This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Bancorp Of New Jersey, Inc. Announces Record First Quarter Earnings

FORT LEE, N.J., May 6, 2013 (GLOBE NEWSWIRE) -- Bancorp of New Jersey, Inc. (NYSE MKT:BKJ) (the "Company"), the holding company of Bank of New Jersey, reported its strongest first quarter net income. Net income for the first quarter of 2013 exceeded $1.1 million compared to $897 thousand for the first quarter of 2012, representing an increase of $248 thousand, or approximately 27.6%. Earnings per diluted share reached $0.21 in the first quarter of 2013 compared to $0.17 per diluted share for the same period in 2012. The net income generated during the first quarter of 2013 represents the strongest start to a fiscal year in the Company's history. The net income generated during this quarter also represents the Company's twenty-fifth consecutive quarter of profitability.

During the first quarter of 2013, net interest income increased by 14.4%, or approximately $575 thousand, to $4.6 million from $4.0 million for the first quarter of 2012. In addition to the net interest income increase, the provision for loan losses experienced a decrease of approximately $155 thousand, or 52.5%, due to strength and stability in the Company's loan portfolio and other factors. Non-interest expense, net of non-interest income, increased $322 thousand, or 14.6%, primarily related to increased operating costs associated with branch expansion.

Bancorp of New Jersey's total assets decreased to $561.5 million at March 31, 2013 compared to $571.4 million at December 31, 2012. Total loans reached $445.5 million at March 31, 2013 compared to $435.7 million at December 31, 2012, an increase of approximately $9.8 million, or approximately 2.2%. Total deposits decreased to $505.1 million at March 31, 2013 from $515.7 million at December 31, 2012, a decrease of approximately $10.6 million, or approximately 2.1%. Stockholders' equity grew to $54.4 million at March 31, 2013 from $53.7 million at December 31, 2012.

Bank of New Jersey, headquartered at 1365 Palisade Avenue, Fort Lee, New Jersey, offers convenient hours and a high level of service for traditional consumer and commercial products and services. The Bank, currently, has 8 branch offices located in Fort Lee (3 locations), Hackensack, Haworth, Harrington Park, Englewood, and most recently, Cliffside Park, all in Bergen County, NJ. A ninth location is expected to open in Woodcliff Lake, NJ during the second quarter of 2013. The Company's tenth location, in Englewood Cliffs, NJ, has received FDIC approval and awaits approval from the NJDOBI. It is expected to open during 2013. 

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.64 -0.11%
FB $118.57 0.84%
GOOG $698.21 0.75%
TSLA $241.80 0.43%
YHOO $36.53 -0.19%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs