WOOD-RIDGE, NEW JERSEY, APRIL 27, 1998 - 1st Bergen Bancorp
(NASDAQ/NMS:FBER), the holding company for South Bergen Savings Bank, announced
net income for the first quarter ended March 31, 1998, of $519,000 an increase
of $15,000, or 3.0%, over the $504,000 earned for the same period last year.
The $15,000 increase in earnings over the prior year is primarily
attributable to a $66,000 increase in net interest income coupled with decreases
in the provision for loan losses and tax expense of $100,000 and $32,000,
respectively, partially offset by an increase in non-interest expense of
$206,000.
The Company earned $0.22 cents and $0.21 cents per share on a basic and
diluted basis, respectively, for the quarter ended March 31, 1998, compared to
$0.18 cents per share on a basic and diluted basis for the same period last
year.
Net interest income before provision for loan losses was $2.3 million for
the three months ended March 31, 1998, as compared to $2.2 million for the three
months ended March 31, 1997. The provision for loan losses was $75,000 for the
quarter ended March 31, 1998, compared to $175,000 for the same quarter in the
prior year. Non-interest income and non-interest expense totalled $90,000 and
$1.5 million, respectively, for the three months ended March 31, 1998, as
compared to $67,000 and $1.3 million, respectively, for the same period in the
prior year.
Total assets at March 31, 1998, were $316.1 million versus $290.4
million at December 31, 1997, an increase of 8.9%. Net loans totalled $128.9
million at March 31, 1998, compared to $127.8 million at December 31, 1997, an
increase of $1.1 million, or 0.9%.
The ratio of non-performing loans to total assets was 0.71% at March 31,
1998, and 0.64% at December 31, 1997. The ratio of non-performing assets to
total assets was 0.74% at March 31, 1998, and December 31, 1997.
Real estate owned totalled $118,000 at March 31, 1998, and December 31,
1997.
South Bergen Savings Bank operates a traditional retail banking business
from its main office in Wood-Ridge, New Jersey, and branch offices in Bergen,
Morris and Passaic counties.
1ST BERGEN BANCORP
CONSOLIDATED STATEMENTS OF INCOME FOR THREE MONTHS ENDED
(UNAUDITED)
3/31/98 3/31/97
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Interest Income:
Loans ............................................ $2,570,580 $2,560,617
Mortgage-Backed Securities - Held to Maturity .... 840,772 810,105
Mortgage-Backed Securities - Available for Sale .. 171,187 42,707
Investment Securities - Held to Maturity ......... 790,866 581,517
Investment Securities - Available for Sale ....... 741,329 299,534
FHLB Stock ....................................... 34,418 24,113
FHLB Deposits .................................... 78,609 103,231
---------- ----------
TOTAL INTEREST INCOME .............................. $5,227,761 $4,421,824
Interest Expense:
Deposit .......................................... $2,428,531 $2,213,162
Advances from FHLB ............................... 523,986 0
---------- ----------
TOTAL INTEREST EXPENSE ............................. $2,952,517 $2,213,162
Net Interest Income before Provision for Loan Losses $2,275,244 $2,208,662
Provision for Loan Losses .......................... 75,000 175,000
---------- ----------
NET INTEREST INCOME AFTER PROVISION ................ $2,200,244 $2,033,662
Non-Interest Income:
Loan Fees and Service Charges .................... $ 47,394 $ 43,841
Other ............................................ 42,586 23,464
---------- ----------
TOTAL NON-INTEREST INCOME .......................... $ 89,980 $ 67,305
Non-Interest Expense:
Compensation and Employee Benefits ............... $ 895,286 $ 712,499
Occupancy ........................................ 77,517 72,531
Equipment ........................................ 137,275 111,653
Advertising ...................................... 63,358 51,789
Federal Insurance Premiums ....................... 34,821 34,873
Net Loss (Gain) from REO ......................... 3,113 (8,637)
Insurance and Bond Premium ....................... 29,909 33,632
Other Expenses ................................... 272,655 299,575
---------- ----------
TOTAL NON-INTEREST EXPENSE ......................... $1,513,934 $1,307,915
Income before Taxes ................................ 776,290 793,052
Federal and State Tax Expense ...................... 257,060 289,000
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NET INCOME ......................................... $ 519,230 $ 504,052
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Earnings Per Share - Basic ......................... 0.22 0.18
Earnings Per Share - Diluted ....................... 0.21 0.18
1ST BERGEN BANCORP
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
3/31/98 12/31/97
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ASSETS:
Cash and Due from Banks ........................ $ 12,240,521 $ 3,199,133
Interest-Bearing Deposits in Other Banks ....... 2,740 0
------------ ------------
TOTAL CASH AND CASH EQUIVALENTS .................. 12,243,261 3,199,133
Loans Receivable ............................... $128,898,937 $127,817,620
Mortgage-Backed Securities - Held to Maturity .. 47,209,472 52,457,620
Mortgage-Backed Securities - Available for Sale 11,687,325 10,444,559
Investment Securities - Held to Maturity ....... 43,513,295 46,903,262
Investment Securities - Available for Sale ..... 63,044,278 41,090,336
FHLB Stock ..................................... 2,616,700 1,627,100
Real Estate Owned .............................. 117,500 117,500
Premises and Equipment ......................... 3,052,571 3,018,603
Accrued Interest and Dividends Receivable ...... 2,100,241 2,094,060
Deferred Income Taxes .......................... 1,271,825 1,276,895
Other Assets ................................... 315,800 388,481
------------ ------------
TOTAL ASSETS ..................................... $316,071,205 $290,435,169
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LIABILITIES & STOCKHOLDERS' EQUITY
LIABILITIES:
Deposits ....................................... $223,953,164 $217,426,098
Borrowing ...................................... 52,334,000 31,334,000
Escrow ......................................... 1,037,406 986,166
Accrued Income Taxes ........................... 673,623 596,948
Other Liabilities .............................. 1,126,302 822,265
------------ ------------
TOTAL LIABILITIES ................................ 279,124,495 251,165,477
TOTAL STOCKHOLDERS' EQUITY ....................... 36,946,710 39,269,692
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY ......... $316,071,205 $290,435,169
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