Bancorp of New Jersey Inc. (BKJ, Financial) filed Quarterly Report for the period ended 2010-09-30.
Bancorp Of New Jersey Inc. has a market cap of $64.31 million; its shares were traded at around $12.35 with a P/E ratio of 32.5 and P/S ratio of 9.31.
During the nine months ended September 30, 2010, net interest income reached $9.3 million compared to $6.8 million for the nine months ended September 30, 2009, an increase of $2.5 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 $12.6 million for the nine months ended September 30, 2010 from $11.5 million for the same period in 2009. At the same time, interest expense decreased from $4.6 million for the nine months ended September 30, 2009 to $3.2 million for the nine months ended September 30, 2010, a decrease of approximately $1.4 million.
The provision for loan losses was $430 thousand for the three months ended September 30, 2010 as compared to $74 thousand for the three months ended September 30, 2009. During the nine months ended September 30, 2010, the provision for loan losses was $1.1 million as compared to $279 thousand during the nine months ended September 30, 2009. For the three and nine month periods the increase reflects the loan growth as well as an increase in the Bank s non-performing assets. Non-performing assets consist of non-accruing loans, restructured loans and foreclosed assets. At September 30, 2010, the Bank had non-performing assets of $4.8 million as compared to $2.5 million at September 30, 2009.
Non-interest expense increased by $142 thousand during the third quarter of 2010 compared to the same period in 2009. This increase was primarily due to increases in salaries and employee benefits and FDIC related expenses of $78 thousand and $75 thousand, respectively. The increase in salaries and employee benefits was due in most part to normal increases and promotions as well as higher benefit expenses. FDIC related expenses increased primarily due to the increase in deposits. During the nine months ended September 30, 2010, non-interest expense reached approximately $5.7 million from approximately $5.3 million for the nine months ended September 30, 2009. This increase primarily reflected increases in salaries and employee benefits, professional fees and occupancy and equipment expense of $144 thousand, $98 thousand and $73 thousand, respectively. The increases related to salaries and employee benefits and occupancy and equipment expenses are in part due to the opening and operating of the Harrington Park branch in the second quarter of 2009, and therefore are not included for the full nine months of 2009.
Total consolidated assets increased $40.3 million, or approximately 12.6%, from $319.6 million at December 31, 2009 to $359.9 million at September 30, 2010. Total deposits increased from $267.1 million at December 31, 2009 to $306.9 million at September 30, 2010, an increase of $39.7 million, or approximately 14.9%. Loans receivable, or “total loans,” increased from $263.9 million at December 31, 2009 to $285.8 million at September 30, 2010, an increase of $21.9 million, or approximately 8.3%.
As of September 30, 2010 the Bank had five impaired loans totaling approximately $2.4 million, of which two loans totaling approximately $1.3 million had specific reserves of $213 thousand and three loans totaling approximately $1.1 million had no specific reserve. If interest had been accrued, such income would have been approximately $31 thousand for the three month period ended September 30, 2010, and $107 thousand for the nine month period ended September 30, 2010. At September 30, 2010, the Bank had three residential mortgage loans that met the definition of a troubled debt restructuring (“TDR”) loan. TDRs are loans where modifications could include a reduction in the interest rate of the loan, payment extensions, forgiveness of principal or other actions to maximize collection. At September 30, 2010, the TDR loans had an aggregate outstanding balance of $1.3 million with specific reserves of approximately $8 thousand. Two of the TDRs, with an aggregate outstanding balance at September 30, 2010 of $843 thousand and a specific reserve of $8 thousand are included in the Bank s impaired loan total. During the third quarter of 2010, two loans reported as impaired in the previous quarter, which approximated $213 thousand, and which were fully reserved, were charged off. A third loan, a single family residential loan with a net value of approximately $1.9 million, was foreclosed on and placed in other real estate owned. This event caused a charge-off of approximately $160 thousand during the period.
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Bancorp Of New Jersey Inc. has a market cap of $64.31 million; its shares were traded at around $12.35 with a P/E ratio of 32.5 and P/S ratio of 9.31.
