Somerset Hills Bancorp of Bernardsville, N.J., cleared up the confusion surrounding its fourth-quarter earnings Thursday by reporting a record profit of $1.05 million.
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For the full year, the $246 million-asset Somerset Hills reported net income of $2.1 million, also a record.
Somerset Hills had originally reported its fourth-quarter results Feb. 2 but withdrew them the next day, because of questions about certain tax adjustments. It resolved those questions by reversing $449,000 of tax expenses.
On Feb. 2, Somerset Hills reported earnings of $603,000 for the fourth quarter and $1.66 million for all of last year.
