Rumson-Fair Haven Bank & Trust Company Announces Third Quarter 2012 Results
RUMSON, N.J., Oct. 22, 2012 /PRNewswire/ -- (OTCBB: RFHB) -- We are pleased to report net income for the three months ended September 30, 2012 amounting to $408,000 which compares with $186,000 for the third quarter of 2011. For the nine months ended September 30, 2012 net income amounted to $722,000 which compares with $351,000 a year ago. Basic and fully diluted earnings per share amounted to $.13 and $.06 per share for the three months ended September 30, 2012 and 2011, respectively, while for the nine month periods earnings per share were $.23 and $.11 per share. Total assets at September 30, 2012 amounted to $209 Million. Tangible book value at September 30, 2012 amounted to $5.64 per share.
Dennis J. Flanagan , President and CEO, noted that operating earnings excluding gains on the sale of investment securities and several accrual adjustments, amounted to $168,000 and is up eight percent over the second quarter of 2012. The continued improvement in operating earnings reflects growth in the loan portfolio which is up $5.5 Million since June 30, 2012 and is $28 Million or 35 percent higher than a year ago. The newly formed residential mortgage department is fully operational and has contributed to the overall increase in third quarter loan growth. Non-performing assets at September 30, 2012 amounted to $1.2 Million and represented only .57% of total assets, well below peer levels. Deposits amounted to $178 Million as of September 30, 2012, a decrease of $5 Million as compared with a year ago as the Bank has lowered its reliance on potentially more volatile sources of funds while placing a greater emphasis on expanding core deposits.
The Bank is a New Jersey state-chartered bank with five offices; the Bank's principal office is located at 20 Bingham Avenue, Rumson with branches located at 636 River Road, Fair Haven, 500 Broad Street, Shrewsbury, 251 East Main Street, Oceanport and 511 Cookman Avenue, Asbury Park. Please visit our website at www.rfhbank.com for additional information.
The business of the Bank is to provide deposit and lending services for individuals and small to medium-sized businesses and professional practices in the Bank's market area. The Bank offers traditional services such as safe deposit boxes, drive-up teller windows, as well as internet banking and electronic bill-payment.
Statements about the future expectations of the Bank forward-looking statements: Since these statements involve risks and uncertainties and are subject to change at any time, the Bank's actual results could differ materially from expected results. Among these risks, trends and uncertainties are the effect of governmental regulation on the Bank, the availability of working capital, the cost of personnel, and the competitive market in which the Bank operates.
CONTACT: Rumson-Fair Haven Bank & Trust Company
Gayle S. Hoffman , Senior Vice President and Chief Financial Officer, (732) 933-4445
SOURCE Rumson-Fair Haven Bank & Trust Company
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