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8-K - FORM 8-K - Bancorp of New Jersey, Inc. | c12052e8vk.htm |
Exhibit 99.1
BANCORP OF NEW JERSEY, INC. ANNOUNCES RECORD LEVELS FOR EARNINGS AND ASSETS
February 4, 2011
Fort Lee, NJ Bancorp of New Jersey, Inc. (NYSE-AMEX: BKJ), holding company for Bank of New
Jersey, reported record annual and fourth quarter net income as well as record levels for assets,
loans, and deposits. For the year ended December 31, 2010, net income reached $2.2 million, or
$0.41 per diluted share, compared to $1.3 million, or $0.25 per diluted share, for the year ended
December 31, 2009. For the quarter ended December 31, 2010, net income reached a quarterly record
level of $569 thousand, or $0.11 per diluted share, compared to $435 thousand, or $0.08 per diluted
share, for the quarter ended December 31, 2009. The net income generated during the 2010 fiscal
year and fourth quarter represents the highest net income ever achieved by the company during any
fiscal year or any quarter, respectively. The net income generated during the fourth quarter
represents the companys sixteenth consecutive quarter of profitability.
For the year ended December 31, 2010, net interest income increased by 32.6%, exceeding $12.6
million, compared to approximately $9.6 million for the year ended December 31, 2009. For the
quarter ended December 31, 2010, net interest income exceeded $3.3 million, an increase of
approximately $600 thousand, or approximately 23.6%, over approximately $2.7 million of net
interest income earned during the fourth quarter of 2009. The increase in net interest income,
which continues to remain a focus of managements efforts, allowed the company to absorb increases
to the allowance for loan losses as well as increases in non-interest expense.
Bancorp of New Jerseys total assets grew by approximately 15.9% to $370.3 million at December 31,
2010 compared to $319.6 million at December 31, 2009. The company also experienced period-end
record levels of loans and deposits. Total loans reached $302.1 million at December 31, 2010
compared to $263.9 million at December 31, 2009, an increase of $38.2 million, or 14.5%. Total
deposits increased to $318.4 million at December 31, 2010 from $267.1 million at December 31, 2009,
an increase of $51.3 million, or 19.2%. Stockholders equity reached $50.1 million at December 31,
2010 from $49.5 million at December 31, 2009, an increase of approximately $600 thousand, or 1.2%.
The increase in equity is net of the effect of a special cash dividend of $0.33 per share, or
approximately $1.7 million in the aggregate, which was paid on December 20, 2010 to shareholders of
record as of November 12, 2010.
Bank of New Jersey, headquartered at 1365 Palisade Avenue, Fort Lee, New Jersey, offers convenient
hours and a high level of service for traditional consumer and commercial products and services.
The Bank, currently, has 6 branch offices located in Fort Lee (3 locations), Hackensack, Haworth,
and Harrington Park, all in Bergen County, NJ. A seventh location in Englewood, NJ, has received
regulatory approvals and is expected to open during 2011 and an eighth branch is planned for
Cliffside Park, also in Bergen County, NJ.
For more information about Bank of New Jersey and its products and services, please visit
http://www.bonj.net or call 201-944-8600.
If you would like to receive future Bancorp of New Jersey announcements electronically, please
email us at shareholder@bonj.net
Forward-Looking Statements
This press release and other statements made from time to time by Bancorp of New Jerseys
management contain express and implied statements relating to our future financial condition,
results of operations, credit quality, corporate objectives, and other financial and business
matters, which are considered forward-looking statements. These forward-looking statements are
necessarily speculative and speak only as of the date made, and are subject to numerous
assumptions, risks and uncertainties, all of which may change over time. Actual results could
differ materially from those expected or implied by such forward-looking statements. Risks and
uncertainties which could cause our results to differ materially and adversely from such
forward-looking statements include economic conditions affecting the financial industry; volatility
in interest rates and the shape of the yield curve; increased credit risks and risks associated
with the real estate market; operating, legal, and regulatory risk; economic, political, and
competitive forces affecting the companys lines of business; the extent and timing of actions of
the Federal Reserve Board; customer acceptance of our products and services; and other risks and
uncertainties detailed from time to time in our filings with the Securities and Exchange Commission
or in other generally disseminated documents. Any statements made that are not historical facts
should be considered to be forward-looking statements. You should not place undue reliance on any
forward-looking statements. We undertake no obligation to update forward-looking statements or to
make any public announcement when we consider forward-looking statements to no longer be accurate,
whether as a result of new information of future events, except as may be required by applicable
law or regulation.
Bancorp of New Jersey, Inc.
Financial Highlights
(unaudited)
(dollars in thousands, except per share data)
Financial Highlights
(unaudited)
(dollars in thousands, except per share data)
Three months ended | For the year ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
INCOME STATEMENT | 2010 | 2009 | 2010 | 2009 | ||||||||||||
Net Interest Income |
$ | 3,350 | $ | 2,711 | $ | 12,675 | $ | 9,559 | ||||||||
Provision for loan losses |
250 | 145 | 1,335 | 424 | ||||||||||||
Noninterest Expense, net |
2,149 | 1,834 | 7,717 | 7,000 | ||||||||||||
Pretax Income |
951 | 732 | 3,623 | 2,135 | ||||||||||||
Tax Expense |
382 | 297 | 1,472 | 878 | ||||||||||||
Net Income |
$ | 569 | $ | 435 | $ | 2,151 | $ | 1,257 | ||||||||
Basic Earnings per Share |
$ | 0.11 | $ | 0.08 | $ | 0.41 | $ | 0.25 | ||||||||
Diluted Earnings per Share |
$ | 0.11 | $ | 0.08 | $ | 0.41 | $ | 0.25 | ||||||||
Weighted Average Shares Basic |
5,207 | 5,207 | 5,207 | 5,112 | ||||||||||||
Weighted Average Shares
Diluted |
5,212 | 5,207 | 5,221 | 5,112 |
SELECTED BALANCE SHEET | ||||||||
DATA AT END OF PERIOD | 12/31/2010 | 12/31/2009 | ||||||
Total Loans |
$ | 302,103 | $ | 263,944 | ||||
Allowance for Loan Losses |
3,749 | 2,792 | ||||||
Investment Securities |
32,142 | 25,826 | ||||||
Total Assets |
370,255 | 319,608 | ||||||
Total Deposits |
318,421 | 267,143 | ||||||
Stockholders Equity |
50,138 | 49,535 |