- Net income to common shareholders increases 25.0% over
2011
- Net interest margin remains strong at 4.08% for the
year and continues to rank among the highest compared to an
independently determined peer group
- Loans increase $41.3 million, or 7.8%, from year-end
2011
- Core checking deposits increase $59.1 million, or
40.0%, from year-end 2011
- Non-performing assets decrease 29.1% year over
year
Community Partners Bancorp (Nasdaq:CPBC), (the "Company"), the
parent company of Two River Community Bank ("Two River"), today
announced consolidated earnings for the quarter and twelve months
ended December 31, 2012.
For the twelve months ended December 31, 2012, the Company
reported record net income available to common shareholders of $4.4
million, or $0.54 per diluted share, an increase of $873,000, or
25.0%, over the $3.5 million, or $0.44 per diluted share, reported
for the same period in 2011.
Net income to common shareholders for the twelve months ended
December 2012 were positively impacted by a $69,000 refund during
the third quarter of 2012 from the U.S. Treasury for an overpayment
of dividends paid by the Company on our preferred stock issued in
connection with the Small Business Lending Fund ("SBLF"). These
refunds relate to prior period dividend rate reductions. For the
same period in 2011, net income to common shareholders was
adversely impacted by the $301,000 remaining discount accretion
resulting from the redemption of the preferred stock issued under
the U.S. Treasury's TARP Capital Purchase Plan. Excluding the
effects of these items, net income to common shareholders for the
twelve months ended December 31, 2012 increased $503,000, or 13.3%,
over the same period in 2011.
For the quarter ended December 31, 2012, the Company reported
net income available to common shareholders of $1.1 million, or
$0.14 per diluted share, compared to $1.1 million, or $0.13 per
diluted share, for the same period in 2011, an increase of $34,000,
or 3.2%. On a linked quarter basis, fourth quarter 2012 net income
to common shareholders decreased $93,000, or 7.7%, from third
quarter 2012 results.
William D. Moss, President and Chief Executive Officer, stated,
"We are pleased with our Company's performance and record earnings
for the year, especially in light of the challenging regulatory and
economic environment. The earnings growth achieved for both the
quarter and full year is reflective of the continued focus we have
maintained in driving core earnings while successfully managing
credit issues. The $16.4 million increase in loans during the
quarter funded by continued growth in core deposits will help set
the foundation for improved earnings in 2013. Asset quality
continues to remain our top priority, as we remain diligent in our
workout process of either liquidating other real estate properties
or working with our troubled borrowers to find resolution. During
the fourth quarter, we had success in disposing of three OREO
properties totaling $1.8 million, which brings our total
non-performing assets to $9.2 million, or 1.26% of total
assets."
"In support of our growth initiatives, I am also pleased to
announce that we have opened our second branch in Red Bank, which
will meet the demands of our existing clients and provide greater
banking alternatives for the downtown merchants," said Mr. Moss.
"This new site also provides a convenient banking location to the
Fair Haven - Little Silver market."
Mr. Moss further noted, "As a follow-up to my letter dated
December 3, 2012, I would like to report that we undertook a
comprehensive review and inspection of all loans with collateral
identified as being located within certain impact zones of
Superstorm Sandy. In our analysis, we reviewed a total of $26.1
million in loans, comprised of $20.4 million of commercial real
estate and commercial and industrial loans, which represented 4.0%
of this segment of our loan portfolio, $4.9 million of consumer
loans, consisting primarily of home equity products, which
represented 12.3% of this segment of our portfolio, and $800
thousand of residential mortgage loans, which represented 4.0% of
this segment of our portfolio. We evaluated the impact of the storm
relative to the adequacy of the allowance for loan losses. Based on
that evaluation, there were no loan charge-offs or specific losses
identified at this time. Although the ultimate amount of loan
losses relating to the storm is uncertain and difficult to predict,
as information continues to be gathered, the Company recorded an
additional provision for loan losses of $204,000 for the quarter
and year ended December 31, 2012, solely related to the impact of
this storm. We continue to meet with clients, working with them in
an effort to repair damages to their residences and
businesses."
