===============================================================================
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 29, 1997
-------------
1st Bergen Bancorp
------------------------------------------------------
(Exact name of registrant as specified in its charter)
New Jersey 0-27686 22-3409845
- ---------------------------- ------------ -------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
250 Valley Boulevard, Wood-Ridge, New Jersey 07075
--------------------------------------------- ---------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (201) 939-3400
--------------
===============================================================================
Page 1 of 11
<PAGE>
Item 5. Other.
------
The Registrant issued a press release on July 29, 1997 announcing its
second fiscal quarter 1997 earnings.
Item 7. Exhibits.
---------
The following exhibit is filed with this Current Report on Form 8-K.
Exhibit No. Description
- ----------- -----------
99 Press Release dated July 29, 1997.
Page 2 of 11
<PAGE>
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
------------------
(Registrant)
Dated: July 30, 1997 By: /s/ ALBERT E. GOSSWEILER
------------------------
Albert E. Gossweiler,
Executive Vice President
and Chief Financial
Officer
Page 3 of 11
<PAGE>
EXHIBIT INDEX
-------------
CURRENT REPORT ON FORM 8-K
--------------------------
Exhibit No. Description Page No.
- ----------- ----------- --------
99 Press Release dated July
29, 1997.
Page 4 of 11
EXHIBIT 99
PRESS RELEASE
WOOD-RIDGE, NEW JERSEY, JULY 29, 1997 -- 1st Bergen Bancorp
(NASDAQ/NMS:FBER), the holding company for South Bergen Savings Bank, announced
net income for the second quarter ended June 30, 1997 of $583,000 compared to
$494,000 for the same period last year and an increase of 15.7% over the
$504,000 earned for the prior quarter.
The $89,000 increase in earnings over the prior year is primarily
attributable to a $387,000 increase in net interest income partially offset by a
$248,000 increase in non-interest expense and a $50,000 increase in tax expense.
The Company earned $0.21 cents per share for the quarter ended June 30,
1997 compared to $0.18 cents per share for the prior quarter and $0.16 cents per
share for the same period last year.
Net interest before provision for loan losses was $2.4 million for the
three months ended June 30, 1997 as compared to $2.0 million for the same period
last year and $2.2 million for the prior quarter. For the quarter ended June 30,
1997 and 1996, the provision for loan losses was $150,000. Non-interest income
and non-interest expense totalled $57,000 and $1.4 million, respectively, for
the three months ended June 30, 1997 as compared to $56,000 and $1.1 million,
respectively, for the same period in the prior year.
Page 5 of 11
<PAGE>
Total assets at June 30, 1997 were $284.8 million versus $247.1 million at
December 31, 1996, an increase of 15.3%. This increase is primarily attributable
to management's decision to use low cost Federal Home Loan Bank borrowings to
fund the purchase of higher yielding mortgage-backed securities and investment
securities. This program was developed to offset the start up costs of the
Company's new Montville and Wanaque offices and the additional expenses
associated with the ESOP and MRP programs. The average cost of the Federal Home
Loan Bank borrowings is 6.01% versus an average yield of 7.70% on the
mortgage-backed securities and investment securities purchased. Management will
continually monitor the performance of this leverage program and may expand it
if appropriate. Net loans totalled $120.1 million at June 30, 1997 compared to
$123.8 million at December 31, 1996, a decrease of $3.7 million, or 2.99%.
The ratio of non-performing loans to total assets was .76% at June 30, 1997
as compared to 1.58% at June 30, 1996 and .62% at December 31, 1996. The ratio
of non-performing assets to total assets was .83% at June 30, 1997 as compared
to 2.50% at June 30, 1996 and .83% at December 31, 1996. Real estate owned
totalled $201,000 at June 30, 1997, compared to $1.4 million at June 30, 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
Page 6 of 11
<PAGE>
implement its strategy of aggressively resolving non-performing
assets.
