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<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): July 16, 1996
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Summit Bancorp.
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(Exact Name of Registrant as Specified in its Charter)
New Jersey 1-6451 22-1903313
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(State or other jurisdiction of (Commission (I.R.S. Employe
incorporation or organization) File number) Identification No.)
301 Carnegie Center, P. O. Box 2066
Princeton, New Jersey 08543-2066
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(Address of Principal Executive Offices)
(Zip Code)
(609) 987-3200
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(Registrant's Telephone Number, including Area Code)
<PAGE>
Item 5. Other Events.
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On July 16, 1996 the Registrant reported its
financial condition and results of operations for the
six months and three months ended June 30, 1996. Filed
herewith as Exhibit (99.1) are consolidated balance sheets at
June 30, 1996, December 31, 1995 and June 30, 1995, consolidated
statements of income for the six months and the three months ended
June 30, 1996 and 1995, and notes to consolidated balance sheets
and income statements. These financial statements are hereby
incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
----------------------------------
(c.) Exhibits
(99.1) Consolidated balance sheets at June 30, 1996,
December 31, 1995 and June 30, 1995.
Consolidated statements of income for the six months
and the three months ended June 30, 1996 and 1995.
Notes to consolidated balance sheets and income
statements.
-1-
<PAGE>
SIGNATURE
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Pursuant to the requirements of the Securities and Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
Dated: July 24, 1996 SUMMIT BANCORP.
By: /s/ William J. Healy
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William J. Healy
Executive Vice President and Comptroller
(Chief Accounting Officer)
-2-
<PAGE>
<TABLE>
Exhibit (99.1)
Page 1
SUMMIT BANCORP.
CONSOLIDATED BALANCE SHEETS
Unaudited
(dollars in thousands)
<CAPTION>
June 30, December 31, June 30,
1996 1995 1995
------------- ------------ ------------
<S> <C> <C> <C>
Assets
Cash and cash equivalents:
Cash and due from banks $ 1,317,647 $ 1,337,718 $ 1,344,387
Federal funds sold and securities purchased under agreements to resell 62,517 161,650 183,868
------------- ------------ ------------
Total cash and cash equivalents 1,380,164 1,499,368 1,528,255
Interest bearing deposits with banks 21,269 18,329 13,288
Trading account securities 16,271 28,637 42,700
Securities available for sale 2,370,337 2,408,065 925,056
Securities held to maturity:
U.S. Government and Federal agencies 1,594,937 1,261,172 2,456,811
States and political subdivisions 253,856 271,621 333,479
Other securities 1,460,725 1,514,287 1,933,386
------------- ------------ ------------
Total securities held to maturity 3,309,518 3,047,080 4,723,676
Loans (net of unearned discount):
Commercial 5,402,011 5,321,047 5,259,333
Residential mortgage 3,633,411 3,296,818 2,908,839
Commercial mortgage 2,391,417 2,315,384 2,233,322
Consumer 3,322,828 3,086,325 2,819,591
------------- ------------ ------------
Total loans 14,749,667 14,019,574 13,221,085
Less: Allowance for loan losses 276,017 279,034 290,366
------------- ------------ ------------
Net loans 14,473,650 13,740,540 12,930,719
Premises and equipment 212,337 206,691 210,401
Assets held for accelerated disposition 5,055 16,650 30,044
Accrued interest receivable 106,252 132,441 119,703
Other real estate owned, net 23,262 24,295 37,252
Due from customers on acceptances 17,799 26,740 20,101
Other assets 450,873 388,099 371,601
------------- ------------ ------------
Total Assets $ 22,386,787 $ 21,536,935 $ 20,952,796
============= ============ ============
Liabilities and Shareholders' Equity
Deposits:
Non-interest bearing demand deposits $ 3,817,786 $ 3,873,801 $ 3,731,503
Interest bearing deposits:
Savings and time deposits 13,590,365 13,373,864 12,943,148
Commercial certificates of deposit $100,000 and over 790,315 707,438 510,978
------------- ------------ ------------
Total deposits 18,198,466 17,955,103 17,185,629
Commercial paper 48,734 38,503 45,947
Other borrowed funds 1,512,624 1,004,053 1,252,686
Long-term debt 392,863 424,862 522,890
Accrued interest payable 47,507 45,567 53,985
Bank acceptances outstanding 17,799 26,740 20,101
Accrued expenses and other liabilities 309,013 239,791 243,234
------------- ------------ ------------
Total liabilities 20,527,006 19,734,619 19,324,472
Shareholders' equity:
Preferred stock without par value:
Series B: Authorized 1,200,000; issued and outstanding 600,166 in
1996 and 1995, adjustable-rate cumulative, $50 stated value 30,008 30,008 30,008
Series C: Authorized 800,000; issued and outstanding 504,481 in
1996 and 1995, adjustable-rate cumulative, $25 stated value 12,612 12,612 12,612
Common stock par value $1.20:
Authorized 130,000,000 shares; issued and outstanding 93,712,791
at June 30, 1996; 88,471,028 at December 31, 1995 and
85,719,170 at June 30, 1995 112,455 106,165 102,863
Surplus 874,976 826,788 742,308
Retained earnings 838,416 821,579 745,010
Net unrealized gain (loss) on securities, net of tax (8,686) 5,164 (4,477)
------------- ------------ ------------
Total shareholders' equity 1,859,781 1,802,316 1,628,324
------------- ------------ ------------
Total Liabilities and Shareholders' Equity $ 22,386,787 $ 21,536,935 $ 20,952,796
============= ============ ============
<FN>
See accompanying Notes to Consolidated Balance Sheets and Income Statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
Exhibit (99.1)
Page 2
SUMMIT BANCORP.
