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Community Partners Bancorp (CPBC) filed Quarterly Report for the period ended 2011-09-30.
Community Partners Bancorp has a market cap of $36.6 million; its shares were traded at around $4.75 with a P/E ratio of 11 and P/S ratio of 1.1.
This is the annual revenues and earnings per share of CPBC over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of CPBC.
Highlight of Business Operations:
The Company reported net income to common shareholders of $703,000 for the three months ended September 30, 2011, compared to $950,000, for the same period in 2010, a decrease of 26.0%. Basic and diluted earnings per common share after preferred stock dividends and accretion were $0.09 for the quarter ended September 30, 2011 compared to $0.12 for the same period in 2010. The reported decreases in net income and earnings per share were primarily due to the fact that dividends and accretion related to the preferred stock issued to the Treasury under the TARP CPP program reduced earnings for the third quarter of 2011 by $402,000, or $0.05 per diluted common share, as compared to $145,000, $0.02 per diluted common share, for the same period in 2010. The increased dividends and accretion were primarily due to the redemption by the Company of the TARP CPP Senior Preferred Stock, Series A. On August 11, 2011, the Company sold shares of its preferred stock Series C for $12 million to the U.S. Treasury under the Small Business Lending Fund (“SBLF”), a voluntary federal government program intended to encourage small business lending by providing capital to qualified community banks. Simultaneously with the receipt of the SBLF funds, the Company redeemed the full balance of $9.0 million of its TARP CPP Senior Preferred Stock, Series A. As a result of the TARP CPP redemption, the remaining discount accretion of $301,000, or $0.04 per diluted share, on the associated Senior Preferred Stock, Series A, was recognized during the third quarter 2011. Excluding the affects of this item, net income to common shareholders for the three month period ended September 30, 2011 amounted to $1.0 million, or $0.13 per diluted common share. The annualized return on average assets decreased 3 basis points to 0.65% for the three months ended September 30, 2011 as compared to 0.68% for the same period in 2010. The annualized return on average shareholders equity decreased 32 basis points to 5.23% for the three month period ended September 30, 2011 as compared to 5.54% for the three months ended September 30, 2010.The Company reported net income to common shareholders of $2.4 million for the nine months ended September 30, 2011, compared to $2.1 million, for the same period in 2010, an increase of 13.3%. Basic and diluted earnings per common share after preferred stock dividends and accretion were $0.30 for the nine months ended September 30, 2011 compared to $0.27 for the same period in 2010. Dividends and accretion related to the preferred stock issued to the Treasury reduced earnings by $688,000, or $0.09 per diluted common share, for the nine months ended September 30, 2011, and by $431,000, or $0.06 per diluted common share, for the same period in 2010. These reported decreases were primarily due to the requirement to recognize the remaining discount accretion on the TARP CPP preferred stock, as discussed above. Excluding the affects of this item, net income to common shareholders for the nine month period ended September 30, 2011 amounted to $2.7 million, or $0.34 per diluted common share. The annualized return on average assets increased to 0.62% for the nine months ended September 30, 2011 as compared to 0.52% for the same period in 2010. The annualized return on average shareholders equity increased to 5.03% for the nine month period ended September 30, 2011 as compared to 4.38% for the nine months ended September 30, 2010.
Interest income on Federal funds sold and interest bearing deposits was $31,000 for the three months ended September 30, 2011, representing an increase of $7,000, or 29.2%, from $24,000 for the three months ended September 30, 2010. For the three months ended September 30, 2011, Federal funds sold had no average balance, as compared to $7.0 million with an average annualized yield of 0.34% for the three months ended September 30, 2010. During the second quarter 2011, in order to maximize earnings on excess liquidity and increase the safety of our funds, the Bank transferred its entire Fed funds sold balance to the Federal Reserve Bank of New York, which paid a higher return than our correspondent banks. For the three months ended September 30, 2011, interest bearing deposits had an average balance of $48.3 million and an average annualized yield of 0.25% as compared to an average balance of $28.8 million and an average annualized yield of 0.25% for the same period in 2010. This average balance increase was primarily due to an increase in deposit growth and a lower than expected loan growth.
Net interest income increased by $725,000, or 3.9%, to $19.3 million for the nine months ended September 30, 2011 compared to $18.6 million for the corresponding period in 2010, primarily as a result of lower deposit rates, higher level of core checking deposits and an improvement in the mix of average interest-earning assets. The net interest margin and net interest spread increased to 4.24% and 4.03%, respectively, for the nine months ended September 30, 2011 from 4.11% and 3.88%, respectively, for the nine months ended September 30, 2010.
Investment securities, including restricted stock, totaled $58.1 million at September 30, 2011 compared to $47.3 million at December 31, 2010, an increase of $10.8 million, or 22.8%. During the nine months ended September 30, 2011, investment securities purchases amounted to $27.9 million, while repayments, calls and maturities amounted to $13.5 million. There were nine sales of securities available for sale totaling $4.0 million resulting in a gain on sale of $324,000 during the nine months ended September 30, 2011 as compared to no sales of securities available for sale during the nine months ended September 30, 2010. These sales resulted from taking advantage of the volatility in the bond market.
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