Advantage Bank Reports Solid Growth in Assets.Business Editors BRANCHBURG, N.J.--(BUSINESS WIRE)--Sept. 4, 2003 Peter G. Schoberl, President and Chief Executive Officer of this local community bank reported financial results for the quarter remained strong, and met expectations for growth in earnings and earnings per share. Quickly following last quarters $100 million milestone “Milemarker” redirects here. For the American indie rock band, see Milemarker (band). A milestone or kilometre sign is one of a series of numbered markers placed along a road at regular intervals, typically at the side of the road or in a median. in total assets, the Banks deposits hit $100 million in April and ended the quarter at $111 million. Advantage Bank's net income as of June June: see month. 30, 2003 was $131,552, a 157 percent increase over the $51,135 reported in June 2002. Net income per basic share for the six month ended June 30, 2003 was $.09 compared to $.04 per share in 2002. Chief Executive Officer Peter G. Schoberl said, "We saw solid growth in our total assets as they grew $36.1 million or 41.2 percent to $123.8 million as of June 30, 2003 compared to $87.7 million in 2002. Loans increased $15.4 million or 24.1 percent to $79.4 million at the end of the quarter compared to $64.0 million at June 30, 2002. Deposits rose $33.9 million or 43.9 percent from $77.2 million at June 30, 2002, to $111.1 million at June 30, 2003." Advantage Bank's book value per share increased to $7.75 in June 2003 compared to $7.36 as of June 2002. Major contributing factors include the continuing growth in retained earning and 197,150 shares issued through the warrant conversion bringing shares outstanding to 1,585,791 compared to adjusted shares of 1,388,641 in June 2002, increasing capital by $1.8 million. The market value of the stock at the end of the quarter was $12.00 a share compared to last years price of $8.35. Advantage offers free-for-life personal checking accounts and other full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. banking products including Home-Advantage, an internet based banking product which includes bill paying and Cash Control an investment alternative to mutual funds. Advantage 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 about Advantage Bank, call 800.959.0068 or visit the bank's Web site at advantagebanknj.com |
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