The Company maintained capital ratios in the fourth quarter of
2012 that were in excess of regulatory standards for
well-capitalized institutions. At December 31, 2012, the Company's
Tier 1 capital to average assets ratio was 10.36%, Tier 1 capital
to risk-weighted assets ratio was 12.03% and total capital to
risk-weighted assets ratio was 13.28%. Mr. Moss continued, "The
capital we received under the SBLF program has supported our
lending efforts in serving small business clients in our markets
through various loan programs. The growth we have achieved during
the latter half of 2012 has afforded us the opportunity to lower
the dividend rate on our SBLF preferred stock to 3.5% in the first
quarter of 2013 and to 2.0% in the second quarter of 2013." At
quarter-end, our tangible book value per common share increased to
$7.71 compared to $7.13 at December 31, 2011.
Results for the quarter ended December 31, 2012 also
include:
- gains on the sale of investment securities totaling $118,000;
- three OREO property sales totaling $1.8 million in which the
Company recorded a net loss of $67,000;
- a $110,000 net decrease in other real estate owned ("OREO")
expenses, OREO impairments and loan workout expenses compared to
related expenses incurred during the third quarter of 2012;
- a loan loss provision of $430,000, recorded during the fourth
quarter 2012, which was a $100,000 increase from the third quarter
2012 provision and an $80,000 increase from the fourth quarter 2011
provision. During the quarter ended December 31, 2012, $68,000 in
net recoveries were recorded in the allowance for loan losses,
which helped offset the additional provisioning resulting from
Superstorm Sandy discussed above.
Net Interest Income and Net Interest Margin
Net interest income for the quarter ended December 31, 2012
totaled $6.6 million, an increase of $186,000, or 2.9%, from the
same period in 2011. Average interest-earning assets for the fourth
quarter 2012 were $670.2 million, an increase of $48.2 million, or
7.7%, primarily due to increases in both the loan and investment
portfolios. Our quarterly yield on interest-earning assets declined
by 33 basis points from the same period in 2011, as the current
prolonged low interest rate environment has continued to exert
pressure on asset yields. In addition, $60,000 of interest and late
fee reversals were recorded on loans, which were transferred into
non-accrual status during the three months ended December 31, 2012.
Our quarterly cost of interest-bearing liabilities declined by 17
basis points from the same period last year due to a combination of
lower deposit costs and higher average balances in core checking
deposits, which increased $41.1 million, or 27.8%. On a linked
quarter basis, net interest income increased by $36,000, or 0.5%,
from the third quarter of 2012, also due principally to an increase
in our average interest-earning assets partially offset by the
aforementioned interest and late fee reversals. Net interest income
for the twelve months ended December 31, 2012 totaled $26.2
million, an increase of $412,000, or 1.6%, over the same period in
2011 due primarily to the same year over year items discussed
above.
The Company reported a net interest margin of 3.95% for the
quarter ended December 31, 2012, representing a decrease of 14
basis points when compared to the 4.09% net interest margin for the
quarter ended September 30, 2012 and decreased 17 basis points when
compared to the 4.12% net interest margin for the comparable three
months ended December 31, 2011. The decline from last year was
primarily due to the low interest rate environment as well as the
timing of a portion of loan growth, which occurred in the later
part of the quarter. The decline from the third quarter of 2012 was
due to a $13.3 million increase in our average cash liquidity
position, resulting primarily from the growth in our average core
checking deposits, coupled with the aforementioned $60,000 of
interest and late fee reversals. Both of these items impacted our
quarterly margin by approximately 11 basis points. For the twelve
months ended December 31, 2012, net interest margin was 4.08%, a
decrease of 13 basis points when compared to 4.21% for the same
period in 2011, due primarily to the same year over year items
discussed above.
Non-Interest Income
Non-interest income for the quarter ended December 31, 2012
totaled $702,000, an increase of $180,000, or 34.5%, compared to
the same period in 2011. On a linked quarter basis, non-interest
income increased by $105,000, or 17.6%, from the third quarter of
2012. The increase over 2011 was primarily due to $118,000 in gains
on the sale of securities recorded in the fourth quarter of 2012.
Additionally, there was an increase in fees generated by our
residential mortgage department, higher bank-owned life insurance
income resulting from increased purchases of such investments in
the fourth quarter of 2011 and an increase in service fees on
deposit accounts. The increase on a linked quarter basis resulted
primarily from the aforementioned securities gains. For the twelve
months ended December 31, 2012, non-interest income increased
$283,000, or 12.1%, from the same period in 2011. The increase was
primarily due to an increase of $271,000 in fees generated by our
residential mortgage department, an $87,000 increase in the sale of
SBA loans, an increase of $87,000 in bank-owned life insurance
income as well as an increase of $62,000 in service fees on deposit
accounts and $45,000 in debit card fees. These increases were
partially offset by a decrease of $205,000 in securities gains as
well as an $80,000 credit loss on a pooled trust preferred security
recorded during 2012.
