First Bank of Delaware Reports Third Quarter Earnings

WILMINGTON, Del., Oct. 28 /PRNewswire-FirstCall/ -- First Bank of Delaware (OTC Bulletin Board: FBOD), today reported third quarter 2009 earnings of $483,000 or $0.04 per diluted share, compared to $925,000 or $0.08 per diluted share for the comparable prior year period. Earnings decreased by $442,000 in the third quarter 2009 from the prior year comparable period. The reduction in earnings reflected lower consumer loan and credit card volumes and reduced utilization of third party marketers. Earnings per diluted share for the nine month period ended September 30, 2009 were $1,184,000 or $0.10 per share based on average shares outstanding of 11,414,000, compared to $4,563,000 or $0.40 per share for the comparable prior year period based on average shares outstanding of 11,415,000. Total shareholders' equity stood at $41,125,000 with a leverage capital ratio of 32.8% and a book value per share of $3.60 at September 30, 2009. The Bank remains well capitalized.

The Bank recently launched its own Simply Debit prepaid card and will soon launch our Simply Credit line of credit product. "The launch of our own products will allow us to expand our direct product offerings on a national level," said Alonzo J. Primus CEO. Further, we have hired a seasoned commercial lender and others who will assist us in growing our commercial banking business line. "These initiatives will position First Bank of Delaware for future growth," said Mr. Primus.

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 and card 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
    September 30, 2009

    First Bank of Delaware
    Condensed Income Statement (unaudited)
    (Dollar amounts in thousands
     except per share data)
                                              Three Months   Nine Months
                                                  Ended         Ended
                                              September 30,  September 30,
                                               2009   2008   2009   2008
                                               ----   ----   ----   ----

     Net Interest Income                     $2,324 $2,516 $6,562 $7,856
     Provision for Loan Losses                1,125  1,000  3,400  3,050
     Other Income                             2,382  3,637  7,617 13,848
     Other Expenses                           2,854  3,706  8,988 11,535
     Income Taxes                              $244   $522   $607 $2,556
                                               ----   ----   ---- ------
     Net Income                                $483   $925 $1,184 $4,563
                                               ====   ==== ====== ======

     Diluted EPS                              $0.04  $0.08  $0.10  $0.40
                                              -----  -----  -----  -----




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

     Assets                                  Sept. 30,   Dec. 31,    Sept. 30,
                                               2009        2008         2008
                                               ----        ----         ----

     Federal Funds Sold and
     Other Interest Bearing
     Cash                                    $24,157      $4,483      $31,510
     Investment Securities                    13,349      22,770        7,991
     Commercial and Other Loans               84,828      74,242       74,463
     Allowance for Loan Losses                (3,923)     (2,935)      (2,918)
     Other Assets                             13,309      17,642       13,420
                                              ------      ------       ------

     Total Assets                           $131,720    $116,202     $124,466
                                            ========    ========     ========

      Liabilities and
      Shareholders' Equity:
     Transaction Accounts                    $57,840     $59,855      $67,008
     Time Deposit Accounts                    29,598      12,435       13,039
     Other Liabilities                         3,157       4,419        5,629
     Shareholders' Equity                     41,125      39,493       38,790
                                              ------      ------       ------
      Total Liabilities and
      Shareholders' Equity                  $131,720    $116,202     $124,466
                                            ========    ========     ========



    First Bank of Delaware
    September 30, 2009
    (Dollars in thousands )
    (unaudited)
                                   At or For  the          At or For  the
                                 Three Months Ended       Nine Months Ended
                                 ------------------       -----------------
                                 Sept. 30,   Sept. 30,   Sept. 30,   Sept. 30,
    Financial Data:                 2009        2008        2009        2008
                                    ----        ----        ----        ----

    Return on average assets         1.53%       2.97%       1.33%       4.99%

    Return on average equity         4.74%       9.53%       3.91%      16.49%

    Share information:

    Book value per share            $3.60       $3.40       $3.60       $3.40

    Shares o/s at period end,
     net of treasury stock     11,418,900  11,401,301  11,418,900  11,401,301

    Average diluted shares o/s 11,418,900  11,407,000  11,414,000  11,415,000




    First Bank of Delaware
    September 30, 2009
    (Dollars in thousands)
    (unaudited)
    Credit Quality Ratios:
                                              At
                                    Sept. 30,  Dec. 31,  Sept. 30,
                                         2009      2008       2008
                                         ----      ----       ----

    Non-accrual and loans accruing,
    but past due 90 days or more         $936    $2,116     $2,197

    Restructured loans                      -         -          -
                                          ---       ---        ---

    Total non-performing loans            936     2,116      2,197

    OREO                                1,049       293        293
                                        -----       ---        ---

