updated 3/3/2011 10:16:51 AM ET 2011-03-03T15:16:51

FREEHOLD, N.J., March 3, 2011 (GLOBE NEWSWIRE) -- New Jersey Community Bank (OTCBB:NJCB) (the "Bank") reported revised and updated results for the quarter and year ended December 31, 2010. The Bank had originally reported on January 19, 2011, net income of $147 thousand, or $0.09 per common share for the three months and year ended December 31, 2010. As revised, the Bank is now reporting net income of $1.3 million, or $0.81 per common share for the quarter and year ended December 31, 2010.

The change in the Bank's reported results is directly related to recording, as of December 31, 2010, a one-time non-recurring income tax benefit resulting from the reversal of a $1.2 million valuation allowance on the Bank's deferred income tax assets. As the Bank became profitable during the second quarter of 2010, remained profitable for the remainder of 2010, and projects profitable operations going forward, management determined that maintaining a valuation allowance for deferred tax assets was no longer necessary or appropriate. The largest component of the Bank's deferred tax assets at December 31, 2010, was federal and state net operating losses, which are now expected to be fully realizable.

Following are the Bank's restated statements of financial condition for the years ended December 31, 2010 and 2009 and the statements of operations for the quarter and year ended December 31, 2010 and 2009. As a result of the reversal of the valuation allowance, the Bank's reported total assets also increased by $1.2 million, the amount of the deferred tax assets.

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 two full-service banking offices in the central New Jersey county of Monmouth. 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.

The New Jersey Community Bank logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7748

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) 12/31/2010 9/30/2010 6/30/2010 3/31/2010 12/31/2009
           
Summary of Operations:          
Interest income  $ 1,383  $ 1,294  $ 1,177  $ 1,022  $ 941
Interest expense  355  388  364  349  327
Net interest income  1,027  906  813  673  614
Provision for loan loss  141  115  103  113  382
Net interest income after provision for loan loss  886  791  710  560  232
Non-interest income  124  101  96  91  53
Non-interest expense  864  790  791  763  702
Income before income tax (benefit) expense  147  101  15  (112)  (417)
Income tax (benefit) expense  (1,190)  --  5  --  --
Net income (loss)  $ 1,337  $ 101  $ 10  $ (112)  $ (417)
           
Earnings (loss) per share:          
Basic  $ 0.81  $ 0.06  $ 0.01  $ (0.07)  $ (0.25)
Diluted  0.81  0.06  0.01  (0.07)  (0.25)
Book value per share  8.83  8.05  7.95  7.90  7.96
Average shares outstanding  1,649  1,649  1,649  1,649  1,649
Average diluted shares outstanding  1,649  1,649  1,649  1,649  1,649
           
Selected Financial Ratios:          
Return on average assets 4.89% 0.37% 0.04% -0.49% -2.00%
Return on average common equity 39.99% 3.07% 0.34% -3.41% -10.64%
Average equity to average assets 12.23% 11.99% 13.00% 14.40% 18.79%
Risk-based capital:          
Total risk-based capital ratio 15.65% 16.14% 17.04% 18.24% 20.76%
Tier 1 risk-based capital ratio 14.61% 15.10% 15.97% 17.22% 19.76%
Tier 1 leverage capital ratio 12.69% 12.02% 13.04% 14.32% 15.71%
           
Financial Condition:          
Total assets  $ 112,565  $ 112,173  $ 105,244  $ 94,210  $ 88,209
Loans, net of unearned income  84,693  78,600  73,534  68,421  58,393
Deposits  97,855  98,730  91,938  81,085  75,014
Shareholder's equity  14,554  13,267  13,114  13,034  13,127
New Jersey Community Bank    
Statements of Financial Condition    
(dollars in thousands)
     
  December 31,
  2010 2009
Assets (unaudited)  
Cash and due from banks - non-interest bearing  $ 1,341  $ 840
Federal funds sold  5,865  17,109
Total Cash and Cash Equivalents  7,206  17,949
Due from banks - interest bearing  4,659  1,524
Investment Securities:    
Available-for-sale  11,381  7,494
Held-to-maturity  1,220  256
Total Investment Securities  12,601  7,750
Loans Receivable, net of unearned income  84,693  58,392
Less: Allowance for loan losses  (975)  (664)
Net Loans  83,718  57,728
Premises and equipment, net  2,534  2,652
Accrued interest receivable  304  206
Deferred tax assets  1,190  --
Other assets  353  400
Total Assets  $ 112,565  $ 88,209
     
Liabilities and Shareholders' Equity    
     
Liabilities    
Deposits:    
Non-interest bearing  $ 5,709  $ 4,382
Savings, NOW and money market  29,740  11,789
Time deposits under $100M  21,296  22,816
Time deposits $100M and over  41,110  36,027
Total Deposits  97,855  75,014
     
Accrued interest payable  12  3
Other liabilities  144  65
Total Liabilities  98,011  75,082
     
Shareholders' Equity    
Common stock, $2 par value; authorized 10,000,000 shares; issued and outstanding 1,648,783 shares  3,298  3,298
Surplus  13,519  13,348
Accumulated Deficit  (2,201)  (3,538)
Accumulated other comprehensive income  (62)  19
Total Shareholders' Equity  14,554  13,127
Total Liabilities and Shareholders' Equity  $ 112,565  $ 88,209
New Jersey Community Bank        
Statements of Operations        
(in thousands, except per share data)
         
  Three Months Ended For the Year Ended
  December 31, December 31,
  2010 2009 2010 2009
Interest Income (unaudited) (unaudited)
Loans receivable, including fees  $ 1,291  $ 887  $ 4,574  $ 2,577
Investment securities  77  39  241  75
Federal funds sold  3  7  24  26
Due from banks - interest bearing  12  8  37  26
Total Interest Income  1,383  941  4,876  2,704
Interest Expense        
Deposits  355  327  1,456  1,047
         
Total Interest Expense  355  327  1,456  1,047
Net Interest Income before Provision for Loan Loss  1,028  614  3,420  1,657
Provision for Loan Loss  141  382  472  719
Net Interest Income after Provision for Loan Loss  887  232  2,948  938
Non-Interest Income        
Fees and service charges on deposit accounts  104  43  344  119
Loan fee income  4  3  20  18
All other income  16  7  48  25
Total Non-Interest Income  124  53  412  162
Non-Interest Expense        
Salaries and employee benefits  456  397  1,831  1,414
Occupancy and equipment  211  144  643  492
Data processing services  34  23  120  85
Professional and other fees  54  49  173  162
Advertising and promotion  4  5  18  23
Federal insurance assessment  41  25  154  100
Other operating expenses  64  59  269  212
Total Non-Interest Expenses  864  702  3,208  2,488
Income before income tax (benefit) expense  147  (417)  152  (1,389)
Income tax (benefit) expense  (1,190)  --  (1,185)  5
Net Income (Loss)  $ 1,337  $ (417)  $ 1,337  $ (1,394)
Income (loss) per share:        
Basic  $ 0.81  $ (0.25)  $ 0.81  $ (0.85)
Diluted  0.81  (0.25)  0.81  (0.85)
Weighted average number of common shares outstanding  1,649  1,649  1,649  1,649
Weighted average number of diluted common shares outstanding  1,649  1,649  1,649  1,649
CONTACT: New Jersey Community Bank
         Robert D. O'Donnell
         Chairman and CEO
         rodonnell@njcbk.com
         
         James A. Kinghorn
         President and COO
         jkinghorn@njcbk.com
         
         Naqi A. Naqvi
         SVP & CFO
         nnaqvi@njcbk.com

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