Highlight of Business Operations:
Net Income Net income for the third quarter of 2010 was $544 thousand compared to net income of $515 thousand for the third quarter of 2009, an increase of $29 thousand, or 5.6%. This increase was due in most part to an increase in net interest income of approximately $545 thousand, or 20.5%, offset by an increase in the provision for loan losses of approximately $356 thousand. Non-interest income stayed relatively flat during the third quarter of 2010 as compared to the same period last year, while non-interest expense increased $142 thousand. Income tax expense increased by $17 thousand as a result of the increase in pre-tax income. Net income for the nine months ended September 30, 2010 was $1.6 million compared to net income of $822 thousand for the nine months ended September 30, 2009, an increase of $760 thousand, or 92.5%. Similar to the quarterly growth, the increase was driven by an increase in net interest income of $2.5 million. This increase was offset by increases in the provision for loan losses, income tax expense and non-interest expenses of $806 thousand, $509 thousand and $413 thousand, respectively.During the nine months ended September 30, 2010, net interest income reached $9.3 million compared to $6.8 million for the nine months ended September 30, 2009, an increase of $2.5 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 $12.6 million for the nine months ended September 30, 2010 from $11.5 million for the same period in 2009. At the same time, interest expense decreased from $4.6 million for the nine months ended September 30, 2009 to $3.2 million for the nine months ended September 30, 2010, a decrease of approximately $1.4 million.
The provision for loan losses was $430 thousand for the three months ended September 30, 2010 as compared to $74 thousand for the three months ended September 30, 2009. During the nine months ended September 30, 2010, the provision for loan losses was $1.1 million as compared to $279 thousand during the nine months ended September 30, 2009. For the three and nine month periods the increase reflects the loan growth as well as an increase in the Bank s non-performing assets. Non-performing assets consist of non-accruing loans, restructured loans and foreclosed assets. At September 30, 2010, the Bank had non-performing assets of $4.8 million as compared to $2.5 million at September 30, 2009.
Non-interest expense increased by $142 thousand during the third quarter of 2010 compared to the same period in 2009. This increase was primarily due to increases in salaries and employee benefits and FDIC related expenses of $78 thousand and $75 thousand, respectively. The increase in salaries and employee benefits was due in most part to normal increases and promotions as well as higher benefit expenses. FDIC related expenses increased primarily due to the increase in deposits. During the nine months ended September 30, 2010, non-interest expense reached approximately $5.7 million from approximately $5.3 million for the nine months ended September 30, 2009. This increase primarily reflected increases in salaries and employee benefits, professional fees and occupancy and equipment expense of $144 thousand, $98 thousand and $73 thousand, respectively. The increases related to salaries and employee benefits and occupancy and equipment expenses are in part due to the opening and operating of the Harrington Park branch in the second quarter of 2009, and therefore are not included for the full nine months of 2009.
Total consolidated assets increased $40.3 million, or approximately 12.6%, from $319.6 million at December 31, 2009 to $359.9 million at September 30, 2010. Total deposits increased from $267.1 million at December 31, 2009 to $306.9 million at September 30, 2010, an increase of $39.7 million, or approximately 14.9%. Loans receivable, or “total loans,” increased from $263.9 million at December 31, 2009 to $285.8 million at September 30, 2010, an increase of $21.9 million, or approximately 8.3%.
As of September 30, 2010 the Bank had five impaired loans totaling approximately $2.4 million, of which two loans totaling approximately $1.3 million had specific reserves of $213 thousand and three loans totaling approximately $1.1 million had no specific reserve. If interest had been accrued, such income would have been approximately $31 thousand for the three month period ended September 30, 2010, and $107 thousand for the nine month period ended September 30, 2010. At September 30, 2010, the Bank had three residential mortgage loans that met the definition of a troubled debt restructuring (“TDR”) loan. TDRs are loans where modifications could include a reduction in the interest rate of the loan, payment extensions, forgiveness of principal or other actions to maximize collection. At September 30, 2010, the TDR loans had an aggregate outstanding balance of $1.3 million with specific reserves of approximately $8 thousand. Two of the TDRs, with an aggregate outstanding balance at September 30, 2010 of $843 thousand and a specific reserve of $8 thousand are included in the Bank s impaired loan total. During the third quarter of 2010, two loans reported as impaired in the previous quarter, which approximated $213 thousand, and which were fully reserved, were charged off. A third loan, a single family residential loan with a net value of approximately $1.9 million, was foreclosed on and placed in other real estate owned. This event caused a charge-off of approximately $160 thousand during the period.
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