In 2010 North Jersey Community Bank recorded its best performance since inception. In a year when most banks treaded water, or even worked to shrink their balance sheets, North Jersey Community Bank saw strong growth in our Assets, Deposits, Loans and Capital:
- Assets grew from $515 to $602 million, an increase of $87 million
- Loans grew from $398 to $494 million, an increase of $96 million
- Deposits grew from $447 to $500 million, an increase of $53 million
The continued focus on smart, stable, and strategic growth of our balance sheet translated into over 100% increase in our earnings, as our Net Income grew from $2.2 million to over $4.7 million. Net Income in the 4th quarter alone grew from $761 thousand in 2009 to over $1.5 million in 2010. This increase drove our Earnings per Share from $0.97/share in 2009 to $1.91/share in 2010.
This increase in profitability also drove an important measure of our value, book value per share to a new all-time of $15.17 in 2010 from $13.20 in 2009. This, together with the successful completion of additional capital raises increased our Tier 1 capital from $39 million at the end of 2009 to $49 million at the end of 2010.
Our success was driven by not only top-line improvement, but also by relentless cost control, and a continuous mission to generate the most efficient balance sheet possible placing us in one of the highest performing bank percentiles for Efficiency Ratio in the country. While we continue to allocate allowance for loan loss provision, and in fact increased our reserves in 2010 by over $2.9 million, we continue to maintain one of the lowest non-performing asset ratios amongst all banks.
Motivating this performance was a disciplined pursuit of relationship banking coupled with a relentless focus on having the finest product set in the industry. In 2010 we added many Cash Management Services, such as positive pay and ACH Origination and increased our technological abilities by providing image deposit capability at our ATM Machines In 2011 we will add Mobile Banking through Iphone, Blackberry and Android, as well as Business Debit Cards.
While the media reports on banks seeking to increase customer service, we delivered it… Our Relationship Management Team coupled with the latest available technology capitalized on the competition’s ineffectiveness.
Our financial success was accompanied by recognition of the efforts of our management… Laura Criscione was recognized as NJBIZ’s CFO of the Year; Jehan Sanders was named “Rising Star in Banking” by the New Jersey Bankers Association; and our bank was recognized in the Top 20 of the “50 Fastest Growing Companies in NJ by NJBIZ Magazine,” as well as named the country’s 64th fastest growing Financial Company on INC Magazine’s 500. Our bank continues to be the fastest growing bank in the State of New Jersey’s history.
Our forward thinking, building of customer relationships, and exceeding expectations all came together in 2010 to deliver on our mission of “a better place to be.”