If this page doesn't display properly in your email, click here. September 3, 2014
New Jersey Bankers Association
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NJBankers Releases 2nd Quarter Statistical Report Analysis

NJBankers recently published its 2nd quarter Statistical Report Analysis that included the following highlights of New Jersey industry performance:

  • Total revenue for NJ-based banking institutions was $1.10B in 2Q14, versus $1.09B in the prior quarter and $1.09B in 2Q13.  The median net interest margin for New Jersey commercial banks rose four bps sequentially to 3.60% in 2Q14, while the median margin for thrifts dipped four bps to 2.86%.
  • For commercial banks headquartered in NJ, total loans and core deposits grew a median13.2% and 6.0% annualized, respectively, in 2Q14 versus -0.5% and 2.7% annualized in 1Q14. For thrifts headquartered in NJ, total loans and core deposits grew a median 3.6% and -1.2% annualized, respectively, in 2Q14 versus 0.6% and 3.8% annualized in 1Q14.
  • The median non-FTE net interest margin for NJ-based commercial banks rose to 3.60% in 2Q14 from 3.56% in the prior quarter. The median non-FTE net interest margin for NJ thrifts declined to 2.86% in 2Q14 from 2.90% in the prior quarter.
  • The median NPAs-to-total assets ratio for commercial banks in NJ decreased to 1.36% at June 30, 2014 from 1.40% three months earlier. The median NPAs-to-total assets ratio for thrifts in NJ decreased to 0.87% at June 30, 2014 from 0.947% at March 31, 2014.
  • Commercial banks in the U.S. with less than $1B in assets are currently trading at a median price-to-tangible book value of 99%; thrifts in the U.S. with less than $1B in assets are trading at a median price-to-tangible book value of 97%.

Subscribers to the quarterly reports receive a comprehensive analysis of industry performance and customized peer performance data for their institution. If you are interested in subscribing ($600/annually), please contact Jim Meredith at jmeredith@njbankers.com or 908.272.8500, ext. 614.

BCG, Inc. News

ACA Affordability Percentages Increased for 2015
The Internal Revenue Service (IRS) has increased required contribution percentages for 2015 that are used to determine whether coverage is affordable under the Affordable Care Act’s  employer shared responsibility provisions ("pay or play") and whether individuals are eligible for an affordability exemption from the individual shared responsibility provisions (the "individual mandate").

Pay or Play Affordability Rises to 9.56%

Starting in 2015, employer subject to pay or play may incur penalties if they do not offer affordable health insurance that provides a minimum level of coverage to full-time employees (and their dependents), and any full-time employee receives a premium tax credit for purchasing individual coverage on the Health Insurance Marketplace (Exchange). Employers with 100 or more full-time employees (including full-time equivalents or FTEs) are generally subject to the requirements for 2015, while those with 50 to 99 full-time employees (including FTEs) do not need to comply until 2016 if they meet certain criteria.

An employer-sponsored plan is considered "affordable" if the portion of the annual premium an employee must pay for self-only coverage does not exceed 9.5% of his or her household income.
This percentage is increased to 9.56% for plan years beginning in 2015.
Individual Mandate Affordability Rises to 8.05%
The individual mandate requires every individual to have minimum essential health coverage for each month, qualify for an exemption, or make a payment when filing his or her federal income tax return. One such exemption applies when the individual cannot afford coverage because the minimum amount he or she must pay for the premiums is more than 8% of the individual’s household income. This percentage is increased to 8.05% for plan years beginning in 2015.

Please contact Richard Siderko at 908-272-8500, ext. 616 for additional information.

Other Industry Meetings
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Upcoming Conferences - Mark Your Calendar
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Director Online Training
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FHLBNY Declares a 4.05% Dividend for the Second Quarter of 2014
Jose R. Gonzalez, President and CEO, Federal Home Loan Bank of New York

I am pleased to announce that, on August 21, 2014, your Board of Directors approved a dividend for the second quarter of 2014 of 4.05% (annualized).  The dollar amount of the second quarter of 2014 dividend will be approximately $55.7 million.  The cash dividend was distributed on August 22, 2014.

