UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
January 30, 2003
MONMOUTH COMMUNITY BANCORP
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(Exact name of registrant as specified in charter)
New Jersey 0-27428 22-3757709
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
627 Second Avenue, Long Branch, New Jersey 07740
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (732) 571-1300
Not Applicable
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(Former name or former address, if changed since last report)
Item 5. Other Events
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On January 30, 2003, Monmouth Community Bancorp issued the following press
release:
Monmouth Community Bancorp Reports a 127% Increase in Fourth Quarter Earnings
and a 46% Increase in Annual Earnings
LONG BRANCH, NEW JERSEY, January 30, 2003, (OTCBB: MMTH) - Monmouth Community
Bancorp, and its wholly-owned subsidiary, Monmouth Community Bank, N.A.,
reported net income of $234,000 for the three-month period ended December 31,
2002, as compared to net income of $103,000 for the same period in 2001,
representing an increase of 127%. Income tax expense for this period was $63,000
as compared to no expense for the same period of 2001. Basic and diluted
earnings per share for the three-month period ended December 31, 2002 were both
$0.17, as compared to $0.13 for the same period in 2001. Per share earnings have
been adjusted in both periods to reflect the 5% stock distribution to the
shareholders of Monmouth Community Bancorp paid on December 31, 2002.
For the twelve-month period ended December 31, 2002, Monmouth Community Bancorp
posted net income of $784,000 as compared to $537,000 for the entirety of 2001.
Income tax expense for 2002 was $70,000 as compared to $1,000 in 2001. Basic and
diluted earnings per share for 2002 were $0.68 and $0.67, respectively, as
compared to $0.50 for both basic and diluted earnings per share for 2001.
Assets, at December 31, 2002, totaled $179.5 million, or 52% higher than the
year-end December 31, 2001 total of $118.0 million. Loans, net of the allowance
for loan losses, increased by $27.7 million, or 45%, to close the 2002 calendar
year at $89.3 million. The allowance for loan losses at December 31, 2002
equaled 1.36% of total loans, or $1.2 million. The allowance percentage of total
loans remained unchanged from the percentage at December 31, 2001. Balance sheet
growth was fueled by positive deposit flows. Deposits, at December 31, 2002,
totaled $164.0 million, which represents a $55.1 million, or 51%, increase from
the December 31, 2001 total of $108.9 million.
James S. Vaccaro, Chairman and CEO of Monmouth Community Bancorp, commented that
"The Board of Directors, management, and staff of Monmouth Community Bancorp are
very pleased with the significant balance sheet growth attained in 2002 and the
resultant operating successes. This balance sheet growth helped mitigate the
negative effects of margin compression experienced at financial institutions
during 2002 as general interest rates declined to their lowest levels in
approximately forty years. In addition, the successful equity rights and common
stock offering, which raised approximately $5.2 million in net proceeds and was
completed on November 30, 2002, proactively and strategically created additional
balance sheet capacity for continuing franchise expansion as we pursue our
unwavering quest to become the 'Bank of Choice' in each of the markets we
serve."
Monmouth Community Bancorp is the holding company and sole shareholder of
Monmouth Community Bank, N.A., a nationally chartered commercial bank, which
commenced operations in the second half of 1998. Monmouth Community Bank
provides a full range of banking services to both individual and business
customers through five, full-service branch facilities located in Monmouth
County, New Jersey. A sixth branch is scheduled to open in February, 2003.
Certain information included in this release may contain forward looking
information that is subject to certain risks, trends and uncertainties that
could cause actual results to differ materially from expected results. Among
these risks, trends and uncertainties are the effect of governmental regulation
on Monmouth Community Bank, the availability of working capital, the cost of
personnel, and the competitive market in which Monmouth Community Bank competes.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
MONMOUTH COMMUNITY BANCORP
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(Registrant)
By:/s/ James S. Vaccaro
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James S. Vaccaro
Chairman and Chief Executive Officer
Date: February 4, 2003