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New Jersey Community Bank loss $0.25 per share

Staff writer |
New Jersey Community Bank reported a net loss of $481 thousand, or $0.25 per common share for the third quarter ended September 30, 2015.

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This compares to earnings of $12,000, or $0.01 per common share in Q3 2014.

For the first nine months of 2015, the bank reported net loss of $568,000, or $0.30 per common share compared with net income of $54 thousand, or $0.03 per common share for the same period in the prior year.

The bank's results for the first nine months and the third quarter 2015 were negatively impacted by $695,000 in provision for loan and lease losses recorded in the third quarter 2015 related to the resolution of troubled loans originated prior to the change in senior management in 2015.

The results were further negatively impacted by a decline in interest income on loans as a result of a decrease in total loans, coupled with a decline in fee income on deposit accounts.

Net interest margin continues to be pressured, declining 53 basis points year over year primarily due to a decline in yield on earning assets resulting from the reduction in interest income on loans.

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