Bancorp Of New Jersey, Inc. Reports Continued Record Earnings And Record Assets
FORT LEE, N.J., Aug. 5, 2010 (GLOBE NEWSWIRE) -- Bancorp of New Jersey, Inc. (NYSE Amex:BKJ), the holding company of Bank of New Jersey, reported its strongest quarterly net income since opening in May, 2006 as well as reaching over $353 million in assets as of June 30, 2010. Net income for the second quarter of 2010 reached a record $524 thousand compared to $191 thousand for the second quarter of 2010, representing an increase of $333 thousand, or approximately 174.3%. Earnings per diluted share reached $0.10 in the second quarter of 2010 compared to $0.04 per diluted share for the same period in 2009. Net income for the first six months of 2010 exceeded $1.0 million, or $0.20 per diluted share, compared to $307 thousand, or $0.06 per share, for the first six months of 2009. The net income generated during the quarter continues the company's trend of profitability.
During the second quarter of 2010, net interest income increased by 34.4%, or approximately $798 thousand, to $3.1 million from $2.3 million for the second quarter of 2009. During the first half of 2010, net interest income reached $6.1 million compared to $4.2 million for the first half of 2009, reflecting a 45.2% increase. The increase in net interest income, which has been a focus of management's efforts, combined with stabilization of non-interest expense in the second quarter allowed the company to absorb an increased provision for loan losses and to increase net income. During the second quarter of 2010, non-interest expenses increased $2 thousand, or 0.1%, to $1.9 million compared to second quarter of 2009, while the provision for loan losses increased $240 thousand to $384 thousand during second quarter 2010 as compared to $144 thousand during second quarter 2009. Non-interest expense for the six months ended June 30, 2010 reflected an increase of $271 thousand to $3.8 million compared to $3.5 million for the six months ended June 30, 2009. For the six months ended June 30, 2010, the provision for loan losses was $654 thousand, a $449 thousand increase from $205 thousand for the six months ended June 30, 2009. The increase in the provision for loan losses is the result of the application of the company's methodology, to ensure that the allowance is maintained at an adequate level.
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