Community Partners Bancorp Reports Second Quarter Operating Results and Announces 3% Stock Dividend.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 : 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 ) reported consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: earnings and asset growth for the second quarter and six months ended June June: see month. 30, 2006. Additionally, on July July: see month. 18, 2006, Community Partners' Board of Directors approved a 3% stock dividend payable September September: see month. 1, 2006 to shareholders of record as of August 18, 2006. 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. . Community Partners acquired the banks 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 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 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. Community Partners reported net income of $1,086,000 for the quarter ended June 30, 2006, or $0.17 per share for basic and $0.16 per share for 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 $493,000 for the second quarter of 2005, or $0.12, for both 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 June 30, 2006 increased by $593,000, or 120.3%, over the same prior year quarter. Diluted earnings per share for the quarter ended June 30, 2006 increased by $0.04 per share, or 33.3%, 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 stock dividend. For the six months ended June 30, 2006, net income increased to $1,569,000 compared to $923,000 for the six months ended June 30, 2005. This represents an increase of $646,000, or 70.0%, in net income. Basic and diluted earnings per share for the six months ended June 30, 2006 were $0.30 and $0.29, respectively, compared to basic and diluted earnings per share of $0.23 and $0.22, respectively, for the same prior year period. Per share results of operations were significantly higher during the 2006 periods primarily as a result of the accretive effect resulting from the acquisition of Town Bank and also as a result of the general growth of the company. At June 30, 2006, assets totaled $511.1 million, an increase of $242.8 million, or 90.5% over December December: see month. 31, 2005 assets of $268.3 million. The company's loan portfolio, net of allowances for loan losses, increased to $384.4 million at June 30, 2006, compared to $213.9 million at December 31, 2005, an increase of $170.5 million, or 79.7%. Total deposits increased to $432.7 million at June 30, 2006, compared to $236.4 million at December 31, 2005, an increase of $196.3 million, or 83.0%. The significant balance sheet growth recorded during the second quarter of 2006 resulted from the acquisition of Town Bank as of April 1, 2006 and the general growth of the company for the period ended June 30, 2006. Barry Barry, Welsh Barri, town (1991 pop. 45,053) and port, Vale of Glamorgan, S Wales, on the Bristol Channel. Once a major coal-exporting port, its more diversified export products include cement, flour, and steel products. 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, stated "We are well down the road to realizing our strategic objectives for 2006 and we are very pleased as to how well our strategic alliance with Town Bank is proceeding." Community Partners operates nine branch offices under the banner Same as banner ad. 1. banner - The title page added to printouts by most print spoolers. Typically includes user or account ID information in very large character-graphics capitals. of Two River Community Bank and two branch offices under the banner of The Town Bank. The foregoing contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's expectations about new and existing programs and products, relationships, opportunities, taxation, technology and market conditions. These statements may be identified by such forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. terminology The terminology used in the computer and telecommunications field adds tremendous confusion not only for the lay person, but for the technicians themselves. What many do not realize is that terms are made up by anybody and everybody in a nonchalant, casual manner without any regard or as "expect," "look," "believe," "anticipate," "may," "will," or similar statements or variations of such terms. Actual results may differ materially from such forward-looking statements. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to, our ability to achieve sufficient operational integration of the banks, changes in the direction of the economy in New Jersey, the direction of interest rates, effective income tax rates, loan prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. assumptions, continued levels of loan quality and origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real volume, continued relationships with major customers including sources for loans, as well as the effects of general economic conditions and legal and regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. barriers and structure. Community Partners Bancorp assumes no obligation for updating any such forward-looking statements at any time.
