ENGLEWOOD CLIFFS, N.J., May 2, 2011 /PRNewswire/ -- North Jersey Community Bank (NJCB), the fastest growing bank in New Jersey, today announced its results for the first quarter ended March 31, 2011.
- Total assets increased $108 million to $631 million in comparison to the first quarter of 2010
- Total loans increased $119 million to $525 million in comparison to the first quarter of 2010
- Net income before payment of preferred stock dividend increased $547 thousand to a record $1.5 million over the first quarter of 2010
- Book value per share increased from $13.61 in the first quarter of 2010 to $15.76, an all time high
- Quarterly earnings per share increased from $0.38 in the first quarter of 2010 to $0.63, a substantial increase for shareholders
"The first quarter of 2011 has seen NJCB build on our record of solid and consistent growth across the board," said Frank Sorrentino III, chairman and CEO of North Jersey Community Bank. "As many in the banking sector struggle with challenges from balance sheet issues and lending decisions, we are well-positioned to build on our strengths and seek new opportunities to grow our footprint and our product line."
In the first quarter, NJCB celebrated its sixth anniversary by being recognized among the "Top Five Best Performing Community Banks in the Nation" by SNL Financial, a leading provider of news and data on the banking and financial services industry. NJCB also launched a new home equity loan product, business debit cards and a mobile banking platform that allows customers to do all of their banking via cell phone for free.
"The key to our growth and success starts with an incredibly talented and dedicated staff which embodies true relationship banking with every customer, every day," continued Sorrentino. "At NJCB, we are all committed to providing the highest standards in personalized service and best in banking to our friends, neighbors and the communities we serve."
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. It's "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, and now mobile banking. Each of its branches 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. 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.
NJCB was recently recognized among the "Top Five Best Performing Community Banks 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 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, 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