Bancorp Of New Jersey, Inc. Reports Continued Record Earnings And Record Assets
FORT LEE, N.J., Nov. 2, 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 $359.9 million in assets as of September 30, 2010. Net income for the third quarter of 2010 reached a record $544 thousand compared to $515 thousand for the third quarter of 2009, representing an increase of $29 thousand, or approximately 5.6%. Earnings per diluted share were $0.10 for the third quarter of 2010 and 2009, respectively. Net income for the first nine months of 2010 exceeded $1.5 million, or $0.30 per diluted share, compared to $822 thousand, or $0.16 per diluted share, for the first nine months of 2009. The net income generated during the quarter represents the company's fifteenth consecutive quarter of profitability.
During the third quarter of 2010, net interest income increased by 20.5%, or approximately $545 thousand, to $3.2 million from $2.7 million for the third quarter of 2009. During the first nine months of 2010, net interest income reached $9.3 million compared to $6.8 million for the first nine months of 2009, reflecting a 36.2% increase. The increase in net interest income, which remains a focus of management's efforts, combined with control of increasing non-interest expenses during the third quarter allowed the company to absorb an increased provision for loan losses and to increase net income. During the third quarter of 2010, non-interest expenses, net, increased $143 thousand, or 8.3%, compared to third quarter of 2009, to $1.9 million, while the provision for loan losses increased $356 thousand to $430 thousand during third quarter 2010 as compared to $74 thousand during third quarter 2009. Non-interest expense, net, for the nine months ended September 30, 2010 increased $402 thousand to $5.6 million, compared to $5.2 million for the nine months ended September 30, 2009. For the nine months ended September 30, 2010, the provision for loan losses was $1.1 million, an $806 thousand increase from $279 thousand for the nine months ended September 30, 2009. The increase in the provision for loan losses is primarily the result of the combination of loan growth and the application of the company's methodology to ensure that the allowance is maintained at an adequate level.
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