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FHFA Proposes Revisions to Federal Home Loan Bank Membership Eligibility Requirements

The Federal Housing Finance Agency (FHFA) has proposed a rule that would revise the requirements for financial institutions to apply for and retain membership in one of the 12 Federal Home Loan Banks (Banks).  The proposed rule would revise FHFA’s existing Bank membership regulation to ensure that members maintain a commitment to housing finance and that only eligible entities can gain access to Bank advances and the benefits of membership. 

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In Memoriam - Robert Van Buren Best Known in NJ as "The Hungry Banker"

With sadness, we report the passing of Robert Van Buren best known in NJ as “The Hungry Banker.” Van Buren, 89, of Palm Beach, FL, formerly of Plainfield and North Beach, passed on August 20, 2014. A descendant of President Martin Van Buren, he was born in Plainfield and attended Plainfield High School where he was a star athlete and captain of the football team.

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Money Anxiety Rollercoaster in 2014

Consumers are riding a money anxiety rollercoaster so far this year; going up in the 1st quarter, down in the 2nd quarter and back up in the 3rd quarter.
The Money Anxiety Index resembles a rollercoaster so far this year. In the 1st quarter, the level of money anxiety among consumers increased by 1.4 points to 79.3 due to severe weather conditions and the increase in health-care expenses related to the new health care law. As a result, GDP for the 1st quarter was negative 2.1 percent.

In the 2nd quarter of this year, the level of money anxiety among consumers subsided by 7.7 points to 71.6 mainly due to positive news on employment, which added over 200,000 non-farm jobs each month during the quarter. The decrease in the level of money anxiety during the 2nd quarter pushed GDP up by 4.0 percent compared to the previous quarter.

However, as rollercoasters go, the 3rd quarter Money Anxiety Index is up again. After a promising second quarter, the Money Anxiety Index increased 1.1 points thus far to 72.7 signaling higher level of financial anxiety among consumers as a result of economic uncertainty over the conflict with Russia. As a result of higher money anxiety, July retail sales were flat and new home sales fell 2.4 percent in July.

Click here for more Information 

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Senior Management Conference Features Ronald Brownstein as Keynote

Senior Management Conference
Wednesday - Friday, September 10-12, 2014
Stockton Seaview Hotel and Golf Club - Galloway, NJ
6 Credits will apply for the full Conference

REGISTRATION:  Registration on Wednesday, September 10, will be from 2:00 p.m. to 7:00 p.m. on Wednesday in the Flynn Room, followed by a Welcome Reception from 6:00 p.m. to 7:00 p.m. in Salon A & B.

HANDOUTS:  Please note, an email with all of the presentations has been sent out to all registered guests with valid emails.

MUTUAL COMMITTEE MEETING: Please check in at registration first.   Meeting will be held in the Eisenhower Room from 2:00 p.m. to 3:30 p.m. on Wednesday, September 10.

NJBANKERS BOARD OF DIRECTORS:  Please check in at registration first. Meeting will be held in the Eisenhower Room from 4:00 p.m. to 5:30 p.m. on Wednesday, September 10.

ASSOCIATE MEMBER COMMITTEE MEEING:  Please check in at registration first.  Meeting will be held in the Harding Room from 2:30 p.m. to 3:30 p.m. on Wednesday, September 10.

Thank you to our sponsors:

Bank Financial Services Group
Bankers Cooperative Group, Inc.
Federal Home Loan Bank of New York
McGladrey, LLP
Peapack-Gladstone Bank

Christensen Tamburri Communications LLC
Merchant E-Solutions, Inc.
P&G Associates
Valley National Bank
Wells Fargo Bank, N.A.

Atlantic Community Bankers Bank
Arnold & Porter LLP
Crowe Horwath LLP
Garden State Community Bank
Keefe, Bruyette & Woods, A Stifel Company
Lakeland Bank
Locke Lord LLP
Manasquan Savings Bank
ParenteBeard, LLC
PNC Bank, N.A.
The Prudential Insurance Company of America
Riker Danzig et al.

