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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 25, 1996
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1st Bergen Bancorp
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(Exact name of registrant as specified in its charter)
New Jersey 0-27686 22-3409845
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
250 Valley Boulevard, Wood-Ridge, New Jersey 07075
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (201) 939-3400
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Page 1 of 8
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Item 5. Other.
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The Registrant issued a press release on July 25, 1996 announcing its third
fiscal quarter 1996 earnings.
Item 7. Exhibits.
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The following exhibit is filed with this Current Report on Form 8-K.
Exhibit No. Description
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99 Press Release dated July 25, 1996 announcing the Registrant's third
fiscal quarter 1996 earnings.
Page 2 of 8
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, 1st
Bergen Bancorp has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
1ST BERGEN BANCORP
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(Registrant)
Dated: July 29, 1996 By: /s/ Albert E. Gossweiler
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Albert E. Gossweiler,
Executive Vice President and
Chief Financial Officer
Page 3 of 8
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EXHIBIT INDEX
CURRENT REPORT ON FORM 8-K
Exhibit No. Description Page No.
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99 Press Release dated July 5
25, 1996 announcing the
Registrant's third fiscal
quarter 1996 earnings.
Page 4 of 8
WOOD-RIDGE, NEW JERSEY, JULY 25, 1996--1st Bergen Bancorp
(NASDAQ/NMS:FBER), the holding company for South Bergen Savings Bank, announced
net income for its third fiscal quarter ended June 30, 1996 of $494,000, an
increase of 200% over the $165,000 earned for the same period last year and an
increase of 138.6% over the $207,000 earned for the prior quarter. The $329,000
increase in earnings over the prior year is primarily attributable to a $346,000
increase in net interest income coupled with a $126,000 decrease in the
provision for loan losses. The increase in earnings over the prior quarter is
attributable to a $369,000 increase in net interest income, caused by an
increase in yields on the Company's interest earning assets as the Compamy began
to deploy the capital raised in the Company's initial public offering into loans
and investment securities. The Company earned 16 cents per share for the quarter
ended June 30, 1996. The Company completed its initial public offering on March
29, 1996, and accordingly, per share data is not presented for prior periods.
Net interest income before provision for loan losses was $2.0 million for
the three months ended June 30, 1996 as compared to $1.7 million for the three
months ended June 30, 1995 and $1.6 million for the three months ended March 31,
1996.
The provision for loan losses was $150,000 for the quarter ended June 30,
1996 compared to $276,000 for the same period in the prior year and $125,000 in
the prior quarter. Non-interest income and non-interest expense totaled $57,000
and $1.1 million respectively for the three months ended June 30, 1996 as
compared to $46,000 and $1.2 million respectively for the same period in the
prior year and $46,000 and $1.2 million for the prior quarter.
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Total assets at June 30, 1996 were $252.2 million versus $223.2 million at
September 30, 1995, an increase of 13.0%. This increase was due primarily to the
Company's receipt of $30.6 million in net proceeds from the sale of 3,174,000
shares of common stock in connection with the Bank's mutual to stock conversion
completed on March 29, 1996. Net loans totaled $110.0 million at June 30, 1996
compared to $113.6 million at September 30, 1995 and $107.0 million at March 31,
1996.
The ratio of non-performing loans to total assets was 1.58% at June 30,
1996 as compared to 3.30% at September 30, 1995 and 1.71% at March 31, 1996. The
improvement in the ratio of non-performing loans to total assets from March 31,
1996 to June 30, 1996 is due to a reduction in the non-performing portfolio from
$4.4 million to $4.0 million, coupled with an increase in the Company's loan
portfolio.
