First Bank of Delaware Reports First Quarter Earnings
Highlights include:
Net interest income for the first quarter of 2011 was
Net interest margin for the first quarter of 2011 was 7.48% a decrease of 1.63% from 9.11% for the first quarter of 2010. The margin decrease was mainly the result of increased cash balances sold as fed funds which are lower yielding assets and have the effect of decreasing our margin. In addition, average interest bearing deposits increased
Total shareholder's equity at
Total assets at
Total loans at
Total deposits increased
At
Due to changes in laws, regulations and policies in 2010 concerning loans to sub-prime borrowers, in the fourth quarter of 2010 the Bank made the decision to exit its national consumer installment loan business. The decision to cease offering these loans will continue to have a materially adverse effect on earnings. The Company sold these loans at par during the first quarter of 2011. Revenues from the internet installment product included Interest Income of
The Company's CEO and President,
|
SELECTED BALANCE SHEET DATA |
|||
|
(Unaudited, in thousands) |
March 31, |
March 31, |
|
|
2011 |
2010 |
||
|
Fed funds sold and interest bearing cash |
$ 77,191 |
$ 45,853 |
|
|
Investment securities |
5,252 |
11,378 |
|
|
Loans receivable |
126,799 |
101,856 |
|
|
Total assets |
229,851 |
170,807 |
|
|
Deposits |
179,194 |
125,996 |
|
|
Shareholders' equity |
46,479 |
41,827 |
|
|
SELECTED INCOME STATEMENT DATA |
Quarter ended |
||
|
(Unaudited, in thousands except per share data) |
March 31, |
||
|
2011 |
2010 |
||
|
Net interest income |
$ 3,882 |
$ 3,201 |
|
|
Provision for loan losses |
- |
825 |
|
|
Non-interest income |
3,501 |
1,359 |
|
|
Other expenses |
4,261 |
3,215 |
|
|
Provision for income taxes |
1,066 |
181 |
|
|
Net income |
2,056 |
339 |
|
|
Earnings per share: |
|||
|
Basic |
$ 0.18 |
$ 0.03 |
|
|
Diluted |
$ 0.18 |
$ 0.03 |
|
|
Capital Ratios: |
|||
|
Leverage Capital |
19.39% |
26.75% |
|
|
Total risk based capital |
36.32% |
39.15% |
|
The Company provides diversified financial products through two locations in
The Company may from time to time make written or oral "forward-looking statements", including statements contained in this release and in the Company's filings with the
|
Attachment #1 |
||||||
|
First Bank of Delaware |
||||||
|
Condensed Income Statement |
||||||
|
(Dollar amounts in thousands |
||||||
|
except per share data) |
||||||
|
(unaudited) |
Three Months Ended |
|||||
|
March 31, |
||||||
|
2011 |
2010 |
|||||
|
Net Interest Income |
$ 3,882 |
$ 3,201 |
||||
|
Provision for Loan Losses |
- |
825 |
||||
|
Non-interest Income |
3,501 |
1,359 |
||||
|
Other Expenses |
4,261 |
3,215 |
||||
|
Provision for Income Taxes |
$ 1,066 |
$ 181 |
||||
|
Net Income |
$ 2,056 |
$ 339 |
||||
|
Diluted EPS |
$ 0.18 |
$ 0.03 |
||||
|
First Bank of Delaware |
||||||
|
Condensed Balance Sheet |
||||||
|
(Dollar amounts in thousands) |
||||||
|
March 31, |
December 31, |
March 31, |
||||
|
2011 |
2010 |
2010 |
||||
|
Federal Funds Sold and Other Interest Bearing Cash |
$ 77,191 |
$ 64,615 |
$ 45,853 |
|||
|
Investment Securities |
5,252 |
5,614 |
11,378 |
|||
|
Commercial and Other Loans |
126,799 |
120,549 |
101,856 |
|||
|
Loans Held for Sale |
- |
5,488 |
- |
|||
|
Allowance for Loan Losses |
(2,220) |
(2,295) |
(3,592) |
|||
|
Other Assets |
22,829 |
25,182 |
15,312 |
|||
|
Total Assets |
$ 229,851 |
$ 219,153 |
$ 170,807 |
|||
|
Liabilities and Shareholders' Equity: |
||||||
|
Transaction Accounts |
$ 157,964 |
$ 145,845 |
$ 91,284 |
|||
|
Time Deposit Accounts |
21,230 |
24,141 |
34,712 |
|||
|
Other Liabilities |
4,178 |
4,749 |
2,984 |
|||
|
Shareholders' Equity |
46,479 |
44,418 |
41,827 |
|||
|
