Community Partners Bancorp Reports Strong Second Quarter 2010 Results
- Net Interest Income rises 21.1%
- Net Interest Margin continues to improve, reaching 4.04%
- Net Income to Common Shareholders increases 1,021%
- Continued Improvement in Asset Quality
- Loan Pipeline expands
MIDDLETOWN, N.J., July 26, 2010 (GLOBE NEWSWIRE) -- Community Partners Bancorp (Nasdaq:CPBC), (the "Company"), the parent company of Two River Community Bank ("Two River"), today announced consolidated earnings for the quarter and six months ended June 30, 2010.
For the quarter ended June 30, 2010, the Company reported net income available to common shareholders of $695,000, or $0.09 per diluted share, compared to $62,000, or $0.01 per diluted share, for the same period in 2009, an increase of $633,000, or 1,021%. Second quarter 2009 results were adversely impacted by a $288,000 ($0.02 per diluted common share) industry-wide FDIC special assessment charge. On a linked quarter basis, our second quarter 2010 net income available to common shareholders increased $205,000, or 41.8%, over our first quarter 2010 results. Weighted average shares and earnings for all referenced reporting periods have been adjusted for a 3% stock dividend paid on October 23, 2009 to shareholders of record as of September 25, 2009.
For the six months ended June 30, 2010, the Company reported net income available to common shareholders of $1.2 million, or $0.16 per diluted share, compared to net income of $478,000, or $0.07 per diluted share, for the six months ended June 30, 2009. This represented an increase of $707,000, or 147.9%.
"To have more than doubled our net income compared with a year ago speaks highly of our team's ability to assist new and existing customers in a challenging and uncertain economy," said William D. Moss, President and CEO. "We have addressed the ongoing challenges presented by difficult economic conditions, providing services and products specifically tailored to our business customers, such as our new SBA Lending Division."Select the service that is right for you!
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