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.
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
Associated Documentation:
Link to submission on http://www.eteligis.com
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