Company Information :
The Town Bank
520 South Avenue
Westfield, NJ 07090
USA
Ph. 908-301-0800 x223
Fx. 908-301-0894
Stock Information:
TBWN 0.00 N/A
(Quotes delayed 20 minutes)
Media Contacts:
Robert W. Dowens
President
908-301-0800 x228
Nicholas A. Frungillo, Jr
Executive Vice President, COO & CFO
908-301-0800 x 223
Angela Bellino
Vice President
Marketing
908-301-0800 x223
For Immediate Release
We are pleased to report that The Town Bank has marked another quarter of record performance fueled by continued deposit and loan activity. We continue to strengthen our position as a community based provider of financial products, backed by superior customer service and personal attention. For the three months ended March 31, 2005, net income increased to $515,000 or $0.27 per basic share and 0.26 per diluted share, compared to net income of $270,000 or $0.15 per basic share and $0.14 per diluted share recorded one year ago. This improvement is largely attributed to a higher level of net interest income. This increase in net interest income is the result of the growth of the Bank. On March 31, 2005, our total assets amounted to $147,068,000 as compared to $111,460,000 recorded one year ago on March 31, 2004; reflecting a growth of $35,608,000 or 32%. Total deposits grew to $130,148,000 at March 31, 2005, from $97,625,000 at March 31, 2004, resulting in an increase of $32,523,000 or 33%. Loans outstanding rose from $82,860,000 to $114,894,000 representing an increase of $32,034,000 or a growth of 39%. We thank you for your confidence and continued support. We look forward to seeing you at our Annual Shareholders Meeting on April 28, 2005. March 31, Net loans 113,648 82,004 Total Assets $ 147,068 $ 111,460 LIABILITIES AND SHAREHOLDERS' EQUITY Total deposits 130,148 97,625 Total Liabilities 132,007 98,166 Shareholders' Equity Total Shareholders' Equity 15,061 13,294 Total Liabilities And Shareholders' Equity $ 147,068 $ 111,460 Income Statements Net interest income 1,319 959 Provision for loan losses 60 55 Net interest income after provision for loan losses 1,259 904 Non interest income 37 28 Income before income taxes 540 274 Net income $ 515 $ 270 --------------------------------- ----------------------------- --------------------------------- ----------------------------- --------------------------------- ----------------------------- --------------------------------- ----------------------------- The above share figures have been restated for the 5% stock dividend distributed on June 1, 2004 The Town Bank
Balance Sheets
(in thousands, except share amounts)
(unaudited)
2005 2004
ASSETS
Cash and due from banks $ 3,438 $ 1,798
Federal funds sold and other short term investments 11,842 10,695
Investment securities available for sale 14,873 15,020
Loans, net of unearned fees/costs 114,894 82,860
less: Allowance for loan losses (1,246) (856)
--------------------------------- -----------------------------
Premises and equipment, net 1,896 1,324
Other assets 1,371 619
--------------------------------- -----------------------------
--------------------------------- -----------------------------
Liabilities
Deposits:
Non-interest bearing $ 21,610 $ 16,753
Interest bearing 108,538 80,872
--------------------------------- -----------------------------
Short term borrowings 250 250
Accrued expenses and other liabilities 1,609 291
--------------------------------- -----------------------------
--------------------------------- -----------------------------
Common stock ($5.00 par value per
share, authorized 3,000,000 shares at
March 31, 2005 and 2004;
1,877,330 shares issued and outstanding at
March 31, 2005 and 1,851,012 issued
and outstanding at March 31, 2004) 9,387 9,255
Additional paid-in capital 5,547 5,415
Retained earnings (accumulated deficit) 208 (1,402)
Accumulated other comprehensive (loss) income (81) 26
--------------------------------- -----------------------------
--------------------------------- -----------------------------
--------------------------------- -----------------------------
(in thousands, except share amounts)
(unaudited)
For the three months ended
March 31,
2005 2004
Interest income $ 1,908 $ 1,360
Interest expense 589 401
--------------------------------- -----------------------------
--------------------------------- -----------------------------
--------------------------------- -----------------------------
Non interest expense 756 658
--------------------------------- -----------------------------
Income taxes 25 4
--------------------------------- -----------------------------
--------------------------------- -----------------------------
Net income per share - basic $ 0.27 $ 0.15
--------------------------------- -----------------------------
Net income per share - diluted $ 0.26 $ 0.14
--------------------------------- -----------------------------
Average shares outstanding - basic 1,874,000 1,851,000
--------------------------------- -----------------------------
Average shares outstanding - diluted 1,950,000 1,891,000
--------------------------------- -----------------------------
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CONTACT:
The Town Bank
520 South Avenue
Westfield, NJ 07090
PHONE. 908-301-0800
FAX. 908-301-0894
EMAIL: nfrungillo@townbank.com
http://www.townbank.com
Angela Bellino
The Town Bank
520 South Avenue
Westfield, NJ 07090
PHONE. 908-301-0800
FAX. 908-301-0894
EMAIL: abellino@townbank.com
http://www.townbank.com
Robert Dowens
The Town Bank
520 South Avenue
Westfield, NJ 07090
PHONE. 908-301-0800
FAX. 908-301-0894
EMAIL: rdowens@townbank.com
http://www.townbank.com
SOURCE: The Town Bank
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