First Bank of Delaware Reports First Quarter Earnings

WILMINGTON, Del., April 29 /PRNewswire-FirstCall/ -- First Bank of Delaware
(OTC Bulletin Board: FBOD), today reported first quarter 2009 earnings of
$457,000 or $0.04 per diluted share, compared to $2,274,000 or $0.20 per
diluted share for the comparable prior year period. The reduction in earnings
reflected reduced utilization of third party marketers and lower subprime loan
and subprime credit card volumes which reflected the impact of FDIC requests
related to these areas. Total shareholders' equity stood at $40,367,000 with a
leverage capital ratio of 34.6% and a book value per share of $3.54 at March
31, 2009.

FBD recently launched its own suite of products, including the Simply Credit
line of credit and Simply Debit prepaid card products. "We believe our new
products will allow us to reduce our reliance on third parties while offering
additional credit and payment options to consumers. These products should
provide growth opportunities for the Bank and we are increasing oversight and
controls in compliance with all regulatory requirements," said Alonzo J.
Primus, Chief Executive Officer.

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 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.

The Company may from time to time make written or oral "forward-looking
statements", including statements contained in the Company's filings with the
FDIC. These forward-looking statements include statements with respect to the
Company's beliefs, plans, objectives, goals, expectations, anticipations,
estimates, and intentions that are subject to significant risks and
uncertainties and are subject to change based on various factors, many of
which are beyond the Company's control. The words "may", "could", "should",
"would", "believe", "anticipate", "estimate", "expect", "intend", "plan", and
similar expressions are intended to identify forward-looking statements. All
such statements are made in good faith by the Company pursuant to the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995.
The Company does not undertake to update any forward-looking statement,
whether written or oral, that may be made from time to time by or on behalf of
the Company.

First Bank of Delaware
Condensed Income Statement
(Dollar amounts in thousands
except per share data)
(unaudited) Three Months Ended
March 31,
2009 2008
---- ----

Net Interest Income $2,177 $2,731
Provision for Loan Losses 725 800
Non-interest Income 2,740 5,165
Other Expenses 3,499 3,560
Provision for Income Taxes $236 $1,262
Net Income $457 $2,274

Diluted EPS $0.04 $0.20

First Bank of Delaware
Condensed Balance Sheet
(Dollar amounts in thousands)

March 31, December 31, March 31,
2009 2008 2008

Federal Funds Sold and
Other Interest Bearing Cash $6,562 $4,483 $14,795
Investment Securities 22,851 22,770 17,240
Commercial and Other Loans 73,205 74,242 76,627
Allowance for Loan Losses (2,355) (2,935) (2,362)
Other Assets 13,171 17,642 11,885

Total Assets $113,434 $116,202 $118,185

Liabilities and Shareholders'
Equity:
Transaction Accounts $56,807 $59,855 $62,762
Time Deposit Accounts 12,354 12,435 13,398
FHLB Advances - - -
Other Liabilities 3,906 4,419 5,492
Shareholders' Equity 40,367 39,493 36,533
Total Liabilities and
Shareholders' Equity $113,434 $116,202 $118,185

First Bank of Delaware
Press Release
March 31, 2009
(unaudited)

At or For the
Three Months Ended
------------------
31-Mar 31-Mar
Financial Data: 2009 2008
---- ----

Return on average assets 1.60% 7.40%

Return on average equity 4.65% 25.83%

Book value per share $3.54 $3.21

Actual shares outstanding
at period end 11,401,301 11,377,101

Average diluted shares outstanding 11,408,000 11,428,000

March 31, 2009 December 31, 2008
Leverage Capital Ratio 34.63% 32.21%

First Bank of Delaware
Press release 3/31/09
(Dollars in thousands except per share data)
(unaudited)

Credit Quality Ratios:
At or for the
Three months Three months Three months
ended ended ended
March 31, December 31, March 31,
2009 2008 2008

Non-accrual and loans accruing,
but past due 90 days or more $772 $2,116 $1,045

Restructured loans - - -

Total non-performing loans 772 2,116 1,045

OREO 1,127 293 -

Total non-performing assets $1,899 $2,409 $1,045

Allowance for loan losses $2,355 $2,935 $2,362

Non-performing loans as
a percentage of total loans 1.05% 2.85% 1.36%

Nonperforming assets as
a percentage of total assets 1.67% 2.07% 0.88%

Allowance for loan losses
to total loans 3.22% 3.95% 3.08%

Allowance for loan losses
to total non-performing loans 305.05% 138.71% 226.03%

First Bank of Delaware
Press release 3/31/09
(Dollars in thousands )
(unaudited)

Quarter-to-Date
Average Balance Sheet
---------------------
Three months ended Three months ended
March 31, 2009 March 31, 2008
Interest-
Earning Average Average
Assets: Average Yield/ Average Yield/
Balance Interest Cost Balance Interest Cost

Commercial
and other
loans $74,591 $2,130 11.58% $78,585 $2,812 14.35%

Investment
securities 22,110 217 3.98 17,102 223 5.22

Federal funds
sold 8,903 7 0.32 16,635 133 3.21

Total interest-
earning assets 105,604 2,354 9.04 112,322 3,168 11.31

Other assets 10,406 10,906

Total assets $116,010 $2,354 $123,228 $3,168

Interest-
bearing
liabilities:

Interest-
bearing
deposits $35,138 $176 2.03% $46,991 $437 3.73%

Borrowed
funds 911 1 0.66 - - -

Total interest-
bearing
liabilities 36,049 177 2.00 46,991 437 3.73

Non-interest
and interest-
bearing
funding 72,298 177 1.00 82,936 437 2.11

Other
liabilities: 3,843 4,982

Total
liabilities 76,141 87,918

Shareholder's
equity 39,869 35,310

Total liabilities
& shareholder's
equity $116,010 $123,228

Net interest
income $2,177 $2,731

Net interest
margin 8.36% 9.75%

SOURCE First Bank of Delaware

Alonzo J. Primus, CEO, +1-215-735-4422, ext. 5260