COMMUNITY PARTNERS BANCORP
CONSOLIDATED BALANCE SHEETS
June 30, 2006 (Unaudited) and December 31, 2005
(In thousands, except share data)
(Unaudited) December 31,
June 30, 2006 2005
------------- -------------
ASSETS
Cash and due from banks $ 9,916 $ 5,827
Federal funds sold 18,769 -
------------- -------------
Total cash and cash equivalents 28,685 5,827
Securities available-for-sale 51,829 34,114
Securities held-to-maturity (fair value of
$5,759 and $5,836 at June 30, 2006 and
December 31, 2005, respectively) 5,838 5,841
Loans 388,661 216,327
Less allowance for loan losses (4,289) (2,380)
------------- -------------
Net loans 384,372 213,947
Bank-owned life insurance 3,744 3,667
Premises and equipment, net 4,657 2,390
Accrued interest receivable 1,997 973
Other assets 3,459 1,517
Intangible assets, net of accumulated
amortization of $96 26,506 -
------------- -------------
Total assets $ 511,087 $ 268,276
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Deposits
Non-interest bearing $ 78,506 $ 50,301
Interest bearing 354,198 186,148
------------- -------------
Total deposits 432,704 236,449
Securities sold under agreements to
repurchase 9,132 5,197
Short-term borrowings 1,092 1,514
Accrued interest payable 607 71
Other liabilities 2,066 1,278
------------- -------------
Total liabilities 445,601 244,509
------------- -------------
SHAREHOLDERS' EQUITY
Common stock - authorized 25,000,000
shares of no par value, issued and
outstanding 6,304,120 at June 30, 2006
and $2.00 par value, authorized
10,000,000 shares, issued and outstanding
3,936,595 at December 31, 2005 62,620 7,873
Preferred stock - authorized 6,500,000
shares of no par value, issued and
outstanding, none at June 30, 2006 and
none authorized at December 31, 2005 - -
Additional paid-in capital - 14,310
Retained earnings 3,721 2,153
Accumulated other comprehensive loss (855) (569)
------------- -------------
Total shareholders' equity 65,486 23,767
------------- -------------
Total liabilities and shareholders'
equity $ 511,087 $ 268,276
============= =============
COMMUNITY PARTNERS BANCORP
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
For the Three Months and Six Months Ended June 30, 2006 and 2005
Three Months Six Months
Ended June Ended
30, June 30,
------------- --------------
2006 2005 2006 2005
------ ------ ------- -----
(In thousands, except per
share data)
INTEREST INCOME:
Loans, including fees $7,222 $3,137 $11,082 $6,053
Investment securities 625 413 1,068 842
Federal funds sold 225 24 251 31
------ ------ ------- ------
Total Interest Income 8,072 3,574 12,401 6,926
INTEREST EXPENSE:
Deposits 3,181 862 4,627 1,568
Securities sold under agreements to
repurchase 70 39 115 74
Short-term borrowings 18 50 40 95
------ ------ ------- ------
Total Interest Expense 3,269 951 4,782 1,737
------ ------ ------- ------
Net Interest Income 4,803 2,623 7,619 5,189
PROVISION FOR LOAN LOSSES 257 136 373 278
------ ------ ------- ------
Net Interest Income after Provision
for Loan Losses 4,546 2,487 7,246 4,911
NON-INTEREST INCOME:
Service fees on deposit accounts 146 74 294 186
Other loan customer service fees 142 95 234 187
Earnings from investment in life
insurance 45 39 83 78
Other income 75 103 95 112
------ ------ ------- ------
Total Non-Interest Income 408 311 706 563
------ ------ ------- ------
NON-INTEREST EXPENSES:
Salaries and employee benefits 1,677 1,105 2,899 2,198
Occupancy and equipment 498 266 910 661
Amortization of identifiable
intangibles 96 - 96 -
Other operating expenses 959 645 1,588 1,150
------ ------ ------- ------
Total Non-Interest Expenses 3,230 2,016 5,493 4,009
------ ------ ------- ------
Income before Income Taxes 1,724 782 2,459 1,465
INCOME TAX EXPENSE 638 289 890 542
------ ------ ------- ------
NET INCOME $1,086 $ 493 $ 1,569 $ 923
====== ====== ======= ======
EARNINGS PER SHARE:
Basic $ 0.17 $ 0.12 $ 0.30 $ 0.23
Diluted $ 0.16 $ 0.12 $ 0.29 $ 0.22
Weighted average shares outstanding (in
thousands):
Basic 6,485 4,055 5,277 4,049
Diluted 6,685 4,276 5,455 4,269
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