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     905  0 Kommentare New Jersey Community Bank Reports Revised Fourth Quarter and Full Year Results for 2013

    FREEHOLD, NJ--(Marketwired - Apr 14, 2014) - New Jersey Community Bank (OTCQB: NJCB) (the "Bank") reported revised and updated results for the quarter and year ended December 31, 2013. The Bank had originally reported on January 27, 2014, net loss of $212 thousand, or $(0.11) per common share and earnings of $114 thousand, or $0.06 per common share, for the three months and year ended December 31, 2013, respectively. As revised, the Bank is now reporting net loss of $1.6 million, or $(0.82) per common share and $1.2 million, or $(0.65) per common share for the three months and year ended December 31, 2013.

    The change in the Bank's reported results is directly related to recording, as of December 31, 2013, a non-recurring $2.0 million litigation charge in connection with a judgment against the Bank relating to a loan on which the Bank was fully repaid. The judgment determined that the payment constituted a "preference" under the bankruptcy code. As a result of this decision, the Bank established a litigation reserve for the full $2.0 million while it is in the process for appealing the court's decision. In addition, the Bank recorded an additional provision for loan loss of $275 thousand to adequately fund the allowance for loan loss relating to increased level of non-performing loans.

    Following are the Bank's restated statements of financial condition for the years ended December 31, 2013 and 2012 and the statements of operations for the quarter and year ended December 31, 2013 and 2012.

    About the Bank
    New Jersey Community Bank is a state-chartered commercial bank headquartered in Freehold, New Jersey. The Bank opened for business in July 2008 and operates three full-service banking offices in the central New Jersey counties of Monmouth and Middlesex. 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                
    Selected Financial Highlights                
    (unaudited)                
        As of or for the Quarters Ended  
    (in thousands, except per share and percentage data)   12/31/2013     9/30/2013     6/30/2013     3/31/2013     12/31/2012  
                                             
    Summary of Operations:                                        
    Interest income   $ 1,187     $ 1,456     $ 1,436     $ 1,409     $ 1,500  
    Interest expense     244       223       228       267       302  
    Net interest income     943       1,233       1,208       1,142       1,198  
      Provision for loan and lease loss     660       105       55       35       28  
    Net interest income after provision for loan loss     283       1,128       1,153       1,107       1,170  
      Non-interest income     117       128       118       86       96  
      Non-interest expense     3,057       1,041       1,071       1,031       1,026  
    Income before income tax expense     (2,657 )     215       200       162       240  
      Income tax expense     (1,085 )     93       87       71       101  
      Net income   $ (1,573 )   $ 122     $ 113     $ 91     $ 139  
                                             
    Per Common Share(1):                                        
      Basic   $ (0.82 )   $ 0.06     $ 0.06     $ 0.05     $ 0.07  
      Diluted     (0.82 )     0.06       0.06       0.05       0.07  
      Book value per share     7.44       8.29       8.29       8.31       8.23  
    Average shares outstanding     1,908       1,908       1,908       1,908       1,908  
    Average diluted shares outstanding     1,908       1,908       1,908       1,908       1,908  
                                             
    Selected Financial Ratios:                                        
    Return on average assets     -4.48 %     0.37 %     0.35 %     0.26 %     0.42 %
    Return on average common equity     -39.72 %     3.09 %     2.82 %     2.27 %     3.56 %
    Average equity to average assets     11.28 %     11.93 %     12.33 %     11.65 %     11.90 %
    Risk-based capital:                                        
    Total risk-based capital ratio     13.62 %     15.67 %     16.10 %     16.20 %     15.71 %
    Tier 1 risk-based capital ratio     12.36 %     14.42 %     14.87 %     15.00 %     14.58 %
    Tier 1 leverage capital ratio     9.76 %     11.86 %     12.06 %     11.38 %     11.61 %
                                             
    Financial Condition:                                        
      Total assets   $ 144,503     $ 135,546     $ 130,877     $ 130,946     $ 138,678  
      Loans, net of unearned income     94,934       92,978       91,515       90,736       92,157  
      Deposits     127,940       119,125       114,675       114,614       122,536  
      Shareholder's equity     14,193       15,813       15,810       15,848       15,712  
                                             
    (1) Data have been restated to give effect to the 5% stock dividend declared and paid in 2013.         
                       
