<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1996
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
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Commission File Number 0-28886
ROSLYN BANCORP, INC.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 11-3333218
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(State or other jurisdiction of incorporation (I.R.S. Employer
or organization) Identification No.)
1400 OLD NORTHERN BOULEVARD, ROSLYN, NEW YORK 11576
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(516) 621-6000
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(Registrant's telephone number, including area code)
Not Applicable
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changes since last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1034 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes N/A No
----- -----
Yes No X
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APPLICABLE ONLY TO CORPORATE ISSUERS.
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date: No shares were outstanding
as of December 31, 1996.
<PAGE> 2
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
--------------------
Roslyn Bancorp, Inc. is a newly formed holding company, formed for the
purpose of acquiring all of the common stock of The Roslyn Savings Bank
concurrent with its conversion from mutual to stock form of organization. At
this time and until the conversion is complete, Roslyn Bancorp, Inc. is a
noncapitalized corporation with no business activities and no material assets or
liabilities. For a further discussion of Roslyn Bancorp's formation and intended
operations see the Form S-1 Registration Statement as amended, initially filed
on August 20, 1996 and declared effective on October 10, 1996. The description
of Roslyn Bancorp, Inc. in these filings is herein incorporated by reference.
Item 2. Management's Discussion and Analysis of Financial Condition and Results
-----------------------------------------------------------------------
of Operations.
-------------
See Item 1.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
-----------------
None.
Item 2. Changes in Securities.
---------------------
None.
Item 3. Defaults Upon Senior Securities.
-------------------------------
None.
Item 4. Submission of Matters to a Vote of Security Holders.
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None.
Item 5. Other Information.
-----------------
None.
Item 6. Exhibits and Reports on Form 8-K.
--------------------------------
Exhibit 99. Financial information for The Roslyn Savings Bank for
the quarter ended September 30, 1996.
<PAGE> 3
ROSLYN BANCORP, INC.
STATEMENTS OF CONDITION
<TABLE>
<CAPTION>
September 30, December 31,
1996 1995
------------------ -----------------
<S> <C> <C>
Assets............................... $ -- NA
Expenses............................. $ -- NA
See accompanying notes to financial statements
</TABLE>
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
Three Months and Nine Months
Ended September 30,
-------------------------------------------
1996 1996
------------------- -----------------
<S> <C> <C>
Income............................... $ -- NA
Expenses............................. $ -- NA
Net income..................... $ -- NA
See accompanying notes to financial statements
</TABLE>
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
Nine Months Ended September 30, 1996
---------------------------------------------------------------
Additional
Common Paid-in Retained
Stock Capital Earnings Total
------------ ------------ ---------- ------------
<S> <C> <C> <C> <C>
Balance December 31, 1995 $ NA $ NA $ NA $ NA
Balance September 30, 1996 $ -- $ -- $ -- $ --
See accompanying notes to financial statements.
</TABLE>
STATEMENTS OF CHANGE IN CASH FLOW
<TABLE>
<CAPTION>
Nine Months Ended September 30,
--------------------------------------
1996 1995
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<S> <C> <C>
Funds provided............................ $ -- NA
Funds used................................ $ -- NA
See accompanying notes to financial statements.
</TABLE>
<PAGE> 4
ROSLYN BANCORP, INC.
NOTES TO FINANCIAL STATEMENTS
1. General
-------
Roslyn Bancorp, Inc. is a newly formed holding company formed for the
purpose of acquiring all of the common stock of The Roslyn Savings Bank
concurrent with its conversion from mutual to stock form of organization. At
September 30, 1996, Roslyn Bancorp, Inc. was a corporation with no
business activities and no material assets or liabilities.
<PAGE> 5
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ROSLYN BANCORP, INC.