Please see our website to download the full conference packet detailing program, hotel, registration and sponsorship information by following the below link.

Click Here for program  and registration information  


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Enterprise Risk Management Conference Focuses on Risk Appetite and Role of CRO and ISO

Enterprise Risk Management Conference
October 6, 2014
Pines Manor, Edison
CPE Credits May Apply

Join NJBankers for our 3rd Annual Enterprise Risk Management Conference.

This program is designed for CEOs, CFOs, Compliance Officers, Risk Managers and other Senior Bank Managers.

The program will include topics such as:

Risk Appetite Statement and Link to Strategy
• Is a risk appetite statement necessary?
• Key points for developing a risk appetite statement
• Impact on strategic plan and future growth of the bank

Role of a Chief Risk Officer
• Responsibilities
• Reporting line
• Role in organization

Lessons Learned
• How to implement ERM

Role of an Information Security Officer
• When does a bank need one?
• What are their responsibilities?

Sponsorship Information:  This event is a great opportunity for service providers to gain exposure to these influential attendees and demonstrate their support for our industry. Contact: Jenn Zorn, Vice President/Director of Education and Business Development at jzorn@njbankers.com or 908-272-8500, ext. 611.

Click Here for program and registration information

Operations & Technology Vendor Management - Roundtable

Operations & Technology Forum: Vendor Management
Tuesday, October 7, 2014
Crowne Plaza Monroe, Monroe Township

The New Jersey Bankers Association’s Operations & Technology Committee is pleased to announce the latest in a series of interactive roundtable programs that will focus on vendor management. With increased outsourcing and heightened regulatory concern, financial institutions of all sizes must have a strong vendor management system in place. The ability of a financial institution to effectively select and manage vendors is directly related to the safety and soundness of the institution. Additionally, financial institutions may be held responsible for the actions of the companies with which they contract and must have an effective process for managing the risks of service provider relationships.

Topics will include:
• Vendor Management Regulatory Guidance Overview
• Assessing a Vendors Level Risk
• Managing Vendor Relationships through Contractual Terms
• Tools for Managing Continued Oversight

Sponsorship Information:  Event sponsorships are available for $500. These roundtables typically attract up to 50-60 IT and operations banking officers and offer an excellent opportunity for providers to heighten awareness of their products or services.  Please contact Jenn Zorn, Vice President & Director of Education and Business Development at jzorn@njbankers.com or 908-272-8500, ext. 611, for details.

Event Sponsor: Praxis Data

Click Here for program and registration information

Members Take on NJBankers ALS "Ice Bucket Challenge"

 Responding to a national fund raising appeal, and a challenge by NJBankers, bank members were recently doused with buckets of ice water to help raise awareness for amyotrophic lateral sclerosis (ALS), also known as Lou Gehrig's Disease. 

To commemorate this special event, member banks have made donations to the ALS charity.

The Columbia Bank video can be viewed on YouTube using the link http://youtu.be/LjuWeTBtojQ.

The Two River Community Bank video can be viewed at http://www.youtube.com/watch?v=APgFO6IzpZk

The Regal Bank video can be viewed at https://www.facebook.com/video.php?v=10152361516476936 

The NJBankers video can be viewed at https://www.youtube.com/watch?v=bhXEcxs_dW0 

NJBIZ 40 Under 40 Members

NJBIZ presented its 2014 winners of the Forty Under 40.This award celebrates 40 of New Jersey's most accomplished young businessmen and women who have been making news in their field and who share a commitment to business growth, professional excellence and the community.

Congratulations to our members Patrick Ryan, president and CEO, First Bank; Frank Pina, managing director, The Mercadien Group and Bryan Saftlas, senior manager, ParenteBeard.

Peapack-Gladstone Bank Announces Promotions of John Creamer and Michael Tormey and Welcomes Frank S. Bridges


Peapack-Gladstone Bank announced the promotions of John Creamer to senior managing director, chief investment officer and Michael Tormey to senior managing director, wealth advisor. The Bank also welcomed Frank S. Bridges to their team as senior managing director, commercial lending.

