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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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) October 28, 1997
1ST BERGEN BANCORP
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(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
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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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ITEM 5. OTHER.
The Registrant issued a press release on October 28, 1997 announcing its
third 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 October 28, 1997.
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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
(Registrant)
Dated: November 18, 1997 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.
- ----------- ----------- --------
99 Press Release dated October 28, 1997.
Page 4 of 8
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
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| 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
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| 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
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LIABILITIES:
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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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