-year but up 2% from Q2 2024. Provision for credit losses was $82 thousand, down from $126 thousand in Q3 2023. Noninterest income increased by 3% year-over-year to $944 thousand, while noninterest expense decreased by 7% to $4.6 million. Annualized return on average assets was 0.91%, and return on average equity was 9.91%. Total assets were $815.3 million, down 1% from December 2023. Total loans declined by $12.9 million, while total deposits grew by $11.7 million. Book value per share increased by 10% to $15.76. The company highlighted improved net interest margin, strong asset quality, and ongoing cost management.
1st Colonial Bancorp (FCOB) reported net income of $2 million for Q2 2024, consistent with Q2 2023. Earnings per diluted share were $0.40, slightly down from $0.41 in Q2 2023. Net interest income decreased by 15% to $5.9 million, while noninterest income rose 39% to $969 thousand. Provision for credit losses was a net release of $439 thousand, partly due to a planned loan sale. Noninterest expense decreased by 2% to $4.8 million.
Total assets declined 2% to $811.2 million, and total loans fell by $14.3 million to $622.7 million. Deposits decreased 5% to $651.9 million. Book value per share rose by 14% to $15.09. The bank's leverage ratio improved to 10.55%. CEO Robert White highlighted the bank's resilience amidst higher interest rates and ongoing focus on cost management and asset quality.
Annualized return on average assets was 1.00%, and return on average equity was 11.10%. The net interest margin decreased to 3.11%. Home equity loans and lines declined by $15.3 million, while commercial loans increased by $2.0 million in Q2 2024.
1st Colonial Bancorp, Inc. (FCOB) reported net income of $1.5 million for Q1 2023, a decrease from $1.7 million in Q1 2022. Diluted earnings per share fell to $0.31 from $0.34 year-over-year. Net interest income rose 12% to $6.5 million, attributed to a significant rise in interest income from loans. However, the net interest margin declined to 3.53% from 3.92% in Q4 2022. Total assets grew by 2% to $800.9 million, while total loans increased by 3% to $619.4 million. Non-interest income saw a substantial drop of 58% to $454 thousand due to decreased activity in residential mortgage sales. Notably, total deposits decreased by 1% to $662.3 million. The company adopted CECL accounting standards, which led to an increase in the allowance for credit losses. Despite these challenges, the book value per share increased by 2% to $13.01.
1st Colonial Bancorp (FCOB) reported a net income of $2.3 million for Q4 2022, a 34% increase year-over-year. For the full year, net income rose 17% to $8.5 million. Net interest income for Q4 was $7.3 million, up 20%, with an annual total of $26 million, reflecting a 19% increase. The return on average assets improved to 1.21%, and return on average equity reached 15.86%. However, non-interest income fell 60% in Q4 and 41.3% for 2022 due to reduced mortgage activity. Deposits increased 10% year-over-year, while total assets grew by 15% to $782 million.
1st Colonial Bancorp reported a net income of $2.6 million for Q3 2022, marking an 18% increase year-over-year and a 30% rise from Q2 2022. Total revenues decreased by 3% to $8.3 million. Net interest income rose 14% to $6.9 million, with a net interest margin of 3.76%. Total assets increased 4% to $763.8 million, and total loans grew 5% to $587 million. Despite improvements in income metrics and efficiency, challenges persist due to rising interest rates and competition impacting margins. Overall, the firm emphasizes maintaining asset quality amidst economic pressures.
FAQ
What is the current stock price of 1ST COLONIAL BANCORP (FCOB)?
What is the market cap of 1ST COLONIAL BANCORP (FCOB)?
What is 1ST Colonial Bancorp, Inc.?
When was 1ST Colonial Bancorp, Inc. founded?
Where is 1ST Colonial Bancorp, Inc. headquartered?
What types of deposit products does the company offer?
Which loan services are available through 1ST Colonial Bancorp, Inc.?
What merchant services does the company offer?
Does 1ST Colonial Bancorp, Inc. offer digital banking solutions?
How many branch offices does 1ST Colonial Bancorp, Inc. operate?
What recent achievements has the company accomplished?
What is the significance of 1ST Colonial Bancorp, Inc. in the New Jersey banking sector?
