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Very First Bank of Delaware (“the organization”) (OTC Bulletin Board: FBOD), today reported very very very first quarter 2010 profits of $339,000 or $0.03 per diluted share, in comparison to $464,000 or $0.04 per diluted share for the comparable year period that is prior. The lowering of profits reflected reduced customer loan and credit card volumes as a result of the business’s reduced usage of 3rd events, which result in a $1.4 million decrease in non-interest earnings between your durations. The rise of our commercial loan profile and increases in other interest-earning assets result in a $1.0 million rise in our web interest earnings involving the durations. At March 31, 2010 , total investors’ equity had been $41,827,000 , our leverage ratio had been 26.8%, our total risk-based money ratio ended up being 39.15%, and our guide value per share ended up being $3.66 .
Total assets at March 31, 2010 had been $170.8 million , representing a growth of $30.5 million or 21.7per cent over 31, 2009 december . The rise ended up being mainly the consequence of increases in loans receivable of $15.8 million , fed funds offered of $11.5 million and opportunities of $3.3 million .
Loans receivable at March 31, 2010 totaled $101.9 million , a rise of $15.8 million or 18.3percent from December 31, 2009 . The rise lead from a few brand brand new commercial financing relationships that have been added within the quarter that is first. The organization has increased its quantity of loan officers within the last four months. We turn to carry on development within our commercial loan production over the second few quarters.
Total deposits increased $31.3 million or 33.0percent to $126.0 million at March 31, 2010 from $94.7 million at December 31, 2009 . Our commercial clients established greater deposit balances we have expanded our electronic payment offerings which have lead to additional deposit growth with us and.
At March 31, 2010 , our non-performing assets had been $3.3 million , a $ decrease that is 300K $3.6 million at December 31, 2009 . Non-performing assets represented 1.95percent of total assets at March 31, 2010 . Non-performing assets at the time of March 31, 2010 comprise of two OREO properties totaling $1.0 million , two commercial relationships being in non-accrual status but continue steadily to make re re payments, totaling $1.8 million , and short-term installment loans totaling $479K.
The business recently launched its very own suite of services and products, such as the Simply Credit line of credit and just Debit prepaid card services and products. The business will launch its credit that is secured card June. These items should offer development possibilities for the organization.
The business’s CEO and President, Alonzo J. Primus , http://quickpaydayloan.info/payday-loans-id commented, “Although profits have actually declined through the exact same quarter final 12 months showing the termination of 3rd party relationships, we continue steadily to develop our commercial loan profile, increase our deposit base and develop our direct company lines. We now have achieved this change while nevertheless staying lucrative and keeping liquidity that is excellent high money amounts.” Mr. Primus included: “we now have shown growth in a true wide range of key areas this quarter. The addition of a few brand brand brand new loan providers within the last few four months has added to 18% commercial loan development this quarter. We continue steadily to attract top quality clients as a consequence of our high money amounts, strong loan profile and high quantities of liquidity. We’re maintaining underwriting and pricing control in growing our loan profile. It has permitted us to grow our commercial client base in the Delaware market plus in the contiguous counties of Pennsylvania . We think our opportunities for future loan development stay strong.” Mr. Primus proceeded, “we now have additionally grown our deposit base by acquiring more deposits from commercial clients and also by growing our electronic re re re payment products that create core deposits and charge earnings when it comes to Company”.