2023-04-25 17:15:22 ET
- 1st Colonial press release ( OTCPK:FCOB ): Q1 GAAP EPS of $0.31.
- Revenue of $6.95M (+1.5% Y/Y).
- Net income was $1.5 million, for the first quarter of 2023 compared to net income of $1.7 million for the first quarter of 2022.
- Net interest income for the quarter ended March 31, 2023 was $6.5 million, an increase of $720 thousand, or 12%, from the same period in 2022.
- Net interest margin for the quarter ended March 31, 2023 was 3.53%, a 2% increase over the same period in 2022, and down from 3.92% for the quarter ended December 31, 2022.Provision for credit losses for loans was ($197) thousand for the first quarter of 2023, compared to $350 thousand in the fourth quarter of 2022. The first quarter 2023 net recovery was related to the payoff of a non-performing commercial loan.
- Non-interest expense for the quarter ended March 31, 2023 was $4.9 million, as compared to $4.8 million for the quarter ended December 31, 2022 and includes $0.3 million of one-time expenses due to the separation of employment with a former executive.
- Total assets grew $18.9 million, or 2%, to $800.9 million as of March 31, 2023 from $782.0 million as of December 31, 2022.
- Total loans grew $15.8 million, or 3%, to $619.4 million as of March 31, 2023 from $603.6 million as of December 31, 2022.
- Total deposits declined $8.8 million, or 1%, from $671.1 million as of December 31, 2022 to $662.3 million as of March 31, 2023, which reflects normal and anticipated cyclical changes in client balances.
- Book value per share increased 2% to $13.01 as of March 31, 2023 from $12.76 as of December 31, 2022.
For further details see:
1st Colonial GAAP EPS of $0.31, revenue of $6.95M