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In the third quarter of 2014, Net Income, exclusive of merger
expenses, increased by 15% as compared to the third quarter
of 2013, while Earnings Per Share increased by 10%. These
results reflected increased Net Interest Income driven by
overall strong loan growth this year, improved credit metrics,
and controlled expenses.

Third quarter 2014 financial highlights include:

• Net Income in the third quarter of 2014 was $8.2 million or $0.22 per diluted share compared to $6.6 million or $0.18 per diluted share for the same period last year. Third quarter 2013 results included $0.7 million, or $0.02 per diluted share in merger expenses relating to the acquisition of Somerset Hills Bancorp. Exclusive of these merger related expenses, Net Income in the third quarter of 2013 was $7.2 million, or $0.20 per diluted share. In the third quarter of 2014, Annualized Return on Average Assets was 0.95%, Annualized Return on Average Common Equity was 8.83%, and Annualized Return on Average Tangible Common Equity was 12.66%. Tangible book value per
common share at September 30, 2014, was $6.87, an increase of 8.9% compared to year-end 2013.

• September 30, 2014, loans totaled $2.61 billion, an increase of $143.1 million, or 6%, compared to year-end 2013.

• Non-interest-bearing demand deposits totaled $674.9 million at September 30, 2014, an increase of
$25.7 million, or 4% in the third quarter of 2014, and $74.3 million, or 12% year-to-date.

• The efficiency ratio in the third quarter of 2014 was 58.0% compared to 60.0% for the same period last year. Non-interest expenses in the third quarter of 2014 totaled $19.7 million, which equaled
non-interest expenses for the same period last year (excluding merger related expenses
of $0.7 million).

• Non-performing assets at $19.6 million decreased by $0.6 million compared to the previous quarter, while net charge-offs at $1.0 million were at the lowest level in the past five quarters.

On October 15, 2014, the Company declared a quarterly cash dividend of $0.075 per common share, payable on November 14, 2014, to holders of record as of the close of business on November 3, 2014.

Thanks, as always, to our shareholders, customers, directors, and colleagues for their continued support.

Sincerely,

Thomas J. Shara
President and Chief Executive Officer