New Jersey Community Bank Reports First Quarter 2010 Results
FREEHOLD, N.J., April 14 /PRNewswire-FirstCall/ -- New Jersey Community Bank (OTC Bulletin Board: NJCB) (the "Bank") announced net loss for the first quarter of 2010 of $112 thousand, decreasing $268 thousand from the $380 thousand loss reported for the first quarter of 2009. For the quarter, loss per share was $(0.07), compared with $(0.23) per share in the prior-year first quarter.
Robert D. O'Donnell, Chairman and CEO and James A. Kinghorn, President and COO commented, "While the current economic downturn continues to impact the financial sector, we are pleased with the overall results of the first quarter 2010. We remain committed to our business plan of strategic growth and improved earnings in the months ahead."
For the quarter, net interest income totaled $673 thousand, increasing $466 thousand year over year primarily as a result of an increase in average earning assets coupled with an increase in net interest margin. The provision for loan loss increased to $113 thousand, compared with $68 thousand in the year-ago quarter, as a result of the growth in the loan portfolio. Non-interest expense totaled $763 thousand for the quarter, an increase of $211 thousand from year-ago quarter, primarily due to the growth of the bank.
Mr. O'Donnell and Mr. Kinghorn also noted, "We are mindful of our lending practices given today's economic conditions, including the real estate market. At March 31, 2010, we had one non-performing loan and there were no charge-offs during the quarter. The allowance for loan loss at period-end was 1.14% of total loans."
At March 31, 2010, total assets were $94.2 million, up $6.0 million since December 31, 2009. Total loans increased $10.0 million to $68.4 million in the first quarter from $58.4 million reported at December 31, 2009. Total deposits grew by $6.1 million since December 31, 2009, totaling $81.1 million at March 31, 2010. Shareholders' equity totaled $13.0 million as of March 31, 2010. The Bank's capital ratios exceed the regulatory requirements of a well capitalized financial institution.
About the Bank
New Jersey Community Bank is a state-chartered commercial bank headquartered in Freehold, New Jersey. The Bank operates two full-service banking offices in the central New Jersey county of Monmouth. The Bank provides traditional commercial and retail banking services to small businesses and consumers. For additional information about New Jersey Community Bank, please visit www.njcbk.com or call 732-431-2265.
Forward-Looking Statements
This release contains forward-looking statements relating to present or future trends or factors affecting the banking industry, and specifically the financial condition and results of operations, including without limitation, statements relating to the earnings outlook of the Bank, as well as its operations, markets and products. Actual results could differ materially from those indicated. Among the important factors that could cause results to differ materially are interest rate changes, change in economic climate, which could materially impact credit quality trends and the ability to generate loans, changes in the mix of the Bank's business, competitive pressures, changes in accounting, tax or regulatory practices or requirements, resolution of tax reviews, and those risk factors detailed in the Bank's periodic reports. The Bank undertakes no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this release.
New Jersey Community Bank |
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Statements of Financial Condition |
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(dollars in thousands) |
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March 31, |
December 31, |
|||
2010 |
2009 |
|||
Assets |
(unaudited) |
|||
Cash and due from banks-non-interest bearing |
$ 1,233 |
$ 839 |
||
Federal funds sold |
13,614 |
17,109 |
||
Total Cash and Cash Equivalents |
14,847 |
17,948 |
||
Due from banks - interest bearing |
1,276 |
1,524 |
||
Investment Securities: |
||||
Available-for-sale |
6,959 |
7,495 |
||
Held-to-maturity |
256 |
256 |
||
Total Investment Securities |
7,215 |
7,751 |
||
Loans Receivable, net of unearned income |
68,421 |
58,392 |
||
Less: Allowance for loan losses |
(777) |
(664) |
||
Net Loans |
67,644 |
57,728 |
||
Premises and equipment, net |
2,612 |
2,652 |
||
Accrued interest receivable |
236 |
206 |
||
Other assets |
380 |
400 |
||
Total Assets |
$ 94,210 |
$ 88,209 |
||
Liabilities and Shareholders’ Equity |
||||
Liabilities |
||||
Deposits: |
||||
Non-interest bearing |
$ 5,116 |
$ 4,382 |
||
Savings, NOW and money market |
12,799 |
11,789 |
||
Time deposits under $100M |
19,703 |
22,816 |
||
Time deposits $100M and over |
43,467 |
36,027 |
||
Total Deposits |
81,085 |
75,014 |
||
Accrued interest payable |
4 |
3 |
||
Other liabilities |
87 |
66 |
||
Total Liabilities |
81,176 |
75,083 |
||
Shareholders’ Equity |
||||
Common stock, $2 par value; authorized 10,000,000 shares; |
||||
issued and outstanding 1,648,783 shares |
3,298 |
3,297 |
||
Surplus |
13,391 |
13,348 |
||
Accumulated Deficit |
(3,650) |
(3,538) |
||
Accumulated other comprehensive income |
(5) |
19 |
||
Total Shareholders’ Equity |
13,034 |
13,126 |
||
Total Liabilities and Shareholders’ Equity |
$ 94,210 |
$ 88,209 |
||
New Jersey Community Bank |
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Statements of Operations |
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(dollars in thousands, except per share data) |
||||
Three Months Ended March 31, |
||||
2010 |
2009 |
|||
Interest Income |
(unaudited) |
|||
Loans receivable, including fees |
$ 962 |
$ 387 |
||
Investment securities |
47 |
4 |
||
Federal funds sold |
7 |
7 |
||
Due from banks - interest bearing |
6 |
2 |
||
Total Interest Income |
1,022 |
400 |
||
Interest Expense |
||||
Deposits |
349 |
193 |
||
Total Interest Expense |
349 |
193 |
||
Net Interest Income before Provision for Loan Loss |
673 |
207 |
||
Provision for Loan Loss |
113 |
68 |
||
Net Interest Income after Provision for Loan Loss |
560 |
139 |
||
Non-Interest Income |
||||
Fees and service charges on deposit accounts |
78 |
23 |
||
Loan fee income |
4 |
2 |
||
All other income |
9 |
8 |
||
Total Non-Interest Income |
91 |
33 |
||
Non-Interest Expense |
||||
Salaries and employee benefits |
446 |
329 |
||
Occupancy and equipment |
148 |
111 |
||
Data processing services |
26 |
23 |
||
Professional and other fees |
38 |
27 |
||
Advertising and promotion |
1 |
5 |
||
Federal insurance assessment |
30 |
12 |
||
Other operating expenses |
74 |
45 |
||
Total Non-Interest Expenses |
763 |
552 |
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Net Loss |
$ (112) |
$ (380) |
||
Loss per share: |
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Basic |
$ (0.07) |
$ (0.23) |
||
Diluted |
(0.07) |
(0.23) |
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Contacts: |
Robert D. O'Donnell |
|
Chairman and CEO |
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James A. Kinghorn |
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President and COO |
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(732) 431-2265 Fax (732) 303-1831 |
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SOURCE New Jersey Community Bank
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