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ROCHELLE PARK, N.J.–(BUSINESS WIRE)–Community Bank of Bergen County, NJ (OTCBB: CMTB) reported earnings
today for the first quarter of 2011. Net income this quarter was
$248,000, or $0.15 per diluted share, which is down $791,000 as compared
to a net income of $1,039,000, or $0.62 per diluted share, for the first
quarter of 2010.
“As a result of excess liquidity in the market, as a whole, most banks,
including CBBC, have too much cash and a lack of demand for quality
loans, which negatively affects current earnings. The challenge now is
to put those funds to work to increase our positive spread”
“Net income is down this quarter as compared to the first quarter of
last year as a result of a nonrecurring gain from a one-time Bank
property sale and large tax credit, both in 2010. However, our interest
income is up quarter over quarter, and our interest expense and
non-interest expenses are lower,” said Peter. A. Michelotti, President
and CEO of CBBC. “We are actually in a better position with respect to
operating earnings this quarter than we were a year ago, which indicates
that we are on strong footing for the year ahead.”
Article source: http://www.businesswire.com/news/home/20110421006317/en/Community-Bank-Bergen-County-NJ-Reports-Quarter