Bancorp of New Jersey, Inc. Announces Record Year for Earnings and Breaks $600 Million in Assets

Bancorp of New Jersey, Inc. Announces Record Year for Earnings and Breaks $600
Million in Assets

FORT LEE, N.J., Jan. 23, 2014 (GLOBE NEWSWIRE) -- Bancorp of New Jersey, Inc.
(NYSE MKT:BKJ), holding company for Bank of New Jersey, reported record annual
net income as well as record levels for assets and deposits. For the year
ended December 31, 2013, net income reached $4.7 million, or $0.87 per diluted
share, compared to $4.2 million, or $0.81 per diluted share, for the year
ended December 31, 2012 representing an increase of approximately 11%. For the
quarter ended December 31, 2013, net income remained level at $1.2 million, or
$0.22 per diluted share, as compared to the quarter ended December 31, 2012.
The net income generated during the 2013 fiscal year represents the highest
net income ever achieved by the company during any fiscal year. The net income
generated during the fourth quarter represents the company's twenty-eighth
consecutive quarter of profitability.

For the year ended December 31, 2013, net interest income increased by 7.8%,
reaching $18.7 million, compared to approximately $17.3 million for the year
ended December 31, 2012. For the quarter ended December 31, 2013, net interest
income totaled $4.7 million, an increase of approximately $167 thousand, or
approximately 3.6%, over approximately $4.6 million of net interest income
earned during the fourth quarter of 2012. The increase in net interest income
for the year reflects management's focus on loan growth during 2013. The
slower growth rate of net interest income during the fourth quarter represents
the effect of certain loan payoffs related to construction loans and
commercial mortgages.Noninterest expense, net, increased for the year and the
quarter ended December 31, 2013, primarily, due to increased costs and
salaries associated with expansion of the branch network as well as other
costs associated with the overall growth of the bank.

Bancorp of New Jersey's total assets grew by approximately 7% to a record
asset level of $610.8 million at December 31, 2013 compared to $571.4 million
at December 31, 2012.Total loans reached $472.5 million at December 31, 2013
compared to $435.7 million at December 31, 2012, an increase of $36.7 million,
or 8.4%.Total deposits increased to a record level $553.3 million at December
31, 2013 from $515.7 million at December 31, 2012, an increase of $37.6
million, or 7.3%. Stockholders equity reached approximately $56.0 million at
December 31, 2013 from $53.7 million at December 31, 2012, an increase of
approximately $2.2 million, or 4.2%.

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, all in Bergen County, NJ.A tenth location in Englewood
Cliffs, NJ, has received regulatory approvals from the FDIC and the NJDOBI and
is expected to open in late 2014.

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 the economic conditions affecting the financial industry
and our customers, particularly in our market area; volatility in interest
rates and the shape of the yield curve; credit risks and risks associated with
real estate, which serves as collateral for a significant portion of our
loans; operating, legal, and regulatory risk, including compliance with new
laws and regulations; economic, political, and competitive forces affecting
the company's lines of business; the extent and timing of actions of the
Federal Reserve System; customer acceptance of our products and services; and
other risks and uncertainties detailed from time to time in our filings with
the Securities and Exchange Commission or in other generally disseminated
documents.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    For the year ended
                                      December 31,          December 31,
INCOME STATEMENT                      2013       2012       2013      2012
Net Interest Income                   $ 4,735    $ 4,568    $ 18,698  $ 17,347
Provision for loan losses             125        313        810       1,198
Noninterest Expense, net              2,665      2,323      10,178    9,202
Pretax Income                         1,945      1,933      7,709     6,947
Tax Expense                           778        766        3,055     2,747
Net Income                            $ 1,167    $ 1,167    $ 4,654   $ 4,200
                                                                  
Basic Earnings per Share              $ 0.22     $ 0.22     $ 0.88    $ 0.81
Diluted Earnings per Share            $ 0.22     $ 0.22     $ 0.87    $ 0.81
                                                                  
Weighted Average Shares – Basic       5,342      5,207      5,289     5,207
Weighted Average Shares – Diluted     5,415      5,223      5,368     5,215
                                                                  
SELECTED BALANCE SHEET DATA AT END OF 12/31/2013 12/31/2012          
PERIOD
Total Loans                           $ 472,465  $ 435,729           
Allowance for Loan Losses             5,775      5,072               
Investment Securities                 86,851     94,631              
Total Assets                          610,791    571,374             
Total Deposits                        553,320    515,735             
Stockholders' Equity                  55,950     53,720              
 
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