First Valley Bancorp (FVLY) 8-K Results of Operations and Financial Condition

EXHIBIT 99.1

Contact	Contact
Robert L. Messier, Jr.	Mark J. Blum
President & CEO	Executive Vice President & CFO
(860) 585-2117	(860) 585-2118

FIRST VALLEY EARNINGS JUMP 31%

Bristol, Connecticut - January 30, 2006 - First Valley Bancorp, Inc., the parent company of Valley Bank, reported financial results for the fiscal year ended December 31, 2005. Assets grew to $160.8 million, a 23% increase over fiscal year end 2004. Deposits increased by 20% and totaled $129.2 million at December 31, 2005 while loans at year end totaled $109.8 million, a 41% increase for the year. The Company had net profits of $749,000 for fiscal 2005, a 31% increase over 2004 results, despite a one-time charge of $98,000 in the current year for expenses associated with the formation of the holding company.

In December 2005, First Valley Bancorp, Inc. announced a one for ten stock split to shareholders of record as of December 30, 2005. Eligible shareholders will receive one additional share of First Valley Bancorp, Inc. common stock for every ten shares they now own. Shares will be distributed on January 30, 2006. The Company earned $0.67 diluted income per share for the 2005 fiscal year compared to $0.52 diluted income per share in the prior year. After giving effect to the one for ten stock split, diluted income per share would be $0.60 and $0.47, respectively, in 2005 and 2004.

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Robert L. Messier, Jr., President & CEO of First Valley Bancorp, Inc., said, “We are extremely pleased with our results after six years of operation. Strong loan and deposit growth have helped Valley Bank achieve very good earnings for a community bank that is just beginning to achieve the efficiencies associated with growth.”

“Forming the holding company in mid-year allowed us to raise $4.0 million through a trust preferred offering that increased Valley Bank’s regulatory capital without diluting shareholder value,” said Messier.

The introduction of Valley Online Banking (V.O.L.) in September 2005 has allowed Valley Bank to attract more customers and give existing customers more options to do their banking.

Messier said, “Valley Bank, the sole subsidiary of First Valley Bancorp, has two branches planned for 2006. An application to the State Banking Department for a full service branch at 98 Main Street, Southington was submitted on January 16, 2006 and, if approved, is expected to open early in the third quarter of 2006. Another branch is planned for 888 Farmington Avenue, Bristol to be opened in the fourth quarter of 2006. Both are subject to approval by the State of Connecticut Banking Department.”

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Valley Bank is a commercial bank with full service banking offices in Bristol and Terryville and a loan production office in Southington. For more information, visit the Bank’s website at www.valleybankct.com or call (860) 582-8868.

First Valley Bancorp, Inc. stock is quoted on the Over the Counter Bulletin Board under the symbol “FVLY”.

Statements in this news release concerning future results, performance, expectations or intentions are forward-looking statements. Actual results, performance or developments may differ materially from forward-looking statements as a result of known or unknown risks, uncertainties, and other factors, including those identified from time to time in the Company’s other filings with the Securities and Exchange Commission, press releases and other communications.

- END -

FIRST VALLEY BANCORP, INC. AND SUBSIDIARY
DECEMBER 31, 2005
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands except share data)
	December 31,			December 31,
	2005			2004
	(Unaudited)
ASSETS
Cash and due from depository institutions	$	3,447		$	5,764
Federal funds sold and money market accounts		9,220			4,269
Investment securities		33,907			39,548
Loans receivable, net		109,773			77,729
Premises and equipment, net		1,435			1,524
FHLB Stock		855			727
Accrued income receivable		680			560
Deferred income taxes		812			632
Other assets		705			187
TOTAL ASSETS	$	160,834		$	130,940
LIABILITIES AND CAPITAL ACCOUNTS
Liabilities:
Deposits -
Non-interest bearing	$	17,166		$	12,300
Interest bearing		112,034			95,446
Total deposits		129,200			107,746
Federal Home Loan Bank advances		15,019			12,679
Junior subordinated debt		4,098			-
Mortgagors' escrow accounts		176			150
Other liabilities		2,641			1,206
Total Liabilities		151,134			121,781
Capital Accounts:
Common stock, no par value; authorized 3,000,000 shares;
issued and outstanding 1,186,216 and 1,180,192 at
December 31, 2005 and December 31, 2004, respectively		892			887
Additional paid-in capital		8,194			8,126
Retained earnings		1,054			305
Accumulated other comprehensive loss		(440	)		(159)
Total Capital Accounts		9,700			9,159
TOTAL LIABILITIES AND CAPITAL ACCOUNTS	$	160,834		$	130,940
(a) All share data have been adjusted to give effect to a one for ten stock split effective
January 30, 2006

FIRST VALLEY BANCORP, INC. AND SUBSIDIARY
DECEMBER 31, 2005
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands except share data)
	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
Interest income:		2005		2004		2005		2004
Interest on loans	$	1,786	$	1,259	$	6,014	$	4,561
Interest and dividends on investments
and deposits		399		390		1,585		1,357
Total interest income		2,185		1,649		7,599		5,918
Interest expense:
Deposits and escrow		677		430		2,259		1,475
Borrowed money		178		74		467		268
Total interest expense		855		504		2,726		1,743
Net interest income		1,330		1,145		4,873		4,175
Provision for loan losses		94		117		348		353
Net interest income after provision for loan losses		1,236		1,028		4,525		3,822
Noninterest income:
Service charges and other fees		95		109		385		327
Realized gains on investments		-		-		-		6
Total noninterest income		95		109		385		333
Noninterest expenses:
Salaries		474		428		1,736		1,528
Employee benefits and taxes		94		85		347		306
Occupancy and equipment		162		126		655		671
Professional fees		28		34		138		145
Marketing		35		34		106		104
Office supplies		20		17		74		67
Outside service fees		55		48		225		146
Other		81		100		428		249
Total noninterest expenses		949		872		3,709		3,216
Income before income tax expense		382		265		1,201		939
Income tax expense		144		106		452		367
NET INCOME	$	238	$	159	$	749	$	572
Basic income per share (a)	$	0.20	$	0.13	$	0.63	$	0.49
Diluted income per share (a)	$	0.19	$	0.13	$	0.60	$	0.47
Weighted-average shares outstanding - basic (a)		1,186,216		1,180,192		1,184,910		1,178,669
Weighted-average shares outstanding - diluted (a)		1,240,286		1,209,448		1,238,980		1,207,925
(a) All share data have been adjusted to give effect to a one for ten stock split effective
January 30, 2006