Non-Interest Expense
Non-interest expense for the quarter ended December 31, 2012
totaled $5.0 million, an increase of $247,000, or 5.2%, compared to
the same period in 2011. This increase was primarily due to a
$158,000 increase in salaries and benefits resulting from higher
residential mortgage commissions along with the hiring of
additional key personnel as the Company continues to expand its
lending division. Additionally, occupancy and equipment expense
increased $97,000 and data processing expense increased $62,000.
Both increases are primarily due to costs resulting from our new
corporate headquarters facility and new Red Bank branch.
Additionally, OREO property sales during the fourth quarter of 2012
resulted in a loss of $67,000. These increases were partially
offset by lower OREO and loan workout expenses as well as decreases
in insurance and other operating expenses. On a linked quarter
basis, non-interest expense increased $44,000, or 0.9%, from the
$4.9 million reported for the third quarter of 2012. This increase
from last quarter was primarily due to higher occupancy and
equipment expenses, data processing expenses, professional fee
expenses and OREO loss on sales. These increases were partially
offset by lower OREO and loan workout expenses, lower salaries and
benefit expenses and other operating expenses. Non-interest expense
for the twelve months ended December 31, 2012 totaled $19.8
million, an increase of $754,000, or 3.9%, over the same period in
2011, due primarily to the same year over year items discussed
above.
Balance Sheet Activity
Total assets as of December 31, 2012 reached a record $733.9
million, an increase of 8.8%, compared to $674.6 million as of
December 31, 2011. Total loans as of December 31, 2012 were $571.4
million, an increase of 7.8%, compared to $530.1 million reported
at December 31, 2011. Total deposits as of December 31, 2012 were
$606.8 million, an increase of 9.6%, compared with $553.9 million
as of December 31, 2011. Core checking deposits at December 31,
2012 increased $59.1 million, or 40.0%, when compared to year-end
2011, while savings accounts, inclusive of money market deposits,
increased 2.7%. Conversely, higher cost time deposits decreased
12.3% over this same period.
Asset Quality
The Company's non-performing assets at December 31, 2012
decreased to $9.2 million as compared to $12.0 million at September
30, 2012 and $13.0 million at December 31, 2011. Non-accrual loans
were $7.5 million at December 31, 2012 compared to $4.7 million at
September 30, 2012 and $5.2 million at December 31, 2011. The
increase in non-accrual loans during the fourth quarter was due to
the addition of six credits totaling $2.8 million, all of which are
secured by real estate. Loans past due 90 days or more and still
accruing at quarter-end 2012 decreased to $2,000 as compared to
$3.7 million at September 30, 2012 and none at December 31, 2011.
This decrease was primarily due to two credits totaling $647,000,
which were paid off in full, and one credit totaling $2.8 million
that was reinstated and is anticipated to be substantially
deleveraged during the first half of 2013. OREO properties
decreased to $1.8 million from $3.6 million at September 30, 2012
and $7.8 million at December 31, 2011.
The Company's non-performing assets at December 31, 2012, as a
percentage of total assets, were 1.26%, down from the 1.71% at
September 30, 2012 and down from the 1.93% reported at December 31,
2011. This decrease from the prior quarter is a direct result of
the decrease in the above-mentioned loans reporting past due 90
days or more and the decrease in OREO properties. Troubled Debt
Restructured loan balances decreased to $9.6 million at December
31, 2012 from $9.9 million at September 30, 2012 and increased from
$7.6 million reported at December 31, 2011. The decrease from
September 30, 2012 is primarily due to one commercial loan, which
was paid in full, partially offset by the addition of two
commercial loans.
The Company's allowance for loan losses was $8.0 million at
December 31, 2012 compared to $7.3 million at December 31, 2011.
Loss allowance as a percentage of total loans at December 31, 2012
was 1.40% compared to 1.35% at September 30, 2012 and 1.38% at
December 31, 2011. During the quarter ended December 31, 2012,
$53,000 of charge-offs were taken in connection with one credit for
which the full amount of the charge-off had previously been
reserved. Additionally, $121,000 in recoveries were recaptured
during the three months ended December 31, 2012.
About the Company
Community Partners Bancorp is the holding company for Two River
Community Bank, which is headquartered in Tinton Falls, New Jersey.
