WILMINGTON, Del., April 17 /PRNewswire-FirstCall/ -- First Bank of Delaware (BULLETIN BOARD: FBOD) , today reported first quarter 2006 earnings of $1,310,000 or $0.17 per diluted share, compared to $1,735,000 or $0.23 per diluted share for the comparable prior year period. Total shareholders' equity stood at $16,259,000 with a book value per share of $2.05 at March 31, 2006. First quarter earnings were, and future earnings will be, negatively affected by a substantial reduction in payday loans made by the Company due to an earlier revision of the Federal Deposit Insurance Corporation's guidelines for payday lending. During the first quarter, the Bank continued to transition its loan products to installment loans and other consumer loans which are more traditional loan products and to grow its credit and debit card programs. The Company remains well capitalized.
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, Delaware and additionally offers a variety of loan and card products nationally, to the underbanked.
The Company may from time to time make written or oral "forward-looking statements," including statements contained in the Company's filings with the FDIC. These forward-looking statements include statements with respect to the Company'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 Company'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 Company pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The Company 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 Company.
First Bank of Delaware
Condensed Income Statement
(Dollar amounts in thousands
except per share data)
(unaudited) Three Months Ended
March 31,
2006 2005
Net Interest Income $1,440 $1,275
Provision for Loan Losses 222 356
Non-interest Income 3,082 3,423
Other Expenses 2,297 1,672
Provision for Income Taxes $693 $935
Net Income $1,310 $1,735
Diluted EPS $0.17 $0.23
First Bank of Delaware
Condensed Balance Sheet
(Dollar amounts in thousands)
2006 2005
Federal Funds Sold and Other
Interest Bearing Cash $36,056 $19,668
Investment Securities 774 1,088
Commercial and Other Loans 51,565 46,371
Allowance for Loan Losses (1,714) (1,511)
Other Assets 10,644 6,244
Total Assets $97,325 $71,860
Liabilities and Shareholders'
Equity:
Transaction Accounts $49,630 $37,333
Time Deposit Accounts 25,666 16,889
FHLB Advances - -
Other Liabilities 5,770 4,518
Shareholders' Equity 16,259 13,120
Total Liabilities and Shareholders'
Equity $97,325 $71,860
First Bank of Delaware
Press Release
March 31, 2006
(Dollar amounts in thousands
except per share data)
(unaudited)
At or For the
Three Months Ended
31-Mar 31-Mar
Financial Data: 2006 2005
Return on average assets 4.56 % 8.57 %
Return on average equity 34.51 % 55.88 %
Share information:
Book value per share $2.05 $1.81
Actual shares outstanding at period
end 7,946,000 7,235,000
Average diluted shares outstanding 7,683,000 7,700,000
First Bank of Delaware
Press release 3/31/06
(Dollars in thousands except per share data)
(unaudited)
Credit Quality Ratios:
At or for the
Three months Three months
ended ended
March 31, March 31,
2006 2005
Non-accrual and loans accruing,
but past due 90 days or more $65 $151
Restructured loans - -
Total non-performing loans 65 151
OREO - -
Total non-performing assets $65 $151
Non-performing loans as
a percentage of total loans 0.13% 0.33%
Nonperforming assets as
a percentage of total assets 0.07% 0.21%
Allowance for loan losses
to total loans 3.32% 3.26%
Allowance for loan losses
to total non-performing loans 2636.92% 1000.66%
First Bank of Delaware
Press release 3/31/06
(Dollars in thousands )
(unaudited)
Quarter-to-Date
Average Balance Sheet
Three months ended Three months ended
March 31, 2006 March 31, 2005
Interest-Earning Average Average
Assets: Average Yield/ Average Yield/
Balance Interest Cost Balance Interest Cost
Commercial and
other loans $53,247 $1,411 10.74 % $44,525 $1,284 11.7 %
Investment securities 790 11 5.64 1,115 16 5.73
Federal funds sold 42,782 474 4.49 28,935 175 2.46
Total interest-earning
assets 96,819 1,896 7.94 74,575 1,475 8.02
Other assets 18,165 6,373
Total assets $114,984 $1,896 $80,948 $1,475
Interest-bearing
liabilities:
Interest-bearing
deposits $50,279 $456 3.68 % $36,175 $201 2.25 %
Borrowed funds - - - 9 - 0
Total interest-bearing
liabilities 50,279 456 3.68 36,184 201 2.25
Non-interest and
interest-bearing
funding 87,793 456 2.11 62,177 201 1.31
Other liabilities: 12,006 6,352
Total liabilities 99,799 68,529
Shareholder's equity 15,185 12,419
Total liabilities &
shareholder's
equity $114,984 $80,948
Net interest income $1,440 $1,274
Net interest margin 6.03 % 6.93 %
