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Previous: MAZEL STORES INC, DEF 14A, 1997-05-08 |
Next: COMPLETE WELLNESS CENTERS INC, DEF 14A, 1997-05-08 |
<PAGE>
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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)
April 24, 1997
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Bridge View Bancorp
-------------------
(Exact name of registrant as specified in it charter)
New Jersey 1-12165 22-3461336
---------- ------- ----------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
457 SYLVAN AVENUE
ENGLEWOOD CLIFFS, NEW JERSEY 07632
457 Sylvan Avenue, Englewood Cliffs, New Jersey 07632
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 201-871-7800
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<PAGE>
Item 5. Other Events
------------
On April 24, 1997, the Registrant issued a press release announcing it
earnings for the quarter ended March 31, 1997.
Item 7. Exhibits
--------
The following exhibits are filed with this Current Report on Form 8-K.
Exhibit No. Description
- ----------- -----------
99 Press Release dated April 24, 1997
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Bridge
View Bancorp has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
BRIDGE VIEW BANCORP
-------------------
(Registrant)
Dated: May 6, 1997 By:/s/ Albert F. Buzzetti
-------------------------
Albert F. Buzzetti
President and Chief
Executive Officer
<PAGE>
EXHIBIT INDEX
-------------
CURRENT REPORT ON FORM 8-K
--------------------------
Exhibit No. Description
- ----------- -----------
99 Press Release dated April 24, 1997.
<PAGE>
EXHIBIT 99
BRIDGE VIEW BANCORP REPORTS INCREASE IN EARNINGS
April 24, 1997
ENGLEWOOD CLIFFS, NJ - Bridge View Bancorp (AMEX - BVB) today announced that for
the quarter ended March 31, 1997 the Company's net income increased by 2.5% to
$364,000 from $335,000 for the first quarter, 1996. Primary earnings per share
increased to $1.36 (annualized) for the first quarter 1997 from $1.32
(annualized) for the first quarter 1996. The increase in earnings per share is
attributed to an increase in net income. The increase in net income is
attributable to a 16.7% increase in net interest income to $1.5 million for the
first quarter ended March 31, 1997 and a 29.3% increase in non-interest income
to $238,000 for the first quarter, 1997. The growth in interest income and
non-interest income is primarily related to a 27.2% increase in the Company's
net loans and a 42.8% increase in the Company's total deposits. The Company's
non-interest income is directly related to service charges on the Company's
deposit accounts.
The increase in net interest income and non-interest income were partially
offset by an increase of $240,000 in other expenses attributable to expenses
associated with the opening of de novo branches (2) in the third and fourth
quarters, 1996.
At March 31, 1997 the Company's total assets were $142 million, an increase of
38.9% over total assets at March 31, 1996. Net loans increased by $16.4 million
and total securities increased by $18.0 million.
Bridge View Bancorp is the holding company for the Bridge View Bank. The Bank
operates a commercial banking business from its main office in Englewood Cliffs,
and three branch offices: two in Fort Lee and one in Edgewater, all in Bergen
County, New Jersey. Contact Michele Albino, Corporate Secretary, for questions
or additional information at 201-871-7800.
5
<PAGE>
BRIDGE VIEW BANCORP
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED 3/31 1997 1996
------------------------------------
INTEREST INCOME
<S> <C> <C>
Loans $1,665 $1,329
Securities $578 $347
Federal Funds Sold $159 $104
------------------------------------
TOTAL INTEREST INCOME $2,402 $1,780
INTEREST EXPENSE $900 $493
NET INTEREST INCOME $1,502 $1,287
PROVISION FOR LOAN LOSS ($60) ($53)
------------------------------------
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSS $1,442 $1,234
Profit (Losses) on Security Sales $0 $0
Fee Income $238 $184
------------------------------------
TOTAL OTHER INCOME $238 $184
OTHER EXPENSE:
Salaries and Related Expenses $493 $375
Premises and Fixed Assets $200 $191
Other $390 $270
------------------------------------
TOTAL OTHER EXPENSES: $1,083 $836
INCOME BEFORE INCOME TAXES $597 $582
INCOME TAXES $233 $227
------------------------------------
NET INCOME $364 $355
====================================
EARNINGS PER SHARE:
Primary $1.36 $1.32
Fully Diluted $1.30 $1.30
(Per Share Data has been Restated to Reflect the two-for-one Exchange of Common Stock in December, 1996)
RATIOS:
ROA (Return on Avg. Assets) 1.20% 1.63%
ROE (Return on Equity) 12.22% 16.21%
</TABLE>
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<PAGE>
BRIDGE VIEW BANCORP
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, UNAUDITED)
<TABLE>
<CAPTION>
ASSETS 3/31/97 3/31/96
------------------------------------
<S> <C> <C>
Cash & Due From Banks $7,726 $4,948
Federal Funds Sold $9,000 $7,500
Federal Home Loan Bank Stock $476 $0
Securities
Held to Maturity $29,362 $20,177
Available For Sale $15,531 $6,737
Loans, Net $77,626 $61,022
Allowance For Loan Losses ($934) ($756)
------------------------------------
Net Loans $76,692 $60,266
Other Real Estate Owned $139 $0
Other Assets $3,152 $2,653
------------------------------------
TOTAL ASSETS $142,078 $102,279
====================================
LIABILITY & STOCKHOLDER'S EQUITY
Deposits:
Non-Interest Bearing $31,061 $21,182
Interest Bearing $97,659 $68,971
------------------------------------
Total Deposits $128,720 $90,153
Other Liabilities $728 $839
STOCKHOLDER'S EQUITY
Common Stock $5,450 $4,978
Surplus $5,406 $5,070
Retained Earnings $1,733 $1,243
Net Unrealized Gain (Loss) on
Securities Available For Sale ($59) ($4)
------------------------------------
TOTAL STOCKHOLDER'S EQUITY $12,630 $11,287
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $142,078 $102,279
====================================
</TABLE>
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