Issue of Feb. 6, 2007
YNB reports lower results
Hamilton-based Yardville National Bancorp (Nasdaq: YANB) reported lower results for both the fourth quarter and full year ended December 31, 2006. For the fourth quarter of 2006, an end-of-December balance sheet restructuring was the major contributor to YNB’s net loss of $8.7 million and diluted loss per share of $0.79. These results compare with net income of $4.3 million and $0.39 diluted earnings per share for the fourth quarter of 2005. For the full year, primarily due to the restructuring, net income decreased in 2006 to $6.9 million from the $20.9 million reported in 2005. Diluted earnings per share for the full year decreased to $0.61 compared with $1.89 for the prior year.
"We restructured a portion of our balance sheet in order to enhance the company’s net interest margin and improve earnings in 2007 and beyond, which also allowed us to reduce interest rate risk and improve our liquidity position," said YNB Chief Executive Officer Patrick M. Ryan in a released statement.
YNB opened five new branches in 2006, and one new branch in January 2007. YNB experienced accelerated loan payoffs and intense competition for commercial loans in 2006, both contributing factors in YNB’s flat net loan growth this past year, the company said.
Sun Bank CEO gets the boot
The board of directors of Sun Bancorp, Inc. (Nasdaq: SNBC), based in Vineland, requested the resignation of President and Chief Executive Officer Thomas A. Bracken, following the realease of poor earnings results.
Sun Bancorp reported net income of $4.5 million, or $0.21 per share, for the quarter ended December 31, 2006, compared to net income of $4.6 million, or $0.23 per share, for the fourth quarter of 2005. Net income for the fourth quarter 2006 includes pre-tax charges of approximately $1.1 million ($0.03 per share) related to two branch consolidations and severance expense. Net income for the year ended December 31, 2006 was $17.3 million, or $0.81 per share, compared to net income of $19.5 million, or $0.96 per share, for the prior year. The full-year results included approximately $1.6 million (pre-tax) in branch rationalization and severance related charges. These charges, net of tax, amounted to $0.05 per share.
Big B-M Squibb real estate deal
Princeton-based commercial real estate firm Garibaldi, Morford & Dodds/CORFAC International announced a long-term sale/leaseback agreement has been completed for four Class A office buildings occupied by Bristol-Myers Squibb Co. totaling 872,551 square feet. The assets were sold to Boston, Mass.-based Eaton Vance Management Real Estate Investments Group. The properties included three buildings located at 777 Scudders Mill Road in Plainsboro, and one building located at 100 Nassau Park Boulevard in West Windsor.
P.P.S. Associates opens in Princeton
A new business specializing in leadership communications training, P.P.S. Associates/Princeton Public Speaking, has set up shop at 66 Witherspoon Street in Princeton. The business prepares and advises corporate and political clients prior to debates, speeches, board meetings, interviews, presentations and other speaking engagements. P.P.S. Associates’ president is Matt Eventoff, a Lawrenceville resident and who was previously a strategist for political and corporate campaigns. More information is available at http://www.princetonpublicspeaking.com.
1st Constitution announces earnings
Cranbury-based 1st Constitution Bancorp (Nasdaq: FCCY) reported net income for the year ended December 31, 2006. For 2006, net income reached $5,332,844, or $1.41 per diluted share. These results represent a 16.9 percent increase in earnings and a 17.5 percent increase in diluted earnings per share, compared to net income of $4,560,127, or $1.20 per diluted share reported for the year ended December 31, 2005.
For the quarter ended December 31, 2006, 1st Constitution net income increased to $1,341,706, or $0.35 per diluted share, compared to net income of $1,194,356, or $0.32 per diluted share reported for the quarter ended December 31, 2005. These results represent a 12.3 percent increase in earnings and a 9.3 percent increase in diluted earnings per share for the three months ended December 31, 2006 as compared to the three months ended December 31, 2005.
New TESC online program launched
The School of Professional and Continuing Studies at Thomas Edison State College in Trenton has launched a new online program. The school’s Professional Certificate in MBA Essentials is a noncredit program designed for those in the business community who are interested in gaining expertise that can help them advance their careers. The 30-week program includes five online courses that cover essential skills needed to develop leadership potential.
"Business professionals are often looking for slices of knowledge to improve in specific skill areas identified by themselves or their employers," said David M. Grossman, PhD, vice provost and dean of the TESC School of Professional and Continuing Studies in a released statement.
Courses for the MBA Essentials program include: leadership and management; principles of accounting and finance; principles of marketing; fundamentals of strategy; and economics for managers.
Private placement for GPC Biotech
GPC Biotech AG (Nasdaq: GPCB) has raised gross proceeds of approximately $43.7 million in a private placement with institutional investors. GPC Biotech sold 1,564,587 million shares at a price of Euro 21.50 per share. The newly issued shares represent 4.51 percent of GPC Biotech’s total shares outstanding after the transaction. GPC Biotech is a publicly traded biopharmaceutical company focused on discovering, developing and commercializing anticancer drugs. It is headquartered in Martinsried/Munich, Germany, with U.S. sites in Waltham, Mass. and Plainsboro.

