President’s Letter Spring 2016February 16, 2016

As we round the corner and eagerly await the spring of 2016, Manasquan Bank looks back on a period of significant changes, transformation and preparedness.

We embarked upon an organizational reorientation with an underlying theme of “respect the past and embrace the future.” The Manasquan Bank new logo and name are symbolic of an enterprise that is positioned, poised and prepared to be a long term, superior and full service provider of community banking services.

Today, we are realizing the fulfillment of that vision. At year-end 2015, Manasquan Bank’s assets totaled almost $984 million. That total is an increase of approximately $70 million from the previous year-end figure. General asset growth was fueled by record loan activity in both the residential and commercial sectors. The commercial loan growth is a true testimony to our commitment to provide funding, the engine of growth, to small businesses that operate in our market. Similarly, our residential lending unit was very active last year. It not only spawned a flurry of new home ownership, but thanks to our unique construction loans, allowed so many of our neighbors to rebuild their Sandy damaged homes in a timely manner.

I was asked recently by NJ Commerce magazine what the drivers of change would be in 2016. I responded, “We would continue our rational, fiscally responsible and controlled growth. Market successes will come in the form of a combination of organic and market share acquisition. The banking industry will remain healthy, exhibiting moderate growth generally reflective of macro-economic expansion, fairly benign inflation, a modestly improving employment picture and interest rates trending slightly higher.”

Our year-over-year operating performance improvement is an indication of our controlled and fiscally responsible growth. Our 2015 net income of $7.2 million represented an annual growth rate of 7.5%. Our expectations of performance improvement will continue as we further execute on our comprehensive strategic plan.

Manasquan Bank is among the top 11% of banks in the country in total assets. The FDIC recognizes us as well-capitalized institution.

Our Return on Average Assets for 2015 was 78 basis points while the national average is 46 basis points. Our Net Interest Margin stands at 3.31% as compared to the national average of 2.96%. Our efficiency ratio of 58% is more than 20 percentage points better than the national average.

The financial results reported are truly a reflection of the patronage of our loyal and growing customer base, an energized team of employees dedicated to be Best-in-Class and a Board of Directors that provides sage guidance and thoughtful strategic direction.

Every day, Manasquan Bank welcomes new customers. It may be a business owner drawn to our responsive commercial loan department or a new homeowner that found our mortgage process to be efficient and responsive. We’ve welcomed Real Estate professionals who have discovered that our loan officers truly understand the nuances of the shore market. Recent college graduates are drawn to our ever-expanding mobile banking services and retirees feel secure with a variety of our deposit products because of our sound financial performance.
Our vision of becoming the financial institution of choice in each of our markets has become a realization. Yet, this marks the beginning of another process that includes continued expansion of our services, our technical prowess and physical reach. Together we can accomplish the mission that will continue to set Manasquan Bank apart from the rest.

vaccaro

Sincerely,
James S. Vaccaro
President and Chief Executive Officer

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