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
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Today, we have more data to manage than ever. We also have better algorithms that help us access our data faster. Cloud is the driving force behind many of the data warehouse advancements we have enjoyed in recent years. But what are the best practices for storing data in the cloud for machine learning and data science applications?
Andi Mann, Chief Technology Advocate at Splunk, is an accomplished digital business executive with extensive global expertise as a strategist, technologist, innovator, marketer, and communicator. For over 30 years across five continents, he has built success with Fortune 500 corporations, vendors, governments, and as a leading research analyst and consultant.
A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great deals to great conferences, helping you discover new conferences and increase your return on investment.
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 ...
DXWorldEXPO LLC announced today that ICOHOLDER named "Media Sponsor" of Miami Blockchain Event by FinTechEXPO. ICOHOLDER gives detailed information and help the community to invest in the trusty projects. Miami Blockchain Event by FinTechEXPO has opened its Call for Papers. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected] Miami Blockchain Event by FinTechEXPOalso offers sp...
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science" is responsible for guiding the technology strategy within Hitachi Vantara for IoT and Analytics. Bill brings a balanced business-technology approach that focuses on business outcomes to drive data, analytics and technology decisions that underpin an organization's digital transformation strategy.
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term.
Headquartered in Plainsboro, NJ, Synametrics Technologies has provided IT professionals and computer systems developers since 1997. Based on the success of their initial product offerings (WinSQL and DeltaCopy), the company continues to create and hone innovative products that help its customers get more from their computer applications, databases and infrastructure. To date, over one million users around the world have chosen Synametrics solutions to help power their accelerated business or per...
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
Sanjeev Sharma Joins November 11-13, 2018 @DevOpsSummit at @CloudEXPO New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time t...
DXWorldEXPO LLC announced today that Kevin Jackson joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Kevin L. Jackson is a globally recognized cloud computing expert and Founder/Author of the award winning "Cloud Musings" blog. Mr. Jackson has also been recognized as a "Top 100 Cybersecurity Influencer and Brand" by Onalytica (2015), a Huffington Post "Top 100 Cloud Computing Experts on Twitter" (2013) and a "Top 50 C...
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things'). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing. IoT is not about the devices, its about the data consumed and generated. The devices are tools, mechanisms, conduits. This paper discusses the considerations when dealing with the...
When applications are hosted on servers, they produce immense quantities of logging data. Quality engineers should verify that apps are producing log data that is existent, correct, consumable, and complete. Otherwise, apps in production are not easily monitored, have issues that are difficult to detect, and cannot be corrected quickly. Tom Chavez presents the four steps that quality engineers should include in every test plan for apps that produce log output or other machine data. Learn the ste...