Carnegie Bancorp earnings up 38%; Cash dividend declared of $.12 per quarter.PRINCETON, N.J.--(BUSINESS WIRE)--Jan. 30, 1996--CARNEGIE BANCORP (NASDAQ/NMS: CBNJ CBNJ Community Bancorp of New Jersey , CBNJW) announced a 38% increase in net income after taxes for the year ended December 31, 1995; the highest annual earnings in the history of both CARNEGIE BANCORP and its subsidiary CARNEGIE BANK, N.A. Net income after taxes for 1995 increased by $589,000 to $2,128,000, compared to $1,539,000 for 1994. Primary and fully 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. net income per share for 1995 was $1.19 and $1.18 respectively, compared to $1.23 per share for both primary and fully diluted net income for 1994. CARNEGIE's total assets grew 28% to $251 million at year end 1995, compared to $196 million for the previous year. Also for the year, total loans rose to over $162 million, compared to $138 million at December 31, 1994, for an increase of more than 17%. CARNEGIE posted $210 million in total deposits as of December 31, 1995, representing an increase of 19%, compared to 1994. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. President Thomas L. Gray, Jr., "We are most gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. to see the bank achieve such excellent growth while maintaining such high performance in earnings and asset quality." In recognition of the earnings, the Board of Directors of CARNEGIE BANCORP declared the first quarter cash dividend of $.12 per share. The dividend will be paid on March 20, 1996 to shareholders of record on February 21, 1996. This represents the seventeenth consecutive quarter in which the Company has paid a cash dividend. CARNEGIE's solid earnings growth has enabled the Company to consistently pay a quarterly cash dividend, beginning with $.06 per share in 1992, $.08 per share in 1993, $.10 per share in 1994 and $.12 per share in 1995. CARNEGIE BANK, N.A., a national bank headquartered in Princeton, New Jersey
Princeton, New Jersey is located in Mercer County, New Jersey, United States. Princeton University has been sited in the town since 1756. , is the single subsidiary of CARNEGIE BANCORP. CARNEGIE BANK, N.A. serves small businesses, professionals and high net worth individuals through its six branches located in Princeton, Hamilton, Marlton, Denville, Toms River and Montgomery, New Jersey. Other branches are expected to open this spring in Flemington, New Jersey Flemington is a Borough in Hunterdon County, New Jersey, United States. As of the United States 2000 Census, the borough population was 4,201. It is the county seat of Hunterdon County. and Langhorne, Pennsylvania Langhorne is a borough in Bucks County, Pennsylvania, United States. The population was 1,981 at the 2000 census. The name "Langhorne" is also used broadly to include the surrounding townships encompassed by ZIP code 19047. . A merger agreement was signed in August 1995 with REGENT BANCSHARES CORP., allowing for another branch office in Philadelphia, Pennsylvania. Following regulatory and stockholder approvals, the merger is expected to be finalized See finalization. at the end of March 1996. CONTACT: Carnegie Bancorp, Princeton Thomas L. Gray, Jr., (609) 520-0601 or L.G. Zangani Leonardo G. Zangani, (908) 788-9660 |
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