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Bancorp of New Jersey, Inc. Announces Record Earnings

Bancorp of New Jersey, Inc. Announces Record Earnings

FORT LEE, N.J., Nov. 14, 2013 (GLOBE NEWSWIRE) -- Bancorp of New Jersey, Inc.
("the Company") (NYSE MKT:BKJ), the holding company of Bank of New Jersey,
reported its strongest quarterly net income to date. Net income for the three
months ended September 30, 2013 reached $1.2 million compared to net income of
$1.1 million for the three months ended September 30, 2012. This represents a
7.3% increase in net income, or approximately $83 thousand. Earnings per
diluted share reached $0.23 for the three months ended September 30, 2013
compared to $0.22 per diluted share for the three months ended September 30,
2012. Net income for the nine months ended September 30, 2013 was $3.5
million, an increase of approximately $454 thousand, or 15.0%, as compared to
net income of $3.0 million for the nine months ended September 30, 2012.
Earnings per diluted share grew to $0.65 for the nine months ended September
30, 2013, an increase of $0.07, or 12.1%, over the diluted earnings per share
of $0.58 for the nine months ended September 30, 2012. The net income
generated during this quarter represents the company's twenty-seventh
consecutive quarter of profitability and also represents the company's
strongest nine month period to begin a year.

During the three months ended September 30, 2013, net interest income
increased by $335 thousand, or 7.5%, reaching $4.8 million from $4.5 million
for the three months ended September 30, 2012. During the nine months ended
September 30, 2013, net interest income was $14.0 million and represented an
increase of approximately $1.2 million, or 9.3%, from $12.8 million for the
nine months ended September 30, 2012. The increased net interest income is
primarily driven by interest income from loans as a result of higher average
loan balances. The increased loan balances are the result of loan production
during the first nine months of 2013. During the third quarter of 2013,
non-interest expense, net, increased by $225 thousand, or 9.7%, reaching $2.5
million from $2.3 million for the third quarter of 2012. During the nine
months ended September 30, 2013, non-interest expense, net increased by $635
thousand, or 9.2%, and reached approximately $7.5 million as compared to $6.9
million for the nine months ended September 30, 2012. The increase in
non-interest expense, net, is, primarily, due to increased operating costs and
salaries associated with expansion of the branch network as well as other
costs associated with the Company's growth. For the quarter ended September
30, 2013, the provision for loan losses was $225 thousand, compared to $260
thousand, for the quarter ended September 30, 2012. For the nine months ended
September 30, 2013, the provision for loan losses was $685 thousand, compared
to $885 thousand, for the nine months ended September 30, 2012. Management
believes the amount of the provision reflects, amongst other things, the
credit quality of our loan portfolio.

Bancorp of New Jersey's total assets reached $586.0 million at September 30,
2013, compared to $571.4 million at December 31, 2012. Total loans reached
$474.2 million at September 30, 2013, compared to $435.7 million at December
31, 2012, representing an increase of $38.5 million, or 8.8%. Total deposits
increased to $528.2 million at September 30, 2013 from $515.7 million at
December 31, 2012, an increase of $12.5 million, or 2.4%. Stockholder's equity
also experienced an increase to $54.9 million at September 30, 2013 from $53.7
million at December 31, 2012.

Bank of New Jersey, headquartered at 1365 Palisade Avenue, Fort Lee, New
Jersey, offers convenient hours and a high level of service for traditional
consumer and commercial products and services. The Bank, currently, has 9
branch offices located in Fort Lee (3 locations), Hackensack, Haworth,
Harrington Park, Englewood, Cliffside Park, and its most recent opening, in
Woodcliff Lake. A tenth location, in Englewood Cliffs, NJ, has received
regulatory approvals from the FDIC and the NJDOBI. All locations are in Bergen
County, NJ.

For more information about Bank of New Jersey and its products and services,
please visit http://www.bonj.net or call 201-944-8600.

If you would like to receive future Bancorp of New Jersey announcements
electronically, please email us at shareholder@bonj.net

Forward-Looking Statements

This press release and other statements made from time to time by Bancorp of
New Jersey's management contain express and implied statements relating to our
future financial condition, results of operations, credit quality, corporate
objectives, and other financial and business matters, which are considered
forward-looking statements. These forward-looking statements are necessarily
speculative and speak only as of the date made, and are subject to numerous
assumptions, risks and uncertainties, all of which may change over time.
Actual results could differ materially from those expected or implied by such
forward-looking statements. Risks and uncertainties which could cause our
actual results to differ materially and adversely from such forward-looking
statements include economic conditions affecting the financial industry;
changes in interest rates and shape of the yield curve; credit risk associated
with our lending activities; risks relating to our market area, significant
real estate collateral and the real estate market; operating, legal and
regulatory risk; fiscal and monetary policy; economic, political and
competitive forces affecting our business; and that management's analysis of
these risks and factors could be incorrect, and/or that the strategies
developed to address them could be unsuccessful. Any statements made that are
not historical facts should be considered to be forward-looking statements.
You should not place undue reliance on any forward-looking statements. We
undertake no obligation to update forward-looking statements or to make any
public announcement when we consider forward-looking statements to no longer
be accurate, whether as a result of new information of future events, except
as may be required by applicable law or regulation.

Bancorp of New Jersey, Inc.
Financial Highlights
(unaudited)
(dollars in thousands, except per share data)
                                                                  
                                                                  
                                       Three months ended   Nine months ended
                                       September 30,        September 30,
INCOME STATEMENT                        2013      2012       2013     2012
Net Interest Income                     $4,795    $4,460     $13,964  $12,779
Provision for loan losses               225       260        685      885
Noninterest Expense, net                2,538     2,313      7,515    6,880
Pretax Income                           2,032     1,887      5,764    5,014
Tax Expense                             807       745        2,277    1,981
Net Income                              $1,225    $1,142     $3,487   $3,033
                                                                  
Basic Earnings per Share                $0.23     $0.22      $0.66    $0.58
Diluted Earnings per Share              $0.23     $0.22      $0.65    $0.58
                                                                  
Weighted Average Shares – Basic         5,306     5,207      5,270    5,207
Weighted Average Shares – Diluted       5,408     5,215      5,354    5,212
                                                                  
                                                                  
                                                                  
SELECTED BALANCE SHEET DATA AT END OF                              
PERIOD
                                       9/30/2013 12/31/2012         
Total Loans                             $474,225  $435,729           
Allowance for Loan Losses               5,649     5,072              
Investment Securities                   75,979    93,962             
Total Assets                            585,989   571,374            
Total Deposits                          528,190   515,735            
Stockholders' Equity                    54,895    53,720