SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-Q
QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 1997 Commission File Number 0-22499
------------- -------
BAYONNE BANCSHARES, INC.
-----------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
DELAWARE being applied for
- ------------------------------- ------------------------------------
(State or other Jurisdiction of (I.R.S. Employer Identification No.)
Incorporation or Organization)
568 Broadway, Bayonne, New Jersey 07002
----------------------------------------
(Address of principal executive offices)
(201) 437-1000
------------------------------------------------
(Issuer's telephone number, including area code)
Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 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 X NO
----- -----
At June 30, 1997, there were 10 shares of Common Stock, Par Value $.01 per
share outstanding.
<PAGE>
TABLE OF CONTENTS
-----------------
PART I -- FINANCIAL INFORMATION PAGE
- ------------------------------- ----
Item 1 -- Consolidated Financial Statements........................... 1
Item 2 -- Management's Discussion and Analysis........................ 1
PART II -- OTHER INFORMATION
- ----------------------------
Item 1 -- Legal Proceedings........................................... 1
Item 2 -- Changes in Securities....................................... 1
Item 3 -- Defaults Upon Senior Securities............................. 1
Item 4 -- Submission of Matters to a Vote of Security Holders......... 1
Item 5 -- Other Information........................................... 1
Item 6 -- Exhibits and Reports on Form 8-K............................ 2
SIGNATURES................................................................. 3
<PAGE>
PART I -- FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
Bayonne Bancshares, Inc. is a newly organized holding company, formed for
the purpose of acquiring all of the common stock of First Savings Bank of New
Jersey, SLA (the "Bank") concurrent with the Bank's reorganization from the
mutual holding company structure to the stock holding company structure. As of
June 30, 1997, the reorganization of the Bank had not been completed.
Accordingly, at such time Bayonne Bancshares, Inc. was a non-capitalized shell
corporation with no business activities and no significant assets. It is
anticipated that the reorganization of the Bank will be consummated in August
1997, at which time, First Savings Bank of New Jersey, SLA will become the
wholly-owned subsidiary of Bayonne Bancshares, Inc. For a further discussion of
Bayonne Bancshares, Inc.'s formation and intended operations, see the Form S-1
Registration Statement (333-23199), as amended, initially filed on March 13,
1997, and declared effective on July 2, 1997. The description of Bayonne
Bancshares, Inc. in these filings is herein incorporated by reference.
Item 2. Management Discussion and Analysis
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
None
Item 5 -- Other Information
None
1
<PAGE>
Item 6 -- Exhibits and Reports on Form 8-K
Exhibits
99.0 Form 10-Q for First Savings Bank of New Jersey, SLA for the
quarter ended June 30, 1997.
Reports on Form 8-K
None
2
<PAGE>
SIGNATURES
----------
In accordance with the requirements of the Securities Exchange Act of 1934,
the registrant caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
BAYONNE BANCSHARES, INC.
(Registrant)
Date: August 14, 1997 /s/ MICHAEL NILAN
-----------------------------------------------
Michael Nilan
President and Chief Executive Officer
Date: August 14, 1997 /s/ EUGENE V. MALINOWSKI
-----------------------------------------------
Eugene V. Malinowski
Vice President and Chief Financial Officer
3
================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20552
----------
(MARK ONE)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1997
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________
----------
FIRST SAVINGS BANK OF NEW JERSEY, SLA
------------------------------------------------------
(Exact name of registrant as specified in its charter)
UNITED STATES 22-1411337
- ------------------------------- ----------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
568 BROADWAY, BAYONNE, NEW JERSEY 07002
----------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (201) 437-1000
---------------------------------------------------
Former name, former address and former fiscal year,
if changed since last report
Indicate by check [X] whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 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 [X] No
----- -----
AS OF AUGUST 12, 1997, THERE WERE 3,065,577 SHARES OF THE
REGISTRANTS COMMON STOCK OUTSTANDING
================================================================================
<PAGE>
FIRST SAVINGS BANK OF NEW JERSEY, SLA AND SUBSIDIARIES
INDEX
Page
----
PART I. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
Consolidated Statements of Financial Condition as of
June 30, 1997, and March 31, 1997 ............................. 1
Consolidated Statements of Income for the three months
