New Jersey Community Bank Announces Operating Results for the Fourth Quarter
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
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Total Assets $88,209 $36,421
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Liabilities
Deposits
Non-interest bearing $4,382 $2,243
Interest Bearing 70,632 19,591
Other Liabilities 68 118
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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)
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Total Equity 13,127 14,469
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Total Liabilities and Equity $88,209 $36,421
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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
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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)
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Contacts: Robert D. O’Donnell
Chairman & Chief Executive Officer
[email protected]
James A. Kinghorn
President & Chief Operating Officer
[email protected]
(732) 431-2265
SOURCE New Jersey Community Bank
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