FIRST BANK OF DELAWARE 
By WILMINGTON, Del., Jan. 29 /PRNewswire-FirstCall/ -- First Bank of Delaware (OTC Bulletin Board: FBOD) has reported fourth quarter 2009 net income 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. Net income per diluted share for the year ended December 31, 2009 was $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 prior year based on average shares outstanding of 11,414,000. The reduction in net income 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.
The Bank previously reported its results of operations and financial condition for the fiscal quarter and year ended December 31, 2009, on January 26, 2010. This revised release corrects certain information on the schedule, "Credit Quality Ratios," specifically, the amount of non-accrual loans and loans accruing, but past due 90 days or more, at December 31, 2009. Conforming changes to total non-performing loans, total non-performing assets, and the related credit quality ratios have also been made to the schedule.
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.
Attachment #1
First Bank of Delaware
December 31, 2009
First Bank of Delaware
Condensed Income Statement (unaudited)
(Dollar amounts in thousands
except per share data)
Twelve Months Ended Three 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
======== ========
Attachment #2
First Bank of Delaware
December 31, 2009
(Dollars in thousands )
(unaudited)
At or For At or For
the Three the Twelve
Months Ended 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
Attachment #3
First Bank of Delaware
December 31, 2009
(Dollars in thousands)
(unaudited)
Credit Quality Ratios:
At
December 31, December 31,
2009 2008
---- ----
Loans accruing, but past due 90 days or more $240 $-
Restructured loans $- $-
Non-accrual loans $2,346 $2,116
------ ------
Total non-performing loans 2,586 2,116
OREO 1,049 293
----- ---
Total non-performing assets $3,635 $2,409
====== ======
Allowance for loan losses $3,512 $2,935
====== ======
Non-performing loans as
a percentage of total loans 3.00% 2.85%
Nonperforming assets as
a percentage of total assets 2.59% 2.07%
Allowance for loan losses
to total loans 4.08% 3.95%
Allowance for loan losses
to total non-performing loans 135.81% 138.71%
Attachment #4
First Bank of Delaware
December 31, 2009
(Dollars in thousands )
(unaudited)
Quarter-to-Date
Average Balance Sheet
---------------------
Three months ended
December 31, 2009
-----------------
Average
Interest-Earning Assets: Average Yield/
Balance Interest Cost
------- -------- ----
Commercial and other loans $86,018 $2,958 13.64%
Investment securities 8,522 115 5.41
Federal funds sold 22,772 16 0.28
------ -- ----
Total interest-earning
assets 117,312 3,089 10.45
Other assets 11,795
------
Total assets $129,107 $3,089
========
Interest-bearing liabilities:
Interest-bearing deposits $63,282 $248 1.55%
Borrowed funds - - -
--- --- ---
Total interest-bearing
liabilities 63,282 248 1.55
------ --- ----
Non-interest and
interest-bearing funding 84,250 248 1.17
Other liabilities: 3,351
-----
Total liabilities 87,601
------
Shareholders' equity 41,506
------
Total liabilities &
shareholders' equity $129,107
========
Net interest income $2,841
======
Net interest margin 9.61%
====
Three months ended
December 31, 2008
-----------------
Average
Interest-Earning Assets: Average Yield/
Balance Interest Cost
------- -------- ----
Commercial and other loans $74,829 $2,500 13.26%
Investment securities 18,935 196 4.14
Federal funds sold 16,788 37 0.87
------ -- ----
Total interest-earning assets 110,552 2,733 9.82
Other assets 11,306
------
Total assets $121,858 $2,733
========
Interest-bearing liabilities:
Interest-bearing deposits $36,551 $230 2.50%
Borrowed funds 163 - 0.63
--- -- ----
Total interest-bearing
liabilities 36,714 230 2.49
------ --- ----
Non-interest and
interest-bearing funding 78,170 230 1.17
Other liabilities: 4,559
-----
Total liabilities 82,729
------
Shareholders' equity 39,129
------
Total liabilities &
shareholders' equity $121,858
========
Net interest income $2,503
======
Net interest margin 8.99%
====
Attachment #5
First Bank of Delaware
December 31, 2009
(Dollars in thousands )
(unaudited)
Year-to-Date
Average Balance Sheet
---------------------
Twelve months ended
December 31, 2009
-----------------
Average
Interest-Earning Assets: Average Yield/
Balance Interest Cost
------- -------- ----
Commercial and other loans $76,858 $9,574 12.46%
Investment securities 15,672 673 4.30
Federal funds sold 18,242 47 0.26
------ -- ----
Total interest-earning assets 110,772 10,294 9.29
Other assets 10,922
------
Total assets $121,694 $10,294
========
Interest-bearing liabilities:
Interest-bearing deposits $51,803 $889 1.72%
Borrowed funds 274 2 0.66
--- -- ----
Total interest-bearing
liabilities 52,077 891 1.71
------ --- ----
Non-interest and
interest-bearing funding 77,603 891 1.15
Other liabilities: 3,406
-----
Total liabilities 81,009
------
Shareholders' equity 40,685
------
Total liabilities &
shareholders' equity $121,694
========
Net interest income $9,403
======
Net interest margin 8.49%
====
Twelve months ended
December 31, 2008
-----------------
Average
Interest-Earning Assets: Average Yield/
Balance Interest Cost
------- -------- ----
Commercial and other loans $77,004 $10,414 13.52%
Investment securities 14,781 735 4.97
Federal funds sold 19,896 400 2.01
------ --- ----
Total interest-earning assets 111,681 11,549 10.34
Other assets 10,510
------
Total assets $122,191 $11,549
========
Interest-bearing liabilities:
Interest-bearing deposits $40,013 $1,190 2.97%
Borrowed funds 41 - 0.63
-- -- ----
Total interest-bearing
liabilities 40,054 1,190 2.97
------ ----- ----
Non-interest and
interest-bearing funding 79,687 1,190 1.49
Other liabilities: 4,970
-----
Total liabilities 84,657
------
Shareholders' equity 37,534
------
Total liabilities &
shareholders' equity $122,191
========
Net interest income $10,359
=======
Net interest margin 9.28%
====
SOURCE First Bank of Delaware
