New Jersey Community BankSelected Financial Highlights(unaudited) As of or for the Quarters Ended ----------------------------------------------------------(in thousands, except per share and percentage data) 12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011 ---------- ---------- ---------- ---------- ----------Summary of Operations: Interest income $ 1,501 $ 1,496 $ 1,465 $ 1,459 $ 1,464 Interest expense 302 315 323 351 380 ---------- ---------- ---------- ---------- ---------- Net interest income 1,199 1,181 1,142 1,108 1,084 Provision for loan and lease loss 27 20 25 45 35 ---------- ---------- ---------- ---------- ---------- Net interest income after provision for loan loss 1,172 1,161 1,117 1,063 1,049 Non-interest income 95 75 77 102 127 Non-interest expense 1,026 1,223 994 974 964 ---------- ---------- ---------- ---------- ---------- Income before income tax expense 241 13 200 191 212 Income tax expense 101 12 88 83 74 ---------- ---------- ---------- ---------- ---------- Net income $ 140 $ 1 $ 112 $ 108 $ 138 ========== ========== ========== ========== ==========Per Common Share(1): Basic $ 0.08 $ 0.00 $ 0.06 $ 0.06 $ 0.08 Diluted 0.08 0.00 0.06 0.06 0.08 Book value per share 8.64 8.59 8.57 8.47 8.41 Average shares outstanding 1,818 1,818 1,818 1,818 1,818 Average diluted shares outstanding 1,818 1,818 1,818 1,818 1,818Selected Financial Ratios: Return on average assets 0.42% 0.00% 0.34% 0.32% 0.43% Return on average common equity 3.56% 0.03% 2.90% 2.81% 3.62% Average equity to average assets 11.90% 11.94% 11.80% 11.47% 11.73% Risk-based capital: Total risk- based capital ratio 15.71% 15.81% 16.15% 16.67% 16.39% Tier 1 risk- based capital ratio 14.56% 14.66% 14.99% 15.49% 15.25% Tier 1 leverage capital ratio 11.61% 11.60% 11.50% 11.16% 11.41%Financial Condition: Total assets $ 138,678 $ 132,251 $ 131,336 $ 132,176 $ 132,018 Loans, net of unearned income 92,157 93,322 90,440 87,794 87,857 Deposits 122,536 116,257 115,345 116,385 116,394 Shareholder's equity 15,712 15,621 15,587 15,406 15,293(1) Data have been restated to give effect to the 5% stock dividend paid in 2012.New Jersey Community BankStatements of Financial Condition(dollars in thousands, except share data) ------------ ------------ December 31, December 31, 2012 2011 ------------ ------------Assets Cash and due from banks - non-interest bearing $ 1,138 $ 1,519 Federal funds sold and interest-bearing deposits with banks 18,180 12,877 ------------ ------------ Total Cash and Cash Equivalents 19,318 14,396 Due from banks - time deposits 7,768 6,671 Investment Securities: Available-for-sale 11,092 18,719 Held-to-maturity 2,905 1,469 ------------ ------------ Total Investment Securities 13,997 20,188 Loans Receivable, net of unearned income 92,157 87,857 Less: Allowance for loan losses (1,207) (1,101) ------------ ------------ Net Loans 90,950 86,756 Premises and equipment, net 2,420 2,610 Accrued interest receivable 351 363 Bank-owned life insurance 1,507 - Deferred tax assets 686 753 Other assets 1,681 281 ------------ ------------ Total Assets $ 138,678 $ 132,018 ============ ============Liabilities and Shareholders' Equity Liabilities Deposits: Non-interest bearing $ 10,073 $ 6,057 Savings, NOW and money market 40,357 36,508 Time deposits $100M and over 53,025 50,483 Time deposits, other 19,081 23,346 ------------ ------------ Total Deposits 122,536 116,394 Accrued interest payable 8 15 Other liabilities 422 316 ------------ ------------ Total Liabilities 122,966 116,725 ------------ ------------Shareholders' Equity Common stock, $2 par value; authorized 10,000,000 shares; issued and outstanding 1,817,662 and 1,648,783 shares, respectively 3,635 3,462 Surplus 13,854 13,930 Accumulated Deficit (1,786) (2,147) Accumulated other comprehensive income (loss) 9 48 ------------ ------------ Total Shareholders' Equity 15,712 15,293 ------------ ------------ Total Liabilities and Shareholders' Equity $ 138,678 $ 132,018 ============ ============New Jersey Community BankStatements of Income(dollars in thousands, except per share data) Three Months Ended Year Ended December 31, December 31, ------------------- ------------------- 2012 2011 2012 2011 --------- --------- --------- ---------Interest Income Loans receivable, including fees $ 1,410 $ 1,351 $ 5,494 $ 5,509 Investment securities 73 94 359 356 Federal funds sold and interest- bearing deposits with banks 6 8 27 24 Due from banks - interest bearing 12 11 41 38 --------- --------- --------- --------- Total Interest Income 1,501 1,464 5,921 5,927 --------- --------- --------- ---------Interest Expense Deposits 302 380 1,291 1,459 --------- --------- --------- --------- Net Interest Income before Provision for Loan Loss 1,199 1,084 4,630 4,468Provision for Loan Loss 27 35 117 244 --------- --------- --------- --------- Net Interest Income after Provision for Loan Loss 1,172 1,049 4,513 4,224 --------- --------- --------- ---------Non-Interest Income Fees and service charges on deposit accounts 55 95 253 343 Loan fee income 3 21 27 41 Gain on sale of securities 19 - 19 - All other income 18 11 50 36 --------- --------- --------- --------- Total Non-Interest Income 95 127 349 420 --------- --------- --------- ---------Non-Interest Expense Salaries and employee benefits 578 489 2,542 2,107 Occupancy and equipment 189 185 765 683 Data processing services 38 40 154 144 Professional and other fees 102 119 294 282 Advertising and promotion 3 9 15 30 Federal insurance assessment 28 27 113 125 Other operating expenses 88 95 334 315 --------- --------- --------- --------- Total Non-Interest Expenses 1,026 964 4,217 3,686 --------- --------- --------- --------- Income Before Income Tax Expense 241 212 645 958 Income tax expense 101 74 284 406 --------- --------- --------- ---------Net Income $ 140 $ 138 $ 361 $ 552 ========= ========= ========= =========Income per share: Basic and diluted $ 0.08 $ 0.08 $ 0.20 $ 0.30Weighted average number of common shares outstanding Basic and diluted 1,818 1,818 1,818 1,818New Jersey Community BankAnalysis of Average Balance Sheet and Net Interest Income For the Year Ended December 31, 2012 December 31, 2011 -------------------------- -------------------------- Average Average Average Average Balance Interest Rate Balance Interest Rate -------- -------- ------- -------- -------- -------Interest Earning Assets: Loans $ 90,299 $ 5,494 6.08% $ 87,926 $ 5,509 6.27% Investment securities 17,869 359 2.01% 14,996 356 2.37% Federal funds sold and interest bearing deposits with banks 12,988 27 0.21% 12,594 24 0.19% Due from banks - interest bearing 6,696 41 0.62% 4,710 38 0.82% -------- -------- ------- -------- -------- ------- Total interest- earning assets 127,852 5,921 4.63% 120,226 5,927 4.93%Allowance for loan loss (1,156) (1,093)Cash and due from banks - non- interest bearing 1,274 1,288All other assets 4,048 4,231 -------- -------- Total assets $132,018 $124,652 ======== ========Interest Bearing Liabilities: Deposits: Savings, NOW and money market $ 39,633 293 0.74% $ 31,972 343 1.07% Time deposits under $100M 21,439 345 1.61% 22,797 386 1.69% Time deposits $100M and over 47,760 653 1.37% 48,264 730 1.51% -------- -------- ------- -------- -------- ------- Total deposits 108,832 1,291 1.19% 103,033 1,459 1.42%Demand 7,228 6,334Other liabilities 411 293 -------- -------- Total liabilities 116,471 109,660Stockholders' equity 15,547 14,992 -------- -------- Total liabilities & stockholders' equity $132,018 $124,652 ======== -------- ======== --------Net interest income $ 4,630 $ 4,468 ======== ========Average interest rate spread 3.44% 3.51% ======= =======Net interest margin 3.61% 3.72% ======= =======
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]
New Jersey Community Bank
3441 Route Nine North
Freehold, New Jersey 07728
(732) 431-2265 Fax (732) 303-1831
www.njcbk.com