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The Provident Bank Announces Promotions


Robert Melchionne has joined The Provident Bank as vice president and relationship manager for the Middle Market lending team, Patricia Markel-Mulligan has been named SVP, regional president and Dottie Cruz has been named banking center manager of the bank’s North Brunswick branch.

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Jessica Veliz and Chelsea L. Hipkins Promoted at Valley National Bank


Valley National Bank announced the promotions of Jessica Veliz to assistant vice president - commercial mortgage loan officer  in Valley’s Commercial Real Estate Lending Department and Chelsea L. Hipkins to assistant vice president - commercial loan officer in Valley's Commercial Lending Team.

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Columbia Bank Collection Efforts Benefit Five Local Food Banks

Shown are some Columbia Bank volunteers who helped with the collection and distribution of the donated items.  Cash and gift card donations of nearly $500 were also shared.

Columbia Bank employees recently collected non-perishable food, household items and paper goods as part of the community bank’s Eleventh Annual Employee Food Drive.The items collected were shared with five New Jersey food banks -- the Center for Food Action, the Center of United Methodist Aid in the Community (CUMAC), the Saint James Food Pantry, the Middlesex County Food Organization and Outreach Distribution Services (M.C.F.O.O.D.S.) and the Mother’s Food Bank. 

Kearny Federal Employees on Coastal Habitat for Humanity Site in Shark River Hills

Employees of Kearny Federal Savings at the Shark River Hills Restoration Site. 

Thirteen employees of Kearny Federal Savings Bank, including the Bank’s president, Craig L. Montanaro, and several other members of the senior management team, exchanged their usual business attire for an outfit more suitable for a construction site. In an effort to restore a house in Shark River Hills, the volunteers who joined Coastal Habitat for Humanity, worked on clearing brush, cutting down branches, stacking bricks, moving loads of lumber, measuring and sawing.

Magyar Bank Employees Volunteer and Donate to United Way Stuff the Bus

Pictured are from L to R are Wanda Szymanski, Maria Rodriguez, Linda Cenicola, Debra Cooper, Corrine Pisano, Jo Anne Fabiano, and Ken Bland.from Magyar Bank who helped sort, separate, and count the supplies donated in totality to the United Way from various organizations. In Addition, Magyar Bank accepted donations of $5.00 dollars in exchange for the ability to participate in a dress down day for all employees.

Magyar Bank participated in the United Way’s Stuff the Bus in August. Stuff the Bus is an event to gather school supplies for students in need. In hopes of getting as many employees from Magyar Bank involved with Stuff the Bus as possible, Magyar accepted donations of $5.00 in exchange for the ability to participate in a dress down day for all employees. The money collected was used to purchase an assortment of school supplies. After the school supplies were purchased with the donated money, a group of Magyar Bank employees helped sort, separate, and count the supplies donated in totality to the United Way from various organizations for this initiative. 

Peapack-Gladstone Employees Assist the United Way of Northern New Jersey Sorting School Supply Donations

Pictured L to R:  Catherine Fedor, Hopewell; Dale Sullivan, North Plainfield; Rosanne Schwab, Bridgewater; Laura Watt, Bernardsville; Diane Makoujy, Totowa; Toni Jay-Choynake, Raritan; Marcella Gencarelli, Chatham; Ilene Gerber, Warren; Mary Burke, Basking Ridge 

With another school year now upon us, Peapack-Gladstone Bank once again joined the United Way of Northern New Jersey Stuff the Bus school supply program, accepting a variety of school supply donations at many of its locations.  These supplies will be distributed to schools within Somerset County providing financial relief for families in need while giving children the necessary tools to begin the school year ready to learn. 

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The Provident Bank Accepts NerdWallet Award and Supports Hurricane Sandy New Jersey Relief Fund with $3,000 Donation

(L to R): Christopher Martin, president and CEO, The Provident Bank; Barbara Carrollo Loeffler, residential and consumer lending director, The Provident Bank; Kim Frawley, executive director, Hurricane Sandy New Jersey Relief Fund and Nico Leyva, partner relations manager, NerdWallet.

