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

Stocks in this article: BKJ

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. 

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