Central Jersey Bancorp (Nasdaq:CJBK), the parent company of Central
Jersey Bank, N.A., reported net income and net income available to
common shareholders of $1.2 million and $968,000, respectively, for
the three months ended June 30, 2010, as compared to a net loss and
a net loss available to common shareholders of $26.3 million and
$26.5 million, respectively, for the same period in 2009. For the
six months ended June 30, 2010, Central Jersey Bancorp reported net
income and net income available to common shareholders of $1.9
million and $1.5 million, respectively, as compared to a net loss
and a net loss available to common shareholders of $26.0 million
and $26.4 million, respectively, for the same period in 2009.
The net income available to common shareholders figures take
into account $141,250 and $282,500, respectively, in preferred
stock dividends paid to the U.S. Department of the Treasury as part
of the Capital Purchase Program ("CPP") for the three and six
months ended June 30, 2010 and 2009, $45,000 in related preferred
stock discount accretion for each of the three months ended June
30, 2010 and 2009 and $90,000 and $89,000, respectively, in related
preferred stock discount accretion for the six months ended June
30, 2010 and 2009. The comparative increase in net income for the
three and six months ended June 30, 2010 is primarily attributable
to the one-time goodwill impairment charge of $27.0 million
recorded during the three and six months ended June 30, 2009.
Additionally, there was no loan loss provision recorded for the
three and six months ended June 30, 2010, as compared to $316,000
and $3.5 million, respectively, for the same periods in 2009.
There was no required provision for loan losses primarily due
to a $16.0 million decrease in gross loan balances from December
31, 2009 and improved asset quality trends. Basic and diluted
earnings per common share were both $0.10 and $0.16, respectively,
for the three and six months ended June 30, 2010, as compared to
basic and diluted loss per common share of ($2.92) and ($2.91),
respectively, for the same periods in 2009.
Commenting on the second quarter of 2010, James S. Vaccaro,
Chairman, President and CEO of Central Jersey Bancorp stated,
"Fundamental core earnings for both the second quarter and first
six months of 2010 are quite gratifying particularly in light of
the continued economic sluggishness. Thus far the positive 2010
results of operations have been driven by a continued improvement
in the level of problem/delinquent credits, a stable and modestly
expanding net interest margin and a never ending scrutiny on
non-interest expenses. Such vigilance is imperative
particularly in an environment when quality credit growth is most
difficult. Given the current marketplace dynamics, a focus on
balance sheet growth has been replaced with the imperatives of
ample market liquidity, strong capital measures, aggressive asset
quality management and sufficient reserve coverage. Central Jersey
Bancorp views its position in each of those areas as a source of
strength."
Results of Operations
Net interest income was $4.8 million and $9.5 million,
respectively, for the three and six months ended June 30, 2010, as
compared to $4.3 million and $9.0 million, respectively, for the
same periods in 2009. Net interest income for the three months
ended June 30, 2010 and 2009 was comprised primarily of $5.2
million and $5.0 million, respectively, in interest and fees on
loans, $805,000 and $1.4 million, respectively, in interest on
investment securities and $97,000 and $104,000, respectively, in
interest income on federal funds sold and due from banks, less
interest expense on deposits of $1.1 million and $1.9 million,
respectively, interest expense on borrowed funds of $141,000 and
$247,000, respectively, and $40,000 and $50,000, respectively, in
interest expense on subordinated debentures. Net interest
income for the six months ended June 30, 2010 and 2009 was
comprised primarily of $10.4 million and $10.0 million,
respectively, in interest and fees on loans, $1.6 million and $3.4
million, respectively, in interest on investment securities and
$153,000 and $137,000, respectively, in interest income on federal
funds sold and due from banks, less interest expense on deposits of
$2.3 million and $3.9 million, respectively, interest expense on
borrowed funds of $293,000 and $494,000, respectively, and $79,000
and $107,000, respectively, in interest expense on subordinated
debentures.