The ratio of non-performing assets to total assets was 2.30% at June 30,
1996 as compared to 3.81% at September 30, 1995 and 2.47% at March 31, 1996. The
improvement in the ratio of non-performing assets to total assets from March 31,
1996 to June 30, 1996 is due to the same reduction in the non-performing
portfolio and a reduction in the Company's real estate owned. Real estate owned
totaled $1.4 million at June 30, 1996 compared to $1.1 million at September 30,
1995 and $2.0 million at March 31, 1996. The reduction in the real estate owned
portfolio was due to sale of properties during the quarter as management
continued to implement its strategy of resolving non-performing assets.
South Bergen Savings Bank operates two offices in Bergen County and has
announced plans to open an 'instore' banking facility in a new Super FoodTown
located in Wanaque, New Jersey.
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1ST BERGEN BANCORP
CONSOLIDATED STATEMENTS OF INCOME FOR THREE MONTHS ENDED
6/30/96 6/30/95
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Interest Income:
Loans ......................................... $2,378,502 $2,551,289
MBS'S ......................................... 834,001 586,945
Interests-HTM ................................. 894,713 496,375
Securities--AFS ............................... 248,627 89,406
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TOTAL INTEREST INCOME ....................... 4,355,843 3,724,015
Interest Expense:
Deposits ...................................... 2,346,423 2,024,965
Advances from FHLB ............................ 0 36,203
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TOTAL INTEREST EXPENSE ...................... 2,346,423 2,061,168
Net Interest Income before Provision for
loan losses ................................... 2,009,420 1,662,847
Provision for loan losses ....................... 150,000 276,000
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NET INTEREST INCOME AFTER PROVISION ............. 1,859,420 1,386,847
Non-Interest income:
Loan fees and service charges ................. 38,470 27,169
Other ......................................... 18,029 19,075
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TOTAL NON-INTEREST INCOME ................... 56,499 46,244
Non-Interest Expense:
Compensation and employee benefits ............ 629,997 577,362
Occupancy ..................................... 64,101 58,719
Equipment ..................................... 90,584 92,714
Advertising ................................... 42,154 45,171
Federal Insurance Premiums .................... 119,020 113,001
Net (gain) loss from REO ...................... (31,621) 81,356
Insurance and bond premium .................... 20,830 14,202
Other Expenses ................................ 210,304 192,521
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TOTAL NON-INTEREST EXPENSE .................. 1,145,369 1,175,046
Income before taxes ............................. 770,550 258,045
Federal and State tax expense ................... 276,992 93,175
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NET INCOME ...................................... $ 493,558 $ 164,870
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1ST BERGEN BANCORP
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
6/30/96 9/30/95
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ASSETS:
Cash and due from banks .................... $ 5,197,242 $ 3,215,041
Interest-bearing deposits in other banks ... 12,000,000 6,000,000
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Total cash and cash equivalents .......... 17,197,242 9,215,041
Investment securities held to maturity ..... 36,545,595 22,666,332
MBS securities held to maturity ............ 56,688,208 44,154,005
Securities available for sale .............. 22,430,000 25,008,563
Loans receivable ........................... 109,968,074 113,555,926
Premises and Equipment ..................... 2,597,171 2,698,110
Real Estate owned .......................... 1,435,934 1,070,982
FHLB Stock ................................. 1,487,200 1,446,500
Accrued interest and dividends receivable .. 1,431,122 1,162,651
Deferred income taxes ...................... 2,052,609 1,988,535
Other Assets ............................... 339,857 199,924
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TOTAL ASSETS ............................. 252,173,012 223,166,569
LIABILITIES & STOCKHOLDERS' EQUITY
LIABILITIES:
Deposits ................................... 206,986,036 207,837,993
Escrow ..................................... 836,242 910,656
Accrued income taxes ....................... 743,665 78,734
Other liabilities .......................... 210,557 164,886
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TOTAL LIABILITIES ............................ 208,776,500 208,992,269
TOTAL STOCKHOLDERS' EQUITY ................... 43,396,512 14,174,300
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TOTAL LIABILITIES & STOCKHOLDERS' EQUITY ..... $252,173,012 $223,166,569
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