NEW BRUNSWICK, N.J., Aug. 1 /PRNewswire-FirstCall/ -- Michael Ross, Chairman of the Board and Chris Van Der Stad, President and CEO of New Millennium Bank (BULLETIN BOARD: NMNB.OB) announced income of $824,000 for the second quarter of 2006, a 17.7% increase over the $700,000 for the same period in 2005. It represents diluted earnings per share of $0.96 for the second quarter of 2006 versus diluted earnings per share of $0.81 for the same period in 2005. Annualized return on average assets and return on average equity were 2.50% and 19.80%, respectively, for the quarter.
Income for the six months ended June 30, 2006 and June 30, 2005 were $1,406,000 and $1,170,000, respectively which is a 20.1% increase in 2006. The diluted earnings per share were $1.63 and $1.36 for the six months ended June 30, 2006 and June 30, 2005, respectively. Annualized return on average assets and return on average equity were 2.16% and 17.94%, respectively, for the six months ended June 30, 2006.
Total assets at June 30, 2006 increased 15.5% to $141,535,000 compared to December 31, 2005. Net loans and deposits increased by 14.3% and 15.6%, respectively to $108,601,000 and $119,705,000, respectively compared to December 31, 2005. Messrs. Ross and Van Der Stad stated that these favorable results reflect the dedicated efforts of the Board, Management and the Staff of the Bank.
"In the second quarter, we experienced strong overall loan growth," said Chris Van Der Stad, Chief Executive Officer and President. "The growth was concentrated in construction and commercial real estate loans and occurred while maintaining the strong asset quality that has been our standard. Deposits, particularly certificates of deposit, funded the growth in loans."
New Millennium Bank has two offices to serve its customers at 57 Livingston Avenue, New Brunswick, NJ and 695 Hamilton Street, Somerset, NJ. There are also walk up ATMs at the Middlesex County Courthouse at 120 New Street, New Brunswick, NJ and at the Municipal Courthouse at 25 Kirkpatrick Street, New Brunswick, NJ. The Bank offers a full range of internet banking services for the convenience of its customers.