Dated: January 7, 1997 By: /s/ Joseph L. Mancino
------------------------------- -------------------------------
Joseph L. Mancino
Chairman of the Board, Chief
Executive Officer and President
Dated: January 7, 1997 By: /s/ Michael P. Puorro
------------------------------- -------------------------------
Michael P. Puorro
Chief Financial Officer
and Treasurer
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This schedule contains summary information extracted from the Form 10-Q and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0001020828
<NAME> ROSLYN BANCORP, INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 21,124
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 22,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 1,226,557
<INVESTMENTS-CARRYING> 292,382
<INVESTMENTS-MARKET> 290,123
<LOANS> 471,668
<ALLOWANCE> 22,173
<TOTAL-ASSETS> 2,090,349
<DEPOSITS> 1,585,289
<SHORT-TERM> 215,310
<LIABILITIES-OTHER> 56,056
<LONG-TERM> 0
<COMMON> 0
0
<OTHER-SE> 233,694
0
<TOTAL-LIABILITIES-AND-EQUITY> 2,090,349
<INTEREST-LOAN> 28,386
<INTEREST-INVEST> 66,361
<INTEREST-OTHER> 1,013
<INTEREST-TOTAL> 95,760
<INTEREST-DEPOSIT> 48,759
<INTEREST-EXPENSE> 52,401
<INTEREST-INCOME-NET> 43,359
<LOAN-LOSSES> 700
<SECURITIES-GAINS> (463)
<EXPENSE-OTHER> 25,526
<INCOME-PRETAX> 23,359
<INCOME-PRE-EXTRAORDINARY> 15,591
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 15,591
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<YIELD-ACTUAL> 7.41
<LOANS-NON> 10,022
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 5,439
<ALLOWANCE-OPEN> 23,350
<CHARGE-OFFS> 1,957
<RECOVERIES> 80
<ALLOWANCE-CLOSE> 22,173
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 22,173
</TABLE>
<PAGE> 1
<TABLE>
<CAPTION>
EXHIBIT 99
The Roslyn Savings Bank (1)
Consolidated Income Statement
AS OF: 09/30/96
Consolidated
<S> <C>
Interest Income:
Fed Funds Sold and Short Term Deposits 1,013,323
Debt And Equity Securities 22,857,594
Mortgage-Backed and Mortgage Related Securities 43,503,029
Real Estate Loans 28,095,626
Consumer And Student Loans 290,749
-------------
Total Interest Income 95,760,321
Interest Expense:
Deposits 48,758,842
Borrowed Funds 3,641,895
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Total Interest Expense 52,400,737
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Net Interest Income Before Provision For Possible
Loan Losses 43,359,584
Provision For Possible Loan Losses 700,000
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Net Interest Income After Provision For Possible
Loan Losses 42,659,584
Non-Interest Income:
Loan Servicing And Fee Income 4,094,179
Net Gain/(Loss) On Sale of Loans 3,039,001
Net Gain/(Loss) On Securities (462,882)
Net Gain/(Loss) On Real Estate Operations (564,422)
Other Non-Interest Income 119,475
-------------
Total Non-Interest Income 6,225,351
Non-Interest Expense:
General and Administrative Expenses:
Compensation And Employee Benefits 14,320,297
Occupancy And Equipment 2,935,631
Deposit Insurance Premium 2,000
Advertising And Promotions 1,492,568
Other Non-Interest Expenses 6,424,027
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Total General And Administrative Expenses 25,174,523
Amoritization of Excess Of Cost Over Fair Value
Of Net Assets Acquired 351,844
-------------
Total Non-Interest Expense 25,526,367
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Income Before Income Taxes and Cumulative Effect Of
Changes In Accounting Principles 23,358,578
Provision For Taxes 7,766,855
-------------
Income Before Cumulative Effect Of Changes In
Accounting Principles 15,591,713
Cumulative Effect Of Changes In Accounting Principles 0
-------------
Net Income 15,591,713
=============
<FN>
Roslyn Bancorp, Inc. is a newly formed holding company formed for the purpose of
acquiring all of the common stock of The Roslyn Savings Bank concurrent with its
conversion from mutual to stock form of organization. At September 30, 1996,
Roslyn Bancorp, Inc. was a corporation with no business activities and no
material assets or liabilities. Therefore, the following financial information
is for The Roslyn Savings Bank only.
</FN>
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
The Roslyn Savings Bank
Consolidated Balance Sheet
AS OF: 09/30/96
Consolidated
<S> <C>
Cash And Cash Equivalents:
Cash and Cash Items 1,561,441
Due From Banks 19,562,371
Fed Funds Sold and Repurchase Agreements 22,000,000
--------------
Total Cash and Cash Equivalents 43,123,812
Debt And Equity Securities, Net:
Debt And Equity Securities Held To Maturity 1,930,031
Debt and Equity Securities Available For Sale 511,251,360
Mortgage-Backed and Mortgage Related Securities, Net:
MBS's Held To Maturity 290,451,695
MBS's Available For Sale 715,305,314
--------------
Total Securities 1,518,938,400
Loans Held For Sale, Net 12,928,393
Loans Held For Investment, Net:
Real Estate Loans, Net 470,364,120
Consumer And Student Loans 1,305,284
--------------
Total Loans Held for Investment, Net 471,669,404
Less: Allowance For Possible Loan Losses (22,172,616)
--------------
Total Loans Net of Allowance For Possible Loan Losses 462,425,181
Banking House And Equipment, Net 15,277,359
Accrued Interest Receivable 15,013,530
Mortgage Servicing Rights, Net 8,693,679
Excess of Cost Over Fair Value of Net Assets Acquired 3,492,107
Real Estate Owned, Net 4,387,027
Deferred Tax Asset, Net 13,173,700
Other Assets 5,842,426
--------------
Total Assets 2,090,367,221
==============
Liabilities And Retained Earnings
Deposits:
Savings Accounts 435,603,868
Certificates of Deposit 1,012,085,199
Money Market Accounts 60,040,701
Demand Deposit Accounts 77,559,495
--------------
Total Deposits 1,585,289,263
Borrowed Funds 215,310,354
Accrued Dividends And Interest on Deposits 5,435,903
Mortgagors' Escrow And Security Deposits 21,507,942
Accrued Taxes Payable 10,707,679
Accrued Expenses And Other Liabilities 18,404,543
--------------
Total Liabilities 1,856,655,684
--------------
Retained Earnings:
Surplus Fund 22,484,425
Undivided profits 207,628,353
Net Unrealized Gain/(Loss) on Securities Available
For Sale, Net 3,598,759
--------------
Total Retained Earnings 233,711,537
--------------
Total Liabilities And Retained Earnings 2,090,367,221
==============
</TABLE>
