Bancorp of New Jersey Inc. (BKJ, Financial) filed Quarterly Report for the period ended 2010-06-30.
Bancorp Of New Jersey Inc. has a market cap of $67.6 million; its shares were traded at around $13 with a P/E ratio of 34.2 and P/S ratio of 9.8.
Net income for the six months ended June 30, 2010 was $1.0 million compared to net income of $307 thousand for the six months ended June 30, 2009, an increase of $731 thousand, or 238%. Similar to the quarterly growth, the increase was fueled by an increase in net interest income of $1.9 million. This increase was offset somewhat by increases in income tax expense and non-interest expenses of $492 thousand and $271 thousand, respectively.
During the six months ended June 30, 2010, net interest income reached $6.1 million compared to $4.2 million for the six months ended June 30, 2009, an increase of $1.9 million. This increase is also attributable to the increase in interest income from loans, including fees and the decrease in interest expense. Interest income from loans, including fees, securities and federal funds sold reached $8.3 million for the six months ended June 30, 2010 from $7.4 million for the six months ended June 30, 2009. At the same time, interest expense decreased from $3.2 million for the six months ended June 30, 2009 to $2.1 million for the six months ended June 30, 2010, a decrease of approximately $1.1 million.
Non-interest expense was basically flat at $1.9 million during the second quarter of 2010 compared to the same amount in the second quarter of 2009. The second quarter of 2009 included the effect of the FDIC special assessment which totaled approximately $140 thousand. This decrease in FDIC expense for 2010 offset increases in salaries and employee benefits, other expenses and occupancy and equipment expenses of $52 thousand, $43 thousand and $26 thousand, respectively for the three months ended June 30, 2010 as compared to June 30, 2009. During the six months ended June 30, 2010, non-interest expense reached approximately $3.8 million from approximately $3.5 million for the six months ended June 30, 2009. This increase reflected increases in salaries and employee benefits, professional fees and occupancy and equipment expense of $123 thousand, $75 thousand and $66 thousand, respectively, offset somewhat by a decrease in FDIC expenses of $72 thousand. The increases related to salaries and employee benefits and occupancy and equipment expenses are in part due to the opening and operating of a new location in the second quarter of 2009, and therefore are not included for the full six months of 2009.
Total consolidated assets increased $33.8 million, or approximately 10.6%, from $319.6 million at December 31, 2009 to $353.4 million at June 30, 2010. Total deposits increased from $267.1 million at December 31, 2009 to $301.2 million at June 30, 2010, an increase of $34.0 million, or approximately 12.7%. Loans receivable, or “total loans,” increased from $263.9 million at December 31, 2009 to $278.2 million at June 30, 2010, an increase of $14.2 million, or approximately 5.4%.
As of June 30, 2010 the Bank had eight impaired loans totaling approximately $4.6 million, of which three loans totaling approximately $3.3 million had specific reserves of $373 thousand and five loans totaling approximately $1.3 million had no specific reserve. If interest had been accrued, such income would have been approximately $88 thousand for the three months ended June 30, 2010, and $148 thousand for the six month period ended June 30, 2010. In addition, at June 30, 2010, the Bank had two residential mortgage loans that met the definition of a troubled debt restructured (“TDR”) loan. TDRs are loans where the contractual terms of the loan have been modified for a borrower experiencing financial difficulties. These modifications could include a reduction in the interest rate of the loan, payment extensions, forgiveness of principal or other actions to maximize collection. At June 30, 2010, the TDR loans had an outstanding balance of $1.0 million, had specific reserves of $8 thousand and are performing in accordance with their modified terms. One of the TDRs, with an outstanding balance at June 30, 2010 of $533 thousand and a specific reserve of $8 thousand is included in the Bank s impaired loan total.
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Bancorp Of New Jersey Inc. has a market cap of $67.6 million; its shares were traded at around $13 with a P/E ratio of 34.2 and P/S ratio of 9.8.