    Total non-performing assets        $1,985    $2,409     $2,490
                                       ======    ======     ======

    Allowance for loan losses          $3,923    $2,935     $2,918
                                       ======    ======     ======

    Non-performing loans as
    a percentage of total loans          1.10%     2.85%      2.95%

    Nonperforming assets as
    a percentage of total assets         1.51%     2.07%      2.00%

    Allowance for loan losses
    to total loans                       4.62%     3.95%      3.92%

    Allowance for loan losses
    to total non-performing loans      419.12%   138.71%    132.82%



    First Bank of Delaware
    September 30, 2009
    (Dollars in thousands)
    (unaudited)
                                           Quarter-to-Date
                                        Average Balance Sheet
                                       ----------------------
                            Three months ended         Three months ended
                              Sept. 30, 2009             Sept. 30, 2008
                              --------------            --------------

    Interest-                              Average                    Average
     Earnings           Average             Yield/  Average            Yield/
     Assets             Balance  Interest   Cost    Balance  Interest  Cost
                        -------  --------   ----    -------  --------  ----
    Commercial and
     other loans        $74,304   $2,383    12.72%  $75,055   $2,483   13.13%

    Investment
     securities          14,227      159     4.48     8,062      120    5.95

    Federal funds
     sold                25,998       16     0.24    30,233      147    1.92
                         ------       --     ----    ------      ---    ----

    Total
     interest-
     earning
     assets             114,529    2,558     8.86   113,350    2,750    9.63

    Other assets         10,391                      10,152
                         ------                      ------

    Total assets       $124,920   $2,558           $123,502   $2,750
                       ========                              ========

    Interest-bearing
     liabilities:


    Interest-bearing
     deposits           $58,295    $234    1.59%  $36,683     $234    2.53%

    Borrowed
     funds                    -       -       -         -        -       -
                            ---     ---     ---       ---      ---     ---

    Total
     interest-
     bearing
    liabilities         58,295      234    1.59    36,683      234    2.53
                        ------      ---    ----    ------      ---    ----

    Non-interest
     and interest-
     bearing
     funding            81,122      234    1.14    79,975      234    1.16


    Other liabilities:   3,367                      5,035
                         -----                      -----

    Total
     liabilities        84,489                     85,010
                        ------                     ------

    Shareholders'
     equity             40,431                     38,492
                        ------                     ------

    Total
     liabilities &
    shareholders'
     equity           $124,920                   $123,502
                      ========                   ========

    Net interest
     income                      $2,324                     $2,516
                                 ======                     ======
    Net interest
     margin                                8.05%                      8.81%
                                           ====                       ====



    First Bank of Delaware
    September 30, 2009
    (Dollars in thousands)
    (unaudited)
                                          Year-to-Date
                                      Average Balance Sheet
                                      ---------------------
                           Nine months ended        Nine months ended
                             Sept. 30, 2009           Sept. 30, 2008
                             --------------           --------------
                                         Average                   Average
    Interest-Earning   Average            Yield/  Average           Yield/
     Assets            Balance  Interest   Cost   Balance  Interest  Cost
                       -------  --------   ----   -------  --------  ----
    Commercial and
     other loans       $73,771   $6,616   11.99%   $77,785  $7,913   13.60%

    Investment
     securities         18,082      558    4.11     13,386     539    5.37

    Federal funds
     sold               16,715       31    0.25     20,940     363    2.32
                        ------       --    ----     ------     ---    ----

    Total interest-
     earning assets    108,568    7,205    8.87    112,111   8,815   10.51

    Other assets        10,628                      10,192
                        ------                      ------

    Total assets      $119,196   $7,205           $122,303  $8,815
                      ========                    ========

    Interest-bearing
     liabilities:


    Interest-
     bearing
     deposits          $47,935     $641    1.79%   $41,175    $959    3.11%

    Borrowed funds         366        2     0.73         -       -       -
                           ---      ---     ----       ---     ---     ---
    Total interest-
     bearing
    liabilities         48,301      643     1.78    41,175     959    3.11
                        ------      ---     ----    ------     ---    ----

    Non-interest and
    interest-bearing
     funding            75,363      643     1.14    80,197     959    1.60


    Other
     liabilities:        3,394                       5,101
                         -----                       -----

    Total
     liabilities        78,757                      85,298
                        ------                      ------

    Shareholders'
     equity             40,439                      37,005
                        ------                      ------

    Total liabilities &
    shareholders'
     equity           $119,196                    $122,303
                      ========                    ========

    Net interest
     income                      $6,562                     $7,856
                                 ======                     ======

    Net interest
     margin                                 8.08%                     9.37%
                                            ====                      ====