EXHIBIT 99
PRESS RELEASE
WOOD-RIDGE, NEW JERSEY, OCTOBER 28, 1997 -- 1st Bergen Bancorp
(NASDAQ/NMS:FBER), the holding company for South Bergen Savings Bank, announced
net income for the third quarter ended September 30, 1997, of $490,000 compared
to $416,000 for the same period last year before reflecting the one-time FDIC
special assessment on thrift institutions to recapitalize The Savings
Association Insurance Fund (SAIF) which resulted in a net loss for the third
quarter of 1996 of ($399,000).
The $74,000 increase in earnings over the prior year is primarily
attributable to a $149,000 increase in net interest income, a decrease in the
provision for loan losses of $161,000, partially offset by increases in
non-interest expense and tax expense of $414,000 and $60,000, respectively,
exclusive of the one-time SAIF assessment of $1.3 million.
The Company earned $0.18 cents per share for the quarter ended September
30, 1997, compared to ($0.13) cents per share for the same period last year.
Net interest income before provision for loan losses was $2.3 million for
the three months ended September 30, 1997, as compared to $2.1 million for the
same period last year. For the quarter ended September 30, 1997, the provision
for loan losses was $100,000 compared to $261,000 for the same period last year.
Non-interest income and non-interest expense totalled $80,000 and $1.5 million,
respectively, for the three months ended September 30, 1997, as compared to
$54,000 and $1.1 million, respectively, for the same period in the prior year,
exclusive of the one-time SAIF assessment of $1.3 million.
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Total assets at September 30, 1997, were $284.7 million versus $247.1
million at December 31, 1996, an increase of 15.2%. This increase is primarily
attributable to management's decision to begin a leverage program in April 1997,
using low cost Federal Home Loan Bank borrowing to fund the purchase of higher
yielding mortgage-backed and investment securities.
Net loans totalled $121.0 million at September 30, 1997, compared to $123.8
million at December 31, 1996, a decrease of $2.8 million, or 2.31%.
The ratio of non-performing loans to total assets was .77% at September 30,
1997, as compared to .62% at December 31, 1996, and .76% at June 30, 1997. The
ratio of non-performing assets to total assets was .84% at September 30, 1997,
as compared to .83% at December 31, 1996, and June 30, 1997. Real estate owned
totalled $209,300 at September 30, 1997, compared to $537,000 at December 31,
1996, and $200,600 at June 30, 1997.
During the quarter ended September 30, 1997, the company completed its
second 5% stock buyback in which 150,765 shares of 1st Bergen stock were
repurchased.
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1ST BERGEN BANCORP
CONSOLIDATED STATEMENTS OF INCOME FOR THREE MONTHS ENDED
===============================================================================
| 9/30/97 | 9/30/96
- --------------------------------------------------|--------------|-------------
Interest Income: | |
- --------------------------------------------------|--------------|-------------
Loans receivable | $2,439,630 | $2,470,210
- --------------------------------------------------|--------------|-------------
Investment securities held to maturity | 950,813 | 641,364
------------------------------------------------|--------------|-------------
Investment securities available for sale | 485,132 | 279,017
------------------------------------------------|--------------|-------------
MBS Securities held to maturity | 912,599 | 856,610
- --------------------------------------------------|--------------|-------------
MBS securities available for sale | 125,648 | 44,502
- --------------------------------------------------|--------------|-------------
FHLB stock | 27,683 | 24,299
- --------------------------------------------------|--------------|-------------
FHLB deposits | 161,007 | 72,412
| ---------- | ----------
- --------------------------------------------------|--------------|-------------
TOTAL INTEREST INCOME | 5,102,512 | 4,388,414
- -------------------------------------------------------------------------------
Interest Expense:
- -------------------------------------------------------------------------------
Deposits | 2,398,752 | 2,247,030
- --------------------------------------------------|--------------|-------------
Advances from FHLB | 413,450 | 0
| ---------- | ----------
- --------------------------------------------------|--------------|-------------
Total Interest Expense | 2,812,202 | 2,247,030
- --------------------------------------------------|--------------|-------------
Net Interest Income before Provision | |
for Loan Losses | 2,290,310 | 2,141,384
- --------------------------------------------------|--------------|-------------
Provision for loan losses | 100,000 | 261,000
| ---------- | ----------
- --------------------------------------------------|--------------|-------------
NET INTEREST INCOME AFTER PROVISION | 2,190,310 | 1,880,384
- --------------------------------------------------|--------------|-------------
Non-Interest Income: | |
- --------------------------------------------------|--------------|-------------
Loan fees and service charges | 46,734 | 36,639
- --------------------------------------------------|--------------|-------------
Other | 32,752 | 17,056
| ---------- | ----------
- --------------------------------------------------|--------------|-------------
TOTAL NON-INTEREST INCOME | 79,486 | 53,695
- --------------------------------------------------|--------------|-------------
Non-Interest Expense: | |
