Community Partners Bancorp Reports Strong Third Quarter 2010 Results
- Net Interest Income rises 13.9%
- Net Interest Margin continues to improve, reaching 4.35%
- Net Income to Common Shareholders increases 114.9%
- Strong Quarterly Loan Growth
MIDDLETOWN, N.J., Oct. 25, 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 nine months ended September 30, 2010.
For the quarter ended September 30, 2010, the Company reported net income available to common shareholders of $950,000, or $0.12 per diluted share, compared to a net loss of $6.4 million, or $0.84 per diluted share, for the same period in 2009, an increase of $7.3 million, or 114.9%. Third quarter 2009 results included a non-cash goodwill impairment charge of $6.7 million or $0.89 per diluted common share. For 2010, the Company performed its annual goodwill analysis as of September 30, 2010 and determined that no impairment charge was necessary. On a linked quarter basis, our third quarter 2010 net income available to common shareholders increased $255,000, or 36.7%, over our second quarter 2010 results. All share and per share data for all referenced reporting periods have been adjusted for a 5% stock dividend paid on October 22, 2010 to shareholders of record as of September 24, 2010.
For the nine months ended September 30, 2010, the Company reported net income available to common shareholders of $2.1 million, or $0.28 per diluted share, compared to a net loss of $5.9 million, or $0.78 per diluted share, for the nine months ended September 30, 2009, an increase of $8.0 million, or 136.3%."We are pleased with the earnings growth achieved for the quarter, which represents our fourth consecutive quarterly increase in net income. Our current loan demand remains strong and will help support our strategic goal of increasing the earning asset mix. We believe that Two River, as a local community bank, has a unique opportunity to support local businesses and retail customers, and to help them fulfill their needs through these difficult economic times," said William D. Moss, President and Chief Executive Officer.
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