ENGLEWOOD CLIFFS, N.J., Feb. 16, 2011 /PRNewswire/ -- North Jersey Community Bank (NJCB), the fastest growing bank in New Jersey, today announced its financial results for the year ended December 31, 2010.
2010 highlights include:
- Total assets grew $87 million to $602 million
- Total loans increased $96 million to $494 million
- Deposits grew $53 million to $500 million
- Net income more than doubled to $4.7 million
The financial results reflect NJCB's emphasis on smart, stable and strategic growth and building its balance sheet. In particular, the bank posted solid increases in both demand deposits and small business lending. This helped drive an increase of over 100 percent in Earnings per Share from $0.97 in 2009 to $1.91 in 2010. Book value reached an all-time high of $15.17 in 2010 from $13.20 in 2009. NJCB also successfully completed additional capital raises during the year, boosting Tier 1 capital from $39 million at the end of 2009 to $49 million at the end of 2010.
"In 2010, NJCB recorded its best performance since we opened our doors in 2005. In a year when many banks treaded water, or even worked to shrink their balance sheets, we recorded strong growth in assets, deposits, loans and capital," said chairman and CEO Frank Sorrentino III. "Our impressive results were driven by solid top-line growth, relentless cost control and an ongoing mission to generate the most efficient balance sheet possible. In fact, NJCB maintains one of the lowest non-performing asset ratios among U.S. banks."
Behind NJCB's performance is the disciplined pursuit of premier relationship banking coupled with an unyielding focus on providing customers with the finest products in the industry. In 2010, the bank added new cash management services – including positive pay and ACH (Automated Clearinghouse) Origination – and enhanced its technology by providing image deposit capabilities at ATM Machines.
"Our extremely talented staff and dedication to unparalleled customer service sets us apart from our competition and has enabled us to become a leader in the marketplace. We are pleased to still be the fastest growing bank in New Jersey and look forward to building on our success in 2011," Sorrentino concluded.
NJCB offers a complete range of financial services for both personal and business customers, backed by advanced technology. The bank provides a full-line of banking products and services, including mortgages, home equity loans and lines of credit, as well as a wide selection of commercial services. Its Simply Better Money Market Account, with one of the highest rates in the area, is available for both business and personal accounts and includes free checking and free online bill pay. The bank features signature amenities including a free coffee bar, customer lounge and business center complete with plasma screen TVs and Internet connections. Each of the seven branches – Cresskill, Cliffside Park/Fort Lee, Hackensack, Englewood Cliffs, Ridgewood, Fort Lee and West New York – also feature NJCB's exclusive "Coin Toss" free coin counting machine as well as extended lobby hours from 7:00 a.m. to 7:00 p.m., Monday through Friday and 9:00 a.m. to 1:00 p.m. Saturday. In addition, the Cresskill, Cliffside Park/Fort Lee, Hackensack, Englewood Cliffs and West New York locations offer a drive-thru window with extended hours from 7:00 a.m. to 7:00 p.m. NJCB also provides 24-hour ATM service and free online banking at www.njcb.com.
About North Jersey Community Bank (NJCB):
North Jersey Community Bank was founded by local community and business leaders to provide the highest level of personalized community banking services to Northern New Jersey. With a strong commitment to the communities it serves, the bank offers a variety of innovative deposit and loan products.
North Jersey Community Bank received a top ten ranking on NJBIZ's 50 Fastest Growing Companies List, was a finalist for the publication's Emerging Business of the Year award and was named to Inc. Magazine's Inc. 500|5000 list as the 64th fastest growing bank in the country.
In addition, NJCB was also a recipient of the Forbes® Enterprise Awards--the most esteemed and sought after small-business awards in the United States. The Forbes® Enterprise Awards honor the visionary practices and exemplary achievements of a select few small businesses.
NJCB is an Equal Housing and Equal Opportunity Lender, and a member of the Federal Deposit Insurance Corporation. For more information, call 201-816-8900, or visit the bank's website at www.njcb.com.
SOURCE North Jersey Community Bank