Advantage Bank Earnings Up 167%.Business Editors BRANCHBURG, N.J.--(BUSINESS WIRE)--April 23, 2004 Peter G. Schoberl, President and Chief Executive Officer of this local community bank, reported financial results for the first quarter were exceptional. Advantage Bank's (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ADBK) net income as of March 31, 2004 was $173,434, a 167 percent increase over the $65,057 reported in March 2003. Net income per basic share for the first quarter ending March 31, 2004 was $.10 compared to $.04 per share in 2003. Chief Executive Officer Peter G. Schoberl said, "We continue to show solid growth in our total assets as they grew $26.1 million or 23.9 percent to $135.2 million as of March 31, 2004 compared to $109.2 million in 2003. Loans increased $17.3 million or 21.9 percent to $96.1 million at the end of the quarter compared to $78.8 million as of March 31, 2003. Deposits rose $23.5 million or 23.9 percent from $98.4 million as of March 31, 2003, to $121.8 million as of March 31, 2004." The Bank's book value per share at the end of the quarter was $7.60 with 1,696,386 shares outstanding. Advantage Bank's stock (OTCBB:ADBK) reached an all time record high on April 21st, trading at $15.30. Advantage Bank is celebrating their 5th year of operation and offers a wide range of professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. to individuals and small businesses, including free-for-life personal checking accounts, Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the banking and other full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. banking products. The bank is a member of FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). and STAR and is an equal housing lender The terms Equal Housing Lender and Equal Opportunity Lender are synonymous and refer to all FDIC insured banks in the United States. Such banks are prohibited from discriminating on the basis of race, color, religion, national origin, sex, handicap, or familial status. . For further information, call 800-959-0068 or visit the bank's Internet site at www.advantagebanknj.com. |
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