FORT LEE, N.J., Nov. 14, 2013 (GLOBE NEWSWIRE) -- Bancorp of New Jersey, Inc. ("the Company") (NYSE MKT:BKJ), the holding company of Bank of New Jersey, reported its strongest quarterly net income to date. Net income for the three months ended September 30, 2013 reached $1.2 million compared to net income of $1.1 million for the three months ended September 30, 2012. This represents a 7.3% increase in net income, or approximately $83 thousand. Earnings per diluted share reached $0.23 for the three months ended September 30, 2013 compared to $0.22 per diluted share for the three months ended September 30, 2012. Net income for the nine months ended September 30, 2013 was $3.5 million, an increase of approximately $454 thousand, or 15.0%, as compared to net income of $3.0 million for the nine months ended September 30, 2012. Earnings per diluted share grew to $0.65 for the nine months ended September 30, 2013, an increase of $0.07, or 12.1%, over the diluted earnings per share of $0.58 for the nine months ended September 30, 2012. The net income generated during this quarter represents the company's twenty-seventh consecutive quarter of profitability and also represents the company's strongest nine month period to begin a year.
During the three months ended September 30, 2013, net interest income increased by $335 thousand, or 7.5%, reaching $4.8 million from $4.5 million for the three months ended September 30, 2012. During the nine months ended September 30, 2013, net interest income was $14.0 million and represented an increase of approximately $1.2 million, or 9.3%, from $12.8 million for the nine months ended September 30, 2012. The increased net interest income is primarily driven by interest income from loans as a result of higher average loan balances. The increased loan balances are the result of loan production during the first nine months of 2013. During the third quarter of 2013, non-interest expense, net, increased by $225 thousand, or 9.7%, reaching $2.5 million from $2.3 million for the third quarter of 2012. During the nine months ended September 30, 2013, non-interest expense, net increased by $635 thousand, or 9.2%, and reached approximately $7.5 million as compared to $6.9 million for the nine months ended September 30, 2012. The increase in non-interest expense, net, is, primarily, due to increased operating costs and salaries associated with expansion of the branch network as well as other costs associated with the Company's growth. For the quarter ended September 30, 2013, the provision for loan losses was $225 thousand, compared to $260 thousand, for the quarter ended September 30, 2012. For the nine months ended September 30, 2013, the provision for loan losses was $685 thousand, compared to $885 thousand, for the nine months ended September 30, 2012. Management believes the amount of the provision reflects, amongst other things, the credit quality of our loan portfolio.
Bancorp of New Jersey's total assets reached $586.0 million at September 30, 2013, compared to $571.4 million at December 31, 2012. Total loans reached $474.2 million at September 30, 2013, compared to $435.7 million at December 31, 2012, representing an increase of $38.5 million, or 8.8%. Total deposits increased to $528.2 million at September 30, 2013 from $515.7 million at December 31, 2012, an increase of $12.5 million, or 2.4%. Stockholder's equity also experienced an increase to $54.9 million at September 30, 2013 from $53.7 million at December 31, 2012.
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 9 branch offices located in Fort Lee (3 locations), Hackensack, Haworth, Harrington Park, Englewood, Cliffside Park, and its most recent opening, in Woodcliff Lake. A tenth location, in Englewood Cliffs, NJ, has received regulatory approvals from the FDIC and the NJDOBI. 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 economic conditions affecting the financial industry; changes in interest rates and shape of the yield curve; credit risk associated with our lending activities; risks relating to our market area, significant real estate collateral and the real estate market; operating, legal and regulatory risk; fiscal and monetary policy; economic, political and competitive forces affecting our business; and that management's analysis of these risks and factors could be incorrect, and/or that the strategies developed to address them could be unsuccessful. 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||Nine months ended|
|September 30,||September 30,|
|Net Interest Income||$4,795||$4,460||$13,964||$12,779|
|Provision for loan losses||225||260||685||885|
|Noninterest Expense, net||2,538||2,313||7,515||6,880|
|Basic Earnings per Share||$0.23||$0.22||$0.66||$0.58|
|Diluted Earnings per Share||$0.23||$0.22||$0.65||$0.58|
|Weighted Average Shares – Basic||5,306||5,207||5,270||5,207|
|Weighted Average Shares – Diluted||5,408||5,215||5,354||5,212|
|SELECTED BALANCE SHEET DATA AT END OF PERIOD|
|Allowance for Loan Losses||5,649||5,072|
Source:Bancorp of New Jersey, Inc.