- --------------------------------------------------|--------------|-------------
Compensation and employee benefits | 861,194 | 557,726
- --------------------------------------------------|--------------|-------------
Occupancy | 76,576 | 69,846
- --------------------------------------------------|--------------|-------------
Equipment | 112,656 | 97,041
- --------------------------------------------------|--------------|-------------
Advertising | 44,738 | 46,562
- --------------------------------------------------|--------------|-------------
Federal insurance premiums | 34,432 | 1,381,237
- --------------------------------------------------|--------------|-------------
Net gain from REO | 24,558 | 143,366
- --------------------------------------------------|--------------|-------------
Insurance and bond premium | 31,619 | 25,690
- --------------------------------------------------|--------------|-------------
Other Expenses | 303,345 | 229,470
| ---------- | ----------
- --------------------------------------------------|--------------|-------------
TOTAL NON-INTEREST EXPENSE | 1,489,118 | 2,550,938
- --------------------------------------------------|--------------|-------------
Income (loss) before taxes | 780,678 | (616,859)
- --------------------------------------------------|--------------|-------------
Federal and State tax expense (benefit) | 291,110 | (218,368)
| ---------- | ----------
- --------------------------------------------------|--------------|-------------
NET INCOME (LOSS) | $ 489,568 | $ (398,491)
| ========== | ==========
- --------------------------------------------------|--------------|-------------
Earnings Per Share | $ .18 | $ (.13)
| ---------- | ----------
===============================================================================
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1ST BERGEN BANCORP
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
==============================================================================
| 9/30/97 | 12/31/96
- ------------------------------------------------|----------------|--------------
ASSETS: | |
- ------------------------------------------------|----------------|--------------
Cash and due from banks | $ 2,689,818 | $ 5,230,770
- ------------------------------------------------|----------------|--------------
Interest-bearing deposits in other banks | 14,300,000 | 2,500,000
| ------------ | ------------
- ------------------------------------------------|----------------|--------------
Total cash and cash equivalents | 16,989,818 | 7,730,770
- ------------------------------------------------|----------------|--------------
Investment securities held to maturity | 55,080,861 | 33,135,851
- ------------------------------------------------|----------------|--------------
Investment securities available for sale | 19,727,691 | 19,603,938
- ------------------------------------------------|----------------|--------------
MBS securities held to maturity | 52,469,410 | 51,768,925
- ------------------------------------------------|----------------|--------------
MBS securities available for sale | 10,682,108 | 2,817,001
- ------------------------------------------------|----------------|--------------
Loans receivable, net | 120,971,128 | 123,824,912
- ------------------------------------------------|----------------|--------------
Premises and equipment | 3,006,472 | 2,699,113
- ------------------------------------------------|----------------|--------------
Real estate owned | 209,300 | 536,700
- ------------------------------------------------|----------------|--------------
FHLB Stock | 1,627,100 | 1,487,200
- ------------------------------------------------|----------------|--------------
Accrued interest and dividends receivable | 1,807,837 | 1,466,434
- ------------------------------------------------|----------------|--------------
Deferred income taxes | 1,804,162 | 1,817,037
- ------------------------------------------------|----------------|--------------
Other Assets | 362,609 | 184,704
| ------------ | ------------
- ------------------------------------------------|----------------|--------------
TOTAL ASSETS | $284,738,496 | $247,072,585
| ============ | ============
- --------------------------------------------------------------------------------
LIABILITIES & STOCKHOLDERS' EQUITY
- --------------------------------------------------------------------------------
LIABILITIES:
- --------------------------------------------------------------------------------
Deposits | 215,515,904 | 204,154,213
- ------------------------------------------------|----------------|--------------
Borrowings | 27,334,000 | 0
- ------------------------------------------------|----------------|--------------
Escrow | 983,434 | 932,117
- ------------------------------------------------|----------------|--------------
Accrued income taxes | 1,069,084 | 591,679
- ------------------------------------------------|----------------|--------------
Other liabilities | 954,975 | 159,993
| ------------ | ------------
- ------------------------------------------------|----------------|--------------
TOTAL LIABILITIES | 245,857,397 | 205,838,002
- ------------------------------------------------|----------------|--------------
TOTAL STOCKHOLDERS' EQUITY | 38,881,099 | 41,234,583
| ------------ | ------------
- ------------------------------------------------|----------------|--------------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $284,738,496 | $247,072,585
| ============ | ============
================================================================================
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