For the three and six months ended June 30, 2010, the average
yield on interest-earning assets was 4.22% and 4.40%, respectively,
as compared to 5.87% and 4.94%, respectively, for the same
periods in 2009. The average cost of deposits and
interest-bearing liabilities for the three and six months ended
June 30, 2010 was 1.21% and 1.14%, respectively, as compared to an
average cost of 2.66% and 2.01%, respectively, for the same periods
in 2009. The decrease in the average yield on interest-earning
assets for the three and six months ended June 30, 2010 was
primarily due to significantly higher federal funds sold balances
at an average yield of 22 basis points and lower reinvestment
yields on cash flows derived from maturing and amortizing
investment securities. The decrease in the average cost of
deposits and interest-bearing liabilities for the three and six
months ended June 30, 2010 was primarily due to across-the-board
reductions in deposit rates, which were reflective of the local
banking market. The net interest margin for the three and
six months ended June 30, 2010 were both 3.49%, as compared to
3.27% and 3.36%, respectively, for the same periods in
2009.
For the three and six months ended June 30, 2010, there was no
provision for loan losses, as compared to $316,000 and $3.5
million, respectively, for the same periods in 2009. There was
no required provision for loan losses due primarily to improved
asset quality and decreasing loan portfolio balances. The
recorded provision for loan losses for the three and six months
ended June 30, 2009 was due to the credit deterioration of certain
commercial loans as a result of the rapid decline of general
economic conditions.
Non-interest income, which consists of service charges on
deposit accounts, income from bank owned life insurance, gains on
the sale of investment securities available-for-sale, and other
income, was $1.0 million and $1.5 million, respectively, for the
three and six months ended June 30, 2010, as compared to $894,000
and $3.1 million for the same periods in 2009. Of this amount,
there were gains and servicing rights from the sale of SBA loans
totaling $607,000 and $599,000, respectively, for the three and six
months ended June 30, 2010, as compared to no gains for the same
periods in 2009. There were no gains on the sale of
securities available-for-sale during the three and six months ended
June 30, 2010, as compared to $279,000 and $2.1 million,
respectively, for the same periods in 2009.
Non-interest expense was $4.0 million and $8.0 million,
respectively, for the three and six months ended June 30, 2010, as
compared to $30.9 million and $35.0 million, respectively, for the
same periods in 2009. This was due to a one time goodwill
impairment charge of $27.0 million taken during the second quarter
2009. Non-interest expense generally includes costs associated
with employee salaries and benefits, occupancy expenses, data
processing fees, FDIC insurance premiums, core deposit intangible
amortization and other operating expenses. For the three and
six months ended June 30, 2010, $389,000 in accrued expense related
to the granting of stock appreciation rights ("SARS") in 2006 was
reversed. The SARS were granted at an exercise price of $9.40
but will expire worthless upon the closing of the merger with
Kearny Financial Corp. due to the $7.50 acquisition
price. Merger-related expenses totaled $214,000 for the three
and six months ended June 30, 2010.
Financial Condition
Central Jersey Bancorp's assets, at June 30, 2010, totaled
$576.8 million, a decrease of $812,000, or less than 1%, from the
December 31, 2009 total of $577.7 million. The decrease in
total assets was due primarily to a $23.3 million decrease in
federal funds sold and a $16.0 million decrease in gross loan
balances, offset by a $12.7 million increase in investment
securities available-for-sale and a $28.6 million increase in
investment securities held-to-maturity.
Cash and cash equivalents were $55.1 million at June 30, 2010, a
decrease of $23.2 million from the December 31, 2009 total of $78.3
million. The decrease in liquidity is due primarily to the
timing of cash flows related to Central Jersey Bank, N.A.'s
business activities and the purchase of investment securities
during the three and six months ended June 30, 2010.
