Rumson-Fair Haven Bank & Trust Company Announces First Quarter 2013 Results
RUMSON, NEW JERSEY, April 19, 2013, (OTCBB: RFHB) – We are pleased to report net income for the three months ended March 31, 2013 amounting to $265,000 which compares with $150,000 for the similar period in 2012. Basic and fully diluted earnings per share amounted to $.08 and $.05 per share for the three months ended March 31, 2013 and 2012, respectively.
F. James Hutchinson, President and CEO, noted that the increase in earnings was attributable to continued growth of the loan portfolio and a decrease in deposit expense. The loan portfolio at $125 million increased over $31 Million or 33% when compared to the same period last year, fueled by both the commercial and residential lending areas. This increase represents the eighth consecutive quarter in which the Bank’s loan portfolio has grown. Loan quality remains strong. At March 31, 2013, non-performing loans amounted to $739 thousand as compared with $1.3 million at March 31, 2012. The allowance for loan losses at $1.6 million or 1.29% of total loans provides adequate coverage for the risks inherent in the loan portfolio. There were no loan charge-offs during the first quarter of 2013.
Deposit balances showed a slight increase as compared with year-end as the Bank has continued to focus on core deposits.
Total assets at March 31, 2013 amounted to $236 million with loans at $125 million and deposits of $205 million. Tangible book value amounted to $5.80 per share.
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.
CONTACTS: Rumson-Fair Haven Bank & Trust Company
Gayle S. Hoffman, Senior Vice President and Chief Financial Officer, (732) 933-4445