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Let me make it clear about First Bank of Delaware Reports First Quarter profits

Let me make it clear about First Bank of Delaware Reports First Quarter profits

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First Bank of Delaware (“the organization”) (OTC Bulletin Board: FBOD), today reported very very very first quarter 2010 profits of $339,000 or $0.03 per diluted share, in comparison to $464,000 or $0.04 per diluted share when it comes to comparable year period that is prior. The decrease in profits reflected reduced customer loan and credit card volumes because of the business’s reduced usage of 3rd events, which result in a $1.4 million decrease in non-interest earnings amongst the durations. The rise of y our loan that is commercial portfolio increases in other interest-earning assets result in a $1.0 million escalation in our web interest earnings amongst the durations. At March 31, 2010 , total investors’ equity had been $41,827,000 , our leverage ratio had been 26.8%, our total risk-based money ratio had been 39.15%, and our guide value per share had been $3.66 .

Total assets at March 31, 2010 had been $170.8 million , representing a rise of $30.5 million or 21.7per cent over 31, 2009 december . The rise ended up being mainly the total results of increases in loans receivable of $15.8 million , fed funds offered of $11.5 million and assets of $3.3 million .

Loans receivable at March 31, 2010 totaled $101.9 million , a growth of $15.8 million or 18.3per cent from December 31, 2009 . The rise lead from a few brand new commercial financing relationships which were added within the quarter that is first. The organization has increased its wide range of loan officers in the last four months. We aim to carry on development in our loan that is commercial production the following few quarters.

Total deposits increased $31.3 million or 33.0percent to $126.0 million at March 31, 2010 from $94.7 million at 31, 2009 december . Our commercial clients established greater deposit balances we have expanded our electronic payment offerings which have lead to additional deposit growth with us and.

At March 31, 2010 , our non-performing assets had been $3.3 million , a $300K decrease from $3.6 million at December 31, 2009 . Non-performing assets represented 1.95percent of total assets at March 31, 2010 . Non-performing assets at the time of March 31, 2010 comprise of two OREO properties totaling $1.0 million , two commercial relationships being in non-accrual status but continue steadily to make re re re payments, totaling $1.8 million , and short-term installment loans totaling $479K.

The organization recently launched its very own suite of items, like the Simply line of credit of credit and just Debit prepaid card items. The business will launch its credit that is secured card June. The products should offer development possibilities for the business.

The business’s CEO and President, Alonzo J. Primus , commented, “Although profits have actually declined through the exact same quarter final 12 months showing the termination of alternative party relationships, we continue steadily to develop our commercial loan profile, increase our deposit base and develop our direct company lines. We now have achieved this modification while nevertheless staying lucrative and keeping liquidity that is excellent high money amounts.” Mr. Primus included: “we now have shown development in a true wide range of key areas this quarter. The addition of a few brand brand new loan providers within the last four months has added to 18% commercial loan development this quarter. We continue steadily to attract quality that is high because of our high money amounts, strong loan profile and high quantities of liquidity. Our company is keeping underwriting and pricing control in growing our loan profile. It has permitted us to enhance our customer that is commercial base the Delaware market plus in the contiguous counties of Pennsylvania . We think our opportunities for future loan development stay strong.” Mr. Primus proceeded, “we now have additionally grown our deposit base by getting more deposits from commercial clients and also by growing our electronic re re re payment products that create core deposits and cost earnings when it comes to Company”.