American Bancorp of New Jersey Inc. (ABNJ, Financial) filed Quarterly Report for the period ended 2008-12-31.
AMERICAN BANCORP OF NEW JERSEY is a community bank where customers are known by name and superior service is a tradition.The bank has been dedicated to being the `hometown bank` that provides the finest financial products and services available backed by the latest technologies. It's user-friendly personal banking with competitive interest rates convenient hours and a level of customer-focused service that makes banking a pleasure. American Bancorp of New Jersey Inc. has a market cap of $115.22 million; its shares were traded at around $10.09 with a P/E ratio of 81.1 and P/S ratio of 3.47. The dividend yield of American Bancorp of New Jersey Inc. stocks is 1.89%.
Our results of operations are also affected by our provision for loan losses. For the three months ended December 31, 2008, the Company recorded a net loan loss provision of $153,000. Approximately $61,000 of that provision was attributable to the overall growth in the loan portfolio for the period. However, the provision for loan losses also reflected a specific provision of $92,000 attributable to one impaired loan, a portion of which was deemed uncollectible by management and was therefore charged off in the current quarter. No other additions to the allowance for loan losses attributable to nonperforming loans were required during the first quarter of fiscal 2009.
Our total assets increased by $7.2 million, or 1.2%, to $628.8 million at December 31, 2008 from $621.6 million at September 30, 2008. The increase primarily reflected comparatively higher balances of loans receivable, net partially offset by lower balances of cash and cash equivalents and investment securities.
Cash and cash equivalents decreased by $2.4 million, or 12.0%, to $17.9 million at December 31, 2008 from $20.4 million at September 30, 2008. The net decrease in cash and cash equivalents primarily reflects cash outflows funding growth in loans receivable, net and repayment of maturing and amortizing borrowings partially offset by cash inflows from investment security maturities and repayments and continued net growth in deposits.
Securities classified as available-for-sale decreased $1.8 million, or 2.3%, to $79.3 million at December 31, 2008 from $81.2 million at September 30, 2008 while securities held-to-maturity decreased approximately $331,000, or 4.4% to $7.2 million from $7.5 million for those same comparative periods.
Loans receivable, net increased by $12.8 million, or 2.7%, to $491.4 million at December 31, 2008 from $478.6 million at September 30, 2008. The growth was comprised of net increases in commercial loans totaling $3.2 million or 1.8%. Such loans include multi-family, nonresidential real estate, construction and business loans. The increase in loans receivable, net also included net increases in one- to four-family first mortgages of $7.9 million, net increases in home equity loans and home equity lines of credit totaling $1.2 million and net increases in consumer loans of $522,000. Offsetting the growth in these categories was a net increase to the allowance for loan losses totaling $62,000 due to overall growth in the loan portfolio.
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AMERICAN BANCORP OF NEW JERSEY is a community bank where customers are known by name and superior service is a tradition.The bank has been dedicated to being the `hometown bank` that provides the finest financial products and services available backed by the latest technologies. It's user-friendly personal banking with competitive interest rates convenient hours and a level of customer-focused service that makes banking a pleasure. American Bancorp of New Jersey Inc. has a market cap of $115.22 million; its shares were traded at around $10.09 with a P/E ratio of 81.1 and P/S ratio of 3.47. The dividend yield of American Bancorp of New Jersey Inc. stocks is 1.89%.
Highlight of Business Operations:
For the three months ended December 31, 2008, our commercial loans, including multi-family, nonresidential real estate, construction and business loans, increased $3.2 million, or 1.8%, from $181.8 million to $185.0 million with such balances continuing to represent approximately 38% of loans receivable, net. We expect to continue our strategic emphasis on multifamily and nonresidential real estate lending throughout the remainder of fiscal 2009 while reducing our strategic focus on originating new construction loans over the near term.Our results of operations are also affected by our provision for loan losses. For the three months ended December 31, 2008, the Company recorded a net loan loss provision of $153,000. Approximately $61,000 of that provision was attributable to the overall growth in the loan portfolio for the period. However, the provision for loan losses also reflected a specific provision of $92,000 attributable to one impaired loan, a portion of which was deemed uncollectible by management and was therefore charged off in the current quarter. No other additions to the allowance for loan losses attributable to nonperforming loans were required during the first quarter of fiscal 2009.
Our total assets increased by $7.2 million, or 1.2%, to $628.8 million at December 31, 2008 from $621.6 million at September 30, 2008. The increase primarily reflected comparatively higher balances of loans receivable, net partially offset by lower balances of cash and cash equivalents and investment securities.
Cash and cash equivalents decreased by $2.4 million, or 12.0%, to $17.9 million at December 31, 2008 from $20.4 million at September 30, 2008. The net decrease in cash and cash equivalents primarily reflects cash outflows funding growth in loans receivable, net and repayment of maturing and amortizing borrowings partially offset by cash inflows from investment security maturities and repayments and continued net growth in deposits.
Securities classified as available-for-sale decreased $1.8 million, or 2.3%, to $79.3 million at December 31, 2008 from $81.2 million at September 30, 2008 while securities held-to-maturity decreased approximately $331,000, or 4.4% to $7.2 million from $7.5 million for those same comparative periods.
Loans receivable, net increased by $12.8 million, or 2.7%, to $491.4 million at December 31, 2008 from $478.6 million at September 30, 2008. The growth was comprised of net increases in commercial loans totaling $3.2 million or 1.8%. Such loans include multi-family, nonresidential real estate, construction and business loans. The increase in loans receivable, net also included net increases in one- to four-family first mortgages of $7.9 million, net increases in home equity loans and home equity lines of credit totaling $1.2 million and net increases in consumer loans of $522,000. Offsetting the growth in these categories was a net increase to the allowance for loan losses totaling $62,000 due to overall growth in the loan portfolio.
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