First Bank of Delaware Reports Fourth Quarter and 2009 Annual Earnings

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Jan 26, 2010, 06:29 ET

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
December 31, 2009

First Bank of Delaware
Condensed Income Statement (unaudited)
(Dollar amounts in thousands except per share data)

	Three Months Ended		Twelve Months Ended
	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
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

Diluted EPS	$ 0.03	$ 0.04	$ 0.13	$ 0.44

First Bank of Delaware
Condensed Balance Sheet (unaudited)
(Dollar amounts in thousands)

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)
Other Assets	15,876	17,643

Total Assets	$ 140,372	$ 116,202

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

First Bank of Delaware
December 31, 2009
(Dollars in thousands )
(unaudited)
	At or For the		At or For the
	Three Months Ended		Twelve Months Ended
	December 31,	December 31,	December 31,	December 31,
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
(Dollars in thousands)
(unaudited)
Credit Quality Ratios:
	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
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%

First Bank of Delaware
December 31, 2009
(Dollars in thousands )
(unaudited)
		Quarter-to-Date
		Average Balance Sheet

	Three months ended			Three months ended
	December 31, 2009			December 31, 2008

			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

Interest-bearing liabilities:


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

Total liabilities &
shareholders' equity	$ 129,107			$ 121,858

Net interest income		$ 2,841			$ 2,503

Net interest margin			9.61 %			8.99 %

First Bank of Delaware
December 31, 2009
(Dollars in thousands )
(unaudited)
		Year-to-Date
		Average Balance Sheet

	Twelve months ended			Twelve months ended
	December 31, 2009			December 31, 2008

			Average Yield/ Cost			Average Yield/ Cost
	Average Balance	Interest		Average Balance
	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

Interest-bearing liabilities:


Interest-bearing deposits	$ 51,803	$ 889	1.72 %	$ 40,013	$ 1,190	2.97 %

Borrowed funds	274	2	0.66	41	-	0.63

Total interest-bearing
liabilities	52,077	891	1.71	40,054	1,190	2.97

Non-interest and
interest-bearing funding	77,603	891	1.15	79,687	1,190	1.49


Other liabilities:	3,406			4,970

Total liabilities	81,009			84,657

Shareholders' equity	40,685			37,534

Total liabilities &
shareholders' equity	$ 121,694			$ 122,191

Net interest income		$ 9,403			$ 10,359

Net interest margin			8.49 %			9.28 %