1st Colonial Bancorp, Inc. Reports Third Quarter 2024 Results
1ST COLONIAL BANCORP INC (FCOB)
NASDAQ:AMEX Investor Relations:
www2.snl.com/irweblinkx/corporateprofile.aspx?iid=4074177
Company Research
Source: Business Wire
Income Statement Highlights include:Net income was $1.8 million for the third quarter of 2024 consistent with the same quarter in 2023 and a $115 thousand decrease from the second quarter of 2024.Net interest income for the quarter ended September 30, 2024 was $6.2 million, a decrease of $447 thousand, or 7% from the same period in 2023.Net interest margin for the quarter ended September 30, 2024 was 3.16%, an 8% decrease from the same period in 2023, and a 2% increase from the quarter ended June 30, 2024.Provision for credit losses was $82 thousand for the third quarter of 2024 compared to $126 thousand for the third quarter of 2023. The provision for credit losses was a net release of $439 thousand for the second quarter of 2024.The allowance for credit losses was 1.47% of total loans as of September 30, 2024 compared to 1.50% as of June 30, 2024 and 1.52% as of December 31, 2023.Noninterest income for the quarter ended September 30, 2024 was $944 thousand, a 3% increase from the co
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