New Jersey Community Bank in Freehold (NJCB) has revised its fourth-quarter and annual results for 2013 to reflect a non-recurring $2 million litigation charge.
The $144 million-asset bank initially reported a loss of $212,000 for the fourth quarter but now says it lost $1.6 million in the quarter. Its previously reported profit of $114, 000 for the year has been revised to reflect a loss of $1.2 million.
The bank said in a news release Tuesday it revised the earnings after setting aside $2 million for potential litigation related to a disputed loan.
It also said it has recorded an additional provision for loan loss of $275,000 "to adequately fund the allowance for loan loss" due to increased level of nonperforming loans.
The state-chartered commercial bank opened for business in July 2008 and currently operates three full-service banking offices in Monmouth and Middlesex counties.