Exhibit 99.1
Bancorp of New Jersey, Inc. Announces Second Quarter Earnings
and Fifth Location
July 31, 2008
Fort Lee, NJ — Bancorp of New Jersey, Inc. (AMEX: BKJ) reported second quarter net income of $102 thousand, or $0.02 per diluted share, compare to $206 thousand, or $0.04 per diluted share, for the same period in 2007. Net income for the first six months of 2008 was $114 thousand, or $0.02 per diluted share, as compared to $234 thousand, or $0.05 per diluted share, for the first six months of 2007.
During the second quarter of 2008, non-interest expense reached $1.5 million, an increase of approximately $500 thousand, over the $1 million of non-interest expense during the second quarter of 2007. During the first half of 2008, net non-interest expense reached $2.7 million compared to $1.8 million during the first half of 2007. These increases are reflective of salary and benefit costs, occupancy and equipment costs, and other expenses related to opening three branches during the second half of 2007 as well as costs associated with the listing of the Company’s stock on the American Stock Exchange.
Bancorp of New Jersey’s total assets grew to $258.3 million at June 30, 2008 compared to $152.1 million at June 30, 2007. The company also experienced strong growth in its loans, deposits, and equity as well. Total loans reached $207 million at June 30, 2008 compared to $141.1 million at June 30, 2007, an increase of 46.7%. Total deposits increased to $210.6 million at June 30, 2008 from $100.7 million at June 30, 2007, an increase of 109.1%. Stockholders’ equity grew to $46.5 million from $43.5 million at June 30, 2008 and 2007, respectively.
Bancorp of New Jersey, Inc. is the holding company for Bank of New Jersey. On July 24, 2008, the bank acquired a bank location at 320 Haworth Avenue, Haworth, NJ. This location will be the bank’s fifth location and is expected to open during September, 2008.
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. Upon opening in Haworth, the Bank will have branch offices located in Fort Lee (3 locations), Hackensack, and Haworth, all in Bergen County, NJ.
