First Bank of Delaware (FBOD.OB) reported fourth quarter 2007 earnings of $2,728,000 or $0.24 per diluted share, compared to $926,000 or $0.08 per diluted share for the prior year. Furthermore, earnings for the year ended December 31, 2007 totaled $8,184,000 or $0.71 per diluted share; compared to $3,434,000 or $0.36 per share, this represents a significant increase.
First Bank of Delaware is a full-service, state-chartered commercial bank, whose deposits are insured by the Federal Deposit Insurance Corporation. Currently, the Bank is in discussions with the FDIC regarding concerns raised by the FDIC in connection with certain credit card and lending practices. Currently, the Bank cannot determine at this time the nature, scope or timing of any such action, if any, or the impact, if any, that such action may have on the Bank’s future earnings.
First Bank provides diversified financial products through two locations in New Castle County, Delaware. The bank also utilizes a loan production office in Sussex County and additionally offers a variety of loan and card products nationally.
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