First Bank of Delaware Reports Fourth Quarter and 2009 Annual Earnings
WILMINGTON, Del., Jan. 26 /PRNewswire-FirstCall/ -- First Bank of Delaware (OTC Bulletin Board: FBOD), today reported fourth quarter 2009 earnings of $314,000 or $0.03 per diluted share, compared to $492,000 or $0.04 per diluted share for the comparable prior year period. Earnings per diluted share for the year ended December 31, 2009 were $1,498,000 or $0.13 per share based on average shares outstanding of 11,419,000, compared to $5,055,000 or $0.44 per share for the comparable prior year period based on average shares outstanding of 11,414,000. The reduction in earnings reflected lower consumer loan and credit card volumes and reduced utilization of third party marketers. Return on average assets for the year ended December 31, 2009 equaled 1.23% and the return on average equity was 3.68%. Total shareholders' equity stood at $41,447,000 with a leverage capital ratio of 31.9% and a book value per share of $3.63 at December 31, 2009. The Bank remains well capitalized.
The Bank continues to grow its own suite of products. "We have signed agreements with several marketers to offer both our Simply Debit and Simply Credit consumer products," said Alonzo J. Primus CEO. In addition, we continue to expand our commercial lending group and look to increase our commercial loan portfolio in the Delaware market during 2010.
First Bank of Delaware is a full-service, state-chartered commercial bank, whose deposits are insured by the Federal Deposit Insurance Corporation (FDIC).
The Bank provides diversified financial products through two locations in New Castle County and additionally offers a variety of loan, card and e-payments products nationally.
The Bank may from time to time make written or oral "forward-looking statements", including statements contained in the Bank's filings with the FDIC. These forward-looking statements include statements with respect to the Bank's beliefs, plans, objectives, goals, expectations, anticipations, estimates, and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond the Bank's control. The words "may", "could", "should", "would", "believe", "anticipate", "estimate", "expect", "intend", "plan", and similar expressions are intended to identify forward-looking statements. All such statements are made in good faith by the Bank pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The Bank does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Bank, except as may be required by applicable law or regulation.
First Bank of Delaware |
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December 31, 2009 |
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First Bank of Delaware |
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Condensed Income Statement (unaudited) |
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(Dollar amounts in thousands except per share data) |
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Three Months |
Twelve Months |
|||||||
December 31, |
December 31, |
|||||||
2009 |
2008 |
2009 |
2008 |
|||||
Net Interest Income |
$ 2,841 |
$ 2,503 |
$ 9,403 |
$ 10,359 |
||||
Provision for Loan Losses |
974 |
1,135 |
4,374 |
4,185 |
||||
Other Income |
2,106 |
3,682 |
9,723 |
17,530 |
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Other Expenses |
3,473 |
4,498 |
12,461 |
16,033 |
||||
Income Taxes |
$ 186 |
$ 60 |
$ 793 |
$ 2,616 |
||||
Net Income |
$ 314 |
$ 492 |
$ 1,498 |
$ 5,055 |
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Diluted EPS |
$ 0.03 |
$ 0.04 |
$ 0.13 |
$ 0.44 |
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First Bank of Delaware |
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Condensed Balance Sheet (unaudited) |
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(Dollar amounts in thousands) |
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Assets |
December 31, |
December 31, |
||||||
2009 |
2008 |
|||||||
Federal Funds Sold and Other Interest Bearing Cash |
$ 33,853 |
$ 4,483 |
||||||
Investment Securities |
8,079 |
22,769 |
||||||
Commercial and Other Loans |
86,076 |
74,242 |
||||||
Allowance for Loan Losses |
(3,512) |
(2,935) |
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Other Assets |
15,876 |
17,643 |
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Total Assets |
$ 140,372 |
$ 116,202 |
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Liabilities and Shareholders' Equity: |
||||||||
Transaction Accounts |
$ 62,693 |
$ 59,855 |
||||||
Time Deposit Accounts |
32,021 |
12,435 |
||||||
Other Liabilities |
4,211 |
4,419 |
||||||
Shareholders' Equity |
41,447 |
39,493 |
||||||
Total Liabilities and Shareholders' Equity |
$ 140,372 |
$ 116,202 |
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First Bank of Delaware |
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December 31, 2009 |
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(Dollars in thousands ) |
||||||
(unaudited) |
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At or For the |
At or For the |
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Three Months Ended |
Twelve Months Ended |
|||||
December 31, |
December 31, |
December 31, |
December 31, |
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Financial Data: |
2009 |
2008 |
2009 |
2008 |
||
Return on average assets |
0.96 % |
1.60 % |
1.23 % |
6.13 % |
||
Return on average equity |
3.00 % |
4.99 % |
3.68 % |
27.55 % |
||
Share information: |
||||||
Book value per share |
$3.63 |
$3.46 |
$3.63 |
$3.46 |
||
