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Very First Bank of Delaware (“the organization”) (OTC Bulletin Board: FBOD), today reported 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 previous 12 months duration. The decrease in profits reflected reduced customer credit and loan card volumes because of the Company’s reduced usage of 3rd events, which result in a $1.4 million decrease in non-interest earnings between your durations. The rise of y our loan that is commercial portfolio increases in other interest-earning assets cause a $1.0 million escalation in our web interest earnings involving the durations. At March 31, 2010 , total investors’ equity had been $41,827,000 , our leverage ratio ended up being 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 rise of $30.5 million or 21.7per cent over 31, 2009 december . The rise ended up being mainly the total consequence of increases in loans receivable of $15.8 million , fed funds offered of $11.5 million and assets of $3.3 million .

Loans receivable at March 31, 2010 totaled $101.9 million , a growth of $15.8 million or 18.3per cent from 31, 2009 december . The rise lead from a few brand brand brand brand brand new commercial financing relationships which were added into the quarter that is first. The business has increased its wide range of loan officers within the last four months. We turn to carry on development in our loan that is commercial production 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 31, 2009 december . Our commercial clients established greater deposit balances with us so we have actually expanded our electronic repayment offerings that have trigger additional deposit development.

At March 31, 2010 , our non-performing assets had been $3.3 million , a $300K decrease from $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 which can be 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 its Recommended Site suite of items, such as the Simply line of credit of credit and just Debit prepaid card items. The organization will launch its credit that is secured card June. The products should offer development possibilities for the organization.

The business’s CEO and President, Alonzo J. Primus , commented, “Although profits have actually declined through the quarter that is same 12 months showing the termination of 3rd party relationships, we continue steadily to grow our commercial loan profile, increase our deposit base and develop our direct company lines. We’ve achieved this modification while nevertheless staying lucrative and keeping exemplary liquidity and high money amounts.” Mr. Primus included: “we now have shown development in amount 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 quality that is high due to our high money amounts, strong loan profile and high levels of liquidity. We have been keeping underwriting and pricing control in growing our loan profile. It has permitted us to enhance 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 getting more deposits from commercial clients and also by growing our electronic re re re re payment services and products which produce core deposits and charge earnings when it comes to Company”.