Investment securities totaled $145.4 million at June 30, 2010,
an increase of $41.2 million, or 39.6%, over the December 31, 2009
total of $104.2 million. The increase was primarily due to the
purchase of $25.9 million of government-sponsored agency securities
held-to-maturity, $5.5 million of mortgage-backed securities
held-to-maturity, $15.0 million of government-sponsored agency
securities available-for-sale, and $49.1 million of municipal bond
and note obligations. These purchases were partly offset by
maturities and calls of $10.9 million of government-sponsored
agency securities available-for-sale, $35.7 million of municipal
bond and note obligations and principal paydowns of $8.4 million
for the six months ended June 30, 2010. In addition, at June
30, 2010, the net change of the unrealized gain on
available-for-sale securities increased by $740,000 from $1.6
million on December 31, 2009 to $2.4 million on June 30, 2010.
Loans, net of the allowance for loan losses, totaled $353.5
million at June 30, 2010, a decrease of $16.0 million, or 4.3%,
from the $369.5 million balance at December 31, 2009. Gross
loans totaled $362.5 million at June 30, 2010, a decrease of $16.6
million, or 4.39%, from the $379.1 million balance at December 31,
2009. The decrease in loan balances was due primarily to
principal pay downs of commercial real estate loans, consumer home
equity loans and lines of credit during the period. Organic
balance sheet growth remains challenging as incremental loan volume
is somewhat constrained by lack of demand caused by overall
sluggish economic activity.
Deposits, at June 30, 2010, totaled $464.7 million, a decrease
of $3.1 million, or 0.7%, from the December 31, 2009 total of
$467.9 million. The decrease in deposit balances was
reflective of decreases in public fund deposits.
Borrowings were $44.1 million at June 30, 2010, as compared to
$47.6 million at December 31, 2009, a decrease of $3.5 million, or
7.3%. The decrease was primarily due to the maturity of
Federal Home Loan Bank of New York advances of $10.0 million offset
by growth in the sweep account for business customers of $6.5
million.
At June 30, 2010, book value per common share and tangible book
value per common share were $5.00 and $4.91 respectively, as
compared to $4.76 and $4.65, respectively, at December 31,
2009.
Asset Quality
- Troubled asset trends continued to improve in most areas as
delinquencies, which totaled $3.9 million at June 30, 2010,
decreased by $3.2 million, or 45.0%, on a linked quarter basis,
from the $7.0 million total reported at March 31, 2010. The
decrease was due primarily to one $2.8 million commercial loan
which was formerly delinquent and brought current by quarter
end. Delinquencies have decreased from the December 31, 2009
total of $7.7 million by $3.8 million at June 30, 2010, or
49.8%. From the highpoint of $13.2 million at September 30,
2009, total delinquencies have decreased by $9.3 million, or 241%,
as of June 30, 2010.
- Non-accrual loans increased by $616,000, or 6.9%, on a linked
quarter basis, from $8.1 million at March 31, 2010 to $8.7 million
at June 30, 2010. The increase was primarily due to the
addition of two loans totaling $948,000 to non-accrual status,
which were partly offset by loan charge-offs. Non-accrual
loans have increased from the December 31, 2009 total of $7.9
million by $836,000 at June 30, 2010, or 10.6%, and slightly exceed
the previous period end high of $8.5 million at June 30, 2009.
- The aggregate of total delinquencies, non-accrual loans, and
Other Real Estate Owned ("OREO") decreased by $2.5 million, or
15.6%, on a linked quarter basis, from $16.2 million at March 31,
2010 to $13.6 million at June 30, 2010. The aggregate of total
delinquencies, non-accrual loans, and OREO decreased by $3.0
million, or 17.9%, from $16.6 million at December 31,
2009. From the highpoint of $21.6 million at September 30,
2009, the aggregate of total delinquencies, non-accrual loans, and
OREO have decreased by $8.0 million, or 58.8%, as of June 30,
2010.
