FORT LEE, N.J., May 1, 2014 (GLOBE NEWSWIRE) -- Bancorp of New Jersey, Inc. (NYSE MKT:BKJ) (the "Company"), the holding company of Bank of New Jersey, reported its highest levels of loans and assets at the end of the first quarter of 2014, as well as continued earnings. Total loans exceeded $503 million at March 31, 2014 as compared to $472.5 million at December 31, 2013. Total assets increased to $624.1 million during the quarter from $610.8 million at December 31, 2013. Net income for the first quarter of 2014 was approximately $871 thousand as compared to $1.1 million for the first quarter of 2013, representing a decrease of $274 thousand, or approximately 23.9 percent, due, in part, to the impact of increased provision for loan losses resulting from strong loan growth and an increase in non-interest expense, net due to increased operating costs. Earnings per diluted share were $0.16 in the first quarter of 2014 as compared to $0.21 per diluted share for the same period in 2013. The net income generated during this quarter also represents the Company's twenty-ninth consecutive quarter of profitability.
Bancorp Of New Jersey, Inc. Announces Record Loan Level As Loans Break $500 Million Mark, Assets Reach New High, And Earnings Continue
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