FREEHOLD, N.J., Oct. 22 /PRNewswire-FirstCall/ -- New Jersey Community Bank
(the "Bank") (OTC Bulletin Board: NJCB) reported a net loss of $219 thousand
for the third quarter, September 30, 2009, with a total year to date loss of
$977 thousand. The Bank has been in operation for a little more than fourteen
months. As of September 30, 2009, the Bank's total assets were $78.3 million,
up 25% from June 30, 2009. Deposits totaled $64.6 million and loans totaled
$51.9 million, an increase of 33% and 21% respectively from June 30, 2009.
Robert D. O'Donnell, Chairman and CEO stated "The Bank continues to grow at a
steady pace and is ahead of their business plan and budget in most
categories".
About the Bank
New Jersey Community Bank is a New Jersey-chartered commercial bank with its
principal office located in the Township of Freehold in Monmouth County, New
Jersey with a branch office located in Neptune City New Jersey. The Bank
opened in July 2008 and provides a traditional range of business and consumer
banking products.
Forward-Looking Statements
This news release contains forward-looking statements. We caution that
forward-looking statements are subject to numerous assumptions, risks and
uncertainties, which change over time. Such statements are also subject to
certain factors that may cause the Bank's results to vary from those expected.
These factors include changing economic and financial market conditions,
competition, ability to execute the Bank's business plan, items already
mentioned in this press release, and other factors. Readers are cautioned not
to place undue reliance on these forward-looking statements, which reflect
management's judgment only as of this date. The Bank undertakes no obligation
to publicly revise these forward-looking statements to reflect events and
circumstances that arise after the date of this release.
Contacts: Robert D. O'Donnell
Chairman & Chief Executive Officer
rodonnell@njcbk.com
James A. Kinghorn
President & Chief Operating Officer
jkinghorn@njcbk.com
New Jersey Community Bank
Statement of Condition
(unaudited)
(dollars in thousands)
September 30, 2009
Assets
Cash and Due from Banks $13,443
Federal Funds Sold $3,060
Investments $7,491
Loans $51,948
Allowance for Loan Losses (582)
Fixed Assets $2,649
Other Assets $263
----
Total Assets $78,272
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Liabilities
Deposits
Non-interest bearing $6,559
Interest Bearing $58,093
Other Liabilities $94
---
Total Liabilities $64,746
Shareholders' Equity
Common Stock @ $2.00
1,648,783 Shares Outstanding $3,298
Additional Paid in Capital $13,314
Unrealized Gain/Loss AFS $35
Retained Earnings (3,121)
-------
Total Equity $13,526
-------
Total Liabilities and Equity $78,272
=======
New Jersey Community Bank
Statement of Operations
(unaudited)
(dollars in thousands)
Three months ended YTD
September 2009 Balance
-------------- -------
Interest Income
Loans $732 $1,663
Investments 19 $36
Federal Funds Sold 2 $14
Other Interest Income 14 $23
-- ---
Total Interest Income $767 $1,736
Interest Expense
Interest on Deposits $296 $720
Interest on Borrowings - -
--- ---
Total Interest Expense $296 $720
Net Interest Income $471 $1,016
Provision for Loan Losses 114 337
--- ---
Net Interest Income after Loan Losses $357 $679
Other Income
Deposit Related Fees $27 $77
Loan Related Fees $21 42
Other Income $5 17
-- --
Total Other Income $53 $136
Other Expense
Compensation and Benefits $352 $1,017
Occupancy $88 242
Furniture and all other Equipment $14 81
Other Operating Expenses $175 447
---- ---
Total Other Expenses $629 $1,787
Net Income (Loss) before taxes (219) (972)
Income Taxes - 5
--- ---
Net Income (Loss) $(219) $(977)
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SOURCE New Jersey Community Bank
Robert D. O'Donnell, Chairman & Chief Executive Officer, rodonnell@njcbk.com;
James A. Kinghorn, President & Chief Operating Officer, jkinghorn@njcbk.com,
both of New Jersey Community Bank, +1-732-431-2265
