New Jersey Community Bank Q4 net loss $0.17 per share
For 2017, the bank reported a net loss of $1.2 million, or $0.63 per common share compared with a net loss of $1.6 million, or $0.85 per common share for the year 2016.
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. ■