Bancorp of New Jersey, Inc. Reports Continued Record Earnings and Record Asset Growth
FORT LEE, N.J., Aug. 6, 2012 (GLOBE NEWSWIRE) -- Bancorp of New Jersey, Inc. (BKJ), the holding company of Bank of New Jersey, reported its strongest second quarter net income. Net income for the second quarter of 2012 reached $994 thousand compared to net income of $812 thousand in the second quarter of 2011. This represents a 22.4% increase in net income, or $182 thousand. Earnings per diluted share reached $0.19 in the second quarter of 2012 compared to $0.16 per diluted share in the second quarter of 2011. Net income for the first six months of 2012 was $1.9 million, an increase of $441 thousand, or 30.4%, as compared to net income of $1.5 million for the same period one year ago. Earnings per diluted share grew to $0.36 for the six months ended June 30, 2012, an increase of $0.08, or 28.6%, over the diluted earnings per share of $0.28 for the six months ended June 30, 2011. The net income generated during this quarter represents the company's twenty second consecutive quarter of profitability and represents the company's strongest six month period to begin a year.
During the second quarter of 2012, net interest income increased by 14.9%, or approximately $560 thousand, to $4.3 million from $3.8 million in the second quarter of 2011. During the first half of 2012, net interest income reached $8.3 million, reflecting a 13.1% increase from $7.4 million in the first six months of 2011. The increased net interest income is primarily due to higher average loans, the result of increased loan production during the first half of 2012. During the second quarter of 2012, non-interest expense, net increased 5.8%, or $130 thousand, to $2.4 million, compared to $2.2 million during the second quarter of 2011. Non-interest expense, net in the first half of 2012 reflected an increase of approximately $238 thousand, or 5.5%, to $4.6 million from $4.3 million in the first half of 2011. The increase in non-interest expense is, primarily, due to increases in salaries and benefits and occupancy and equipment related to branch expansion. For the three months ended June 30, 2012, the provision for loan losses was $330 thousand, compared to provision for loan losses of $212 thousand, for the three months ended June 30, 2011. For the six months ended June 30, 2012, the provision for loan losses was $625 thousand, compared to provision for loan losses of $598 thousand, for the six months ended June 30, 2011. Management believes the amount of the provision reflects both the necessary increases in the allowance for loan losses related to new loans and non-performing loans and adequately reflects the credit quality of our loan portfolio.
Bancorp of New Jersey's total assets reached $526.7 million at June 30, 2012, compared to $469.8 million at December 31, 2011. Total loans reached $402.8 million at June 30, 2012, compared to $365.2 million at December 31, 2011, representing an increase of $37.6 million, or 10.3%. Total deposits increased to $471.8 million at June 30, 2012 from $416.2 million at December 31, 2011, an increase of $55.7 million, or 13.4%. Stockholder's equity grew to $53.5 million at June 30, 2012, from $51.9 million at December 31, 2011.
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 8 branch offices located in Fort Lee (3 locations), Hackensack, Haworth, Harrington Park, Englewood, and Cliffside Park. A ninth location in Woodcliff Lake is expected to open during 2012 subject to regulatory approval from the FDIC and the New Jersey Department of Banking and Insurance. All locations are 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.
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This press release and other statements made from time to time by Bancorp of New Jersey's 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 actual results to differ materially and adversely from such forward-looking statements include the economic conditions affecting the financial industry and our customers, particularly in our market area; volatility in interest rates and the shape of the yield curve; credit risks and risks associated with real estate, which serves as collateral for a significant portion of our loans; operating, legal, and regulatory risk, including compliance with new laws and regulations; economic, political, and competitive forces affecting the company's lines of business; the extent and timing of actions of the Federal Reserve System; 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.|
|(dollars in thousands, except per share data)|
|Three months ended||Six months ended|
|June 30,||June 30,|
|Net Interest Income||$4,333||$3,772||$8,319||$7,356|
|Provision for loan losses||330||212||625||598|
|Noninterest Expense, net||2,355||2,225||4,567||4,329|
|Basic Earnings per Share||$0.19||$0.16||$0.36||$0.28|
|Diluted Earnings per Share||$0.19||$0.16||$0.36||$0.28|
|Weighted Average Shares Basic||5,207||5,207||5,207||5,207|
|Weighted Average Shares Diluted||5,211||5,213||5,211||5,217|
SELECTED BALANCE SHEET
DATA AT END OF PERIOD
|Allowance for Loan Losses||5,101||4,474|
CONTACT: Bank of New Jersey 201-944-8600Source: Bancorp of New Jersey, Inc. 2012 GlobeNewswire, Inc.