FORT LEE, N.J., Feb. 4, 2010 (GLOBE NEWSWIRE) -- Bancorp of New Jersey, Inc. (NYSE Amex:BKJ), holding company for Bank of New Jersey, reported record annual and fourth quarter net income. For the year ended December 31, 2009, net income reached $1.3 million, or $0.25 per diluted share, compared to $527 thousand, or $0.10 per diluted share, for the year ended December 31, 2008. For the quarter ended December 31, 2009, net income reached a fourth quarter record level of $435 thousand, or $0.08 per diluted share, compared to $174 thousand, or $0.03 per diluted share, for the quarter ended December 31, 2008. The net income generated during each of these periods represents the highest net income ever achieved by the Company during these respective periods and continues the Company's profitability.
During the year ended December 31, 2009, net interest income increased by 38.3% and exceeded $9.5 million compared to approximately $6.9 million for the year ended December 31, 2008. For the quarter ended December 31, 2009, net interest income reached $2.7 million, an increase of approximately $800 thousand, or approximately 44.7%, over the $1.9 million of net interest income earned during the fourth quarter of 2008. These increases are reflective of management's focus on and success improving its net interest income during periods of falling interest rates. As a result of improved net interest income, the company was able to absorb increases in noninterest expense as a result of increased FDIC insurance expense, the impact of the FDIC special assessment during the year, and increased costs associated with continued branch expansion during 2009.
Bancorp of New Jersey's total assets grew by approximately 5.1% to $319.6 million at December 31, 2009 compared to $304.1 million at December 31, 2008. The Company also experienced continued growth in its loans, deposits, and equity as well. Total loans reached $263.9 million at December 31, 2009 compared to $234.9 million at December 31, 2008, an increase of $29.0 million, or 12.3%. Total deposits increased to $267.1 million at December 31, 2009 from $254.0 million at December 31, 2008, an increase of $13.1 million, or 5.2%. Stockholders' equity grew to $49.5 million at December 31, 2009 from $47.9 million at December 31, 2008, reflecting an increase of $1.7 million, or 3.5%. The increase in equity is net of the effect of the 30 cent per share special cash dividend which was declared during 2009 and totaled approximately $1.5 million.
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 the summer of 2010.
For more information about Bank of New Jersey and its products and services, please visit http://www.bonj.net or call 201-944-8600.
No comments:
Post a Comment