Welcome!

News Feed Item

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

FREEHOLD, NJ -- (Marketwired) -- 04/14/14 -- 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
[email protected]

Terry H. Thompson
President and COO
[email protected]

Naqi A. Naqvi
Executive Vice President & CFO
[email protected]

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

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
With over 720 million Internet users and 40–50% CAGR, the Chinese Cloud Computing market has been booming. When talking about cloud computing, what are the Chinese users of cloud thinking about? What is the most powerful force that can push them to make the buying decision? How to tap into them? In his session at 18th Cloud Expo, Yu Hao, CEO and co-founder of SpeedyCloud, answered these questions and discussed the results of SpeedyCloud’s survey.
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Kubernetes, Docker and containers are changing the world, and how companies are deploying their software and running their infrastructure. With the shift in how applications are built and deployed, new challenges must be solved. In his session at @DevOpsSummit at19th Cloud Expo, Sebastian Scheele, co-founder of Loodse, will discuss the implications of containerized applications/infrastructures and their impact on the enterprise. In a real world example based on Kubernetes, he will show how to ...
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...