As we move through the mid-point of 2009, a time when many banks have lost their way, and most banks are reeling from mismanagement, NJCB continues set the example for the nation…
Our smart, stable and strong growth has continued to produce impressive results…
- Our Assets have grown $50 million dollars to $473 million dollars over the first quarter
- Our Deposits have grown $52 million dollars to $396 million dollars over the first quarter
- Our Loans have grown $21 million dollars to $343 million dollars over the first quarter
Understanding that our objective is always healthy and smart profit growth, NJCB has posted its most profitable quarter since our inception. Coming at time of continuing expansion, and after paying a significant one time FDIC assessment levied on all banks, we continue to not only preserve capital, with no non-performing loans, but we have consistently increased our book value per share…This distinction is significant and sets us apart from most of our competitors.
The second quarter saw some exciting developments, including the acquisition of Citizens Community Bank in Ridgewood, now our seventh branch, and the starting of Residential Mortgage Division. The Ridgewood location has created a logical geographic expansion into a vibrant, affluent and business friendly neighborhood. Our new Mortgage Division, which is also headquartered in Ridgewood and run by Thomas Cosentino, has already begun to generate new business, fee income, and broaden our relationship with our customers.
Internally we continue to expand our product set with new additions such as Positive Pay, International Currency Transactions, ACH origination, Lockbox, Secured Credit Cards, and many more… For more information on these or any of our products please stop in or call us.
While, we still see many challenges in this marketplace, we are continuing to find ways to convert these challenges into new opportunities for NJCB. We appreciate the support and business from our shareholders, customers, and friends, and all the help in continuing to make a NJCB “A Better Place to Be.”