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Bancorp Of New Jersey, Inc. Announces Record Levels For Earnings And Assets

FORT LEE, N.J., Feb. 4, 2011 (GLOBE NEWSWIRE) -- Bancorp of New Jersey, Inc. (NYSE Amex:BKJ), holding company for Bank of New Jersey, reported record annual and fourth quarter net income as well as record levels for assets, loans, and deposits. For the year ended December 31, 2010, net income reached $2.2 million, or $0.41 per diluted share, compared to $1.3 million, or $0.25 per diluted share, for the year ended December 31, 2009. For the quarter ended December 31, 2010, net income reached a quarterly record level of $569 thousand, or $0.11 per diluted share, compared to $435 thousand, or $0.08 per diluted share, for the quarter ended December 31, 2009.  The net income generated during the 2010 fiscal year and fourth quarter represents the highest net income ever achieved by the company during any fiscal year or any quarter, respectively. The net income generated during the fourth quarter represents the company's sixteenth consecutive quarter of profitability.

For the year ended December 31, 2010, net interest income increased by 32.6%, exceeding $12.6 million, compared to approximately $9.6 million for the year ended December 31, 2009. For the quarter ended December 31, 2010, net interest income exceeded $3.3 million, an increase of approximately $600 thousand, or approximately 23.6%, over approximately $2.7 million of net interest income earned during the fourth quarter of 2009. The increase in net interest income, which continues to remain a focus of management's efforts, allowed the company to absorb increases to the allowance for loan losses as well as increases in non-interest expense. 

Bancorp of New Jersey's total assets grew by approximately 15.9% to $370.3 million at December 31, 2010 compared to $319.6 million at December 31, 2009. The company also experienced period-end record levels of loans and deposits. Total loans reached $302.1 million at December 31, 2010 compared to $263.9 million at December 31, 2009, an increase of $38.2 million, or 14.5%. Total deposits increased to $318.4 million at December 31, 2010 from $267.1 million at December 31, 2009, an increase of $51.3 million, or 19.2%. Stockholders equity reached $50.1 million at December 31, 2010 from $49.5 million at December 31, 2009, an increase of approximately $600 thousand, or 1.2%. The increase in equity is net of the effect of a special cash dividend of $0.33 per share, or approximately $1.7 million in the aggregate, which was paid on December 20, 2010 to shareholders of record as of November 12, 2010.

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