- Total criticized/classified loans increased by $553,000, or
1.70%, on a linked quarter basis, from $32.6 million at March 31,
2010 to $33.1 million at June 30, 2010. The increase was due
primarily to two large credits which experienced risk rating
downgrades. These downgrades were partly mitigated by certain
commercial loan risk rating upgrades totaling $3.8
million. Total criticized/classified loans decreased by $7.1
million, or 26.6%, from $40.2 million at December 31, 2009 to $33.1
million at June 30, 2010. From the highpoint of $41.9 million
at September 30, 2009, total criticized/classified loans have
decreased by $8.8 million, or 26.6%, as of June 30, 2010.
Central
Jersey Bank, N.A. |
|
Troubled
Asset and Delinquency Trends |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
12/31/09-6/30/10 |
Change
3/31/10-6/30/10 |
CATEGORY |
12/31/2008 |
12/31/2009 |
3/31/2010 |
6/30/2010 |
$ |
% |
$ |
% |
|
|
|
|
|
|
|
|
|
30-89 Day |
$ 5,963 |
$ 6,912 |
$ 7,008 |
$ 3,857 |
$ (3,055) |
-44.20% |
$ (3,151) |
-44.96% |
90 Days + |
$ 855 |
$ 775 |
$ -- |
$ -- |
$ (775) |
-100.00% |
$ -- |
0.00% |
Total Delinquencies |
$ 6,818 |
$ 7,687 |
$ 7,008 |
$ 3,857 |
$ (3,830) |
-49.82% |
$ (3,151) |
-44.96% |
|
|
|
|
|
|
|
|
|
Non-Accrual Loans |
$ 2,545 |
$ 7,868 |
$ 8,088 |
$ 8,704 |
$ 836 |
10.63% |
$ 616 |
7.62% |
|
|
|
|
|
|
|
|
|
Non-Performing Loans (90+;
Non-Accrual) |
$ 3,400 |
$ 8,643 |
$ 8,088 |
$ 8,704 |
$ 61 |
0.71% |
$ 616 |
7.62% |
OREO |
$ -- |
$ 1,055 |
$ 1,055 |
$ 1,071 |
$ 16 |
1.52% |
$ 16 |
1.52% |
Total Non-Performing Loans and
OREO |
$ 3,400 |
$ 9,698 |
$ 9,143 |
$ 9,775 |
$ 77 |
0.79% |
$ 632 |
6.91% |
|
|
|
|
|
|
|
|
|
Total Delinquencies, Non-Accrual and
OREO |
$ 9,363 |
$ 16,610 |
$ 16,151 |
$ 13,632 |
$ (2,978) |
-17.93% |
$ (2,519) |
-15.60% |
|
|
|
|
|
|
|
|
|
Criticized Loans |
$ 21,343 |
$ 11,770 |
$ 8,213 |
$ 12,403 |
$ 633 |
5.38% |
$ 4,190 |
51.02% |
Classified Loans |
$ 2,956 |
$ 28,467 |
$ 24,366 |
$ 20,729 |
$ (7,738) |
-27.18% |
$ (3,637) |
-14.93% |
Total Criticized/Classified
Loans |
$ 24,299 |
$ 40,237 |
$ 32,579 |
$ 33,132 |
$ (7,105) |
-17.66% |
$ 553 |
1.70% |
|
|
|
|
|
|
|
|
|
ALL |
$ 4,741 |
$ 9,613 |
$ 9,300 |
$ 8,934 |
$ (679) |
-7.06% |
$ (366) |
-3.94% |
Total Loans |
$ 360,998 |
$ 379,087 |
$ 370,530 |
$ 362,455 |
$ (16,632) |
-4.39% |
$ (8,075) |
-2.18% |
Total Assets |
$ 599,385 |
$ 577,658 |
$ 571,295 |
$ 576,846 |
$ (812) |
-0.14% |
$ 5,551 |
0.97% |
Tier 1 Capital (bank) * |
$ 46,615 |
$ 45,801 |
$ 56,508 |
$ 58,500 |
$ 12,699 |
27.73% |
$ 1,992 |
3.53% |
Net $ Recoveries (Charge-offs)
(quarter) |
$ 1 |
$ (769) |
$ (313) |
$ (365) |
$ 404 |
-52.54% |
$ (52) |
16.61% |
|
|
|
|
|
|
|
|
|
Total Delinquencies / Total
Loans |
1.89% |
2.03% |
1.89% |
1.06% |
|
|
|
|
Total Non-Accrual Loans / Total
Loans |
0.70% |
2.08% |
2.18% |
