North Jersey Community Bank Announces Financial Results for Third Quarter 2011: NJCB Reports Continuing Growth Currently Exceeding More Than $700m Assets

ENGLEWOOD CLIFFS, N.J., Nov. 18, 2011 /PRNewswire/ -- North Jersey Community Bank (NJCB), a top five best performing community bank in the nation, today announced its results for the third quarter ended September 30, 2011.

Highlights include:

• Assets increased $41 million to $697 million in comparison to the second quarter of 2011
• Deposits increased $23 million to $579 million in comparison to the second quarter of 2011
• Loans increased $52 million to $622 million in comparison to the second quarter of 2011
• Net income before payment of Preferred Stock Dividend increased $10 thousand to a record high of $1.623 million in comparison to the second quarter of 2011
• Book value per share increased $0.71 from the second quarter of 2011 to $17.21, an all-time high

"As we continue to expand our business and make meaningful investments in technology and personnel, we are proud to deliver another quarter of solid growth," said Frank Sorrentino III, chairman and CEO of North Jersey Community Bank.  "NJCB continues to be a standout performer, despite a challenging economic and financial services environment. Our relationship banking model is serving us very well, particularly at a time when consumers are seeking alternatives to the fee focused big banks."

NJCB has been ranked as the fifth best performing community bank in the country by SNL Financial. For the fourth consecutive year, NJCB has been named as one of New Jersey's Fifty Fastest Growing Companies by NJBIZ. The bank was also listed as a finalist for Business of the Year, and chairman and CEO Frank Sorrentino III was ranked among the top 25 in the publication's Power 50 in Banking list.

"With additional growth of our branch network, deepening our 'bench strength' and a commitment to staying in touch with each individual client's needs, we remain very bullish on NJCB's future," said Sorrentino. "We continue to take market share from the big banks, fueling our growth as the largest community bank chartered within the last ten years in New Jersey."

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. All NJCB customers can enjoy zero ATM fees at both NJCB, non-NJCB ATMs, and online.

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.

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