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TheStreet Open House

Bancorp Of New Jersey, Inc. Announces Record Earnings

Stocks in this article: BKJ

FORT LEE, N.J., Nov. 14, 2013 (GLOBE NEWSWIRE) -- Bancorp of New Jersey, Inc. ("the Company") (NYSE MKT:BKJ), the holding company of Bank of New Jersey, reported its strongest quarterly net income to date. Net income for the three months ended September 30, 2013 reached $1.2 million compared to net income of $1.1 million for the three months ended September 30, 2012. This represents a 7.3% increase in net income, or approximately $83 thousand. Earnings per diluted share reached $0.23 for the three months ended September 30, 2013 compared to $0.22 per diluted share for the three months ended September 30, 2012. Net income for the nine months ended September 30, 2013 was $3.5 million, an increase of approximately $454 thousand, or 15.0%, as compared to net income of $3.0 million for the nine months ended September 30, 2012. Earnings per diluted share grew to $0.65 for the nine months ended September 30, 2013, an increase of $0.07, or 12.1%, over the diluted earnings per share of $0.58 for the nine months ended September 30, 2012. The net income generated during this quarter represents the company's twenty-seventh consecutive quarter of profitability and also represents the company's strongest nine month period to begin a year.

During the three months ended September 30, 2013, net interest income increased by $335 thousand, or 7.5%, reaching $4.8 million from $4.5 million for the three months ended September 30, 2012. During the nine months ended September 30, 2013, net interest income was $14.0 million and represented an increase of approximately $1.2 million, or 9.3%, from $12.8 million for the nine months ended September 30, 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 nine months of 2013. During the third quarter of 2013, non-interest expense, net, increased by $225 thousand, or 9.7%, reaching $2.5 million from $2.3 million for the third quarter of 2012. During the nine months ended September 30, 2013, non-interest expense, net increased by $635 thousand, or 9.2%, and reached approximately $7.5 million as compared to $6.9 million for the nine months ended September 30, 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 quarter ended September 30, 2013, the provision for loan losses was $225 thousand, compared to $260 thousand, for the quarter ended September 30, 2012. For the nine months ended September 30, 2013, the provision for loan losses was $685 thousand, compared to $885 thousand, for the nine months ended September 30, 2012. Management believes the amount of the provision reflects, amongst other things, the credit quality of our loan portfolio.

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