ended June 30, 1997 and 1996 .................................. 2
Consolidated Statements of Stockholders' Equity for the three
months ended June 30, 1997 and 1996 ........................... 3
Consolidated Statements of Cash Flows for the three
months ended June 30, 1997 and 1996 ........................... 4-5
Notes to Consolidated Financial Statements ...................... 6-7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations ........................... 8-9
PART II. OTHER INFORMATION .............................................. 10
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
FIRST SAVINGS BANK OF NEW JERSEY, SLA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in Thousands of Dollars)
June 30, March 31,
1997 1997
-------- --------
(unaudited)
ASSETS
Cash and cash equivalents:
Cash on hand and in banks .......................... $ 4,547 $ 6,828
Deposits with financial institutions ............... -- 8,500
AMF short-term fund ................................ 5 144
-------- --------
Total cash and cash equivalents ............... $ 4,552 $ 15,472
Securities available for sale, at market value ....... 330,223 290,614
Securities held to maturity .......................... 11,228 11,277
Loans receivable, net ................................ 232,910 235,624
Accrued interest receivable, net ..................... 3,910 3,720
Federal Home Loan Bank stock, at cost ................ 7,460 7,460
Real estate acquired in settlement of loans .......... 522 364
Office properties and equipment, net ................. 5,691 5,812
Prepaid expenses ..................................... 1,118 816
Other assets ......................................... 4,587 5,845
-------- --------
Total Assets .................................. $602,201 $577,004
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits ........................................... $442,789 $444,139
Borrowings ......................................... 100,500 75,000
Advance payment by borrowers for taxes
and insurance .................................... 1,651 1,539
ESOP loan .......................................... 543 598
Accrued expenses and other liabilities ............. 6,038 7,649
-------- --------
Total Liabilities ............................. $551,521 $528,925
-------- --------
Stockholders' equity:
Common stock ....................................... 307 307
Additional paid in capital ......................... 12,532 12,426
Common stock acquired by ESOP and MRP .............. (893) (976)
Retained earnings-substantially restricted ......... 41,320 40,658
Net unrealized loss on securities available
for sale, net of tax ............................. (2,586) (4,336)
-------- --------
Total stockholders' equity .................... $ 50,680 $ 48,079
-------- --------
Total liabilities and stockholders' equity .... $602,201 $577,004
======== ========
See accompanying notes to the consolidated financial statements.
1
<PAGE>
FIRST SAVINGS BANK OF NEW JERSEY, SLA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands of Dollars)
(unaudited)
Three Months
Ended June 30,
--------------------
1997 1996
------ -------
Interest and dividend income:
Loans ............................................ $4,916 $ 4,966
Securities available for sale .................... 4,584 5,506
Securities held to maturity ...................... 305 312
Deposits with financial institutions ............. 87 66
------ -------
Total interest and dividend income .......... 9,892 10,850
------ -------
Interest expense:
Interest on deposits ............................. 5,186 5,086
Interest on other borrowings ..................... 1,129 2,050
------ -------
Total interest expense ...................... 6,315 7,136
------ -------
Net interest income ................................ 3,577 3,714
Provision for loan losses ........................ 45 30
------ -------
Net interest income after
provision for loan losses ........................ 3,532 3,684
------ -------
Other income:
Loan fees and service charges .................... 68 82
Gain on sales of real estate, net ................ 12 4
Other ............................................ 318 244
------ -------
Total other income ......................... 398 330
------ -------
Operating expenses:
Compensation and employee benefits ............... 1,466 1,404
Occupancy ........................................ 178 175
Equipment ........................................ 337 250
Advertising and promotion ........................ 14 23
Federal insurance premiums ....................... 145 292
Other ............................................ 460 411
------ -------
Total operating expenses ................... 2,600 2,555
------ -------
Income before income tax expense ................... 1,330 1,459
Income tax expense ................................. 492 540
------ -------
Net income ......................................... $ 838 $ 919
====== =======
Net Earnings Per Common Share ...................... $ 0.28 $ 0.31
====== =======
See accompanying notes to consolidated financial statements.