CONSOLIDATED STATEMENTS OF INCOME
Unaudited
(dollars in thousands, except per share data)
<CAPTION> Six Months Ended Three Months Ended
June 30, June 30,
------------------------- -------------------------
1996 1995 1996 1995
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Interest Income
Interest and fees on loans $ 591,315 $ 554,215 $ 296,186 $ 280,794
Interest on securities held to maturity:
Taxable 93,449 135,011 46,471 68,041
Tax-exempt 9,356 11,663 4,795 5,751
Interest on securities available for sale 76,535 31,014 37,324 15,364
Interest on Federal funds sold and securities
purchased under agreements to resell 1,613 3,968 498 3,256
Interest on trading account securities 919 804 351 538
Interest on deposits with banks 412 375 221 146
----------- ----------- ----------- -----------
Total interest income 773,599 737,050 385,846 373,890
Interest Expense
Interest on savings and time deposits 242,920 228,530 119,319 120,211
Interest on commercial certificates of deposit
$100,000 and over 20,901 18,464 10,360 9,466
Interest on borrowed funds 55,677 59,756 28,057 29,501
----------- ----------- ----------- -----------
Total interest expense 319,498 306,750 157,736 159,178
----------- ----------- ----------- -----------
Net interest income 454,101 430,300 228,110 214,712
Provision for loan losses 31,000 33,150 15,500 16,950
----------- ----------- ----------- -----------
Net interest income after provision for loan losses 423,101 397,150 212,610 197,762
Non-Interest Income
Service charges on deposit accounts 47,837 42,345 24,381 21,325
Service and loan fee income 20,695 15,948 10,126 8,700
Trust income 18,812 16,463 9,569 8,131
Securities gains 2,263 5,046 1,506 2,820
Trading account gains 106 667 75 303
Other 31,388 27,439 17,181 14,639
----------- ----------- ----------- -----------
Total non-interest income 121,101 107,908 62,838 55,918
Non-Interest Expenses
Salaries 125,022 124,319 62,030 62,027
Pension and other employee benefits 44,044 44,824 20,117 22,527
Occupancy, net 38,474 34,950 18,233 17,237
Furniture and equipment 31,672 29,862 16,039 15,129
FDIC assessment 2,465 18,626 1,239 9,313
Other real estate owned expenses 4,241 3,702 1,942 1,649
Advertising and public relations 7,932 8,701 4,200 4,479
Restructuring charges 110,700 - - -
Other 67,809 59,707 35,824 29,957
----------- ----------- ----------- -----------
Total non-interest expenses 432,359 324,691 159,624 162,318
----------- ----------- ----------- -----------
Income before income taxes 111,843 180,367 115,824 91,362
Federal and state income taxes 38,718 64,830 40,460 33,092
----------- ----------- ----------- -----------
Net Income $ 73,125 $ 115,537 $ 75,364 $ 58,270
=========== =========== =========== ===========
Net Income Per Common Share $ 0.77 $ 1.34 $ 0.80 $ 0.68
=========== =========== =========== ===========
Average Common Shares Outstanding (in thousands) 93,354 85,386 93,574 85,563
=========== =========== =========== ===========
<FN>
Note: Certain prior period amounts have been reclassified for comparative purposes.
See accompanying Notes to Consolidated Balance Sheets and Income Statements.
</FN>
</TABLE>
<PAGE>
Exhibit (99.1)
Page 3
SUMMIT BANCORP.
Notes to Consolidated Balance Sheets and Income Statements (Unaudited)
1.) Acquisitions
On March 1, 1996, UJB Financial Corp. completed its acquisition
of The Summit Bancorporation, and the company changed its
name to Summit Bancorp. This acquisition was accounted for as
a pooling of interests and all financial information has been
restated to reflect the combined results of operations. On
January 16, 1996, The Summit Bancorporation acquired Garden
State Bancshares, Inc. ("Garden State") and on February 23,
1996, UJB Financial Corp. acquired The Flemington National Bank
and Trust Company ("Flemington"). Both of these acquisitions
were accounted for as poolings ofinterests. However, because
these acquisitions were considered immaterial to Summit
Bancorp., the Flemington and Garden State transactions were
recorded as adjustments to beginning shareholders' equity at
January 1, 1996, without restating the consolidated financial
statements for 1995 and prior.
2.) Restructuring Charges
Restructuring charges were recorded in the first quarter for
merger-related expenses of $89.0 million for The Summit
Bancorporation, $4.3 million for The Flemington National Bank
and Trust Company and $7.9 million for Garden State Bancshares.
Also included in the restructuring charges was $9.5 million of
branch-related expenses recorded in conjunction with an
announced agreement to open 70 in-store supermarket branches.
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