First Valley Bancorp (FVLY) 8-K First Valley Bancorp Announces 14% Growth In Second Quarter Earnings

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 BANCORP ANNOUNCES 14% GROWTH IN SECOND QUARTER EARNINGS

Bristol, Connecticut - July 31, 2006 - First Valley Bancorp, Inc., the parent company of Valley Bank, reported net income of $241,000, or $0.19 diluted income per share, for thequarter ending June 30, 2006, a 14% increase over net income for the same quarter in 2005. For the first six months of 2006, net income is $463,000, or $0.37 diluted income per share, a 21% increase over earnings for the first half of 2005. The Company had total assets of $168.4 million at June 30, 2006, while loans and deposits totaled $124.9 million and $139.9 million, respectively.

Robert L. Messier, Jr., President and CEO, said, “We are pleased with the mid-year results. The Bank continues to grow assets, loans and deposits and most importantly, earnings.”

Messier added, “Our 98 Main Street, Southington branch is on target to open in October of this year. We are excited about the business potential of this office. Recently, Arnie Marinelli joined Valley Bank as Senior Vice President. He is a veteran senior banker with many contacts and business customers in Southington. Arnie will join Don LoRusso, Senior Vice President, and Kathy Pawlak, Assistant Vice President and Branch Manager, as the management staff for that office. We have also hired a customer service representative and head teller for the new office. The remaining staff will be filled in over the next sixty days.”

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Valley Bank is in the process of filing an application with the State of Connecticut Department of Banking for a full service branch at 888 Farmington Avenue. If approved, the branch is expected to open in November 2006.

Messier said, “Valley Bank recently formed Riverside Investment Services which provides an attractive investment advisory source for many businesses and consumers concerned with wealth management and retirement planning.”

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.

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EXHIBIT 99.1
FIRST VALLEY BANCORP, INC. AND SUBSIDIARY
JUNE 30, 2006
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands except share data)
	June 30,			December 31,
	2006			2005
		(Unaudited)
ASSETS
Cash and due from depository institutions	$	5,410		$	3,447
Federal funds sold and money market accounts		5,390			9,220
Investment securities		27,769			33,907
Loans receivable, net		124,898			109,773
Premises and equipment, net		1,479			1,435
FHLB Stock, at cost		933			855
Accrued income receivable		755			680
Deferred income taxes		966			904
Other assets		824			705
TOTAL ASSETS	$	168,424		$	160,926
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing	$	18,068		$	17,166
Interest bearing		121,916			112,034
Total deposits		139,984			129,200
Federal Home Loan Bank advances		12,126			15,019
Junior subordinated debt		4,101			4,098
Mortgagors' escrow accounts		172			176
Other liabilities		1,948			2,733
Total Liabilities		158,331			151,226
Stockholders' Equity:
Common stock, no par value; authorized 3,000,000 shares;
issued and outstanding 1,187,932 and 1,186,236 at
June 30, 2006 and December 31, 2005, respectively		893			892
Additional paid-in capital		8,220			8,194
Retained earnings		1,517			1,054
Accumulated other comprehensive loss		(537	)		(440	)
Total Stockholders' Equity		10,093			9,700
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	168,424		$	160,926
(a) All share data have been adjusted to give effect to a one for ten stock split effective January 30, 2006

EXHIBIT 99.1
FIRST VALLEY BANCORP, INC. AND SUBSIDIARY
JUNE 30, 2006
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands except share data)
	Three Months Ended				Six Months Ended
	June 30,				June 30,
Interest income:		2006		2005		2006			2005
Interest on loans	$	2,166	$	1,412	$	4,162		$	2,718
Interest and dividends on investments		344		381		727			760
Total interest income		2,510		1,793		4,889			3,478
Interest expense:
Deposits and escrow		868		506		1,620			973
Borrowed money		205		77		444			152
Total interest expense		1,073		583		2,064			1,125
Net interest income		1,437		1,210		2,825			2,353
Provision for loan losses		75		85		150			161
Net interest income after provision for loan losses		1,362		1,125		2,675			2,192
Noninterest income:
Service charges and other fees		106		102		192			191
Realized gains (losses) on investments		-		-		(86	)		-
Total noninterest income		106		102		106			191
Noninterest expenses:
Salaries		497		404		950			809
Employee benefits and taxes		102		77		193			169
Occupancy and equipment		183		156		365			329
Professional fees		52		38		101			74
Marketing		34		32		59			52
Office supplies		20		20		35			37
Outside service fees		56		59		103			107
Organizational costs		-		-		-			-
Other		113		88		190			172
Total noninterest expenses		1,057		874		1,996			1,749
Income before income tax expense		411		353		785			634
Income tax expense		170		141		322			251
NET INCOME	$	241	$	212	$	463		$	383
Basic income per share	$	0.20	$	0.18	$	0.39		$	0.32
Diluted income per share	$	0.19	$	0.17	$	0.37		$	0.31
Weighted-average shares outstanding - basic		1,187,719		1,183,690		1,187,646			1,183,632
Weighted-average shares outstanding - diluted		1,243,888		1,227,719		1,243,815			1,227,661
(a) All share data have been adjusted to give effect to a one for ten stock split effective January 30, 2006