                 
    New Jersey Community Bank            
    Statements of Financial Condition            
    (dollars in thousands, except share data)            
        At Year End December 31,  
        2013     2012  
    Assets   (unaudited)        
    Cash and due from banks - non-interest bearing   $ 1,927     $ 1,138  
    Federal funds sold and interest-bearing deposits with banks     14,710       18,180  
    Total Cash and Cash Equivalents     16,637       19,318  
    Due from banks - time deposits     7,867       7,768  
    Investment Securities:                
    Available-for-sale     14,644       11,092  
    Held-to-maturity     3,166       2,905  
    Total Investment Securities     17,810       13,997  
    Loans Receivable, net of unearned fees     94,934       92,157  
    Less: Allowance for loan losses     (1,982 )     (1,207 )
    Net Loans     92,952       90,950  
    Premises and equipment, net     2,254       2,420  
    Accrued interest receivable     338       351  
    Bank-owned life insurance     3,579       1,507  
    Deferred tax assets     2,251       686  
    Other assets     815       1,681  
    Total Assets   $ 144,503     $ 138,678  
                     
    Liabilities and Shareholders' Equity                
    Liabilities                
    Deposits:                
    Non-interest bearing   $ 13,270     $ 10,073  
    Savings, NOW and money market     43,140       40,357  
    Time deposits $100M and over     53,601       53,025  
    Time deposits, other     17,929       19,081  
    Total Deposits     127,940       122,536  
                     
    Accrued interest payable     5       8  
    Other liabilities     2,365       422  
    Total Liabilities     130,310       122,966  
                     
    Shareholders' Equity                
    Common stock, $2 par value; authorized 10,000,000 shares;                
    issued and outstanding 1,908,445 and 1,648,783 shares, respectively     3,817       3,635  
    Surplus     13,772       13,854  
    Accumulated Deficit     (3,033 )     (1,786 )
    Accumulated other comprehensive income (loss)     (363 )     9  
    Total Shareholders' Equity     14,193       15,712  
    Total Liabilities and Shareholders' Equity   $ 144,503     $ 138,678  
                     
                         
    New Jersey Community Bank
    Statements of Operations
    (dollars in thousands, except per share data)
     
        Three Months Ended   Years Ended
        December 31,   December 31,
        2013     2012   2013     2012
    Interest Income                            
    Loans receivable, including fees   $ 1,072     $ 1,409   $ 5,089     $ 5,494
    Investment securities     97       73     324       359
    Federal funds sold and interest-bearing deposits with banks     6       6     23       27
    Due from banks - interest bearing     12       12     52       41
    Total Interest Income     1,187       1,500     5,488       5,921
    Interest Expense                            
    Deposits     244       302     961       1,291
    Net Interest Income before Provision for Loan Loss     943       1,198     4,527       4,630
    Provision for Loan Loss     660       28     855       117
    Net Interest Income after Provision for Loan Loss     283       1,170     3,672       4,513
    Non-Interest Income                            
    Fees and service charges on deposit accounts     69       55     273       253
    Loan fee income     9       3     31       27
    Gain on sale of securities available for sale     -       19     16       19
    All other income     38       19     128       50
    Total Non-Interest Income     117       96     448       349
    Non-Interest Expense                            
    Salaries and employee benefits     627       578     2,454       2,542
    Occupancy and equipment     205       189     760       765
    Data processing services     42       38     168       154
    Professional and other fees     46       102     295       294
    Advertising and promotion     6       3     27       15
    Federal insurance assessment     20       28     105       113
    Other litigation cost     2,000       -     2,000       -
    Other operating expenses     111       88     391       334
    Total Non-Interest Expenses     3,057       1,026     6,200       4,217
    Income Before Income Tax Expense     (2,657 )     240     (2,080 )     645
    Income tax expense     (1,085 )     101     (833 )     284
    Net Income   $ (1,573 )   $ 139   $ (1,247 )   $ 361
    Income per share:                            
    Basic and diluted   $ (0.82 )   $ 0.07   $ (0.65 )   $ 0.19
    Weighted average number of common shares outstanding                            
    Basic and diluted     1,908       1,908     1,908       1,908
                                 

    Contacts at New Jersey Community Bank:

    Robert D. O'Donnell
    Chairman and CEO
    rodonnell@njcbk.com

    Terry H. Thompson
    President and COO
    tthompson@njcbk.com

    Naqi A. Naqvi
    Executive Vice President & CFO
    nnaqvi@njcbk.com

    3441 Route Nine North, Freehold, New Jersey 07728
    (732) 431-2265
    Fax (732) 303-1831
    www.njcbk.com



    Verfasst von Marketwired
    New Jersey Community Bank Reports Revised Fourth Quarter and Full Year Results for 2013 FREEHOLD, NJ--(Marketwired - Apr 14, 2014) - New Jersey Community Bank (OTCQB: NJCB) (the "Bank") reported revised and updated results for the quarter and year ended December 31, 2013. The Bank had originally reported on January 27, 2014, net loss …