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Middletown, New Jersey - April 17, 2008 Community Partners Bancorp (NASDAQ CM: CPBC) ("Community Partners" or the "Company"), the parent company of Two River Community Bank and The Town Bank, reported consolidated earnings and assets for the first quarter ended March 31, 2008.
Community Partners reported net income of $715,000 for the quarter ended March 31, 2008, or $0.11 per basic share and $0.10 per diluted share, compared to net income of $901,000 for the first quarter of 2007, or $0.13 for both basic and diluted earnings per share. Net income for the quarter ended March 31, 2008 decreased by approximately $186,000, or 20.6%, over the same prior year quarter. The declining interest rate environment, as well as the additional expenses incurred in connection with our current branch expansion program, have influenced the decline in net income in the first quarter of 2008 as compared to the first quarter of 2007. On a linked quarter basis, net income for the first quarter of 2008 increased by approximately $47,000, or 7.0%, over the fourth quarter of 2007.
Weighted average shares outstanding and earnings per share were retroactively adjusted to reflect the 3% stock dividend which was paid August 31, 2007 to shareholders of record as of August 10, 2007.
At March 31, 2008, total assets amounted to $539.5 million, an increase of $14.4 million, or 2.7%, over December 31, 2007 assets of $525.1 million. The Company's loan portfolio, net of allowances for loan losses, amounted to $418.5 million at March 31, 2008, compared to $412.3 million at December 31, 2007, an increase of $6.2 million, or 1.5%. Total deposits amounted to $437.6 million at March 31, 2008, compared to $427.0 million at December 31, 2007, an increase of $10.6 million, or 2.5%.
We are pleased that asset and deposit growth for the first quarter of 2008 are consistent with our budgeted figures for the period.
In March 2008, The Town Bank opened a new banking facility in Fanwood, New Jersey. We anticipate that Two River Community Bank will be opening a banking office in Manasquan, New Jersey during the second quarter of 2008. We are optimistic that our continued expansion in the Union and Monmouth County markets will provide for future growth and add value to our franchise.
Community Partners is the holding company for Two River Community Bank, which is headquartered in Middletown, New Jersey, and The Town Bank, which is headquartered in Westfield, New Jersey. Two River Community Bank currently operates ten branches throughout Monmouth County and The Town Bank currently operates four branches in Union County.
The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's expectations about new and existing programs and products, relationships, opportunities, taxation, technology and market conditions. These statements may be identified by such forward-looking terminology as "expect," "look," "believe," "anticipate," "may," "will," or similar statements or variations of such terms. Actual results may differ materially from such forward-looking statements. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to, changes in interest rates or in national or local economic conditions in areas in which our operations are concentrated, increased competition, rapid growth, reliance on management and other key personnel, and other such risks. Community Partners assumes no obligation for updating any such forward-looking statements at any time.