Two River Community Bank currently operates 16 branches throughout
Monmouth and Union Counties and two regional lending offices in New
Brunswick and Summit, New Jersey. More information about Two River
Community Bank is available at www.tworiverbank.com. More
information about Community Partners is available at
www.communitypartnersbancorp.com.
Forward Looking Statements
The foregoing contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such statements are not historical facts and include expressions
about management's confidence and strategies and management's
current views and expectations about new and existing programs and
products, relationships, opportunities, taxation, technology and
market conditions. These statements may be identified by such
forward-looking terminology as "expect," "look," "believe,"
"anticipate," "may," "will," "should," "projects" or similar
statements or variations of such terms. Actual results may differ
materially from such forward-looking statements, and no undue
reliance should be placed on any forward-looking statement. Factors
that may cause results to differ materially from such
forward-looking statements include, but are not limited to,
unanticipated changes in the financial markets and the direction of
interest rates; volatility in earnings due to certain financial
assets and liabilities held at fair value; stronger competition
from banks, other financial institutions and other companies;
changes in loan, investment and mortgage prepayment assumptions;
insufficient allowance for credit losses; a higher level of net
loan charge-offs and delinquencies than anticipated; material
adverse changes in Community Partners' operations or earnings; a
decline in the economy in Community Partners' primary market areas;
changes in relationships with major customers; changes in effective
income tax rates; higher or lower cash flow levels than
anticipated; inability to hire or retain qualified employees; a
decline in the levels of deposits or loss of alternate funding
sources; a decrease in loan origination volume; changes in laws and
regulations, including issues related to compliance with anti-money
laundering and the bank secrecy act laws; adoption, interpretation
and implementation of new or pre-existing accounting
pronouncements; operational risks, including the risk of fraud by
employees or outsiders; and the inability to successfully implement
new lines of business or new products and services. For a list of
other factors which would affect Community Partners' results, see
Community Partners' filings with the Securities and Exchange
Commission, including those risk factors identified in the "Risk
Factor" section and elsewhere in our Annual Report on Form 10-K for
the year ended December 31, 2011. The statements in this press
release are made as of the date of this press release, even if
subsequently made available by Community Partners on its website or
otherwise. Community Partners assumes no obligation for updating
any such forward-looking statements at any time, except as required
by law.
COMMUNITY PARTNERS
BANCORP |
|
Selected Consolidated
Financial Data (Unaudited) |
|
|
|
|
|
|
|
|
(Dollars in thousands except per share
data) |
|
|
|
|
|
|
|
December 31, |
September 30, |
December
31, |
|
|
|
Selected Period End
Balances: |
2012 |
2012 |
2011 |
|
|
|
Total Assets |
$ 733,895 |
$ 705,130 |
$ 674,554 |
|
|
|
Investment Securities and Restricted
Stock |
75,383 |
66,788 |
62,797 |
|
|
|
Total Loans |
571,447 |
555,038 |
530,130 |
|
|
|
Allowance for Loan Losses |
(7,984) |
(7,486) |
(7,310) |
|
|
|
Goodwill and Other Intangible Assets |
18,377 |
18,415 |
18,540 |
|
|
|
Total Deposits |
606,770 |
577,671 |
553,912 |
|
|
|
Repurchase Agreements |
16,710 |
