North Jersey Community Bank Announces 2011 Financial Results

ENGLEWOOD CLIFFS, N.J., March 20, 2012 /PRNewswire/ -- North Jersey Community Bank (NJCB), a top five best performing community bank in the nation, today announced its financial results for the year ended December 31, 2011.

Highlights include:

• Total assets grew $128 million to $730 million
• Total loans increased $135 million to $630 million
• Deposits grew $126 million to $609 million
• Net income increased approximately $2 million to $6.7 million

Smart, stable and strategic growth shaped another successful year for NJCB. Earnings per share reached the highest level in the bank's history, growing 42 percent to $2.71/share in 2011 from $1.91/share in 2010. Book value also reached an all-time high of $17.99/share in 2011, up from $15.16/share in 2010.

"Our 2011 results reflect our laser focus on the customer experience at all of our branches and with all of our services. This customer service centric approach to our business is fueled by the dedication and hard work of the entire NJCB team," said chairman and CEO Frank Sorrentino III of NJCB. "Our relentless focus on efficiency has also been instrumental in strengthening NJCB's financial position and will continue to drive profitable growth."

In 2011, NJCB was ranked as a "Top Five Best Performing Community Bank in the Nation" by SNL Financial LC, the leading national analytics firm for banking institutions. According to American Banker, NJCB ranks in the top 1 percent of the most efficient banks in the country.

NJCB also introduced a number of new products and enhanced its technological and back office capabilities. The Bank added features such as Mobile Banking, ACH Origination, Advanced Cash Management Services, International Treasury Direct, Business Interest Checking, as well as increased its efficiency by adding document imaging, electronic loan processing and underwriting for the back office.

"NJCB's accomplishments in 2011 go beyond our financial success and the increased breadth and scope of what we offer personal and business banking customers," Sorrentino added. "We attracted top-tier talent who are helping us build on the NJCB relationship banking business model that has been the hallmark of our success. Additionally, we continued to strategically expand our footprint by opening our first Monmouth County Branch in Holmdel."

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. With its no-fee philosophy, NJCB customers can enjoy zero ATM fees at both NJCB, non-NJCB ATMs, and with most online products.

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 the Northern New Jersey Market. With a strong commitment to the communities it serves, the bank offers a variety of innovative deposit and loan products. 

NJCB is ranked as a "Top Five Best Performing Community Bank in the Nation" by SNL Financial, a leading provider of news and data on the banking and financial services industry. Additionally, NJCB received a top 10 ranking on NJBIZ's 50 Fastest Growing Companies List, was a finalist for the publication's 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.

Each of its branches feature NJCB's exclusive "Coin Toss" free coin counting machine, coffee bar, Internet cafe, 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.

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, go online to the bank's website at www.njcb.com, or visit NJCB's Facebook page at www.facebook.com/NJCBfan.

SOURCE North Jersey Community Bank