2.40% |
|
|
|
|
Total Delinquencies + NA Loans /
Total Loans |
2.59% |
4.10% |
4.07% |
3.47% |
|
|
|
|
ALL / Total Loans |
1.31% |
2.54% |
2.51% |
2.46% |
|
|
|
|
ALL / Non-Performing
Loans |
139.4% |
111.2% |
115.0% |
102.6% |
|
|
|
|
ALL / Non-Performing Loans and
OREO |
139.4% |
99.1% |
101.7% |
91.4% |
|
|
|
|
Non-Performing Loans / Total
Loans |
0.9% |
2.3% |
2.2% |
2.4% |
|
|
|
|
Non-Performing Loans and OREO / Total
Assets |
0.6% |
1.7% |
1.6% |
1.7% |
|
|
|
|
Criticized Loans/ Total
Loans |
5.9% |
3.1% |
2.2% |
3.4% |
|
|
|
|
Classified Loans/ Total
Loans |
0.8% |
7.5% |
6.6% |
5.7% |
|
|
|
|
Criticized + Classified Loans / Total
Loans |
6.7% |
10.6% |
8.8% |
9.1% |
|
|
|
|
Criticized Loans / Tier 1 Capital +
ALL |
41.6% |
21.2% |
12.5% |
18.4% |
|
|
|
|
Classified Loans / Tier 1 Capital +
ALL |
5.8% |
51.4% |
37.0% |
30.7% |
|
|
|
|
Criticized + Classified Loans / Tier
1 Capital + ALL |
47.3% |
72.6% |
49.5% |
49.1% |
|
|
|
|
Net $ Recoveries (Charge-off's) /
Total Loans |
0.00% |
-0.20% |
-0.08% |
-0.10% |
|
|
|
|
* $11.3 million of CPP capital is
included in Tier 1 Capital at the bank level beginning with the
three-months ended March 31, 2010. |
The allowance for loan losses, which began the year 2010 at $9.6
million, or 2.54% of total loans, decreased to $8.9 million at June
30, 2010, or 2.46% of total loans. The $679,000 decrease is
due primarily to loan charge-offs totaling $730,000, which were
partially mitigated by recoveries totaling $51,000.
About the Company
Central Jersey Bancorp is the holding company and sole
shareholder of Central Jersey Bank, N.A. Central Jersey Bank,
N.A. provides a full range of banking services to both individual
and business customers through thirteen branch facilities located
in Monmouth and Ocean Counties, New Jersey. Central Jersey
Bancorp is traded on the NASDAQ Global Market under the trading
symbol "CJBK." Central Jersey Bank, N.A. can be accessed
through the internet at CJBNA.com.
On May 25, 2010, Central Jersey Bancorp, Central Jersey Bank,
N.A., and Kearny Financial Corp. and its wholly-owned subsidiary,
Kearny Federal Savings Bank, entered into an Agreement and Plan of
Merger pursuant to which Central Jersey Bancorp will merge with a
to-be-formed subsidiary of Kearny Financial Corp. and thereby
become a wholly-owned subsidiary of Kearny Financial Corp.
Immediately thereafter, Central Jersey Bank, N.A. will merge
with and into Kearny Federal Savings Bank. Central Jersey
Bank, N.A. will operate as a division of Kearny Federal Savings
Bank for at least 18 months after the closing. The Agreement
and Plan of Merger is subject to approval by the shareholders of
Central Jersey Bancorp and applicable banking regulatory
authorities. It is anticipated that the merger will close in
the fourth calendar quarter of 2010.
