Exhibit 99
Contact Person: Robert D. O'Donnell (732) 863-9000
PRESS RELEASE
COMMUNITY BANCORP OF NEW JERSEY
REPORTS FOURTH QUARTER EARNINGS
Freehold, New Jersey - Community Bancorp of New Jersey, the holding company
for the Community Bank of New Jersey announced earnings for the fourth quarter
of 2003. For the quarter ending December 31, 2003, the Company reported net
income of $492,000 compared to $588,000 in net income for same period last year.
Basic and diluted net income per share for the fourth quarter of 2003 were $0.15
and $0.14, respectively, compared to $0.18 and $0.17, for the fourth quarter of
2002.
For the year ending December 31, 2003, net income increased to $2,402,000
compared to $2,020,000 for the year ending December 31, 2002. Basic and diluted
net income per share for the year were $0.71 and $0.67, respectively, compared
to $0.61 and $0.58, for the prior year. This represents an increase of 18.9% in
net income.
At December 31, 2003, the Company's assets totaled $427.8 million, an
increase of $95.6 million, or 28.8% over December 31, 2002. The Company's loan
portfolio, net of allowances for loan losses, increased to $199.4 million, an
increase of $18.9 million, or 10.4%, over December 31, 2002. Total deposits
increased to $326.0 million at December 31, 2003, an increase of $34.4 million,
or 11.8%, over the prior year.
Howard Schoor, Chairman stated, "2003 was an exceptional year for Community
Bancorp. Our Company managed to increase earnings by almost 19% in a market
environment that was significantly impacted by shrinking interest rate margins.
These outstanding results are a testament to the diligent efforts of our
management team and our employees." Robert O'Donnell, President and CEO
commented, "We are most proud of our ability to deliver these outstanding
results without sacrificing asset quality. We ended the year with no
non-performing loans."
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
seven branch offices located throughout Monmouth County, New Jersey.
Community Bancorp of New Jersey common stock is listed on the NASDAQ
SmallCap Market under the trading symbol CBNJ.
COMMUNITY BANCORP OF NEW JERSEY
CONSOLIDATED CONDENSED BALANCE SHEETS
December 31,
2003 2002
--------- ----------
ASSETS (Dollars in thousands)
Cash and due from banks.................................... $ 11,465 $ 9,424
Investment securities available-for-sale................... 200,025 131,676
Loans receivable........................................... 202,044 182,967
Allowance for loan loss.................................... (2,618) (2,406)
- ----------------------------------------------------------- -------- ----------
Net loans receivable ....................... 199,426 180,561
- ----------------------------------------------------------- -------- ----------
Premises and equipment, net................................ 6,832 6,280
Accrued interest receivable................................ 1,868 2,193
Other assets............................................... 8,209 2,085
- ----------------------------------------------------------- ---------------------
Total Assets ............................... $427,825 $ 332,219
- ----------------------------------------------------------- ========= ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing demand........................... $ 57,766 $ 51,971
Interest bearing - NOW................................ 28,853 23,455
Savings and money market.............................. 135,663 100,784
Certificates of deposit, under $100,000............... 70,864 76,815
Certificates of deposit, $100,000 and over............ 32,863 38,604
- ----------------------------------------------------------- -------- ---------
Total deposits ............................. 326,009 291,629
- ----------------------------------------------------------- -------- ---------
Short-term borrowings...................................... 72,400 11,500
Accrued interest payable................................... 78 38
Other liabilities.......................................... 418 454
Guaranteed preferred beneficial interest in the
Company's subordinated debt .................... 5,000 5,000
- ----------------------------------------------------------- -------- ---------
Total liabilities .......................... 403,905 308,621
- ----------------------------------------------------------- -------- ---------
Stockholders' equity
Common stock - authorized 10,000,000 shares of
no par value; issued and outstanding, net of
treasury shares, 3,385,490 at December 31, 2003
and 3,172,945 at December 31, 2002.............. 29,420 25,512
Accumulated deficit (1)............................... (3,180) (2,239)
Accumulated other comprehensive
income (expense)................................ (1,957) 688
Treasury stock, at cost............................... (363) (363)
- ----------------------------------------------------------- -------- ---------
Total stockholders' equity ................. 23,920 23,598
- ----------------------------------------------------------- -------- ---------
Total Liabilities and Stockholders' Equity $427,825 $ 332,219
=========================================================== ======== =========
(1) Includes accumulated charges for stock dividends of $9,168 and $5,825 at
December 31, 2003 and December 31, 2002, respectively.
COMMUNITY BANCORP OF NEW JERSEY
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
-------------------- --------------------
2003 2002 2003 2002
-------- -------- -------- --------
(Dollars in thousands, except per share data)
Interest Income........................ $ 4,296 $ 4,158 $ 17,402 $ 15,878
Interest Expense....................... 1,396 1,393 5,750 5,225
- --------------------------------------- -------- -------- -------- --------
Net Interest Income................. 2,900 2,765 11,652 10,653
Provision for Loan Losses.............. - 53 214 893
- --------------------------------------- -------- -------- -------- --------
Net Interest Income after Provision
for Loan Losses................. 2,900 2,712 11,438 9,760
- --------------------------------------- -------- -------- -------- --------
Non-Interest Income.................... 432 333 1,590 1,320
Gains on Sales of Investment Securities - - 408 554
Non-Interest Expense................... 2,586 2,118 9,718 8,454
- --------------------------------------- -------- -------- -------- --------
Income Before Income Taxes.......... 746 927 3,718 3,180
Income tax expense..................... 254 339 1,316 1,160
- --------------------------------------- -------- -------- -------- --------
Net Income $ 492 $ 588 $ 2,402 $2,020
- --------------------------------------- ======== ======== ======== ========
Per Common Share (2):
Net income - basic.................. $ 0.15 $ 0.18 $ 0.71 $ 0.61
Net income - diluted................ $ 0.14 $ 0.17 $ 0.67 $ 0.58
Weighted average shares outstanding (2) (in thousands):
Basic.................................. 3,385 3,332 3,364 3,332
Diluted................................ 3,618 3,524 3,589 3,491
SELECTED FINANCIAL DATA
Market Value per Common Share (2)(3).................................$ 23.00 $ 17.37
Book Value per Share (2).............................................$ 7.07 $ 7.09
(2) Per share and earnings per share values have been retroactively adjusted to
reflect the second quarter 2003 5% stock dividend.
(3) Closing sale price of the common stock on the Nasdaq SmallCap Market at
December 31, 2003 and 2002, respectively, under the symbol CBNJ.