NEW BRUNSWICK, N.J., March 11 /PRNewswire-FirstCall/ -- Michael Ross, Chairman of the Board and Chris Van Der Stad, President and CEO of New Millennium Bank (Symbol NMNB.OB) announced net income of $2.731 million for the year ended December 31, 2007 compared to $2.547 million for the year ended December 31, 2006. This represents an increase of 7.2% for 2007. Diluted earnings per share were $3.02 for 2007 versus $2.81 for 2006. Return on Average Assets ("ROA") and Return on Average Equity ("ROE") were 1.74% and 13.74% in 2007 versus 1.88% and 14.94% for the same period in 2006.
Net income for the fourth quarter 2007 was $588,000 versus $499,000 for the fourth quarter of 2006, an 11% increase. It represents diluted earnings per share of $0.65 for the fourth quarter of 2007 versus diluted earnings per share of $0.58 for the same period in 2006. Annualized ROA and ROE were 1.39% and 10.99%, respectively, for the quarter compared to 1.38% and 10.88% for the fourth quarter of 2006.
Total assets at December 31, 2007 increased 20.7% to $176,609,000 compared to December 31, 2006. Net loans and deposits increased by 11.2% and 12.2%, respectively to $124,931,000 and $137,714,000, compared to December 31, 2006.
Mr. Van Der Stad stated, "The 7.2% increase in net income is especially rewarding given the difficult economic environment in which the Bank operates. The effects of the sub-prime lending crisis and residential housing slowdown are being felt by all banks, even those not directly involved. It appears that the year 2008 will be impacted by these sub-prime and housing factors as well. We continue to work with our borrowers affected by the downturn in the economy in an effort to reduce non-performing assets. The Bank's net interest margin of 6.99% is above our peers, even with the intense competition in pricing loans and deposits. The strong net interest margin provides New Millennium Bank with the ability to weather difficult financial times. The results of the Bank's nationwide secured credit card program also contributed to our profitability. We are pleased to report these results."
The Bank's application for a branch in Franklin Township has received all of the necessary regulatory approvals. Delays, however with Municipal and County construction approvals have moved back the opening date from our original projections. We are hopeful that the branch will open by the end of the third quarter of 2008.
New Millennium Bank has two offices to serve its customers at 57 Livingston Avenue, New Brunswick, NJ and 695 Hamilton Street, Somerset, NJ. The Bank offers a full range of Internet banking services to support its retail and commercial customers. In addition to its active and creative commercial lending department, New Millennium Bank is a Nationwide Preferred Small Business Administration Lender, lending primarily in New Jersey, New York and Pennsylvania. New Millennium Bank also offers secured credit cards throughout the United States to help individuals re-establish their credit.
The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act 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 terminology as "expect," "believe," "view," "opportunity," "allow," "continues," "reflects," "typically," "usually," "anticipate," or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward-looking statements. New Millennium Bank assumes no obligation for updating any such forward-looking statement at any time.
