New Jersey Community Bank Q4 net loss $0.17 per shareStaff Writer | February 12, 2018
New Jersey Community Bank reported a net loss of $320 thousand, or $0.17 per share for the fourth quarter ended December 31, 2017, compared with a net loss of $361 thousand, or $0.19 per share for the same period in the prior year.
New Jersey Community Bank The anticipated merger with 1st Constitution Bank
The losses for the year were negatively impacted largely due to one-time expenses associated with the anticipated merger with 1st Constitution Bank, legal fees and certain other expenses.
Without such one-time expenses, the bank would have reported a net loss of $706 thousand for the year 2017.
The losses for the quarter and the year 2017 were, in part, further impacted by the increased cost of deposits as a result of increases in both average volume and interest rates when compared to the same periods in the prior year.
Total interest income for the quarter increased primarily as a result of an increase in interest income on loans due to increased loans outstanding year over year complemented by additional yield related fee income on loans.
Net interest margin for the quarter increased 37 basis points year over year primarily due to the improved net interest income during the quarter. ■