Community Partners Bancorp Reports Unaudited Consolidated Earnings for the Fourth Quarter and Year Ended December 31, 2012
For the year, the company reported record net income available to common shareholders of $4.4 million or $0.54 per diluted share, an increase of $873,000, or 25.0%, over the $3.5 million or $0.44 per diluted share reported for the same period in 2011. Net income to common shareholders was positively impacted by a $69,000 refund during the third quarter of 2012 from the U.S. Treasury for an overpayment of dividends paid by the company on its preferred stock issued in connection with the Small Business Lending Fund. Excluding the effects of these items, net income to common shareholders increased $503,000, or 13.3%, over the same period in 2011. Net interest income totaled $26.2 million, an increase of $412,000, or 1.6%, over $25.81 million for the same period in 2011. The company reported income before income taxes of $7.62 million on total interest income of $30.84 million compared to income before income taxes of $6.85 million on total interest income of $31.05 million reported a year ago. Return on average assets was 0.69% compared to 0.65% reported a year ago. Return on average equity was 5.36% compared to 5.16% reported a year ago. Return on average tangible assets was 0.71% compared to 0.67% reported a year ago. Return on average tangible equity was 6.75% compared to 6.64% reported a year ago. The earnings growth achieved for both the quarter and full year is reflective of the continued focus it has maintained in driving core earnings while successfully managing credit issues. The $16.4 million increase in loans during the quarter funded by continued growth in core deposits will help set the foundation for improved earnings in 2013.