New Jersey Community Bank Announces Operating Results for the Fourth Quarter

Jan 27, 2010, 12:59 ET from New Jersey Community Bank

FREEHOLD, N.J., Jan. 27 /PRNewswire-FirstCall/ -- New Jersey Community Bank.  (the “Bank”) (OTC Bulletin Board: NJCB) reported a net loss of $417 thousand for the fourth quarter, December 31, 2009, compared to a $429 thousand loss for the prior fourth quarter, December 31, 2008.  In the fourth quarter, the Bank reported a $300 thousand charge pertaining to one loan.  At year end, there were no other loan delinquencies over thirty days.  The 2009 year to date loss totaled $1,394 thousand compared to $2,143 thousand loss for year end 2008.  As of December 31, 2009, the Bank’s total assets were $88.2 million compared to $36.4 million on December 31, 2008; deposits totaled $75 million compared to $21.8 million on December 31, 2008; and loans totaled $57.7 million compared to $21.9 million on December 31, 2008.  

Robert O’Donnell, Chairman and CEO and James A. Kinghorn, President and COO stated “The Bank continues to be on pace with its business plan, while offering a full array of banking services to our local markets.  Our growth is attributed to outstanding customer service by a dedicated and experienced staff.”

About the Bank

New Jersey Community Bank is a state-chartered commercial bank with its principal office located in the Township of Freehold in Monmouth County, New Jersey with a branch office located in Neptune City, New Jersey.  The Bank opened in July 2008 and provides a traditional range of business and consumer banking products.  

Forward-Looking Statements

This news release contains forward-looking statements.  We caution that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time.  Such statements are also subject to certain factors that may cause the Bank’s results to vary from those expected.  These factors include changing economic and financial market conditions, competition, ability to execute the Bank’s business plan, items already mentioned in this press release, and other factors.  Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s judgment only as of this date.  The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect events and circumstances that arise after the date of this release.

    
    
                              New Jersey Community Bank
                               Statement of Condition
                                     (unaudited)
                               (dollars in thousands)
    
                                    December 31, 2009     December 31, 2008
    Assets
    Cash and Due from Banks                $16,364                 $543
    Federal Funds Sold                       3,109               10,895
    Investments                              7,750                  200
    Loans                                   58,393               22,218
    Allowance for Loan
     Losses                                   (664)                (245)
    Fixed Assets                             2,608                2,653
    Other Assets                               649                  157
                                            ------               ------   
    
    Total Assets                           $88,209              $36,421
                                           =======              =======
    
    
    
    Liabilities
    Deposits
         Non-interest bearing               $4,382               $2,243
         Interest Bearing                   70,632               19,591
    Other Liabilities                           68                  118
                                            ------               ------   
    
    Total Liabilities                       75,082               21,952
    
    Shareholders’ Equity
    Common Stock @ $2.00
     1,648,783 Shares
     Outstanding                             3,298                3,298
    
    Additional Paid in Capital              13,347               13,314
    Unrealized Gain/Loss AFS                    19                    -
    Retained Earnings                       (3,537)              (2,143)
                                            ------               ------   
    Total Equity                            13,127               14,469
                                            ------               ------   
    Total Liabilities and Equity           $88,209              $36,421
                                           =======              =======
    
    
    
    
                                New Jersey Community Bank
                                 Statement of Operations
                                      (unaudited)
                                 (dollars in thousands)
    
                               Three months ended    Year ended
                                    December 31,    December 31,
                                    2009   2008     2009     2008
                                    ----   ----     ----     ----
    
    Interest Income
    Loans                           $875   $302   $2,538     $406
    Investments                       39      2       75        3
    Federal Funds Sold                 1     22       15      171
    Other Interest Income             13      -       36       98
                                   -----  -----    -----    -----
    Total Interest Income            928    326    2,664      678
    
    Interest Expense
    Interest on Deposits             327    140    1,047      174
    Interest on Borrowings             -      -        -       14
                                   -----  -----    -----    -----
    Total Interest Expense           327    140    1,047      188
    
    Net Interest Income              601    186    1,617      490
    Provision for Loan Losses        382     95      719      245
                                   -----  -----    -----    -----
    Net Interest Income after Loan
     Losses                          219     91      898      245
    
    Other Income
    Deposit Related Fees              43     14      120       17
    Loan Related Fees                 15     17       57       31
    Other Income                       6      2       23        2
                                   -----  -----    -----    -----
    
    Total Other Income                64     33      200       50
    
    Other Expense
    Compensation and Benefits        397    305    1,414    1,241
    Occupancy                        102     73      344      264
    Furniture and all other
     Equipment                        32     37      113       76
    Organization Expense               -      -        -      276
    Other Operating Expenses         169    138      616      581
                                   -----  -----    -----    -----
    Total Other Expenses             700    553    2,487    2,438
    
    Net Income (Loss) before taxes  (417)  (429)  (1,389)  (2,143)
    Income Taxes                       -      -        5        -
                                   -----  -----    -----    -----
    Net Income (Loss)              $(417) $(429) $(1,394) $(2,143)
                                   =====  =====   ======   ====== 
    
    
    
    
    
    Contacts: Robert D. O’Donnell
    Chairman & Chief Executive Officer
    rodonnell@njcbk.com
    James A. Kinghorn
    President & Chief Operating Officer
    jkinghorn@njcbk.com
    (732) 431-2265

SOURCE New Jersey Community Bank