Our strategy of smart, stable and continuing growth has translated into our most profitable quarter since our inception. The following demonstrate our continuing creation of shareholder value:
- Total Assets increased $42 million to $565 million over the 1st Quarter of 2010
- Total Loans increased $24 million to $435 million over the 1st Quarter of 2010
- Net Income before payment of our Preferred Dividend increased $193 thousand to a record $1,095,243 over the 1st Quarter of 2010
- Book value per share increased from $13.60 to $14.14, an all time high…
Earning over a $1 million this quarter with our book value moving north of $14/share has positioned our bank at the top of our peer group…
Our “Client First” management style has enabled NJCB to continue to capture market share and profitably grow our balance sheet, while capturing the attention of the national news media. Recently, NJCB was featured as it hosted CNBC’s Power Lunch from our headquarters building, where we discussed recent trends in banking and financial regulatory reform with guest host Sue Herera. Please see our website to view this segment if you have not already seen it.
While new customer acquisition has been strong, we have also worked hard to increase the depth of the relationships we currently have with our existing clients. The 2nd Quarter saw an unprecedented increase of new Demand Deposit Checking account opening from existing customers. While this has always been a focus of NJCB, our entire branch staff led by our new Chief Retail Officer Michele Calise has refined this mission and demonstrated that by being “a better place to be” for our customers with products such as Totally Free Checking, Simply better Savings, and Simply Better Money Market not only enhance our customer experience, but increase our bottom line.