Solid loan and deposit growth powered Bancorp of New Jersey Inc. to its most profitable quarter in its six-year history, the company said Friday.
The $470 million-asset company, based in Fort Lee, reported a profit of $971,000 in the quarter, up 70% from the same period in 2010, thanks largely to a 21% increase in total loans year over year and a 31% jump in deposits.
Bancorp of New Jersey also posted record earnings for the full year. It earned $3.3 million in 2011, an increase of 50% over the same period in 2010.
Bancorp of New Jersey is the holding company for the Bank of New Jersey. The bank has seven branches in Bergen County and is planning to open an eighth in the county later this quarter.