Fort Lee, NJ – 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.
During the first quarter of 2014, net interest income increased by 4.8 percent, or approximately $218 thousand, to $4.8 million from $4.6 million for the first quarter of 2013. During the quarter, the provision for loan losses experienced an increase of approximately $300 thousand, or over 214 percent, due, primarily, to the quarterly loan production. Non-interest expense, net of non-interest income, increased $362 thousand, or 14.3 percent, primarily as a result of increased operating costs and salaries associated with branch expansion.
Bancorp of New Jersey’s total assets increased to a record level of $624.1 million at March 31, 2014 compared to $610.8 million at December 31, 2013. Total loans also reached a record $503.3 million at March 31, 2014 compared to $472.5 million at December 31, 2013, an increase of approximately $30.8 million, or approximately 6.5 percent, during the quarter. Total deposits increased to $565.6 million at March 31, 2014 from $553.3 million at December 31, 2013, an increase of approximately $12.3 million, or approximately 2.2 percent. Stockholders’ equity grew to $56.8 million at March 31, 2014 from approximately $56.0 million at December 31, 2013.
Bank of New Jersey, headquartered at 1365 Palisade Avenue, Fort Lee, New Jersey, offers convenient hours and a high level of service for traditional consumer and commercial products and services. The Bank, currently, has nine branch offices located in Fort Lee (three locations), Hackensack, Haworth, Harrington Park, Englewood, Cliffside Park, and its most recent opening, in Woodcliff Lake, all in Bergen County, NJ. A tenth location in Englewood Cliffs, NJ, has received regulatory approvals from the FDIC and the NJDOBI and is expected to open in late 2014.
For more information about Bank of New Jersey and its products and services, please visit http://www.bonj.net or call 201-944-8600.
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Bancorp of New Jersey, Inc.
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