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Bancorp Of New Jersey, Inc. Reports 23% Earnings Growth Over First Quarter, 2014 And Record Asset Levels

Stocks in this article: BKJ

FORT LEE, N.J., July 31, 2014 (GLOBE NEWSWIRE) -- Bancorp of New Jersey, Inc. (NYSE MKT:BKJ), the holding company of Bank of New Jersey, reported an increase of 23.8%, or $207 thousand, in net income from $871 thousand in the first quarter of 2014 to $1.1 million in the second quarter. Total assets, total loans, and total deposits each reached period-end record levels at June 30, 2014 as well. Although net interest income grew in both the three and six month periods ended June 30, 2014 compared to the corresponding periods of 2013, net income remained behind the corresponding periods of 2013 as a result of increased noninterest expense associated with branch expansion and, to a lesser extent, increased provisions for loan losses during 2014, primarily a result of strong loan growth. Net income for the six months ended June 30, 2014 reached $1.9 million compared to net income of $2.3 million for the six months ended June 30, 2013. This represents a decrease of approximately 13.8% in net income, or approximately $313 thousand. Earnings per diluted share were $0.36 for the six months ended June 30, 2014 compared to $0.42 per diluted share for the six months ended June 30, 2013. Net income for the second quarters of each of 2014 and 2013 was approximately $1.1 million. Earnings per diluted share were $0.20 for the quarter ended June 30, 2014, a decrease of $0.01, or 4.8%, from the diluted earnings per share of $0.21 for the quarter ended June 30, 2013. The net income generated during the quarter ended June 30, 2014 represents thirty consecutive quarters of profitability by the Company.

During the six months ended June 30, 2014, net interest income increased by $699 thousand, or 7.6%, reaching $9.9 million from $9.2 million for the six months ended June 30, 2013. During the second quarter of 2014, net interest income was $5.1 million and represented an increase of approximately $481 thousand, or 10.4%, from $4.6 million for the second quarter of 2013. The increased net interest income is primarily driven by interest income from loans as a result of increased loan production and higher average loan balances. During the first six months of 2014, non-interest expense, net, increased by $892 thousand, or 17.9%, reaching $5.9 million from $5.0 million for the first six months of 2013. During the second quarter of 2014, non-interest expense, net increased by $530 thousand, or 21.7%, and reached $3.0 million as compared to $2.4 million for the second quarter of 2013. 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, including costs associated with enhanced technology and functionality for electronic banking. For the six months ended June 30, 2014, the provision for loan losses was $784 thousand, compared to provision for loan losses of $460 thousand, for the six months ended June 30, 2013. For the quarter ended June 30, 2014, the provision for loan losses was $344 thousand, compared to provision for loan losses of $320 thousand, for the three months ended June 30, 2013. These increases in the provision represent a direct relationship to the increased loan production during the first six months and the second quarter, respectively.

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