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Marketwired
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New Jersey Community Bank Reports Second Quarter 2016 Results

FREEHOLD, NJ -- (Marketwired) -- 08/04/16 -- New Jersey Community Bank (OTCQB: NJCB) (the "Bank") reported a net loss of $580 thousand, or ($0.30) per common share for the three months ended June 30, 2016, compared to a net loss of $41 thousand, or ($0.02) per common share in the second quarter of 2015. For the first six months of 2016, the Bank reported net loss of $863 thousand, or ($0.45) per common share compared with a net loss of $87 thousand, or ($0.05) per common share for the same period in the prior year. The losses for first six months and the second quarter 2016 were negatively impacted by higher level of consulting expense associated with complying with the Consent Orders among the Bank, the FDIC and the NJ Department of Banking and Insurance during 2016.

The results for the quarter were further negatively impacted by a decline in interest income on loans as a result of a decrease in total loans, coupled with increased non-interest expenses. Net interest margin during the second quarter 2016, declined 26 basis points year over year primarily due to a decline in yield on earning assets resulting from the reduction in interest income on loans.

Management's focus remains on maintaining sound underwriting standards, monitoring certain concentrations of commercial real estate loans, continuing to improve asset quality and credit metrics while attempting to grow other segments of the loan portfolio. Simultaneously, management continuous to seek out additional efficiencies within its operations to return the Bank to profitability.

Balance Sheet Summary
At June 30, 2016, total assets were $103.3 million, a decrease of $7.8 million from December 31, 2015. Total cash and cash equivalents and due from banks-time deposits decreased $610 thousand and $258 thousand, respectively, compared to year end 2015, largely as a result of decrease in overnight federal funds sold. Total investment securities decreased $5.0 million from year-end 2015, resulting from the calls of certain available-for-sale investment securities. Total loans receivable decreased $1.3 million compared to year end 2015, reflecting principal payoffs exceeding new loan originations, as the Bank continues to focus on resolving existing credit issues.

Total deposits decreased $7.0 million compared to the levels at year end 2015. Of the total decrease, non-interest bearing deposits decreased $2.5 million and savings, NOW and money market deposits combined decreased $8.1 million, partially offset by $3.6 million increase in total time deposits. The decline in total deposits resulted from the general outflow of deposits and, in part, due to the anticipated closure of one of the bank's branch in Cranbury, NJ.

Shareholders' equity totaled $11.0 million at June 30, 2016, decreasing $804 thousand from year-end 2015, due to the reported net loss. The Bank's capital ratios remain strong and exceed the regulatory requirements to be deemed a well-capitalized financial institution.

Results of Operations
For the quarter ended June 30, 2016, net interest income totaled $752 thousand, decreasing $270 thousand over the same period in the prior year. The decrease in net interest income was a direct result of declining average loans receivables which impacted the interest income on loans. Net interest margin decreased 26 basis points to 3.14% for the quarter ended June 30, 2016, over the comparable quarter in 2015. Average yield on earning assets was 3.85%, decreasing 27 basis points over the prior year and average rate on paying liabilities was 0.87%, a moderate decline over the comparable quarter in the prior year.

The Bank did not record any provision for loan loss during the second quarter 2016 or 2015, primarily due to declining balances in the loan portfolio coupled with slight improvement in asset quality. The allowance for loan loss at period-end was $1.6 million, or 2.20% of total loans. Asset quality continues to be monitored and management estimates the current level of allowance for loan loss to be adequate.

Non-interest income totaled $116 thousand for the quarter ended June 30, 2016, an increase of $30 thousand compared with the same quarter in the prior year. The increase in non-interest income was the direct result of $53 thousand in gain on sale of other real estate owned recorded during the second quarter 2016, in part offset by decreased levels of fees and service charges on deposit accounts.

Non-interest expense totaled $1.4 million for the quarter ended June 30, 2016, an increase of $273 thousand from the year-ago same quarter. The increase in non-interest expense was directly related to the consulting expenses associated with satisfying the requirements of the FDIC Consent Orders. Salaries and employee benefits decreased $23 thousand due to a reduction in executive level compensation. Professional and other fees, which includes consulting costs, increased $300 thousand, due to consulting services utilized by the Bank in connection with complying with the Consent Orders among the Bank, the FDIC and the NJ Department of Banking and Insurance during the first six months of 2016. All other expenses combined decreased moderately compared with the second quarter of 2015.