18,866 |
16,218 |
|
|
|
Long-term Debt |
13,500 |
13,500 |
13,500 |
|
|
|
Shareholders' Equity |
91,965 |
90,931 |
87,134 |
|
|
|
|
|
|
|
|
|
|
|
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
|
Asset Quality
Data: |
2012 |
2012 |
2012 |
2012 |
2011 |
|
Nonaccrual loans |
$ 7,472 |
$ 4,689 |
$ 5,216 |
$ 4,517 |
$ 5,240 |
|
Loans past due over 90 days and still
accruing |
2 |
3,744 |
49 |
482 |
-- |
|
OREO property |
1,752 |
3,593 |
3,593 |
7,281 |
7,765 |
|
Total Non-Performing Assets |
9,226 |
12,026 |
8,858 |
12,280 |
13,005 |
|
|
|
|
|
|
|
|
Troubled Debt Restructured Loans |
9,551 |
9,852 |
9,737 |
9,781 |
7,579 |
|
|
|
|
|
|
|
|
Non-Performing Loans to Total Loans |
1.31% |
1.52% |
0.96% |
0.93% |
0.99% |
|
Allowance as a % of Loans |
1.40% |
1.35% |
1.32% |
1.31% |
1.38% |
|
Non-Performing Assets to Total Assets |
1.26% |
1.71% |
1.27% |
1.79% |
1.93% |
|
|
|
|
|
|
|
|
|
December
31, 2012 |
December
31, 2011 |
|
Tier 1 Capital to |
Tier 1 Capital to |
Total Capital to |
Tier 1 Capital to |
Tier 1 Capital to |
Total Capital to |
|
Average Assets |
Risk Weighted |
Risk Weighted |
Average Assets |
Risk Weighted |
Risk Weighted |
Capital Ratios: |
Ratio |
Assets Ratio |
Assets Ratio |
Ratio |
Assets Ratio |
Assets Ratio |
Community Partners Bancorp |
10.36% |
12.03% |
13.28% |
10.39% |
12.01% |
13.26% |
Two River Community Bank |
10.35% |
12.02% |
13.27% |
10.38% |
12.00% |
13.25% |
"Well capitalized" institution (under
Federal regulations) |
5.00% |
6.00% |
10.00% |
5.00% |
6.00% |
10.00% |
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended |
Twelve
Months Ended |
|
|
December 31, |
September 30, |
December 31, |
December 31, |
December 31, |
|
Selected Consolidated Earnings
Data: |
2012 |
2012 |
2011 |
2012 |
2011 |
|
Total Interest Income |
$ 7,762 |
$ 7,739 |
$ 7,739 |
$ 30,838 |
$ 31,046 |
|
Total Interest Expense |
1,113 |
1,126 |
1,276 |
4,618 |
5,238 |
|
Net Interest Income |
6,649 |
6,613 |
6,463 |
26,220 |
25,808 |
|
Provision for Loan Losses |
430 |
330 |
350 |
1,380 |
2,205 |
|
Net Interest Income after Provision for Loan
Losses |
6,219 |
6,283 |
6,113 |
24,840 |
23,603 |
|
|
|
|
|
|
|
|
Net other-than-temporary impairment charges
to earnings |
-- |
(32) |
-- |
(80) |
-- |
|
Other Non-Interest Income |
702 |
629 |
522 |
2,707 |
2,344 |
|
Total Non-Interest Income |
702 |
597 |
522 |
2,627 |
2,344 |
|
|
|
|
|
|
|
|
FDIC Insurance Expense |
142 |
139 |
140 |
553 |
673 |
|
Other Non-Interest Expenses |
4,821 |
4,780 |
4,576 |
19,294 |
18,420 |
|
Total Non-Interest Expenses |
4,963 |
4,919 |
4,716 |
19,847 |
19,093 |
|
|
|
|
|
|
|
|
Income before Income Taxes |
1,958 |
1,961 |
1,919 |
7,620 |
6,854 |
|
Income Tax Expense |
718 |
727 |
717 |
2,805 |
2,546 |
|
Net Income |
1,240 |
1,234 |
1,202 |
4,815 |
4,308 |
|
|
|
|
|
|
|
|
Preferred Stock Dividend & Discount
Accretion |
130 |
31 |
126 |
448 |
814 |
|
|
|
|
|
|
|
|
Net Income available to common
shareholders |
$ 1,110 |
$ 1,203 |
$ 1,076 |
$ 4,367 |
$ 3,494 |
|
|
|
|
|
|
|
|
Per Common Share
Data: |
|
|
|
|
|
|
Basic Earnings |
$ 0.14 |
$ 0.15 |
$ 0.14 |
$ 0.55 |
$ 0.44 |
|
Diluted Earnings |
$ 0.14 |
$ 0.15 |
$ 0.13 |
$ 0.54 |
$ 0.44 |
|
Book Value |
$ 10.02 |
$ 9.89 |
$ 9.46 |
$ 10.02 |
$ 9.46 |
|
Tangible Book Value (1) |
$ 7.71 |
$ 7.58 |
$ 7.13 |
$ 7.71 |
$ 7.13 |
|
Average Common Shares Outstanding (in
thousands): |
|
|
|
|
|
|
Basic |
7,966 |
7,952 |
7,933 |
7,950 |
7,900 |
|
Diluted |
8,143 |
8,138 |
8,040 |
8,124 |
8,015 |
|
|
|
|
|
|
|
|
Other Selected
Ratios: |
|
|
|
|
|
|
Return on Average Assets |
0.68% |
0.71% |
0.71% |
0.69% |
0.65% |
|
Return on Average Tangible Assets (1) |
0.70% |
0.73% |
0.73% |
0.71% |
0.67% |
|
Return on Average Equity |
5.40% |
5.47% |
5.53% |
5.36% |
5.16% |
|
