Community Partners Bancorp Reports Fourth Quarter and Year End Earnings.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. -- Community Partners Bancorp (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on CM: CPBC CPBC Cascade Park Baptist Church (Vancouver, WA, USA) CPBC College of Pharmacists of British Columbia CPBC Castle Point Borough Council (Essex, England) CPBC Covenant Pines Bible Camp ) the parent company of Two River Community Bank and The Town Bank reported consolidated earnings and asset growth for the fourth quarter and year ended December December: see month. 31, 2006. The Company reported net income of $1,056,000 for the quarter ended December 31, 2006, or $0.16 per share for basic and 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. , compared to net income of $577,000 for the fourth quarter of 2005, or $0.14 for basic and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of . Net income for the quarter ended December 31, 2006 increased by $479,000 or 83.0% over the same prior year quarter. Diluted earnings per share for the quarter ended December 31, 2006, increased by $0.02 per share, or 14.3% compared to the same prior year quarter. Weighted average shares outstanding and earnings per share were retroactively ret·ro·ac·tive adj. Influencing or applying to a period prior to enactment: a retroactive pay increase. [French rétroactif, from Latin adjusted to reflect the 3% stock dividend which was paid September 1, 2006 to shareholders of record as of August 18, 2006. For the year ended December 31, 2006, net income increased to $3,699,000 compared to $2,092,000 for the year ended December 31, 2005. This represents an increase of $1,607,000 or 76.8% in net income. Basic and diluted earnings per share for the year ended December 31, 2006 were $0.63 and $0.61, respectively, compared to basic and diluted earnings per share of $0.52 and $0.49, respectively, for the year ended December 31, 2005. Operating results were significantly higher during the 2006 periods as a result of the accretive effect resulting from the acquisition of The Town Bank and the continued growth of the Company. At December 31, 2006, assets totaled $520.5 million, an increase of $252.2 million, or 94.0% over December 31, 2005 assets of $268.3 million. The Company's loan portfolio, net of allowances for loan losses, increased to $412.3 million at December 31, 2006, compared to $213.9 million at December 31, 2005, an increase of $198.4 million, or 92.8%. Total deposits increased to $441.9 million at December 31, 2006, compared to $236.4 million at December 31, 2005, an increase of $205.5 million, or 86.9%. The significant balance sheet growth recorded during 2006 resulted from the acquisition of Town Bank as of April 1, 2006 and the organic growth of the Company for the period ended December 31, 2006. Barry B. Davall, President and 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. of Community Partners Bancorp, stated, "The interest rate environment during 2006 created a challenging year for the financial industry. I am very pleased with the performance of The Town Bank and Two River Community Bank, which produced continued quality growth in assets and improved operating performance." He further added, "We expect that 2007 will continue to produce challenges, but we look forward to the New Year with much enthusiasm as we implement our strategic initiatives." Community Partners Bancorp 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 Westfield is a town in Union County, New Jersey, United States. As of the United States 2000 Census, the town population was 29,644. The area was settled in the late 17th century as part of the Elizabethtown Tract. . Two River Community Bank operates ten branches throughout Monmouth County and The Town Bank operates two branches in Westfield and anticipates breaking ground on branches in Cranford and Fanwood, New Jersey Fanwood is a borough in Union County, New Jersey, United States. As of the United States 2000 Census, the borough population was 7,174. Fanwood was incorporated as a borough by an Act of the New Jersey Legislature on October 2, 1895, from portions of Fanwood Township (now in 2007. Community Partners acquired The Town Bank on April 1, 2006 in a transaction that was accounted for under the purchase accounting method for financial reporting purposes, with Two River as the acquiring entity for accounting purposes. Community Partners was formed in connection with that transaction and had no business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets prior to April 1, 2006. Reported earnings and balance sheet figures of Community Partners Bancorp prior to April 1, 2006, include those of Two River Community Bank and do not include those of The Town Bank. Current period performance, other than per share amounts and ratio analysis, is not generally comparable to reported results for the corresponding prior year and prior quarter periods, as a significant portion of the increases in reported earnings and balance sheet figures are due to the inclusion of Town Bank in the current but not the prior periods. [TABLE OMITTED] [TABLE OMITTED] |
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