NJCB Announces 2nd Quarter 2011 Results with Continued Growth & Profit

I am pleased to report that our impressive second quarter numbers are our best to date. Our continued success in generating high quality assets contributed to another quarter of record earnings. This was all accomplished while we continued to prudently increase the reserves against our loan portfolio. All of this leads to NJCB being named as one of the Top 5 best performing banks in the nation by SNL, the leading bank analytic firm. Some of the highlights of the quarter are as follows:

  • Loans increased by $37 million from $533 million in the 1st Quarter to $570 million in the 2nd Quarter
  • Assets increased by $25 million from $631 million in the 1st Quarter to $656 million in the 2nd Quarter
  • Deposits increased by $23 million from $530 million in the 1st Quarter to $556 million in the 2nd Quarter
  • Net income before payment of our Preferred Stock Dividend increased by $70 thousand from $1.543 million in the 1st Quarter to $1.613 million in the 2nd Quarter

While the numbers speak for themselves, there are some other exciting developments that we are pleased to report. As the bank continues down a path of consistent and stable growth, we have continued to add outstanding talent to our Executive Management team to help us maintain and enhance our leadership. As a result, we have split the role of Chief Financial Officer and Chief Operating Officer, both currently held by Laura Criscione. As we previously announced, in June Frank Baier joined the team as Chief Financial Officer. His extensive experience at a large community bank and his background in the capital markets will be a welcome addition as we continue to grow the institution both in size and complexity. Laura Criscione will now be able to focus chiefly on her role of Chief Operating Officer, as she will be responsible for all operational, regulatory and compliance functions. Additionally, Elizabeth Magennis has been promoted to Executive Vice President, and is responsible for all lending, business development, and relationship management activities.

We are also pleased to announce that Steven Goldman, Esq. has joined our Board of Directors. Steve brings his immense experience in corporate law along with his recent regulatory experience as the former New Jersey Commissioner of Banking and Insurance. Steven brings a level of experience not commonly found on most bank boards, and we are proud to have him join our board.

We have opened a new branch office in Holmdel, NJ. Monmouth County now represents our third county in NJ. The bank already has a significant client base developing in the county, and with the similar demographics to Bergen we expect to leverage our game plan and extend our reach into this new market. If you are in the area, stop by, meet our wonderful staff, led by Carleen Lombardi and enjoy a great cup of coffee.

While we continue to face the headwinds of a challenging economy, new and undefined regulatory pressures, and increasing competition, NJCB has met the challenges and continues to seek out new business opportunities. Our relationship focus has allowed us to continue to offer many fee-free services. We continue to develop new clients simply by asking “Have you looked at your bank statement lately?” and then demonstrating the savings they will enjoy by banking with NJCB.

For more information please see our website at https://njcb.com or click here for a link to our Second Quarter Report.

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