2
<PAGE>
<TABLE>
FIRST SAVINGS BANK OF NEW JERSEY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Three Month Periods ended June 30, 1997 and 1996
(In Thousands of Dollars)
(unaudited)
<CAPTION>
Net Unrealized
Retained Loss on
Additional Earnings Unallocated Unamortized Securities Total
Common Paid in Substantially ESOP MRP Available Stockholders'
Stock Capital Restricted Shares Shares for Sale Equity
----- ------- ------------ ---------- ---------- -------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Balance at March 31, 1996 .......... $306 $12,216 $44,575 ($815) ($495) ($6,268) $49,519
Net Income for the
three month period
ended June 30, 1996 .............. 0 0 919 0 0 0 919
Amortization of ESOP ............... 0 23 0 55 0 0 78
Amortization of MRP ................ 0 3 0 0 29 0 32
Net change in
unrealized loss on
securities available
for sale, net of tax ............. 0 0 0 0 0 (1,528) (1,528)
---- ------- ------- ----- ----- ------- -------
Balance at June 30, 1996 ........... $306 $12,242 $45,494 ($760) ($466) ($7,796) $49,020
==== ======= ======= ===== ===== ======= =======
Balance at March 31, 1997 .......... $307 $12,426 $40,658 ($598) ($378) ($4,336) $48,079
Net Income for the
three month period
ended June 30, 1997 .............. 0 0 838 0 0 0 838
Amortization of ESOP ............... 0 80 0 55 0 0 135
Amortization of MRP ................ 0 26 0 0 28 0 54
Dividends Declared
at $0.125 per share .............. 0 0 (176) 0 0 0 (176)
Net change in
unrealized loss on
securities available
for sale, net of tax ............. 0 0 0 0 0 1,750 1,750
---- ------- ------- ----- ----- ------- -------
Balance at June 30, 1997 ........... $307 $12,532 $41,320 ($543) ($350) ($2,586) $50,680
==== ======= ======= ===== ===== ======= =======
</TABLE>
3
<PAGE>
FIRST SAVINGS BANK OF NEW JERSEY, SLA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands of Dollars)
(unaudited)
Three Months Ended
June 30,
--------------------
1997 1996
-------- --------
Cash flows from operating activities:
Net income ........................................... $ 838 $ 919
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation of office properties and equipment ...... 146 133
Provision for loan losses ............................ 45 30
Amortization (accretion) of premiums and
discounts on investment securities and mortgage
backed securities .................................. 73 (45)
Amortization of ESOP and MRP shares .................. 189 109
Net increase in deferred loan fees ................... (66) (17)
Net increase in accrued interest receivable .... ..... (190) (339)
Net increase in prepaid expenses ..................... (302) (158)
Net decrease (increase) in other assets .............. 274 (485)
Net (decrease) increase in accrued expenses
and other liabilities .............................. (1,611) 438
-------- --------
Total adjustments ............................... (1,442) (334)
-------- --------
Net cash (used in) provided by operating
activities ....................................... (604) 585
-------- --------
Cash flows from investing activities:
Principal payments on securities available
for sale ........................................... $ 9,442 $ 4,773
Purchases of securities available for sale ........... (46,390) --
Decrease (increase) in loans receivable .............. 2,577 (9,368)
Maturities of investments held to maturity ........... 49 50
Purchases of premises and equipment .................. (25) (3)
-------- --------
Net cash used in investing activities ............. (34,347) (4,548)
-------- --------
Cash flows from financing activities:
Net decrease in deposits ............................. (1,350) (319)
Net increase in advance payments by borrowers
for taxes and insurance ........................... 112 83
Dividends paid ....................................... (176) --
Increase (decrease) in borrowings and
repurchase agreements .............................. 25,500 (943)
Payment on ESOP debt ................................. (55) (55)
-------- --------
Net cash provided by (used in)
financing activities .............................. 24,031 (1,234)
-------- --------
See accompanying notes to the consolidated financial statements.
4
<PAGE>
FIRST SAVINGS BANK OF NEW JERSEY, SLA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(In Thousands of Dollars)
(unaudited)
Three Months Ended
June 30,
--------------------
1997 1996
-------- --------
Net decrease in cash and cash equivalents .............. $(10,920) $ (5,197)
Cash and cash equivalents at beginning of period ....... 15,472 11,791
-------- --------
Cash and cash equivalents at end of period ............. $ 4,552 $ 6,594
======== ========
Supplemental schedule of non cash investing
and financing activities:
Real estate acquired in settlement of loans ........ $ 158 $ 513
======== ========
Taxes Paid ......................................... -0- $ 900
======== ========
Interest Paid ...................................... $ 6,938 $ 6,828
======== ========
See accompanying notes to the consolidated financial statements.
5
<PAGE>
FIRST SAVINGS BANK OF NEW JERSEY, SLA AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1) Basis of Presentation
The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and in conformity with the instructions to Form 10-Q and
Article 10 of Regulation S-X for First Savings Bank of New Jersey, SLA and
Subsidiaries.
In the opinion of management, all adjustments (consisting of only normal
recurring accruals) necessary to present fairly the financial condition, results
of operations and changes in cash flows have been made at and for the three
month periods ended June 30, 1997 and 1996 and are not necessarily indicative of
results that may be expected for the entire fiscal year ended March 31, 1998.
2) Non-performing loans at June 30, 1997 and March 31, 1997 are as follows (in
thousands of dollars):
June 30, 1997 March 31, 1997
------------- --------------
Loans delinquent 90 days or more and
other nonperforming loans .................... $6,826 $5,609
Loans delinquent 90 days or more and
other nonperforming loans as a percentage
of loans receivable, net ..................... 2.93% 2.38%
The increase was primarily due to one borrower, with fourteen properties,
becoming delinquent for a total of $1.6 million.