Page 7 of 11
<PAGE>
1st Bergen Bancorp
Consolidated Statements of Financial Condition
================================================================================
6/30/97 6/30/96
------- -------
- --------------------------------------------------------------------------------
Interest Income
- --------------------------------------------------------------------------------
Loans receivable $ 2,593,272 $ 2,378,502
- --------------------------------------------------------------------------------
Investment securities held to 856,946 534,546
maturity
- --------------------------------------------------------------------------------
Investment securities available 437,892 201,222
for sale
- --------------------------------------------------------------------------------
MBS Securities held to maturity 895,930 834,001
- --------------------------------------------------------------------------------
MBS securities available for sale 83,273 47,405
- --------------------------------------------------------------------------------
FHLB stock 25,354 23,110
- --------------------------------------------------------------------------------
FHLB deposits 53,497 337,057
-------- ---------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TOTAL INTEREST INCOME 4,946,164 4,355,843
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Interest Expense:
- --------------------------------------------------------------------------------
Deposits 2,325,419 2,346,423
- --------------------------------------------------------------------------------
Advances from FHLB 223,892 0
--------- --------
- --------------------------------------------------------------------------------
Total Interest Expense 2,549,311 2,346,423
- --------------------------------------------------------------------------------
Net Interest Income before Provision 2,396,853 2,009,420
for Loan Losses
- --------------------------------------------------------------------------------
Provision for loan losses 150,000 150,000
--------- ---------
- --------------------------------------------------------------------------------
Net Interest Income after Provision 2,246,853 1,859,420
- --------------------------------------------------------------------------------
Non-Interest Income:
- --------------------------------------------------------------------------------
Loan fees and service charges 43,635 38,470
- --------------------------------------------------------------------------------
Other 13,662 18,029
-------- --------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TOTAL NON-INTEREST INCOME 57,297 56,499
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Page 8 of 11
<PAGE>
- --------------------------------------------------------------------------------
Non-Interest Expense:
- --------------------------------------------------------------------------------
Compensation and employee benefits 815,653 629,997
- --------------------------------------------------------------------------------
Occupancy 78,280 64,101
- --------------------------------------------------------------------------------
Equipment 109,321 90,584
- --------------------------------------------------------------------------------
Advertising 55,521 42,154
- --------------------------------------------------------------------------------
Federal Insurance Premiums 34,815 119,020
- --------------------------------------------------------------------------------
Net gain from REO (48,467) (31,621)
- --------------------------------------------------------------------------------
Insurance and bond premium 31,448 20,830
- --------------------------------------------------------------------------------
Other Expenses 316,734 210,304
-------- --------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TOTAL NON-INTEREST EXPENSE 1,393,305 1,145,369
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Income before taxes 910,845 770,550
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Federal and State tax expense 327,398 276,992
-------- ---------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NET INCOME 583,447 493,558
------- -------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Earnings Per Share $ .21 $ .16
-------- -------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
================================================================================
Page 9 of 11
<PAGE>
1st Bergen Bancorp
Consolidated Statements of Financial Condition
================================================================================
6/30/97 12/31/96
------- --------
- --------------------------------------------------------------------------------
ASSETS:
- --------------------------------------------------------------------------------
Cash and due from banks $3,830,154 $5,230,770
- --------------------------------------------------------------------------------
Interest-bearing deposits in other banks 500,000 2,500,000
--------- ---------
- --------------------------------------------------------------------------------
Total cash and cash 4,330,154 7,730,770
equivalents
- --------------------------------------------------------------------------------
Investment securities held to 50,540,609 33,135,851
maturity
- --------------------------------------------------------------------------------
Investment securities 36,145,257 19,603,938
available for sale
- --------------------------------------------------------------------------------
MBS securities held to 55,409,104 51,768,925
maturity
- --------------------------------------------------------------------------------
MBS securities available for 9,313,112 2,817,001
sale
- --------------------------------------------------------------------------------
Loans receivable, net 120,143,515 123,824,912
- --------------------------------------------------------------------------------
Premises and Equipment 3,047,235 2,699,113
- --------------------------------------------------------------------------------
Real Estate owned 200,618 536,700
- --------------------------------------------------------------------------------
FHLB Stock 1,627,100 1,487,200
- --------------------------------------------------------------------------------
Accrued interest and 2,071,630 1,466,434
dividends receivable
- --------------------------------------------------------------------------------
Deferred income taxes 1,794,754 1,817,037
- --------------------------------------------------------------------------------
Other Assets 154,751 184,704
--------- ---------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TOTAL ASSETS 284,777,839 247,072,585
============= =============
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LIABILITIES & STOCKHOLDERS
EQUITY
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LIABILITIES:
- --------------------------------------------------------------------------------
Deposits 214,282,096 204,154,213
- --------------------------------------------------------------------------------
Page 10 of 11
<PAGE>
- --------------------------------------------------------------------------------
Borrowings 27,334,000 0
- --------------------------------------------------------------------------------
Escrow 1,061,994 932,117
- --------------------------------------------------------------------------------
Accrued income taxes 1,207,328 591,679
- --------------------------------------------------------------------------------
Other liabilities 475,556 159,993
------------ -------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TOTAL LIABILITIES 244,360,974 205,838,002
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TOTAL STOCKHOLDERS' EQUITY 40,416,865 41,234,583
------------- -------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Total Liabilities & Stockholders' Equity $ 284,777,839 $ 247,072,585
------------- -------------
================================================================================
Page 11 of 11
