This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Rumson-Fair Haven Bank & Trust Company Announces Second Quarter And Year To Date Results

Stocks in this article: RFHB

RUMSON, N.J., July 26, 2013 (GLOBE NEWSWIRE) -- Rumson-Fair Haven Bank & Trust (OTCBB:RFHB) reported net income of $160 thousand, or $.05 per diluted share, for the quarter ended June 30, 2013, as compared to $165 thousand, or $.05 per diluted share, for the same period in 2012. For the six months ended June 30, 2013, the Company reported net income of $425 thousand, or $.13 per diluted share, an increase of $110 thousand, or 34.9%, from $315 thousand, or $.10 per diluted share, reported for the same period in 2012.

The Bank's loan portfolio has grown approximately $27 million, or 25.6%, to $132.3 million from $105.3 million when compared to June 30, 2012. Total assets at June 30, 2013 were $214.1 million. 

Joseph Castelluci, President and Chief Executive Officer, stated, "We are continuing to build earnings momentum as a result of strong loan growth in both our commercial and residential loan divisions, notwithstanding the challenging environment. Our ability to significantly increase our earning assets, while reducing the cost of interest bearing liabilities, have resulted in an increase in net interest margin to 3.02%, as compared to 2.69% at June 30, 2012. We are proud to report the highest loan portfolio level in the history of the Company at $132.3 million as of June 30, 2013. Most importantly, we have been able to achieve this loan growth without sacrificing credit risk or significant margin compression. Our asset quality remains strong.   With our robust loan pipelines, we believe we are well positioned to increase this momentum into the third quarter of 2013.   The continued improvement in our operating performance demonstrates our steadfast commitment to grow the Company for the benefit of our loyal shareholders."

Net interest income increased for the six months ended June 30, 2013 to $2.9 million, which is an increase of $191 thousand or 6.95%, from $2.7 million for the six months ended June 30, 2012. Net interest income for the three months ended June 30, 2013 and 2012 was $1.5 million and $1.4 million, respectively. The yield on average interest-earning assets increased by 27 basis points to 3.63% from 3.36% and the cost of average interest-bearing liabilities decreased by 10 basis points to 86 basis points from 96 basis points for the second quarters ended June 30, 2013 and June 30, 2012, respectively.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,584.33 +227.46 1.31%
S&P 500 2,043.49 +30.60 1.52%
NASDAQ 4,716.9290 +72.6170 1.56%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs