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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

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