UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): |
July 31, 2008 |
BANCORP OF NEW
JERSEY, INC.
(Exact name of registrant as
specified in its charter)
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NEW JERSEY (State or other
jurisdiction |
000-52749 (Commission File Number) |
20-8444387 (I.R.S. Employer |
(Address of principal
executive offices) (Zip code)
(201) 944-8600
(Registrant’s telephone
number, including area code)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act |
Item 2.02 Results of Operations and Financial Condition.
On July 31, 2008, Bancorp of New Jersey, Inc. issued a press release reporting its financial results for the fiscal quarter ended June 30, 2008. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
The following exhibits are filed with this Form 8-K:
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Exhibit No. |
Description |
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99.1 |
Press release dated July 31, 2008. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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BANCORP OF NEW JERSEY, INC. |
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Date: July 31, 2008 |
By: Albert F. Buzzetti Albert F. Buzzetti President and Chief Executive Officer |
Exhibit Index
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Exhibit No. |
Description |
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99.1 |
Press release dated July 31, 2008. |
Exhibit 99.1
Bancorp of New Jersey, Inc. Announces Second Quarter Earnings
July 31, 2008
During the second quarter of 2008, non-interest expense reached $1.5
million, an increase of approximately $500 thousand, over the $1 million of
non-interest expense during the second quarter of 2007. During the first half of 2008, net non-interest
expense reached $2.7 million compared to $1.8 million during the first half of
2007. These increases are reflective of
salary and benefit costs, occupancy and equipment costs, and other expenses
related to opening three branches during the second half of 2007 as well as
costs associated with the listing of the Company’s stock on the American Stock
Exchange.
Bancorp of New Jersey’s total assets grew to $258.3 million at June 30,
2008 compared to $152.1 million at June 30, 2007. The company also experienced strong growth in
its loans, deposits, and equity as well.
Total loans reached $206.9 million at June 30, 2008 compared to $141.1
million at June 30, 2007, an increase of 46.6%.
Total deposits increased to $210.6 million at June 30, 2008 from $100.7
million at June 30, 2007, an increase of 109.1%. Stockholders’ equity grew to $46.5 million
from $43.5 million at June 30, 2008 and 2007, respectively.
Bancorp of New Jersey, Inc. is the holding company for Bank of New
Jersey. On July 24, 2008, the bank
acquired a bank location at
Bank of New Jersey, headquartered at
Bancorp of New Jersey, Inc.
Financial Highlights
(unaudited)
(dollars in thousands, except per share data)
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Three
months ended |
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Six months
ended |
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June 30, |
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June 30, |
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INCOME STATEMENT |
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2008 |
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2007 |
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2008 |
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2007 |
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Net Interest Income |
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$ 1,668 |
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$ 1,488 |
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$ 3,182 |
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$ 2,812 |
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Provision for loan losses |
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67 |
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239 |
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225 |
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628 |
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Noninterest Expense, net |
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1,422 |
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963 |
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2,734 |
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1,843 |
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Pretax Income |
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179 |
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286 |
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223 |
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341 |
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Tax Expense |
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77 |
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80 |
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109 |
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107 |
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Net Income |
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$ 102 |
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$ 206 |
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$ 114 |
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$ 234 |
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Basic Earnings per Share |
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$ 0.02 |
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$ 0.04 |
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$ 0.02 |
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$ 0.05 |
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Diluted Earnings per Share |
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$ 0.02 |
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$ 0.04 |
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$ 0.02 |
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$ 0.05 |
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Weighted Average Shares –
Basic |
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4,995 |
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4,826 |
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4,988 |
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4,816 |
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Weighted Average Shares –
Diluted |
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5,351 |
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4,878 |
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5,267 |
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4,888 |
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SELECTED BALANCE SHEET DATA AT END OF PERIOD |
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6/30/2008 |
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12/31/2007 |
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Total Loans |
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$ 207,016 |
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$ 183,536 |
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Allowance for Loan Losses |
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2,137 |
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1,912 |
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Investment Securities |
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24,126 |
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2,324 |
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Total Assets |
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258,304 |
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260,245 |
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Total Deposits |
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210,577 |
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212,941 |
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Stockholders’ Equity |
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46,547 |
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45,840 |
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