New Jersey Community Bank reports first quarter results.
Global Banking News-May 1, 2015--New Jersey Community Bank reports first quarter results
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Global Banking News - 01 May 2015
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New Jersey Community Bank (OTCQB: NJCB) has reported a net loss of USD46,000, or USD0.02 per share for the three months ended March 31, 2015, compared with a net loss of USD8,000 for the same period in the prior year.
Net interest margin improved 10 basis points year over year, primarily due to a moderate increase in yields on earning assets.
At March 31, 2015, total assets were USD129.3m, an increase of USD7.3m from December 31, 2014, primarily as a result of increase in total deposits. Total cash and cash equivalents increased USD5.8m, while the amount due from banks time deposits and investment securities increased USD2.7m and USD1.9m, respectively, compared to year end 2014. Total loans decreased USD3.1m compared to year end 2014 resulting from loan pay-offs.
Total deposits increased USD7.2m compared to the levels at year end 2014. Savings, NOW and money market accounts increased USD5.3m and non-interest bearing deposits increased USD2.2m, slightly offset by an USD300,000 decrease in total time deposits.
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