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)               6/30/2016  3/31/2016  12/31/2015  9/30/2015  6/30/2015
-------------------- ---------  ---------  ----------  ---------  ---------

Summary of
 Operations:
  Interest income    $     921  $     995  $    1,060  $   1,118  $   1,238
  Interest expense         169        168         185        217        216
                     ---------  ---------  ----------  ---------  ---------
    Net interest
     income                752        827         875        901      1,022
  Provision for loan
   loss                      -          -           -        695          -
                     ---------  ---------  ----------  ---------  ---------
    Net interest
     income after
     provision for
     loan loss             740        827         875        206      1,022
  Non-interest
   income                  128         63          84         88         86
  Non-interest
   expense               1,448      1,173       1,254      1,097      1,175
                     ---------  ---------  ----------  ---------  ---------
    Loss before
     income tax
     expense
     (benefit)            (580)      (283)       (295)      (803)       (67)
  Income tax expense
   (benefit)                 -          -       1,919       (322)       (26)
                     ---------  ---------  ----------  ---------  ---------
    Net loss         $    (580) $    (283) $   (2,214) $    (481) $     (41)
                     =========  =========  ==========  =========  =========

Per Common Share:
    Basic            $   (0.30) $   (0.15) $    (1.16) $   (0.25) $   (0.02)
    Diluted              (0.30)     (0.15)      (1.16)     (0.25)     (0.02)
  Book value per
   share                  5.75       6.05        6.17       7.35       7.56
  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                -2.25%     -1.07%      -7.39%     -1.50%     -0.13%
  Return on average
   common equity        -20.49%     -9.66%     -63.57%    -13.35%     -1.13%
  Average equity to
   average assets        10.99%     11.05%      11.62%     11.21%     11.21%
  Risk-based
   capital:
    Total risk-based
     capital ratio       15.23%     15.91%      15.21%     15.20%     14.62%
    Common equity
     tier 1 risk-
     based capital
     ratio               13.98%     14.65%      13.95%         -          -
    Tier 1 risk-
     based capital
     ratio               13.98%     14.65%      13.95%     13.92%     13.26%
    Tier 1 leverage
     capital ratio       10.67%     10.84%       9.84%      9.83%     10.20%

Financial Condition:
  Total assets       $ 103,279  $ 102,844  $  111,078  $ 126,250  $ 132,065
  Loans, net of
   unearned income      71,343     68,759      72,674     77,092     81,914
  Deposits              91,795     90,892      98,819    111,779    117,205
  Shareholder's
   equity               10,967     11,535      11,770     14,021     14,420



New Jersey Community Bank
Statements of Financial Condition
(dollars in thousands, except share data)
---------------------------------------------------------------------------
                                                   June 30,    December 31,
                                                     2016          2015
                                                 -----------  -------------
Assets                                           (unaudited)
  Cash and due from banks - non-interest bearing $     1,785  $       1,615
  Federal funds sold and interest-bearing
   deposits with banks                                 8,956          9,736
                                                 -----------  -------------
      Total Cash and Cash Equivalents                 10,741         11,351
  Due from banks - time deposits                       5,769          6,027
  Investment Securities:
    Available-for-sale                                 4,326          9,069
    Held-to-maturity                                   6,270          6,537
                                                 -----------  -------------
      Total Investment Securities                     10,596         15,606
  Loans Receivable, net of unearned fees              71,343         72,674
    Less: Allowance for loan losses                   (1,569)        (1,569)
                                                 -----------  -------------
      Net Loans                                       69,774         71,105
  Premises and equipment, net                          2,020          2,128
  Accrued interest receivable                            250            276
  Bank-owned life insurance                            3,821          3,774
  Deferred tax assets                                      -             17
  Other assets                                           308            794
                                                 -----------  -------------
        Total Assets                             $   103,279  $     111,078
                                                 ===========  =============

Liabilities and Shareholders' Equity
  Liabilities
    Deposits:
      Non-interest bearing                       $    12,651  $      15,155
      Savings, NOW and money market                   30,655         38,808
      Time deposits $250M and over                     7,490          6,713
      Time deposits, other                            40,999         38,143
                                                 -----------  -------------
        Total Deposits                                91,795         98,819

    Accrued interest payable                               9              9
    Other liabilities                                    508            480
                                                 -----------  -------------
        Total Liabilities                             92,312         99,308
                                                 -----------  -------------

Shareholders' Equity
  Common stock, $2 par value; authorized
   10,000,000 shares; issued and outstanding
   1,908,445 shares, respectively                      3,817          3,817
  Surplus                                             13,864         13,861
  Accumulated Deficit                                 (6,746)        (5,883)
  Accumulated other comprehensive income (loss)           32            (25)
                                                 -----------  -------------
        Total Shareholders' Equity                    10,967         11,770
                                                 -----------  -------------
        Total Liabilities and Shareholders'
         Equity                                  $   103,279  $     111,078
                                                 ===========  =============



