Rumson-Fair Haven Bank & Trust Co. reported lower net income for the second quarter 2008 because of a tax credit it recorded last year. The company reported net income of $99,000 or 5 cents a share for the quarter compared with net income of $202,000 or 4 cents a share for the same quarter a year ago. The company has branches in Rumson, Fair Haven and Shrewsbury. It is scheduled to open another in Asbury Park in September 2008.

Rumson-Fair Haven Bank & Trust Co. reported earnings results for the first quarter ended March 31, 2008. Net income was $100,000 for the first quarter of 2008, as compared with $181,000 for the first three months of 2007. Basic and fully diluted earnings per share amounted to $0.05 and compared with $0.09 per share for 2007. The decline in net income can be largely attributed to the recognition in 2007 of significant income tax credits amounting to $122,000 resulting from the reduction of the valuation allowance on deferred income tax assets, the most significant of which are the benefits associated with federal and state tax loss carry forwards.

Rumson-Fair Haven Bank & Trust Co. reported earnings results for the full year ended December 31, 2007. For the period, the company reported net income amounted to $815,000, against $835,000 in the year ago period. The results for both years were favorably impacted by the recognition of income tax credits amounting to $487,000 and $310,000, respectively, from the reduction of the valuation allowance on company's deferred income tax assets, the most significant of which are the benefits associated with company's federal and state tax loss carryforwards. Excluding these credits, net income would have been $327,000 and $525,000, respectively. Fully diluted earnings per share were $0.38 for both 2007 and 2006. The company attributed the operating earnings improvement to the company's ability to continue to expand the loan portfolio.