Forward Looking Statements
Statements about the future expectations of Central Jersey
Bancorp and its subsidiary, Central Jersey Bank, N.A., including
future revenues and earnings, and all other statements in this
press release other than historical facts are "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Since these statements involve risks and
uncertainties and are subject to change at any time, the companies'
actual results could differ materially from expected
results. Among these risks, trends and uncertainties are the
effect of governmental regulation on Central Jersey Bank, N.A.,
interest rate fluctuations, regional economic and other conditions,
the availability of working capital, the cost of personnel and
technology, and the competitive market in which Central Jersey
Bank, N.A. competes.
|
CENTRAL JERSEY
BANCORP |
CONSOLIDATED STATEMENTS
OF FINANCIAL CONDITION |
(unaudited) |
(dollars in thousands, except
share amounts) |
|
|
|
ASSETS |
June 30,
2010 |
December 31,
2009 |
Cash and due from banks |
9,934 |
$ 9,789 |
Federal funds sold |
45,196 |
68,526 |
Cash and cash equivalents |
55,130 |
78,315 |
Investment securities available-for-sale, at
fair value |
109,621 |
96,947 |
Investment securities held-to-maturity (fair
value of $36,350 and $7,462, respectively, at June 30, 2010
and December 31, 2009) |
35,777 |
7,217 |
Federal Reserve Bank stock |
1,849 |
1,848 |
Federal Home Loan Bank stock |
1,197 |
1,820 |
Loans held-for-sale |
-- |
-- |
|
|
|
Loans |
362,455 |
379,087 |
Less: Allowance for loan losses |
8,934 |
9,613 |
Loans, net |
353,521 |
369,474 |
|
|
|
Accrued interest receivable |
1,722 |
2,285 |
Other real estate owned |
1,071 |
1,055 |
Premises and equipment |
5,735 |
5,946 |
Bank owned life insurance |
3,879 |
3,817 |
Core deposit intangible |
859 |
1,031 |
FDIC prepaid insurance |
2,462 |
2,684 |
Other assets |
4,023 |
5,219 |
Total assets |
$ 576,846 |
$ 577,658 |
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
Deposits: |
|
|
Non-interest bearing |
$ 89,952 |
$ 80,500 |
Interest bearing |
374,780 |
387,378 |
|
464,732 |
467,878 |
|
|
|
Borrowings |
44,115 |
47,575 |
Subordinated debentures |
5,155 |
5,155 |
Accrued expenses and other liabilities |
1,127 |
1,531 |
Investment securities purchased not
settled |
3,535 |
-- |
Total liabilities |
518,664 |
522,139 |
|
|
|
Shareholders' equity: |
|
|
Common stock, par value $0.01 per
share. Authorized 100,000,000 shares, 9,610,971 and 9,503,423
shares issued and 9,316,626 and 9,256,975 shares outstanding,
respectively, at June 30, 2010 and December 31, 2009 |
96 |
92 |
Preferred stock, liquidation value $1,000 per
share. Authorized 10,000,000 shares and issued and outstanding
11,300 shares at June 30, 2010 and December 31, 2009 |
11,300 |
11,300 |
Additional paid-in capital |
65,886 |
64,981 |
Accumulated other comprehensive income, net
of tax expense |
1,490 |
1,022 |
Treasury stock – 294,345 and 246,448 shares,
respectively, at June 30, 2010 and December 31,
2009 |
(2,040) |
(1,806) |
Accumulated deficit |
(18,550) |
(20,070) |
Total shareholders' equity |
58,182 |
55,519 |
Total liabilities and shareholders'
equity |
$ 576,846 |
$ 577,658 |
|
|
CENTRAL JERSEY
BANCORP |