The Provident Bank was recently presented an award by NerdWallet as the grand prize winner of its Community Banking Local Project Award. NerdWallet awarded Provident Bank $1,500 to the charity of their choice and Provident Bank in turn matched the $1,500 to give the Hurricane Sandy New Jersey Relief Fund a total donation of $3,000.

Unity Bank Reaches the Top 10 in SBA Lending Program

Unity Bank reports that their U.S. Small Business Administration (SBA) lending program has grown substantially in the last year, according to the most recent data released by the SBA’s New Jersey District Office. The bank indicated that it climbed into the top 10 on the loan volume report, ranking number nine in the state, a significant leap from the prior year ranking of 15. The bank’s total SBA loan volume was more than $14.4 million as of July 31, 2014.

FDIC New York Region Offers Regulatory Teleconference: Best Practices for Effective Liquidity Risk and Funds Management

Tuesday, September 30, 2014
2:00 p.m. EDT

The FDIC's New York Region will host a regional Regulatory Teleconference on “Best Practices for Effective Liquidity Risk and Funds Management.” The teleconference will present regulatory expectations surrounding liquidity risk management for community banks with an emphasis placed on liquidity measurement systems and how these systems form the foundation for stress testing approaches and contingency funding plans.


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Endorsed Service Provider PMC Presents National IRA Compliance Seminar

See IRAs in a whole new light. With over two dozen intensive hands-on workshops led by PMC, America’s foremost IRA experts.  As an endorsed service provider of NJBankers, PMC is offering a 10% registration discount to all NJBankers members.

Click here to register and for more information

Four for Four: All Summer Associates at Riker Danzig Receive and Accept Offers

Riker Danzig is pleased to announce that all four of its 2014 Summer Associates have received and accepted offers to join the Firm upon graduation from law school or completion of clerkships. 

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Inc. Magazine Names SNL Financial One of the Fastest-Growing Private Companies in the United States for 2014

Inc. Magazine today named Associate Member SNL Financial to its annual list of the 5,000 fastest-growing private companies in the U.S. for the sixth time. SNL made the 2014 edition of the "Inc. 5000," with 2013 revenues over $187.9 million, a 61% increase during the past three years.

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Residential Home Funding Foundations Charitable Golf Outing & Dinner

Residential Home Funding Foundations is hosting a Charitable Golf Outing & Dinner
Thursday, October 9, 2014
11:30 a.m. Shotgun Start
Newton Country Club - Newton, NJ

Residential Home Funding Foundation’s annual charitable golf outing is approaching! The event is always great fun, with a BBQ to start off the day, golf into the late afternoon, followed by a delicious dinner with raffles!

This fall the proceeds from the Residential Home Funding golf outing will go to St. Joseph’s Hospital in Wayne, NJ and Newton Memorial Hospital in Newton, NJ.

Contact Dana Kyriakou at
dkyriakou@rhfunding.com to reserve your spot today!

Click here for more Information

NJ Bank Marketing Association Presents "What Bank Marketers Should Know About Direct Marketing"

New Jersey Bank Marketing Seminar
Thursday, October 2, 2014
8:30 a.m. - 11:30 a.m.
Holiday Inn, Clark, NJ 
$60 Early Registration ( Before 9/25/14)
$70 at the Door

Learn about how Direct Marketing can generate leads that convert to sales. Our direct mail and digital marketing experts will take you through the steps of defining segments, targeting prospects, creating messages that get results and how to measure results. Once the leads come in, learn about Lead Nurturing or effective ways to convert leads into sales.

Register by Phone/Fax:
Call Gerry at 908-419-1127
or fax to 732-264-1089

Click here for registration information

New York State Society of Certified Public Accountants Presents Global Money Laundering Seminar

Global Money Laundering: Sanctions, Risks, and Practice Opportunities
October 23, 2014
FAE Learning Center - New York City
Also Available via Live Webcast

CPE Credit: 8
CLE Credit (pending) for In-Person Only: 7

More than a dozen prominent speakers from leading financial institutions, CPA firms, and Government Offices will be on hand to share insight on what CPAs need to know in the fight against financial crimes. Get your questions answered by the experts in this field.

Click here for more Information 

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