Bancorp of New Jersey Inc. Reports Operating Results (10-Q)

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Nov 14, 2011
Bancorp of New Jersey Inc. (BKJ, Financial) filed Quarterly Report for the period ended 2011-09-30.

Bancorp Of New Jersey Inc. has a market cap of $52.8 million; its shares were traded at around $10.14 with a P/E ratio of 18.11 and P/S ratio of 3.04.

Highlight of Business Operations:

On a per share basis, basic and diluted earnings per share were $0.17 for the third quarter of 2011 as compared to basic and diluted earnings per share of $0.10 for the third quarter of 2010. Basic and diluted earnings per share were $0.45 for the nine months ended September 30, 2011 as compared to basic and diluted earnings per share of $0.30 for the nine months ended September 30, 2010.

Net interest income represents the difference between income on interest-earning assets and expense on interest-bearing liabilities. Net interest income depends upon the volume of interest-earning assets and interest-bearing liabilities and the interest rate earned or paid on them. For both the three month period and the nine month period, the growth in net interest income has been, primarily, driven by increased interest income from loans, including fees, combined with the Companys ability to attract lower cost deposits during the current interest rate environment. During the third quarter of 2011, net interest income reached $3.8 million from $3.2 million during the third quarter of 2010, an increase of 19%, primarily as a result of loan growth during the period and the lower cost of deposits. During the third quarter of 2011, average loans grew to $346.2 million, an increase of $66.1 million over the average balance of loans for the third quarter one year ago of $280.1 million. The Companys average rate paid on interest bearing deposits decreased to 1.51% for the three months ended September 30, 2011, from 1.66% for the three months ended September 30, 2010.

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