CONSOLIDATED STATEMENTS
OF INCOME |
(unaudited) |
(dollars in thousands, except
per share amounts) |
|
|
|
|
Three months ended
June 30, |
Six months ended June
30, |
|
2010 |
2009 |
2010 |
2009 |
Interest and dividend income: |
|
|
|
|
Interest and fees on loans |
$5,196 |
$5,008 |
$10,402 |
$10,039 |
Interest on securities
available-for-sale: |
|
|
|
|
Taxable interest income |
416 |
1,250 |
865 |
2,898 |
Non-taxable interest income |
183 |
20 |
426 |
99 |
Interest on securities
held-to-maturity |
206 |
151 |
310 |
369 |
Interest on federal funds sold and due
from banks |
97 |
104 |
153 |
137 |
Total interest and dividend income |
6,098 |
6,533 |
12,156 |
13,542 |
|
|
|
|
|
Interest expense: |
|
|
|
|
Interest expense on deposits |
1,133 |
1,910 |
2,323 |
3,892 |
Interest expense on borrowings |
141 |
247 |
293 |
494 |
Interest expense on subordinated
debentures |
40 |
50 |
79 |
107 |
Total interest expense |
1,314 |
2,207 |
2,695 |
4,493 |
|
|
|
|
|
Net interest income |
4,784 |
4,326 |
9,461 |
9,049 |
|
|
|
|
|
Provision for loan losses |
-- |
316 |
-- |
3,452 |
Net interest income after provision for
loan losses |
4,784 |
4,010 |
9,461 |
5,597 |
|
|
|
|
|
Non-interest income: |
|
|
|
|
Gain on sale of SBA loans |
607 |
-- |
599 |
-- |
Service charges on deposit accounts |
396 |
385 |
736 |
720 |
Income on bank owned life insurance |
30 |
36 |
61 |
66 |
Gain on sale of securities
available-for-sale |
-- |
279 |
-- |
2,068 |
Other income |
39 |
194 |
69 |
206 |
Total non-interest income |
1,072 |
894 |
1,465 |
3,060 |
|
|
|
|
|
Non-interest expense: |
|
|
|
|
Salaries and employee benefits |
1,670 |
1,873 |
3,642 |
3,811 |
Net occupancy expenses |
536 |
467 |
1,074 |
1,050 |
Data processing fees |
255 |
232 |
514 |
465 |
FDIC insurance premiums |
193 |
360 |
395 |
431 |
Core deposit intangible amortization |
86 |
103 |
172 |
207 |
Goodwill Impairment |
-- |
26,957 |
-- |
26,957 |
Other operating expenses |
1,236 |
958 |
2,211 |
2,073 |
Total non-interest expense |
3,976 |
30,950 |
8,008 |
34,994 |
|
|
|
|
|
Income (loss) before provision for income
taxes |
1,880 |
(26,046) |
2,918 |
(26,337) |
|
|
|
|
|
Income tax expense (benefit) |
726 |
258 |
1,024 |
(343) |
|
|
|
|
|
Net income (loss) |
1,154 |
(26,304) |
1,894 |
(25,994) |
|
|
|
|
|
Preferred stock dividend |
141 |
141 |
282 |
282 |
Preferred stock discount
amortization |
45 |
45 |
90 |
89 |
|
|
|
|
|
Net income (loss) available to common
shareholders |
$968 |
($26,490) |
$1,522 |
($26,365) |
|
|
|
|
|
Basic earnings (loss) per common share |
$0.10 |
($2.92) |
$0.16 |
($2.91) |
Diluted earnings (loss) per common share |
$0.10 |
($2.92) |
$0.16 |
($2.91) |
Average basic common shares outstanding |
9,292,298 |
9,087,287 |
9,274,374 |
9,053,082 |
Average diluted common shares
outstanding |
9,455,593 |
9,336,643 |
9,409,712 |
9,323,108 |
CONTACT: Central Jersey Bancorp
James S. Vaccaro, Chairman, President and CEO
732-663-4040
Anthony Giordano, III, SEVP and CFO
732-663-4042
Robert S. Vuono, SEVP & COO
732-663-4041
Central Jersey Bancorp (NASDAQ:CJBK)
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Central Jersey Bancorp (NASDAQ:CJBK)
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From Jul 2023 to Jul 2024