NEW BRUNSWICK, N.J., May 23 /PRNewswire-FirstCall/ -- Michael Ross, Chairman of the Board and Chris Van Der Stad, President and CEO of New Millennium Bank (BULLETIN BOARD: NMNB) are pleased to report excellent growth in assets, loans and deposits. In the quarter ended March 31, 2008 compared to March 31, 2007, total assets increased by 22.5% to $185,914,000, loans increased 15.1% to $130,654,000 and deposits increased 7.1% to $136,191,000.
New Millennium Bank, however, is not immune to the economic conditions most of us are experiencing. Although net income is still strong at $348,000 for the quarter ended March 31, 2008 as compared to $628,000 for the quarter ended March 31, 2007, the current year's income has been affected by the compression of the net interest margins.
Mr. Van Der Stad stated, "The Bank could not adjust the interest rates on liabilities as quickly as the Federal Reserve Bank's rapid decrease in the short term interest rates. Net interest margin was directly affected and therefore the income for the quarter was impacted. However, the Bank has been adjusting the interest rates as these liabilities have been renewing. New Millennium Bank continues to react to the economic environment in order to improve its interest margins and accordingly its net income. The Bank's strong earnings and its capital position allow it to continue to plan for future growth which includes branch expansion. The Bank's application for a branch in Franklin Township has received all of the necessary regulatory approvals and we anticipate that it will open in the fourth quarter of 2008."
New Millennium Bank currently 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.
Contact: Chris Van Der Stad President and CEO, New Millennium Bank 732-729-1100
