- 1st Colonial Bancorp, Inc. (FCOB, Financial) reported a net income of $1.7 million for Q1 2025, marking a 5% increase from Q1 2024.
- Total deposits rose by $9.7 million, or 1%, bringing the total to $757.4 million as of March 31, 2025.
- The company's book value per share increased by 3% to $16.70 as of March 31, 2025.
1st Colonial Bancorp, Inc. (FCOB), the parent company of 1st Colonial Community Bank, has reported a net income of $1.7 million for the first quarter of 2025, reflecting a 5% increase from the same period in 2024. The earnings per diluted share rose to $0.34, up from $0.32 in Q1 2024, indicating a 6.25% improvement.
Net interest income for the quarter was $6.6 million, signifying a 5% rise from the previous year. The net interest margin slightly decreased to 3.27% from 3.29% in Q1 2024. Noninterest income saw a significant 22% increase, reaching $878 thousand, driven by higher income from residential mortgage originations and sales.
On the balance sheet, total assets grew by $26.9 million to $868.5 million as of March 31, 2025, representing a 3% increase from December 31, 2024. Total deposits increased by $9.7 million to $757.4 million, while total loans climbed by $4.5 million to $627.0 million within the same timeframe.
Noninterest expense rose by 9% to $5.2 million due to higher salaries, marketing, and data processing costs. The allowance for credit losses was $9.1 million, or 1.45% of total loans, reflecting stable asset quality metrics.
The company also repurchased 54,303 shares, costing $811 thousand, under its stock repurchase program announced in January 2025. The leverage ratio remained unchanged at 10.68% compared to the end of 2024, demonstrating the firm's strong capital position.