New Jersey Community Bank
Statements of Operations
(dollars in thousands, except per share data)(unaudited)
---------------------------------------------------------------------------
                                              Three Months     Six Months
                                                  Ended           Ended
                                                June 30,        June 30,
                                             --------------  --------------
                                              2016    2015    2016    2015
                                             ------  ------  ------  ------
Interest Income
  Loans receivable, including fees           $  831  $1,121  $1,714  $2,228
  Investment securities                          62      97     136     185
  Federal funds sold and interest-bearing
   deposits with banks                           12       5      25      28
  Due from banks - interest bearing              16      15      29       9
                                             ------  ------  ------  ------
    Total Interest Income                       921   1,238   1,904   2,450
                                             ------  ------  ------  ------
Interest Expense
  Deposits                                      169     216     337     427
                                             ------  ------  ------  ------
    Net Interest Income before Provision for
     Loan Loss                                  752   1,022   1,567   2,023
Provision for Loan Loss                           -       -       -      15
                                             ------  ------  ------  ------
    Net Interest Income after Provision for
     Loan Loss                                  752   1,022   1,567   2,008
                                             ------  ------  ------  ------
Non-Interest Income
  Fees and service charges on deposit
   accounts                                      23      46      46      86
  Loan fee income                                 3       2      22      16
  Income from bank owned life insurance          24      24      47      48
  Gain on sale of other real estate owned        53       -      53       -
  All other income                               13      14      23      24
                                             ------  ------  ------  ------
    Total Non-Interest Income                   116      86     191     174
                                             ------  ------  ------  ------
Non-Interest Expense
  Salaries and employee benefits                570     593   1,176   1,172
  Occupancy and equipment                       199     190     387     396
  Data processing services                       62      56     122     110
  Professional and other fees                   461     161     623     271
  Advertising and promotion                       6       2       9       3
  Federal insurance assessment                   54      69     110     135
  Other operating expenses                       96     104     194     237
                                             ------  ------  ------  ------
    Total Non-Interest Expenses               1,448   1,175   2,621   2,324
                                             ------  ------  ------  ------
    Loss Before Income Taxes                   (580)    (67)   (863)   (142)
  Income tax expense (benefit)                    -     (26)      -     (55)
                                             ------  ------  ------  ------
Net Loss                                     $ (580) $  (41) $ (863) $  (87)
                                             ======  ======  ======  ======
Loss per share:
  Basic and diluted                          $(0.30) $(0.02) $(0.45) $(0.05)
Weighted average number of common shares
 outstanding
  Basic and diluted                           1,908   1,908   1,908   1,908



New Jersey Community Bank
Analysis of Average Balance Sheet and Net Interest Income
(unaudited)
---------------------------------------------------------------------------
                                   For the Three Months Ended
                     ------------------------------------------------------
                            June 30, 2016               June 30, 2015
                     --------------------------  --------------------------
                      Average           Average   Average           Average
                      Balance  Interest   Rate    Balance  Interest   Rate
                     --------  -------- -------  --------  -------- -------
Interest Earning
 Assets:
 Loans               $ 69,060  $    831    4.84% $ 83,424  $  1,121    5.39%
 Investment
  securities           11,189        62    2.23%   19,389        97    2.00%
 Federal funds sold
  and interest-
  bearing deposits
  with banks           10,360        12    0.48%    9,658         5    0.21%
 Due from banks -
  time deposits         5,608        16    1.12%    7,995        15    0.75%
                     --------  -------- -------  --------  -------- -------
   Total interest-
    earning assets     96,217       921    3.85%  120,466     1,238    4.12%
Allowance for loan
 loss                  (1,569)                     (1,591)
Cash and due from
 banks - non-
 interest bearing       1,497                       1,528
All other assets        6,869                       9,039
                     --------                    --------
   Total assets      $103,014                    $129,442
                     ========                    ========

Interest Bearing
 Liabilities:
 Deposits:
  Savings, NOW and
   money market      $ 31,932        26    0.33% $ 50,493        65    0.52%
  Time deposits        45,930       143    1.25%   51,100       151    1.19%
                     --------  -------- -------  --------  -------- -------
   Total interest-
    bearing deposits   77,862       169    0.87%  101,593       216    0.85%
Demand                 13,432                      12,872
Other liabilities         401                         463
                     --------                    --------
   Total liabilities   91,694                     114,928

 Stockholders'
  equity               11,319                      14,514
                     --------                    --------
   Total liabilities
    & stockholders'
    equity           $103,014                    $129,442
                     ========  --------          ========  --------
Net interest income            $    752                    $  1,022
                               ========                    ========

Average interest
 rate spread                               2.98%                       3.27%
                                        =======                     =======

Net interest margin                        3.14%                       3.40%
                                        =======                     =======


Contacts at New Jersey Community Bank:

William H. Placke
President and CEO
bplacke@njcbk.com

Naqi A. Naqvi
Executive Vice President & CFO
nnaqvi@njcbk.com

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