Rumson-Fair Haven Bank & Trust Company Announces Second Quarter 2012 Results
RUMSON, N.J., Aug. 16, 2012 /PRNewswire/ -- (OTCBB: RFHB; RFHBW) – We are pleased to report net income for the three months ended June 30, 2012 amounting to $165,000 which compares with $150,000 for the first quarter of 2012 and $101,000 for the comparable period in 2011. For the six months ended June 30, 2012 net income amounted to $315,000 which compares with $165,000 a year ago. Basic and fully diluted earnings per share amounted to $.05 and $.03 per share for the three months ended June 30, 2012 and 2011, respectively, while for the six month periods earnings per share were $.10 and $.05 per share. Total assets at June 30, 2012 amounted to $225 Million. Tangible book value at June 30, 2012 amounted to $5.53 per share.
Dennis J. Flanagan, President and CEO, attributed the increase in net income to higher net interest income resulting from continued growth of the loan portfolio and a decline in non-performing assets. Total loans at June 30, 2012 amounted to $105 Million and are $24 Million over the prior year and $18 Million higher than at year-end 2011. Non-performing assets at June 30, 2012 amounted to $1 Million and represented only .44% of total assets, well below peer levels. Deposit growth amounted to $195 Million as of June 30, 2012, an increase of $8 Million over the prior year.
The Bank is a New Jersey state-chartered bank with five offices; the Bank's principal office is located at 20 Bingham Avenue, Rumson with branches located at 636 River Road, Fair Haven, 500 Broad Street, Shrewsbury, 251 East Main Street, Oceanport and 511 Cookman Avenue, Asbury Park. Please visit our website at www.rfhbank.com for additional information.
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. The Bank offers traditional services such as safe deposit boxes, drive-up teller windows, as well as internet banking and electronic bill-payment.
Statements about the future expectations of the Bank 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 the Bank, the availability of working capital, the cost of personnel, and the competitive market in which the Bank operates.
Rumson-Fair Haven Bank & Trust Company
Gayle S. Hoffman
Senior Vice President and Chief Financial Officer
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