First Bank Of Delaware Reports Increase In First Quarter Earnings

First Bank of Delaware (OTC Bulletin Board: FBOD), today reported first quarter 2008 earnings of $2,274,000 or $0.20 per diluted share, compared to $1,176,000 or $0.10 per diluted share for the comparable prior year period. Total shareholders' equity stood at $36,533,000 with a book value per share of $3.21 at March 31, 2008.

First quarter earnings reflected greater volume from internet based installment loans and credit card and debit card programs. The Company remains well capitalized.

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 is currently in discussions with the FDIC regarding concerns raised by the FDIC in connection with certain of the Bank's credit card and lending programs.

While the Bank is endeavoring to address the FDIC concerns, the FDIC may pursue an informal or formal regulatory action with respect to its concerns. The Bank cannot determine at this time the nature, scope or timing of any such action, if any, or the impact, if any, that action may have on the Bank's future earnings.

The Bank provides diversified financial products through two locations in New Castle County, a loan production office in Sussex County and additionally offers a variety of loan and card products nationally. -- First Bank of Delaware

ruzik_tuzik's picture

Posted April 15th, 2008 by ruzik_tuzik

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