Shares o/s at period end, net of treasury stock |
11,418,901 |
11,401,301 |
11,418,901 |
11,401,301 |
||
Average diluted shares o/s |
11,424,000 |
11,411,000 |
11,419,000 |
11,414,000 |
||
First Bank of Delaware |
||||
December 31, 2009 |
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(Dollars in thousands) |
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(unaudited) |
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Credit Quality Ratios: |
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At |
||||
December 31, |
December 31, |
|||
2009 |
2008 |
|||
Non-accrual and loans accruing, |
||||
but past due 90 days or more |
$ 807 |
$ 2,116 |
||
Restructured loans |
- |
- |
||
Total non-performing loans |
807 |
2,116 |
||
OREO |
1,049 |
293 |
||
Total non-performing assets |
$ 1,856 |
$ 2,409 |
||
Allowance for loan losses |
$ 3,512 |
$ 2,935 |
||
Non-performing loans as |
||||
a percentage of total loans |
0.94% |
2.85% |
||
Nonperforming assets as |
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a percentage of total assets |
1.32% |
2.07% |
||
Allowance for loan losses |
||||
to total loans |
4.08% |
3.95% |
||
Allowance for loan losses |
||||
to total non-performing loans |
435.19% |
138.71% |
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First Bank of Delaware |
||||||||||||
December 31, 2009 |
||||||||||||
(Dollars in thousands ) |
||||||||||||
(unaudited) |
||||||||||||
Quarter-to-Date |
||||||||||||
Average Balance Sheet |
||||||||||||
Three months |
Three months |
|||||||||||
December 31, 2009 |
December 31, 2008 |
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Average |
Average |
|||||||||||
Average |
Yield/ |
Average |
Yield/ |
|||||||||
Balance |
Interest |
Cost |
Balance |
Interest |
Cost |
|||||||
Interest-Earning Assets: |
||||||||||||
Commercial and other loans |
$ 86,018 |
$ 2,958 |
13.64 % |
$ 74,829 |
$ 2,500 |
13.26 % |
||||||
Investment securities |
8,522 |
115 |
5.41 |
18,935 |
196 |
4.14 |
||||||
Federal funds sold |
22,772 |
16 |
0.28 |
16,788 |
37 |
0.87 |
||||||
Total interest-earning assets |
117,312 |
3,089 |
10.45 |
110,552 |
2,733 |
9.82 |
||||||
Other assets |
11,795 |
11,306 |
||||||||||
Total assets |
$ 129,107 |
$ 3,089 |
$ 121,858 |
$ 2,733 |
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Interest-bearing liabilities: |
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Interest-bearing deposits |
$ 63,282 |
$ 248 |
1.55 % |
$ 36,551 |
$ 230 |
2.50 % |
||||||
Borrowed funds |
- |
- |
- |
163 |
- |
0.63 |
||||||
Total interest-bearing |
||||||||||||
liabilities |
63,282 |
248 |
1.55 |
36,714 |
230 |
2.49 |
||||||
Non-interest and |
||||||||||||
interest-bearing funding |
84,250 |
248 |
1.17 |
78,170 |
230 |
1.17 |
||||||
Other liabilities: |
3,351 |
4,559 |
||||||||||
Total liabilities |
87,601 |
82,729 |
||||||||||
Shareholders' equity |
41,506 |
39,129 |
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Total liabilities & |
||||||||||||
shareholders' equity |
$ 129,107 |
$ 121,858 |
||||||||||
Net interest income |
$ 2,841 |
$ 2,503 |
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Net interest margin |
9.61 % |
8.99 % |
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First Bank of Delaware |
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December 31, 2009 |
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(Dollars in thousands ) |
||||||||||||
(unaudited) |
||||||||||||
Year-to-Date |
||||||||||||
Average |
||||||||||||
Twelve months |
Twelve months |
|||||||||||
December 31, 2009 |
December 31, 2008 |
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Average Yield/ Cost |
Average Yield/ Cost |
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Average Balance |
Interest |
Average Balance |
||||||||||
Interest |
||||||||||||
Interest-Earning Assets: |
||||||||||||
Commercial and other loans |
$ 76,858 |
$ 9,574 |
12.46 % |
$ 77,004 |
$ 10,414 |
13.52 % |
||||||
Investment securities |
15,672 |
673 |
4.30 |
14,781 |
735 |
4.97 |
||||||
Federal funds sold |
18,242 |
47 |
0.26 |
19,896 |
400 |
2.01 |
||||||
Total interest-earning assets |
110,772 |
10,294 |
9.29 |
111,681 |
11,549 |
10.34 |
||||||
Other assets |
10,922 |
10,510 |
||||||||||
Total assets |
$ 121,694 |
$ 10,294 |
$ 122,191 |
$ 11,549 |
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Interest-bearing liabilities: |
||||||||||||
Interest-bearing deposits |
$ 51,803 |
$ 889 |
1.72 % |
$ 40,013 |
$ 1,190 |
2.97 % |
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Borrowed funds |
274 |
2 |
0.66 |
41 |
- |
0.63 |
||||||
Total interest-bearing |
||||||||||||
liabilities |
52,077 |
891 |
1.71 |
40,054 |
1,190 |
2.97 |
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Non-interest and |
||||||||||||
interest-bearing funding |
77,603 |
891 |
1.15 |
79,687 |
1,190 |
1.49 |
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Other liabilities: |
3,406 |
4,970 |
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Total liabilities |
81,009 |
84,657 |
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Shareholders' equity |
40,685 |
37,534 |
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Total liabilities & |
||||||||||||
shareholders' equity |
$ 121,694 |
$ 122,191 |
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Net interest income |
$ 9,403 |
$ 10,359 |
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Net interest margin |
8.49 % |
9.28 % |
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SOURCE First Bank of Delaware
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