Rumson-Fair Haven Bank & Trust Company Announces Second Quarter Earnings29 July 2006
Rumson-Fair Haven Bank & Trust Company (OTC Bulletin Board: RFHB; RFHBW) (the "Bank"), today announced that the Bank's net income for the three months ended June 30, 2006 amounted to $160,000 as compared with operating earnings of $48,000 for the comparable period in 2005. For the six months ended June 30, 2006, net income amounted to $310,000, which compares with net income of $108,000 a year ago. Fully diluted earnings per share amounted to $.08 per share for the three months ended June 30, 2006 and compares with $.02 per share for the second quarter of 2005. On a year to date basis, fully diluted earnings per share amounted to $.15 per share and compares with a $.05 per share a year ago. Prior period per share amounts have been restated to give effect to the ten percent stock dividend declared and paid in June 2006. Book value at June 30, 2006 was $6.04 per share. Due to our tax loss carry forward, Federal tax provisions were not provided. Total assets at June 30, 2006 amounted to $111 Million.
Robert E. Davis, President and CEO, attributed the earnings improvement to continued growth in the loan portfolio, particularly commercial loans. The commercial loan portfolio grew to $54 Million, up $5 Million from December 31, 2005. Total loans at June 30, 2006 amounted to $91 Million. Mr. Davis commented that the emphasis on commercial lending continues to be successful. He also noted that net interest margin improved modestly as a result of both loan and demand deposit accounts growth. The Bank continues to be well capitalized which will allow the Bank to continue to expand its loan portfolio, consistent with applicable regulations.
The Bank is a New Jersey state-chartered bank with two branches; the Bank's principal office is located at 20 Bingham Avenue, Rumson, New Jersey 07760, and its second branch is located at 636 River Road, Fair Haven, New Jersey 07704. A third branch, to be located on Broad Street in Shrewsbury, will be opened early in the fourth quarter.
The business of the Bank is to provide deposit and lending services for individuals and small to medium-sized businesses and professional practices in the Bank's market area. Through its affiliation with Peapack Gladstone Financial Services it provides asset management services. The Bank offers traditional services such as safe deposit boxes and drive-through teller windows, as well as Internet banking, including electronic bill-payment.
Statements about the future expectations of Rumson-Fair Haven Bank & Trust Company constitute forward-looking statements. Since these statements involve risks and uncertainties and are subject to change at any time, the Bank's actual results could differ materially from expected results. Among these risks, trends and uncertainties are the effect of governmental regulation on Rumson-Fair Haven Bank & Trust Company, the availability of working capital, the cost of personnel, and the competitive market in which the Bank operates.
Source: prnewswire
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