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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)
July 23, 1997
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Bridge View Bancorp
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(Exact name of registrant as specified in its charter)
New Jersey 1-12165 22-3461336
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification)
457 SYLVAN AVENUE
ENGLEWOOD CLIFFS, NEW JERSEY 07632
457 Sylvan Avenue, Englewood Cliffs, NJ 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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Item 5. Other Events
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On July 23, 1997, the Registrant issued a press release announcing its
earnings for the quarter ended June 30, 1997.
Item 7. Exhibits
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The following exhibits are filed with this Current Report on Form 8-K.
Exhibit No. Description
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99 Press Release dated July 23, 1997
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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
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(Registrant)
Dated : July 30, 1997 By :/s/ Albert F. Buzzetti
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Albert F. Buzzetti
President and Chief
Executive Officer
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EXHIBIT INDEX
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CURRENT REPORT ON FORM 8-K
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Exhibit No. Description
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99 Press Release dated July 23, 1997
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EXHIBIT 99
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BRIDGE VIEW BANCORP REPORTS RECORD EARNINGS
July 23, 1997
ENGLEWOOD CLIFFS, NJ - Bridge View Bancorp (AMEX symbol - BVB) today announced
that for the quarter ended June 30, 1997, the Company's net income increased by
38.8% to $515,000 from $371,000 for the second quarter of 1996. The Company also
experienced increases in assets, loans, and deposits for the same time period in
1997.
Primary earnings per share increased to $0.71 for the six months ended June 30,
1997 as compared to $0.61 for the six month period ended June 30,1996. The
increase in earnings per share is attributed to the net income increase.
Net income for the six months ending June 30, 1997 totaled $879,000, an
increase of $153,000 or 21.1% from the net income of $726,000 for the same
period in 1996.
The net income increase is a result of a 21.2% increase in net interest income
to $3.2 million for the six months ended June 30, 1997 and a 45.2% increase in
non-interest income to $527,000 for the first half of 1997 as compared to the
same time period in 1996. The Company's non-interest income is directly related
to service charges on the Company's deposit accounts.
The growth in interest income and non-interest income is primarily related to a
21.6% increase in net loans, a 50.4% increase in securities, and a 39.7%
increase in total deposits.
Total assets at June 30, 1997 were $139.7 million, an increase of 33.4% above
the total assets of $104.7 million at June 30, 1996. Net loans increased by
$14.4 million to $81.2 million and total securities also increased by $14.4
million to $42.9 million. Deposits grew $35.8 million to $125.9 million from
$90.1 million. The increase in total assets is attributable to the continuing
effect of two de novo branches which were opened in the second half of 1996.
Bridge View Bancorp is the holding company for 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, NJ.
Contact Michele Albino, Corporate Secretary, for questions or additional
information at 201-871-7800.
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BRIDGE VIEW BANCORP
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, UNAUDITED)
6/30/97 6/30/96
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ASSETS
Cash & Due From Banks $ 11,769 $ 6,372
Federal Funds Sold 0 0
Federal Home Loan Bank Stock 476 283
Securities
Held to Maturity 27,309 22,840
Available for Sale 15,605 5,684
Loans, net $ 82,220 $ 67,621
Allowance for Loan Losses (981) (817)
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Net Loans $ 81,239 $ 66,804
Other Real Estate Owned 131 0
Other Assets 3,121 2,691
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TOTAL ASSETS $139,650 $ 104,674
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LIABILITIES & STOCKHOLDERS' EQUITY
Deposits:
Non-Interest Bearing $ 33,738 $ 22,286
Interest Bearing 92,173 67,819
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Total Deposits $125,911 $ 90,105
Fed Funds Borrowed 0 2,500
Other Liabilities 469 504
STOCKHOLDERS' EQUITY
Common Stock $ 7,019 $ 4,986
Surplus 5,406 5,076
Retained Earnings 847 1,519
Net Unrealized Gain (Loss) on
Securities Available for Sale (2) (16)
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TOTAL STOCKHOLDERS' EQUITY $ 13,270 $ 11,565
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $139,650 $ 104,674
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BRIDGE VIEW BANCORP
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, UNAUDITED)
THREE MONTHS ENDED SIX MONTHS ENDED
6/30/97 6/30/96 6/30/97 6/30/96
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INTEREST INCOME
Loans $1,812 $1,445 $3,477 $2,774
Securities 628 378 1,206 725
Federal Funds Sold 56 21 215 125
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TOTAL INTEREST INCOME 2,496 1,844 4,898 3,624
INTEREST EXPENSE 796 489 1,696 982
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NET INTEREST INCOME 1,700 1,355 3,202 2,642
PROVISION FOR LOAN LOSS 60 60 120 113
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NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSS 1,640 1,295 3,082 2,529
Profit (Loss) on
Security Sales 0 0 0 0
Fee Income 289 179 527 363
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TOTAL OTHER INCOME 289 179 527 363
OTHER EXPENSES:
Salaries and Related
Expenses 488 389 998 765
Premises and Fixed
Assets 234 175 468 359
Other 361 302 700 578
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TOTAL OTHER EXPENSES 1,083 866 2,166 1,702
INCOME BEFORE INCOME TAXES 846 608 1,443 1,190
INCOME TAXES 331 237 564 464
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NET INCOME $ 515 $ 371 $ 879 $ 726
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EARNINGS PER SHARE:
Primary $ 0.39 $ 0.31 $ 0.71 $ 0.61
Fully Diluted $ 0.39 $ 0.31 $ 0.71 $ 0.61
RATIOS: (Annualized)
ROA (Return on Avg.
Assets) 1.45% 1.68% 1.30% 1.55%
ROE (Return on
Equity) 13.83% 14.87% 12.51% 13.57%
