EXHIBIT 99(a)
COMMUNITY BANCORP OF NEW JERSEY
REPORTS RECORD FORTH QUARTER PROFIT
AS EARNINGS AND ASSET GROWTH CONTINUE
FREEHOLD, N.J., Jan. 20 /PRNewswire/ -- Community Bancorp of New
Jersey, the holding company for the Community Bank of New Jersey (Nasdaq: CBNJ -
news), which commenced operations in May 1997, reported its fifth consecutive
quarter of profitable operations. This also represents the fifth consecutive
quarter of record earnings. For the quarter ended December 31, 1999, the Company
earned $143,000 compared to $38,000 for the same period last year. Basic and
diluted net income per share for the fourth quarter of 1999 was $0.08 and $0.07,
respectively, compared to net income per share for both basic and diluted of
$0.03 for the fourth quarter of 1998.
For the twelve months ended December 31, 1999, net income increased to
$507,000 or $0.28 net income per share for basic earnings and $0.27 net income
per share for diluted earnings, compared to a net loss of $610,000 or a net loss
per share for basic and diluted earnings of $0.45 and $0.44, respectively, for
the same period in 1998.
The results for both the three and twelve months ended December 31,
1999 were positively affected by the application of net operating loss
carryforwards to reduce the Company's tax liability. At December 31, 1999, the
Company had approximately $1.1 million in remaining net operating loss
carryforwards available to offset future financial statement income.
As of December 31, 1999, the Company posted total assets of $132.8
million, an increase of $50.0 million or 60% over December 31, 1998. The Bank's
loan portfolio, net of allowances for loan losses, increased to $81.4 million,
an increase of $36.7 million or 82% over December 31, 1998. Total deposits
increased to $114.0 million at December 31, 1999, an increase of $49.0 million,
or 75% over December 31, 1998. At December 31, 1999, the Company's allowance for
loan losses equaled $1.2 million or 1.5% of loans. The Company had no
non-performing assets at December 31, 1999.
The Community Bank of New Jersey, the Company's Bank subsidiary,
operates through its main office at 3535 Highway 9 North, Freehold, New Jersey
and its four (4) branch offices located at 31 East Main Street, Freehold, New
Jersey, 4502 Highway 9 South, Howell, New Jersey and 267 Main Street, Matawan,
New Jersey and 191 Route 9 South, Manalapan, New Jersey.
COMMUNITY BANCORP OF NEW JERSEY
FINANCIAL HIGHLIGHTS
BALANCE SHEETS
December 31, December 31,
1999 1998
(Unaudited)
ASSETS (In thousands)
Cash and Due from Banks $ 4,991 $ 2,541
Federal Funds Sold 20,275 26,025
Investment Securities 20,669 6,025
Loans 82,632 45,629
Less Allowance for Loan
Losses (1,237) (914)
Net Loans 81,395 44,715
Premises and Equipment, net 4,631 3,068
Other Assets 850 377
TOTAL ASSETS $ 132,811 $ 82,751
LIABILITIES
Deposits 114,028 $ 65,039
Other Liabilities 557 323
Total Liabilities 114,585 65,362
SHAREHOLDERS' EQUITY
Common Equity 20,160 18,994
Accumulated Deficit (1,923) (1,605)
Accumulated other
comprehensive income (11) --
Total Shareholders' Equity 18,226 17,389
TOTAL LIABILITIES &
SHAREHOLDERS' EQUITY $ 132,811 $ 82,751
COMMUNITY BANCORP OF NEW JERSEY
FINANCIAL HIGHLIGHTS
STATEMENTS OF OPERATIONS
12 Months Ended December 31,
1999 1998
(Unaudited)
(In thousands, except per share data)
Interest Income $ 6,661 $ 3,429
Interest Expense 2,454 1,359
Net Interest Income 4,207 2,070
Provision for Loan Losses 325 664
Net Interest Income after
Provision for Loan Losses 3,882 1,406
Non Interest Income 573 243
Non Interest Expenses 3,948 2,259
Net Income (Loss) $ 507 $ (610)
Net Income (Loss)
Per Common Share(1)
Basic $ 0.28 $ (0.45)
Diluted $ 0.27 $ (0.44)
SELECTED FINANCIAL DATA
Market Value per Common
Share(1)(2) $ 14.88 $ 17.23
Book Value per
share(1) $ 9.97 $ 9.75
(1) Per share and earnings per share values have been retroactively adjusted to
reflect the third quarter 1999 3% stock dividend.
(2) Closing sale price of the common stock on the Nasdaq SmallCap Market at
December 31, 1999 and December 31, 1998 under the symbol CBNJ.