Bancorp Of New Jersey, Inc. Announces Record Year For Earnings And Breaks $600 Million In Assets

FORT LEE, N.J., Jan. 23, 2014 (GLOBE NEWSWIRE) -- Bancorp of New Jersey, Inc. (NYSE MKT:BKJ), holding company for Bank of New Jersey, reported record annual net income as well as record levels for assets and deposits. For the year ended December 31, 2013, net income reached $4.7 million, or $0.87 per diluted share, compared to $4.2 million, or $0.81 per diluted share, for the year ended December 31, 2012 representing an increase of approximately 11%. For the quarter ended December 31, 2013, net income remained level at $1.2 million, or $0.22 per diluted share, as compared to the quarter ended December 31, 2012. The net income generated during the 2013 fiscal year represents the highest net income ever achieved by the company during any fiscal year. The net income generated during the fourth quarter represents the company's twenty-eighth consecutive quarter of profitability.

For the year ended December 31, 2013, net interest income increased by 7.8%, reaching $18.7 million, compared to approximately $17.3 million for the year ended December 31, 2012. For the quarter ended December 31, 2013, net interest income totaled $4.7 million, an increase of approximately $167 thousand, or approximately 3.6%, over approximately $4.6 million of net interest income earned during the fourth quarter of 2012. The increase in net interest income for the year reflects management's focus on loan growth during 2013. The slower growth rate of net interest income during the fourth quarter represents the effect of certain loan payoffs related to construction loans and commercial mortgages. Noninterest expense, net, increased for the year and the quarter ended December 31, 2013, primarily, due to increased costs and salaries associated with expansion of the branch network as well as other costs associated with the overall growth of the bank.  

Bancorp of New Jersey's total assets grew by approximately 7% to a record asset level of $610.8 million at December 31, 2013 compared to $571.4 million at December 31, 2012. Total loans reached $472.5 million at December 31, 2013 compared to $435.7 million at December 31, 2012, an increase of $36.7 million, or 8.4%. Total deposits increased to a record level $553.3 million at December 31, 2013 from $515.7 million at December 31, 2012, an increase of $37.6 million, or 7.3%.  Stockholders equity reached approximately $56.0 million at December 31, 2013 from $53.7 million at December 31, 2012, an increase of approximately $2.2 million, or 4.2%.

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