Friday, April 28, 2006

Comments From a Small Jersey Shore Bank

Boardwalk Bank, a small community bank in south Jersey, reported their first quarter results and made the following comment about the local real estate market.

["Management has been alert to changes in the market as we enter the second quarter. South Jersey appears to be in transition. The casino industry and Atlantic City are thriving which creates solid forward momentum in the local economy. Offsetting this dynamic development is a decidedly cooler real estate market. While Boardwalk Bank is a minor player in residential real estate lending, the full ramifications of this change are yet to be understood. So far no changes in real estate have been reflected in the Bank's loan portfolio. We continue to enjoy very high credit quality with no non-performing loans and a delinquency ratio of .0053%. Both higher interest rates and the ultra-competitive banking industry in this area add yet more factors into the mix. Management is optimistic but watchful."]

Full press release


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