Tinton Falls-based Two River Bancorp, the parent company of Two River Community Bank, announced Wednesday its income available to shareholders of $1.4 million, or 17 cents per share, for the first quarter of 2014 ending March 31, 2014.
According to the announcement, the company reported $1.1 million of income available, or 13 cents per share, for the same period last year. This results in an increase of $365,000, or 34.6 percent for 2014.
“Our first quarter 2014 results were positively affected by an increase in net interest income primarily due to higher average loan and core deposit growth as well as a decrease in non-interest expenses due primarily to lower OREO and repossessed asset expenses. These improvements were partially offset by a higher provision for loan losses and lower non-interest income,” the company reported in a recent press release.
Total assets for the first quarter were $764.9 million, compared to $769.7 million during the same quarter last year. Total loans so far in 2014 were $592.3 million, compared with $602.8 million last year while total deposits were $627.9 million compared to $633.4 million last year.
"We are pleased with the company's performance for the quarter, notably income to common shareholders, along with a continued strong net interest margin. Our loan portfolio experienced a 1.7 percent decline during the quarter due to several large unanticipated payoffs, delayed closings and natural runoff in the portfolio,” President and CEO William D. Moss said in a statement. “Our loan pipeline remains strong and we expect to see a return to our normal growth pattern as the year continues."
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