Highlight of Business Operations:
Net income for the second quarter of 2010 was $524 thousand compared to net income of $191 thousand for the second quarter of 2009, an increase of $333 thousand, or 174%. This increase was due in most part to an increase in net interest income of approximately $800 thousand, or 34%, offset somewhat by an increase in the provision for loan losses of approximately $240 thousand. Non-interest income and expense stayed relatively flat during the second quarter of 2010 as compared to the same period last year, while income tax expense increased by $235 thousand as a result of the increase in pre-tax income.Net income for the six months ended June 30, 2010 was $1.0 million compared to net income of $307 thousand for the six months ended June 30, 2009, an increase of $731 thousand, or 238%. Similar to the quarterly growth, the increase was fueled by an increase in net interest income of $1.9 million. This increase was offset somewhat by increases in income tax expense and non-interest expenses of $492 thousand and $271 thousand, respectively.
During the six months ended June 30, 2010, net interest income reached $6.1 million compared to $4.2 million for the six months ended June 30, 2009, an increase of $1.9 million. This increase is also attributable to the increase in interest income from loans, including fees and the decrease in interest expense. Interest income from loans, including fees, securities and federal funds sold reached $8.3 million for the six months ended June 30, 2010 from $7.4 million for the six months ended June 30, 2009. At the same time, interest expense decreased from $3.2 million for the six months ended June 30, 2009 to $2.1 million for the six months ended June 30, 2010, a decrease of approximately $1.1 million.
Non-interest expense was basically flat at $1.9 million during the second quarter of 2010 compared to the same amount in the second quarter of 2009. The second quarter of 2009 included the effect of the FDIC special assessment which totaled approximately $140 thousand. This decrease in FDIC expense for 2010 offset increases in salaries and employee benefits, other expenses and occupancy and equipment expenses of $52 thousand, $43 thousand and $26 thousand, respectively for the three months ended June 30, 2010 as compared to June 30, 2009. During the six months ended June 30, 2010, non-interest expense reached approximately $3.8 million from approximately $3.5 million for the six months ended June 30, 2009. This increase reflected increases in salaries and employee benefits, professional fees and occupancy and equipment expense of $123 thousand, $75 thousand and $66 thousand, respectively, offset somewhat by a decrease in FDIC expenses of $72 thousand. The increases related to salaries and employee benefits and occupancy and equipment expenses are in part due to the opening and operating of a new location in the second quarter of 2009, and therefore are not included for the full six months of 2009.
Total consolidated assets increased $33.8 million, or approximately 10.6%, from $319.6 million at December 31, 2009 to $353.4 million at June 30, 2010. Total deposits increased from $267.1 million at December 31, 2009 to $301.2 million at June 30, 2010, an increase of $34.0 million, or approximately 12.7%. Loans receivable, or “total loans,” increased from $263.9 million at December 31, 2009 to $278.2 million at June 30, 2010, an increase of $14.2 million, or approximately 5.4%.
As of June 30, 2010 the Bank had eight impaired loans totaling approximately $4.6 million, of which three loans totaling approximately $3.3 million had specific reserves of $373 thousand and five loans totaling approximately $1.3 million had no specific reserve. If interest had been accrued, such income would have been approximately $88 thousand for the three months ended June 30, 2010, and $148 thousand for the six month period ended June 30, 2010. In addition, at June 30, 2010, the Bank had two residential mortgage loans that met the definition of a troubled debt restructured (“TDR”) loan. TDRs are loans where the contractual terms of the loan have been modified for a borrower experiencing financial difficulties. These modifications could include a reduction in the interest rate of the loan, payment extensions, forgiveness of principal or other actions to maximize collection. At June 30, 2010, the TDR loans had an outstanding balance of $1.0 million, had specific reserves of $8 thousand and are performing in accordance with their modified terms. One of the TDRs, with an outstanding balance at June 30, 2010 of $533 thousand and a specific reserve of $8 thousand is included in the Bank s impaired loan total.
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