CORRECTION -- Somerset Hills Bancorp Reports Higher 2012 Third Quarter And Nine-Month Earnings; Declares Cash Dividend Of $0.08 Per Share
BERNARDSVILLE, N.J., Oct. 22, 2012 (GLOBE NEWSWIRE) -- The registrant reissued its earnings release for the three and nine months ended September 30, 2012 to correct certain errors contained in the 2011 comparative numbers and one rounding error of one basis point to the 2012 allowance for loan losses to total loans ratio included in the financial presentation. Accordingly, two conforming changes were to the body of its earnings release.
Somerset Hills Bancorp (Nasdaq:SOMH) (the "Company"), parent company of Somerset Hills Bank (the "Bank"), today reported net income of $813,000, or $0.15 per diluted share, for the third quarter of 2012, a 10.3% increase from 2011 third quarter net income of $737,000, or $0.13 per diluted share. For the first nine months of 2012, the Company's net income amounted to $2.5 million, or $0.47 per diluted share, and $2.0 million, or $0.36 per diluted share, for same period of 2011. The Company realized securities gains of $161,000 pretax ($97,000 after taxes) in the first nine months of 2012 and $9,000 pretax ($5,000 after taxes) for the first nine months of 2011. Excluding these securities gains, the Company's net income for the first nine months of 2012 increased by 22.7% from its net income for the first nine months of 2011.
Stewart E. McClure, Jr., President and CEO stated, "The Company reported another quarter of solid financial performance given the continuing difficult operating environment marked by high levels of unemployment and weak real estate valuations. The current low interest rate environment continues to exert pressure on the banking industry's net interest margins as longer term assets reprice at increasingly lower levels. While our loan origination pipeline remains strong, the growth in total loans during the third quarter of this year was flat from the end of the second quarter. On a positive note, our credit quality remains strong and our cost containment efforts have been instrumental in the improvement in our efficiency ratio to 61.8% in the current quarter, down from 65.4% in the prior-year quarter."
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