EXHIBIT 99
PRESS RELEASE
WOOD-RIDGE, NEW JERSEY, APRIL 28, 1997 -- 1st Bergen Bancorp
9NASDAQ/NMS:FBER), the holding company for South Bergen Savings Bank, announced
net income for the first quarter ended March 31, 1997 of $504,000 compared to
$207,000 for the same period last year and an increase of 9.09% over the
$462,000 earned for the prior quarter.
The $297,000 increase in earnings over the prior year is primarily
attributable to a $569,000 increase in net interest income partially offset by a
$50,000 increase in the provision for loan losses and increases in non-interest
expenses and tax expenses of $71,000 and $172,000, respectively.
The Company earned $0.18 cents per share for the quarter ended March 31,
1997 compared to $0.16 cents per share for the prior quarter. The Company
completed its initial public offering on March 29, 1996 and accordingly, per
share data is not applicable for the quarter ended March 31, 1996.
Net interest income before provision for loan losses was $2.2 million for
the three months ended March 31, 1997 as compared to $1.6 million for the three
months ended March 31, 1996. The provision for loan losses was $175,000 for the
quarter ended March 31, 1997 compared to $125,000 for the same quarter in the
prior year. Non-interest income and non-interest expenses
Page 5 of 8
totalled $67,000 and $1.3 million, respectively, for the three months ended
March 31, 1997 as compared to $46,000 and $1.2 million, respectively, for the
same period in the prior year.
Total assets at March 31, 1997 were $252.3 million versus $247.1 million at
December 31, 1996, an increase of 2.1%. Net loans totaled $121.9 million at
March 31, 1997 compared to $123.8 million at December 31, 1996, a decrease of
$1.9 million, 1.5%.
The ratio of non-performing assets to total assets was .74% at March 31,
1997 as compared to 2.47% at March 31, 1996 and .83% at December 31, 1996. The
continued improvement in the ratio of non-performing assets to total assets from
December 31, 1996 to March 31, 1997 is due to a reduction in the Company's real
estate owned (REO). Real estate owned totaled $226,000 at March 31, 1997
compared to $2.0 million at March 31, 1996 and $537,000 at December 31, 1996.
The reduction in the real estate owned portfolio was due to the sale of
properties during the quarter as management continued to implement its strategy
of aggressively resolving non-performing assets.
The Company, consistent in keeping with its franchise expansion program,
opened its fourth retail office on March 22nd located at 339 Route 22,
Montville, Morris County. the Company intends to continue its program to develop
the Bank's franchise by establishing additional retail banking locations in
areas which it believes can successfully market it products and services.
Page 6 of 8
1ST BERGEN BANCORP
CONSOLIDATED STATEMENTS OF INCOME FOR THREE MONTHS ENDED
3/31/97 3/31/96
---------- ----------
INTEREST INCOME:
Loans ..................................... $2,560,617 $2,369,328
Investments -- HTM ........................ 708,861 633,187
Securities -- AFS ......................... 299,534 137,291
MBS Securities -- HTM ..................... 810,105 827,441
MBS Securities -- AFS ..................... 42,707 31,684
---------- ----------
TOTAL INTEREST INCOME ....................... 4,421,824 3,998,931
INTEREST EXPENSE:
Deposits .................................. 2,213,162 2,359,372
Advances from FHLB ........................ 0 0
---------- ----------
TOTAL INTEREST EXPENSE ...................... 2,213,162 2,359,372
Net interest income before provision
for loan losses ........................... 2,208,662 1,639,559
Provision for loan losses ................... 175,000 125,000
---------- ----------
NET INTEREST INCOME AFTER PROVISION ......... 2,033,662 1,514,559
NON-INTEREST INCOME:
Loan fees and service charges ............. 43,841 36,012
Other ..................................... 23,464 10,351
---------- ----------
TOTAL NON-INTEREST INCOME ................... 67,305 46,363
NON-INTEREST EXPENSE:
Compensation and employee benefits ........ 712,499 575,803
Occupancy ................................. 72,531 77,469
Equipment ................................. 111,653 97,168
Advertising ............................... 51,789 47,218
Federal Insurance Premiums ................ 34,873 118,694
Net (loss) gain from REO .................. (8,637) 107,676
Insurance and bond premium ................ 33,632 28,868
Other Expenses ............................ 299,575 184,206
---------- ----------
TOTAL NON-INTEREST EXPENSES ................. 1,307,915 1,237,102
---------- ----------
Income before taxes ......................... 793,052 323,820
Federal and State tax expense ............... 289,000 116,511
---------- ----------
NET INCOME .................................. $ 504,052 $ 207,309
========== ==========
Earnings Per Share .......................... $ .18 $ N/A
========== ==========
Page 7 of 8
1ST BERGEN BANCORP
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
3/31/97 12/31/96
------------ ------------
ASSETS:
Cash and due from banks ...................... $ 11,509,052 $ 5,230,770
Interest-bearing deposits in other banks ..... 6,500,000 2,500,000
------------ ------------
Total cash and cash equivalents ................ 18,009,052 7,730,770
Investment securities held to maturity ....... 33,054,105 33,135,851
Investment securities available for sale ..... 19,410,582 19,603,938
MBS securities held to maturity .............. 48,890,041 51,768,925
MBS securities available for sale ............ 2,763,899 2,817,001
Loans receivable, net ........................ 121,907,889 123,824,912
Premises and Equipment ....................... 3,048,665 2,699,113
Real Estate owned ............................ 225,997 536,700
FHLB Stock ................................... 1,627,100 1,487,200
Accrued interest and dividends receivable .... 1,282,128 1,466,434
Deferred income taxes ........................ 1,851,519 1,817,037
Other Assets ................................. 222,701 184,704
------------ ------------
TOTAL ASSETS ................................... $252,293,678 $247,072,585
============ ============
LIABILITIES & STOCKHOLDERS' EQUITY
LIABILITIES:
Deposits ..................................... 208,745,171 204,154,213
Escrow ....................................... 971,467 932,117
Accrued income taxes ......................... 880,679 591,679
Other liabilities ............................ 211,501 159,993
------------ ------------
TOTAL LIABILITIES .............................. 210,808,818 205,838,002
TOTAL STOCKHOLDERS' EQUITY ..................... 41,484,860 41,234,583
------------ ------------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY ....... $252,293,678 $246,072,585
============ ============
Page 8 of 8