COLLINGSWOOD, N.J.--(BUSINESS WIRE)--1st Colonial Bancorp, Inc. (FCOB), holding company of 1st Colonial Community Bank, today reported that its net income for the three months ended June 30, 2016 was $910,000 ($0.21 per share), compared to $757,000 ($0.20 per share) for the three months ended June 30, 2015. Net interest income increased $531,000, resulting from continued growth in interest earning assets. Non-interest income also increased by $150,000, primarily attributable to increased fees from the origination and sale of residential first mortgage loans.

The provision for loan losses decreased by $44,000 for the quarter ended June 30, 2016 from the quarter ended June 30, 2015. Non-interest expense increased by $511,000 in the three months ended June 30, 2016 compared to the three months ended June 30, 2015, as salaries and benefits increased by $259,000, primarily as a result of increased personnel expenses in the residential lending area, general operating costs increased by $216,000 due to the growth of the Bank and occupancy and equipment costs increased $36,000. Income tax expense also increased by $63,000 for the quarter ended June 30, 2016 from the quarter ended June 30, 2015.

Net income for the six months ended June 30, 2016 was $1,793,000 ($0.46 per share), compared to $1,380,000 ($0.36 per share) for the six months ended June 30, 2015.

Gerry Banmiller, President and Chief Executive Officer, commented, “Our continued growth in income and assets results from a consistent calling program by our lenders and senior management. Referrals from our directors also are a central part of our growth. I encourage our shareholders and customers to assist us by referring your friends and family so that we can continue to accelerate our performance. Do not hesitate to call me with your contacts.”

At June 30, 2016, 1st Colonial also reported $470.3 million in total assets, $423.8 million in deposits and $334.9 million in loans. These amounts reflect increases of $34.4 million in assets, $25.8 million in deposits, $59.0 million in loans and a decrease of $21.6 million in investment securities from June 30, 2015.

The company also reported that its shareholders’ equity of $32.9 million and book value per share of $8.49 at June 30, 2016 both increased by 15% since June 30, 2015, the latter after giving effect to the 5% stock dividend distributed in April 2016.

Net interest income of $7,247,000 for the six months ended June 30, 2016 was $1,079,000, or 17.5%, higher than the net interest income of $6,168,000 for the six months ended June 30, 2015, resulting from an increase in average interest earning assets of approximately $75 million for the six months ended June 30, 2016 compared to the six months ended June 30, 2015. In addition, 1st Colonial’s provision for loan losses was $550,000 for the six months ended June 30, 2016 compared to a provision for loan losses of $601,000 for the six months ended June 30, 2015.

Non-interest income of $1,921,000 for the six months ended June 30, 2016 was $362,000 greater than non-interest income for the six months ended June 30, 2015, primarily attributable to increased fees from the origination and sale of residential first mortgage loans.

Non-interest expense for the six months ended June 30, 2016 increased $880,000 or 17.9% from the comparable period in 2015. Salaries and benefits increased by $492,000 primarily as a result of key additions of personnel in the residential lending area, occupancy and equipment costs increased by $59,000, and other operating expenses increased $329,000 due to the growth of the Bank.

1st Colonial Community Bank, the subsidiary of 1st Colonial Bancorp, provides a range of business and consumer financial services, placing emphasis on customer service and access to decision makers. Headquartered in Collingswood, New Jersey, the Bank also has a branch in the New Jersey community of Westville and a loan production office in Mantua, Gloucester County. To learn more, call (856) 858-8402 or visit www.1stcolonial.com.