Community Bank of Bergen County, NJ (OTCBB: CMTB) reported earnings today for the second quarter of 2010. Net income increased by 12.6 percent to $339,000, or $0.20 per diluted share, for this quarter as compared to $301,000, or $0.18 per diluted share, for the second quarter of 2009. The increase was largely due to reduced interest expense of $398,000 for the quarter, which was partially offset by a $105,000 increase in the loan loss provision, a $104,000 increase in non-interest expenses; slightly lower non-interest income and a higher income tax expense.

For the six months ended June 30, 2010, Community Bank of Bergen County (CBBC) reported net income of $1,378,000, up significantly from $496,000 reported for the same period in 2009. This increase is a result of reduced interest costs on deposits that resulted in a $798,000 increase in net interest income for the six months ended June 30, 2010, the sale of one of the Bank's properties in 2010 that resulted in a $310,000 gain, and a significant tax adjustment during the first quarter of 2010 which resulted in a $407,000 tax benefit for the six months ended June 30, 2010 as compared to a $44,000 benefit for the prior year's period. These increases were partially offset by a $506,000 increase in non-interest expenses; a slight decrease in the Bank's other non-interest income and a slight increase in the loan loss provision.

?I am pleased with our earnings this quarter, and I am confident that we are making progress in strengthening our balance sheet and operating more efficiently,? said Peter. A. Michelotti, President and CEO of CBBC. ?We are cautiously optimistic as we continue to manage increased regulation and a challenging economy.?

In an effort to preserve the capital of the bank, management reduced the quarterly cash dividend to $0.10, down from $0.19 per share paid in prior quarters. The dividend was paid on July 1, 2010.

CBBC continues to show increased asset growth supported by steady increases in its Tier 1 leverage ratio and risk based capital ratios, which climbed to 8.54 percent and 13.24 percent, respectively. The Bank's capital closed at $26,048,000 at June 30, 2010, with book value per share at $15.65 as compared to $15.12 at December 31, 2009. These regulatory capital ratios are strong and exceed those necessary to be considered a well-capitalized institution under Federal guidelines.

?Our level of non-performing loans has been stabilizing and we are beginning to see results on current foreclosures,? said Michelotti. ?The bank is making significant strides; however, we still have a way to go as we continue to navigate the economic downturn.?

About Community Bank of Bergen County

Established in 1928, Community Bank of Bergen County, NJ (CBBC) serves the northern New Jersey community with four locations in Rochelle Park, Maywood, Fair Lawn and Garfield. Dedicated to superior service, the bank offers a range of customized personal and business banking products and the convenience of 24-hour ATMs and online banking.

With lending decisions made locally, and a responsive management team, Community Bank of Bergen County is committed to providing an exceptional banking experience.

For more information visit the bank's web site at www.cbbcnj.com.

COMMUNITY BANK OF BERGEN COUNTY, NJ AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME
		Quarter Ended						Six Months Ended
		June 2010			June 2009			June 2010				June 2009
		(Unaudited)						(Unaudited)
Income Statement		Dollars in Thousands						Dollars in Thousands
Interest and fee income:
Interest and fee income on loans		$	3,369		$	3,404		$	6,646			$	6,823
Interest income on balances due from depository institution			6			16			12				35
Interest and dividend income on securities			306			336			619				675
Interest on federal funds sold			1			4			3				9
Other interest income			6			5			12				12
Total Interest and fee income			3,688			3,765			7,292				7,554
Interest Expense:
Interest on deposits			966			1,364			1,893				2,953
Total Interest expense			966			1,364			1,893				2,953
Net Interest Income			2,722			2,401			5,399				4,601
Provision for Loan Losses			200			95			350				320
Non-Interest Income:		© Business Wire 2010 Latest news on CMNTY BK BRGN CNTY 08/20 Community Bank of Bergen County, NJ Reports Cash Dividend of $0.10 Per Share 07/30 Community Bank of Bergen County, NJ Reports Second Quarter Net Income of $0.20 P..			Chart CMNTY BK BRGN CNTY Short term Mid-term Long term Full-screen chart