TINTON FALLS, N.J., April 16, 2014 (GLOBE NEWSWIRE) - Two River Bancorp, the parent company of Two River Community Bank, today announced that the Board of Directors approved a 50% increase in its cash dividend, raising the quarterly amount to $0.03 per share of the Company's common stock for an annualized amount of $0.12 per share. The second quarter dividend will be paid on May 30, 2014 to common shareholders of record at the close of business on May 9, 2014.
"We are increasing our dividend as part of our comprehensive strategy to deliver continued value to our shareholders," said William D. Moss, President and Chief Executive Officer. "The combined cash dividend and share repurchase program demonstrate the confidence we have in our strategy of growing both the Company and its earnings. To date, we have repurchased 110,000 shares at a weighted average price of $7.68 under our 2014 Share Repurchase Program announced back on January 24, 2014." The Company advised that future quarterly dividends are payable if, as and when declared by its Board of Directors.
About the Company
Two River Bancorp is the holding company for Two River Community Bank, which is headquartered in Tinton Falls, New Jersey. Two River Community Bank currently operates 14 branches throughout Monmouth and Union Counties and 4 Loan Production Offices throughout Monmouth, Middlesex and Union Counties, New Jersey. More information about Two River Community Bank and Two River Bancorp is available at www.tworiverbank.com.
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 current views and expectations about new and existing programs and products, relationships, opportunities, technology and market conditions. These statements may be identified by such forward-looking terminology as "expect," "look," "believe," "anticipate," "may," "will," "should," "projects," "strategy" or similar statements. Actual results may differ materially from such forward-looking statements, and no reliance should be placed on any forward-looking statement. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to, unanticipated changes in the financial markets and the direction of interest rates; volatility in earnings due to certain financial assets and liabilities held at fair value; competition levels; changes in loan and investment prepayment assumptions; insufficient allowance for credit losses; a higher level of loan charge-offs and delinquencies than anticipated; material adverse changes in our operations or earnings; a decline in the economy in our market areas; changes in relationships with major customers; changes in effective income tax rates; higher or lower cash flow levels than anticipated; inability to hire or retain qualified employees; a decline in the levels of deposits or loss of alternate funding sources; a decrease in loan origination volume; changes in laws and regulations; adoption, interpretation and implementation of accounting pronouncements; operational risks, including the risk of fraud by employees or outsiders; and the inability to successfully implement new lines of business or new products and services. For a list of other factors which would affect our results, see the Company's filings with the Securities and Exchange Commission, including those risk factors identified in the "Risk Factor" section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2013. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company assumes no obligation for updating any such forward-looking statements at any time, except as required by law.
William D. Moss, President & CEO Two River Bancorp 732-389-8722 A. Richard Abrahamian, Executive Vice President & CFO Two River Bancorp 732-216-0167