Return on Average Tangible Equity (1) |
6.77% |
6.87% |
7.03% |
6.75% |
6.64% |
|
Net Interest Margin |
3.95% |
4.09% |
4.12% |
4.08% |
4.21% |
|
|
|
|
|
|
|
|
(1) Non-GAAP Financial
Information. See the "Reconciliation of Non-GAAP Financial
Measures" below. |
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial
Measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
The press release contains
certain financial information determined by methods other than in
accordance with generally accepted accounting policies in the
United States (GAAP). These non-GAAP financial measures are "net
income available to common shareholders excluding U.S. Treasury
preferred stock refund and accelerated discount accretion,"
"diluted earnings per common share excluding U.S. Treasury
preferred stock dividend refund and accelerated discount
accretion," "tangible book value per share," "return on average
tangible assets," and "return on average tangible equity." This
non-GAAP disclosure has limitations as an analytical tool and
should not be considered in isolation or as a substitute for
analysis of the Company's results as reported under GAAP, nor is it
necessarily comparable to non-GAAP performance measures that may be
presented by other companies. Our management uses these non-GAAP
measures in its analysis of our performance because it believes
these measures are material and will be used as a measure of our
performance by investors. |
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for
the |
|
|
As of and
for the Three Months Ended |
Twelve Months
Ended |
|
|
December 31, |
September 30, |
December 31, |
December 31, |
December 31, |
|
|
2012 |
2012 |
2011 |
2012 |
2011 |
|
|
|
|
|
|
|
|
Net Income available to common
shareholders |
$ 1,110 |
$ 1,203 |
$ 1,076 |
$ 4,367 |
$ 3,494 |
|
Effect of U.S. Treasury preferred stock
refund |
-- |
(69) |
-- |
(69) |
-- |
|
Effect of accelerated portion of discount
accretion |
-- |
-- |
-- |
-- |
301 |
|
Net Income available to common
shareholders excluding U.S. Treasury preferred stock refund and
accelerated discount accretion |
$ 1,110 |
$ 1,134 |
$ 1,076 |
$ 4,298 |
$ 3,795 |
|
|
|
|
|
|
|
|
Diluted Earnings per common share |
$ 0.14 |
$ 0.15 |
$ 0.13 |
$ 0.54 |
$ 0.44 |
|
Effect of U.S. Treasury preferred stock
refund |
-- |
(0.01) |
-- |
(0.01) |
-- |
|
Effect of accelerated portion of discount
accretion |
-- |
-- |
-- |
-- |
0.04 |
|
Diluted Earnings per common share
excluding U.S. Treasury preferred stock refund and accelerated
discount accretion |
$ 0.14 |
$ 0.14 |
$ 0.13 |
$ 0.53 |
$ 0.48 |
|
|
|
|
|
|
|
|
Book value per common share |
$ 10.02 |
$ 9.89 |
$ 9.46 |
$ 10.02 |
$ 9.46 |
|
Effect of intangible assets |
(2.31) |
(2.31) |
(2.33) |
(2.31) |
(2.33) |
|
Tangible book value per common
share |
$ 7.71 |
$ 7.58 |
$ 7.13 |
$ 7.71 |
$ 7.13 |
|
|
|
|
|
|
|
|
Return on average assets |
0.68% |
0.71% |
0.71% |
0.69% |
0.65% |
|
Effect of intangible assets |
0.02% |
0.02% |
0.02% |
0.02% |
0.02% |
|
Return on average tangible
assets |
0.70% |
0.73% |
0.73% |
0.71% |
0.67% |
|
|
|
|
|
|
|
|
Return on average equity |
5.40% |
5.47% |
5.53% |
5.36% |
5.16% |
|
Effect of average intangible assets |
1.37% |
1.40% |
1.50% |
1.39% |
1.48% |
|
Return on average tangible
equity |
6.77% |
6.87% |
7.03% |
6.75% |
6.64% |
|
CONTACTS: William D. Moss, President & CEO
Community Partners Bancorp
732-389-8722 wmoss@tworiverbank.com
A. Richard Abrahamian, Executive Vice President & CFO
Community Partners Bancorp
732-216-0167 rabrahamian@tworiverbank.com
Community Partners Bancorp (MM) (NASDAQ:CPBC)
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Community Partners Bancorp (MM) (NASDAQ:CPBC)
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From Aug 2023 to Aug 2024