Bancorp of New Jersey Inc. (BKJ, Financial) filed Quarterly Report for the period ended 2012-09-30.
Bancorp Of New Jersey, Inc. has a market cap of $54.2 million; its shares were traded at around $10.48 with a P/E ratio of 14.4 and P/S ratio of 2.7. The dividend yield of Bancorp Of New Jersey, Inc. stocks is 2.3%.
Net income for the nine months ended September 30, 2012 was approximately $3.0 million compared to net income of approximately $2.4 million for the nine months ended September 30, 2011, an increase of $682 thousand, or 29.0%. The increase was due to increases in net interest income and gains on the sales of securities of $1.6 million and $238 thousand, respectively, and a decrease in the loss on the sale of other real estate owned (OREO) of $203 thousand, offset somewhat by increases in non-interest expenses and income tax expense of $932 thousand and $409 thousand, respectively.
On a per share basis, basic and diluted earnings per share were $0.22 for the third quarter of 2012 as compared to basic and diluted earnings per share of $0.17 for the third quarter of 2011, an increase of $0.05 per share, or 29.4%. Basic and diluted earnings per share were $0.58 for the nine months ended September 30, 2012 as compared to basic and diluted earnings per share of $0.45 for the nine months ended September 30, 2011, an increase of $0.13 per share, or 28.9%.
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 the three month period ended September 30, 2012, the growth in net interest income has been, primarily, powered by increased interest income from loans, including fees. Interest income on loans increased by $716 thousand for the three months ended September 30, 2012 as compared to the same period last year. This increase in interest income was due to a $63.3 million increase in the average balance of loans during the quarter ended September 30, 2012, up to $409.7 million as compared to the third quarter of 2011 average loan balance of $346.4 million, offset somewhat by a decrease in the average rate earned on loans, from 5.53% for the three months ended September 30, 2011 down to 5.38% for the three months ended September 30, 2012, a decrease of 15 basis points. Interest expense increased by $361 thousand year over year and was due in most part to an increase in the average balance of interest bearing deposits of $106.2 million, up to $426.0 million during the quarter ended September 30, 2012 from $319.8 million on average for the quarter ended September 30, 2011. The average interest rate paid on interest bearing deposits decreased 4 basis points to 1.46% for the three months ended September 30, 2012, from 1.50% for the same period last year.
Non-interest income (loss) consists primarily of fees and service charges, gains on the sales of securities and a loss on the sale of OREO. For the three months ended September 30, 2012, non-interest income increased by $234 thousand as compared to the three months ended September 20, 2011. The increase was due to a gain from the sales of securities during the 2012 third quarter in the amount of $238 thousand. For the nine months ended September 30, 2012, non-interest income increased by $403 thousand when compared to the same period in 2011. This gain was due to the above mentioned gains on the sales of securities in the third quarter of 2012 and a loss on the sale of OREO of $203 thousand during the first nine months of 2011.
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Bancorp Of New Jersey, Inc. has a market cap of $54.2 million; its shares were traded at around $10.48 with a P/E ratio of 14.4 and P/S ratio of 2.7. The dividend yield of Bancorp Of New Jersey, Inc. stocks is 2.3%.
Highlight of Business Operations:
Net income for the third quarter of 2012 was $1.1 million compared to net income of $901 thousand for the third quarter of 2011, an increase of $241 thousand, or 26.7%. This increase was due in most part to an increase in net interest income of approximately $644 thousand, or 16.9%, and an increase in the gains on the sales of securities of $238 thousand, offset somewhat by increases in non-interest expenses, and income taxes of $525 thousand and $152 thousand, respectively.Net income for the nine months ended September 30, 2012 was approximately $3.0 million compared to net income of approximately $2.4 million for the nine months ended September 30, 2011, an increase of $682 thousand, or 29.0%. The increase was due to increases in net interest income and gains on the sales of securities of $1.6 million and $238 thousand, respectively, and a decrease in the loss on the sale of other real estate owned (OREO) of $203 thousand, offset somewhat by increases in non-interest expenses and income tax expense of $932 thousand and $409 thousand, respectively.
On a per share basis, basic and diluted earnings per share were $0.22 for the third quarter of 2012 as compared to basic and diluted earnings per share of $0.17 for the third quarter of 2011, an increase of $0.05 per share, or 29.4%. Basic and diluted earnings per share were $0.58 for the nine months ended September 30, 2012 as compared to basic and diluted earnings per share of $0.45 for the nine months ended September 30, 2011, an increase of $0.13 per share, or 28.9%.
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 the three month period ended September 30, 2012, the growth in net interest income has been, primarily, powered by increased interest income from loans, including fees. Interest income on loans increased by $716 thousand for the three months ended September 30, 2012 as compared to the same period last year. This increase in interest income was due to a $63.3 million increase in the average balance of loans during the quarter ended September 30, 2012, up to $409.7 million as compared to the third quarter of 2011 average loan balance of $346.4 million, offset somewhat by a decrease in the average rate earned on loans, from 5.53% for the three months ended September 30, 2011 down to 5.38% for the three months ended September 30, 2012, a decrease of 15 basis points. Interest expense increased by $361 thousand year over year and was due in most part to an increase in the average balance of interest bearing deposits of $106.2 million, up to $426.0 million during the quarter ended September 30, 2012 from $319.8 million on average for the quarter ended September 30, 2011. The average interest rate paid on interest bearing deposits decreased 4 basis points to 1.46% for the three months ended September 30, 2012, from 1.50% for the same period last year.
Non-interest income (loss) consists primarily of fees and service charges, gains on the sales of securities and a loss on the sale of OREO. For the three months ended September 30, 2012, non-interest income increased by $234 thousand as compared to the three months ended September 20, 2011. The increase was due to a gain from the sales of securities during the 2012 third quarter in the amount of $238 thousand. For the nine months ended September 30, 2012, non-interest income increased by $403 thousand when compared to the same period in 2011. This gain was due to the above mentioned gains on the sales of securities in the third quarter of 2012 and a loss on the sale of OREO of $203 thousand during the first nine months of 2011.
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