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Bancorp Of New Jersey, Inc. Reports Continued Record Earnings And Record Assets

FORT LEE, N.J., Aug. 14, 2013 (GLOBE NEWSWIRE) -- Bancorp of New Jersey, Inc. (NYSE MKT:BKJ), the holding company of Bank of New Jersey, reported its strongest first six months net income. Net income for the six months ended June 30, 2013 reached $2.3 million compared to net income of $1.9 million for the six months ended June 30, 2012. This represents a 19.6% increase in net income, or approximately $370 thousand. Earnings per diluted share reached $0.42 for the six months ended June 30, 2013 compared to $0.36 per diluted share for the six months ended June 30, 2012. Net income for the second quarter of 2013 was $1.1 million, an increase of approximately $123 thousand, or 12.4%, as compared to net income of $994 thousand for the second quarter of 2012. Earnings per diluted share grew to $0.21 for the quarter ended June 30, 2013, an increase of $0.02, or 10.5%, over the diluted earnings per share of $0.19 for the quarter ended June 30, 2012. The net income generated during this quarter represents the company's twenty-sixth consecutive quarter of profitability and represents the company's strongest six month period to begin a year.

During the six months ended June 30, 2013, net interest income increased by $850 thousand, or 10.2%, reaching $9.2 million from $8.3 million for the six months ended June 30, 2012. During the second quarter of 2013, net interest income was $4.6 million and represented an increase of approximately $275 thousand, or 6.3%, from $4.3 million for the second quarter of 2012. The increased net interest income is primarily driven by interest income from loans as a result of higher average loan balances. The increased loan balances are the result of loan production during the first half of 2013. During the first six months of 2013, non-interest expense, net, increased by $410 thousand, or 9.0%, reaching $5.0 million from $4.6 million for the first six months of 2012. During the second quarter of 2013, non-interest expense, net increased by $88 thousand, or 3.7%, and remained relatively level at approximately $2.4 million as compared to the second quarter of 2012. The increase in non-interest expense, net, is, primarily, due to increased operating costs and salaries associated with expansion of the branch network as well as other costs associated with the Company's growth. For the six months ended June 30, 2013, the provision for loan losses was $460 thousand, compared to provision for loan losses of $625 thousand, for the six months ended June 30, 2012. For the quarter ended June 30, 2013, the provision for loan losses was $320 thousand, compared to provision for loan losses of $330 thousand, for the three months ended June 30, 2012. Management believes the amount of the provision reflects the credit quality of our loan portfolio.

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