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

FORT LEE, N.J., Feb. 12, 2013 (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, 2012, net income reached $4.2 million, or $0.81 per diluted share, compared to $3.3 million, or $0.64 per diluted share, for the year ended December 31, 2011 representing an increase of approximately 27%. For the quarter ended December 31, 2012, net income reached a quarterly record level of $1,167 thousand, or $0.22 per diluted share, compared to $971 thousand, or $0.19 per diluted share, for the quarter ended December 31, 2011.  The net income generated during the 2012 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 twenty fourth consecutive quarter of profitability.

For the year ended December 31, 2012, net interest income increased by 14.8%, exceeding $17.3 million, compared to approximately $15.1 million for the year ended December 31, 2011. For the quarter ended December 31, 2012, net interest income totaled $4.6 million, an increase of approximately $624 thousand, or approximately 15.8%, over approximately $3.9 million of net interest income earned during the fourth quarter of 2011.  The increase in net interest income, which remains a focus of management's efforts, allowed the company to absorb increases in non-interest expense. 

Bancorp of New Jersey's total assets grew by approximately 21.6% to $571.4 million at December 31, 2012 compared to $469.8 million at December 31, 2011. The company also experienced period-end record levels of loans and deposits. Total loans reached $435.7 million at December 31, 2012 compared to $365.2 million at December 31, 2011, an increase of $70.6 million, or 19.3%. Total deposits increased to $515.7 million at December 31, 2012 from $416.2 million at December 31, 2011, an increase of $99.6 million, or 23.9%.  Stockholders equity reached $53.7 million at December 31, 2012 from $51.9 million at December 31, 2011, an increase of approximately $1.8 million, or 3.5%. The increase in equity is net of the effect of four quarterly cash dividends and a special cash dividend during 2012 totaling $0.48 per share, or approximately $2.5 million in the aggregate.

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