Annual Earnings Grow 68% at Two River Community Bank in 2003.Business Editors MIDDLETOWN Middletown, cities, United States Middletown. 1 Industrial city (1990 pop. 42,762), Middlesex co., central Conn., on the west bank of the Connecticut River; settled 1650, inc. 1784, town and city consolidated 1923. , N.J.--(BUSINESS WIRE)--Feb. 18, 2004 Two River Community Bank (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : TWRV.OB) today reported record earnings for 2003. For the twelve months ended December 31, 2003, the Bank reported net income of $1,250,000 or $0.34 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. This represents a 68% increase over the $743,000 or $0.21 per diluted share reported for the twelve months ended December 31, 2002. For the quarter ending December 31, 2003, the Bank reported net income of $249,000 or $0.07 per diluted share, compared to $261,000 or $0.07 per diluted share for the same period in 2002. Income before taxes was higher in fourth quarter 2003 than in fourth quarter 2002, but the Bank's fourth quarter 2003 net income was reduced by $165,000 in State and Federal taxes, while fourth quarter 2002 net income reflected a lower tax expense of $49,000. Income before tax expense increased 34%, to $414,000 for the fourth quarter of 2003, compared to $310,000 for the same prior year quarter. Two River Community Bank's total assets reached $168.9 million at December 31, 2003, compared to $132.2 million at December 31, 2002, a growth rate of 28%. The Bank's loan portfolio, net of allowance for loan losses, increased 28% to $132.3 million from the previous year's figure of $103.1 million. Total deposits at year-end were $141.0 million, an increase of 29% over the $109.7 million reported December 31, 2002. The Bank's continued growth as well as staffing for new branches in West Long Branch and Wall Township township: see town. resulted in the creation of 15 new jobs in Monmouth County during 2003. Barry B. Davall, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , commented that he was proud of the Bank's continued strong operating performance and asset growth during 2003. "The Monmouth County market is reacting very favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to our special regard for customers and our user-friendly services, which have become a hallmark hallmark, mark impressed on silverwork or goldwork to signify official approval of the standard of purity of the metal, also called plate mark. The hallmark was introduced by statute in England in 1300 and enforced by the Goldsmiths' Hall, London. of our community centered banking operations", Mr. Davall added. Two River Community Bank has a main office in Middletown, and six branches in Atlantic Highlands, Port Monmouth, Red Bank, Tinton Falls, Wall Township and West Long Branch. Additional branch openings are planned for Cliffwood and Tinton Falls. |
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