Total Liabilities and Shareholders' Equity |
$ 229,851 |
$ 219,153 |
$ 170,807 |
|||
|
Attachment #2 |
|||||
|
First Bank of Delaware |
|||||
|
Press Release |
|||||
|
March 31, 2009 |
|||||
|
(unaudited) |
|||||
|
At or For the |
|||||
|
Three Months Ended |
|||||
|
31-Mar |
31-Mar |
||||
|
Financial Data: |
2011 |
2010 |
|||
|
Return on average assets |
3.49 |
% |
0.89 |
% |
|
|
Return on average equity |
18.19 |
% |
3.30 |
% |
|
|
Book value per share |
$4.07 |
$3.66 |
|||
|
Actual shares outstanding at period end |
11,424,401 |
11,418,901 |
|||
|
Average diluted shares outstanding |
11,468,000 |
11,433,000 |
|||
|
Leverage Capital Ratio |
19.39% |
26.75% |
|||
|
Total risk based capital ratio |
36.32% |
39.15% |
|||
|
Attachment #3 |
||||||
|
First Bank of Delaware |
||||||
|
Press release 3/31/11 |
||||||
|
(Dollars in thousands except per share data) |
||||||
|
(unaudited) |
||||||
|
Credit Quality Ratios: |
||||||
|
At or for the |
||||||
|
Three months |
Three months |
Three months |
||||
|
ended |
ended |
ended |
||||
|
March 31, |
December 31, |
March 31, |
||||
|
2011 |
2010 |
2010 |
||||
|
Loans accruing, but past due 90 days or more |
$ - |
$ - |
$ - |
|||
|
Non-accrual loans |
- |
198 |
2,312 |
|||
|
Restructured loans |
- |
- |
- |
|||
|
Total non-performing loans |
- |
198 |
2,312 |
|||
|
OREO |
338 |
417 |
1,024 |
|||
|
Total non-performing assets |
$ 338 |
$ 615 |
$ 3,336 |
|||
|
Allowance for loan losses |
$ 2,220 |
$ 2,295 |
$ 3,592 |
|||
|
Non-performing loans as |
||||||
|
a percentage of total loans |
0.27% |
0.16% |
2.27% |
|||
|
Nonperforming assets as |
||||||
|
a percentage of total assets |
0.15% |
0.28% |
1.95% |
|||
|
Allowance for loan losses |
||||||
|
to total loans |
1.75% |
1.82% |
3.53% |
|||
|
Allowance for loan losses |
||||||
|
to total non-performing loans |
0.00% |
1159.09% |
155.36% |
|||
|
Attachment #4 |
|||||||||||||
|
First Bank of Delaware |
|||||||||||||
|
Press release 3/31/11 |
|||||||||||||
|
(Dollars in thousands ) |
|||||||||||||
|
(unaudited) |
|||||||||||||
|
Quarter-to-Date |
|||||||||||||
|
Average Balance Sheet |
|||||||||||||
|
Three months ended |
Three months ended |
||||||||||||
|
March 31, 2011 |
March 31, 2010 |
||||||||||||
|
Average |
Average |
||||||||||||
|
Interest-Earning Assets: |
Average |
Yield/ |
Average |
Yield/ |
|||||||||
|
Balance |
Interest |
Cost |
Balance |
Interest |
Cost |
||||||||
|
Commercial and other loans |
$ 124,354 |
$ 4,112 |
13.41 |
% |
$ 90,993 |
$ 3,340 |
14.89 |
% |
|||||
|
Investment securities |
4,656 |
67 |
5.83 |
10,291 |
135 |
5.31 |
|||||||
|
Federal funds sold |
81,348 |
49 |
0.24 |
41,129 |
22 |
0.22 |
|||||||
| </td> | |||||||||||||
|
Total interest-earning assets |
210,358 |
4,228 |
8.15 |
142,413 |
3,497 |
9.96 |
|||||||
|
Other assets |
28,286 |
12,889 |
|||||||||||
|
Total assets |
$ 238,644 |
$ 4,228 |
|
$ 3,497 |
|||||||||
|
Interest-bearing liabilities: |
|||||||||||||
|
Interest-bearing deposits |
$ 115,043 |
$ 346 |
1.22 |
% |
$ 76,644 |
$ 296 |
1.57 |
% |
|||||
|
Borrowed funds |
- |
- |
- |
- |
- |
- |
|||||||
|
Total interest-bearing |
|||||||||||||
|
liabilities |
115,043 |
346 |
1.22 |
76,644 |
296 |
1.57 |
|||||||
|
Non-interest and |
|||||||||||||
|
interest-bearing funding |
187,737 |
346 |
0.75 |
109,799 |
296 |
1.09 |
|||||||
|
Other liabilities: |
5,075 |
3,852 |
|||||||||||
| <br /> | |||||||||||||
|
Total liabilities |
192,812 |
113,651 |
|||||||||||
|
Shareholder's equity |
45,832 |
41,651 |
|||||||||||
|
Total liabilities & |
|||||||||||||
|
shareholder's equity |
$ 238,644 |
$ 155,302 |
|||||||||||
|
Net interest income |
$ 3,882 |
$ 3,201 |
|||||||||||
|
Net interest margin |
7.48 |
% |
9.11 |
% |
|||||||||
SOURCE



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