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Very First Bank of Delaware (“the organization”) (OTC Bulletin Board: FBOD), today reported very very very very first quarter 2010 profits of $339,000 or $0.03 per diluted share, when compared with $464,000 or $0.04 per diluted share for the comparable year period that is prior. The lowering of profits reflected reduced customer credit and loan card volumes as a result of the business’s reduced usage of 3rd events, which induce a $1.4 million lowering of non-interest earnings between your durations. The development of our loan that is commercial portfolio increases in other interest-earning assets result in a $1.0 million rise in our web interest earnings between your durations. At March 31, 2010 , total investors’ equity had been $41,827,000 , our leverage ratio ended up being 26.8%, our total capital that is risk-based ended up being 39.15%, and our guide value per share had been $3.66 .
Total assets at March 31, 2010 had been $170.8 million , representing a rise of $30.5 million or 21.7percent over December 31, 2009 . The rise had been mainly the outcome 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 31, 2009 december . The rise lead from a few brand brand brand new commercial financing relationships which were added into the very first quarter. The business has increased its amount of loan officers in the last four months. We turn to carry on development inside our commercial loan manufacturing 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 re re payments, totaling $1.8 million , and short-term installment loans totaling $479K.
The organization recently launched a unique suite of services and products, like the Simply line of credit of credit and just Debit card that is prepaid. The organization will launch its secured bank card in June. These items should offer development possibilities for the business.
The business’s CEO and President, Alonzo J. Primus , 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 modification while still staying lucrative and keeping liquidity that is excellent high money amounts.” Mr. Primus included: “we now have shown development 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 payday loans in Arizona quarter. We continue steadily to attract top quality clients due to our high money amounts, strong loan profile and high quantities of liquidity. We have been keeping rates and underwriting control in growing our loan profile. It has permitted us to enhance our customer that is commercial base the Delaware market as well as 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 getting more deposits from commercial clients and also by growing our electronic re payment items which produce core deposits and charge earnings for the Company”.