North Jersey Community Bank Announces Financial Results for Third Quarter 2010: Fastest Growing Bank in NJ Continues to Increase Profitability

ENGLEWOOD CLIFFS, N.J., Nov. 8, 2010 /PRNewswire/ -- North Jersey Community Bank (NJCB), the fastest growing bank in New Jersey, today announced its results for the third quarter ended September 30, 2010.

Highlights Include:

• Total assets increased $85 million to $574 million in comparison to the third quarter of 2009
• Total loans increased $99 million to $470 million in comparison to the third quarter of 2009
• Net income before payment of Preferred Dividend increased $439 thousand to another record of $1.035 million over the third quarter of 2009
• Book Value per share increased from $12.91 to $14.57, another all-time high

"Our continued record profitability and growth, along with a well-managed balance sheet, has positioned us to take advantage of many opportunities," said Frank Sorrentino III, chairman and CEO of North Jersey Community Bank.  "When you consider that 45 percent of community banks nationwide have shrunk their balance sheets, this accomplishment is even more impressive."

The third quarter saw NJCB's accomplishments recognized nationally and regionally with its inclusion on Inc. Magazine's "Inc. 500|5000" list as the 64th fastest growing financial company in the country.  Additionally, CFO Laura Criscione was named "CFO of the Year" by NJBIZ, New Jersey's leading business newspaper, and Vice President of Relationship Banking, Jehan Sanders, was named one of this year's "New Leaders in Banking" by the New Jersey Bankers Association.

"Our continued success can be attributed to our staff's dedication to our customers and communities, that has ultimately led to new customer acquisitions and smart, organic growth," continued Sorrentino.  "At NJCB, superior customer service is our highest priority and the foundation of our business."

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.  Its Simply Better Money Market Account, with one of the highest rates in the area, is available for both business and personal accounts and includes free checking and free online bill pay.  The bank features signature amenities including a free coffee bar, customer lounge and business center complete with plasma screen TVs and Internet connections.  Each of the seven branches – Cresskill, Cliffside Park/Fort Lee, Hackensack, Englewood Cliffs, Ridgewood, Fort Lee and West New York – also feature NJCB's exclusive "Coin Toss" free coin counting machine 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.  In addition, the Cresskill, Cliffside Park/Fort Lee, Hackensack, Englewood Cliffs and West New York locations offer a drive-thru window with extended hours from 7:00 a.m. to 7:00 p.m.  NJCB also provides 24-hour ATM service and free online banking at www.njcb.com.

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.

North Jersey Community Bank received a top ten 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.

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, or visit the bank's website at www.njcb.com.

SOURCE North Jersey Community Bank