Boardwalk Bank Reports First Quarter Results, Strong Growth Continues

Apr 26, 2001, 01:00 ET from Boardwalk Bank

    LINWOOD, N.J., April 26 /PRNewswire/ -- Boardwalk Bank
 (OTC Bulletin Board:   BORD) announced its operating results for its first
 quarter ended March 31, 2001.  At March 31, 2001, the Bank's total assets
 increased to $76,144,000 from total assets of $46,413,000 at March 31, 2000,
 an increase of $29,731,000, or 64.06%.  Net loans rose to $42,485,000 from
 $17,110,000 at March 31, 2000 for a 148.31% increase.  The 2001 year to date
 increase in net loans was an increase of $7,740,000 or a 22.28% increase from
 December 31, 2000.
     For the quarter ended March 31, 2001, the Bank reported net interest
 income of $543,000 compared to $346,000 in the first quarter of 2000.  First
 quarter 2001 net income was $102,000 or $.08 per share compared to a first
 quarter loss of $257,000 or $(0.21) per share in 2000.  Net income for the
 first quarter of 2001 included gains on sale of security investments available
 for sale of $263,000.
     For the quarter ended March 31, 2001, the Bank's provision for loan losses
 was $133,000, increasing the allowance for loan losses to $630,000 or 1.46% of
 total loans.  At quarter end, the Bank had no non-performing assets.
     At March 31, 2001, the Bank's shareholder equity totaled $10,241,000 or
 13.45% of period end assets.
     Michael D. Devlin, President and CEO of Boardwalk, stated, "During 2000,
 the Bank's goal was to achieve profitability by leveraging its investment in
 people and facilities.  For 2001, the goal is to build on this base by fine
 tuning our corporate strategies.  During the first quarter of 2001, we have
 been formalizing our customer and prospect calling program and we are
 encouraged by our progress.
     "We are also pleased that we have been able to continue to build upon the
 profitability that we achieved in the fourth quarter of 2000.  The Bank sold
 corporate bonds in the first quarter of 2001 to fund commercial loan closings.
 We benefited in that transaction from a favorable yield curve.  We have also
 been able to maintain a position in allowances for loan losses that management
 feels is appropriate in the uncertain economic conditions of this year."
 
 
     SELECTED BALANCE SHEET DATA
     (Unaudited, in thousands)
 
                                           March 31, 2001    March 31, 2000
 
     Investments                               $29,021          $23,340
     Net Loans                                  42,485           17,110
     Allowance for Loan Losses                     630              334
     Total Assets                               76,144           46,413
     Total Deposits                             62,920           27,210
     Total Borrowings                            2,560            8,905
     Total Capital                              10,241           10,115
 
 
     SELECTED INCOME STATEMENT DATA
      (Unaudited, in thousands)
 
                                            Quarter ending   Quarter ending
                                            March 31, 2001   March 31, 2000
 
     Interest Income                             1,365              731
     Interest Expense                              822              385
     Net interest income                           543              346
     Provision for loan losses                     133              122
     Net income (loss)                             102             (257)
 
     For further information contact Michael D. Devlin, CEO, Boardwalk Bank:
 888-720-2265.
 
     This press release discusses primarily historical information.  Statements
 included in this release, to the extent they are forward looking, involve a
 number of risks and uncertainties such as competitive factors, economic
 conditions and regulatory changes in the banking industry.  Further
 information on factors that could affect the Bank's financial results can be
 found in the Bank's registration statement on Form 10-SB and Form 10-KSB which
 are filed by the Bank with the FDIC.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X53734682
 
 

SOURCE Boardwalk Bank
    LINWOOD, N.J., April 26 /PRNewswire/ -- Boardwalk Bank
 (OTC Bulletin Board:   BORD) announced its operating results for its first
 quarter ended March 31, 2001.  At March 31, 2001, the Bank's total assets
 increased to $76,144,000 from total assets of $46,413,000 at March 31, 2000,
 an increase of $29,731,000, or 64.06%.  Net loans rose to $42,485,000 from
 $17,110,000 at March 31, 2000 for a 148.31% increase.  The 2001 year to date
 increase in net loans was an increase of $7,740,000 or a 22.28% increase from
 December 31, 2000.
     For the quarter ended March 31, 2001, the Bank reported net interest
 income of $543,000 compared to $346,000 in the first quarter of 2000.  First
 quarter 2001 net income was $102,000 or $.08 per share compared to a first
 quarter loss of $257,000 or $(0.21) per share in 2000.  Net income for the
 first quarter of 2001 included gains on sale of security investments available
 for sale of $263,000.
     For the quarter ended March 31, 2001, the Bank's provision for loan losses
 was $133,000, increasing the allowance for loan losses to $630,000 or 1.46% of
 total loans.  At quarter end, the Bank had no non-performing assets.
     At March 31, 2001, the Bank's shareholder equity totaled $10,241,000 or
 13.45% of period end assets.
     Michael D. Devlin, President and CEO of Boardwalk, stated, "During 2000,
 the Bank's goal was to achieve profitability by leveraging its investment in
 people and facilities.  For 2001, the goal is to build on this base by fine
 tuning our corporate strategies.  During the first quarter of 2001, we have
 been formalizing our customer and prospect calling program and we are
 encouraged by our progress.
     "We are also pleased that we have been able to continue to build upon the
 profitability that we achieved in the fourth quarter of 2000.  The Bank sold
 corporate bonds in the first quarter of 2001 to fund commercial loan closings.
 We benefited in that transaction from a favorable yield curve.  We have also
 been able to maintain a position in allowances for loan losses that management
 feels is appropriate in the uncertain economic conditions of this year."
 
 
     SELECTED BALANCE SHEET DATA
     (Unaudited, in thousands)
 
                                           March 31, 2001    March 31, 2000
 
     Investments                               $29,021          $23,340
     Net Loans                                  42,485           17,110
     Allowance for Loan Losses                     630              334
     Total Assets                               76,144           46,413
     Total Deposits                             62,920           27,210
     Total Borrowings                            2,560            8,905
     Total Capital                              10,241           10,115
 
 
     SELECTED INCOME STATEMENT DATA
      (Unaudited, in thousands)
 
                                            Quarter ending   Quarter ending
                                            March 31, 2001   March 31, 2000
 
     Interest Income                             1,365              731
     Interest Expense                              822              385
     Net interest income                           543              346
     Provision for loan losses                     133              122
     Net income (loss)                             102             (257)
 
     For further information contact Michael D. Devlin, CEO, Boardwalk Bank:
 888-720-2265.
 
     This press release discusses primarily historical information.  Statements
 included in this release, to the extent they are forward looking, involve a
 number of risks and uncertainties such as competitive factors, economic
 conditions and regulatory changes in the banking industry.  Further
 information on factors that could affect the Bank's financial results can be
 found in the Bank's registration statement on Form 10-SB and Form 10-KSB which
 are filed by the Bank with the FDIC.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X53734682
 
 SOURCE  Boardwalk Bank