A summary of the activity in the allowance for loan losses for the three
month periods ended June 30, 1997 and 1996 is as follows (in thousands of
dollars):
June 30, 1997 June 30, 1996
------------- -------------
Balance at the beginning of the period ......... $3,158 $2,979
Provision for loan losses ...................... 45 30
Charge-offs, net ............................... -- --
------ ------
Balance at the end of the period ............... $3,203 $3,009
====== ======
3) Earnings Per Share
Earnings per share was computed by dividing net income by the weighted
average number of total common stock shares outstanding during the three month
periods ended June 30, 1997 and 1996. The effect of common stock equivalents is
immaterial and therefore has not been included in the calculation of earnings
per share.
6
<PAGE>
4) Plan of Conversion
On December 27, 1996, the Bank announced plans for a second step conversion
from a mutual holding company form of ownership to a full stock holding company
form of ownership, which is expected to be completed in the quarter ended
September 30, 1997.
5) Recent Accounting Pronouncements
On March 3, 1997, the Financial Accounting Standards Board (the "FASB")
issued Statement of Financial Accounting Standards ("SFAS") No. 128, "Earnings
Per Share." SFAS No. 128 establishes new standards for the computation and
presentation of earnings per share ("EPS") by simplifying the standards
prescribed in APB Opinion No. 15. Under the new requirements, the Bank will be
required to present both basic and diluted EPS on the face of the income
statement. Basic EPS will replace the current EPS terminology and continue to be
computed by dividing income available to common shareholders by the
weighted-average number of common shares outstanding. Diluted EPS will include
any additional common shares as if all potentially dilutive common shares were
issued. The Bank will be required to adopt SFAS No. 128 for the period ended
December 31, 1997. All prior period EPS data is required to be restated. The
impact of adopting SFAS No. 128 is not expected to be material.
In June 1997, the FASB issued SFAS No. 130, "Reporting Comprehensive
Income." SFAS No. 130 establishes the reporting and display requirements of
total comprehensive income and other comprehensive income in a full set of
general-purpose financial statements. The statement defines total comprehensive
income as all changes in equity during a period, except those resulting from
investments by owners and distributions to owners. Other comprehensive income
would include revenues, expenses, gains and losses that, under GAAP, are
included in comprehensive income but excluded from net income. SFAS No. 130 is
effective for fiscal years beginning after December 15, 1997 and comparative
financial statements will be reclassified to reflect the provisions of SFAS
No. 130.
7
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
FINANCIAL CONDITION
Stockholders' equity increased by $2.6 million to $50.7 million at June 30,
1997 from $48.1 million at March 31, 1997. The increase in stockholders' equity
was primarily attributable to a $1.8 million decrease in net unrealized losses
on securities available for sale, net of tax in the decreasing interest rate
environment and by net income of $838,000 for the three months ended June 30,
1997. At June 30, 1997, the Bank's tangible core and risk based capital ratios
were 8.85%, 8.85%, and 26.48%, respectively.
Total assets increased by $25.2 million or 4.4% to $602.2 million at June
30, 1997 from $577.0 million at March 31, 1997. Securities available for sale,
at market value increased by $39.6 million or 13.6% to $330.2 million at June
30, 1997 from $290.6 million at March 31, 1997. The increase was primarily
attributable to the purchase of mortgage backed securities totaling $45.2
million in anticipation of the proceeds of the secondary stock offering in
August 1997. In addition there was a $2.7 million decrease in net unrealized
loss on securities available for sale, net of tax. Loans receivable, net
decreased by $2.7 million or 1.2% to $232.9 million at June 30, 1997 from $235.6
million at March 31, 1997. The decrease was primarily due to net amortization
and payoffs on mortgage loans. Deposits with financial institutions decreased by
$8.5 million as these funds were used to purchase the mortgage backed securities
in the securities available for sale portfolio.
Total liabilities increased by $22.6 million to $551.5 million at June 30,
1997 compared to $528.9 million at March 31, 1997. Total deposits decreased by
$1.3 million to $442.8 million at June 30, 1997 from $444.1 million at March 31,
1997. This decrease was primarily attributable to decreases in regular savings
and certificates of deposit. Borrowings increased by $25.5 million to $100.5
million at June 30, 1997 from $75.0 million at March 31, 1997 as additional
borrowed funds were utilized to purchase the mortgage backed securities for the
securities available for sale portfolio.
RESULTS OF OPERATIONS
Net income decreased by $81,000 or 8.8% to $838,000 for the three months
ended June 30, 1997 from $919,000 for the three months ended June 30, 1996. The
decrease resulted primarily from a decrease in net interest income and an
increase in total operating expenses, which was partially offset by an increase
in total other income. Total interest and dividend income decreased by $958,000
or 8.8% to $9.9 million for the three months ended June 30, 1997 from $10.9
million for the three months ended June 30, 1996. This decrease resulted from a
decrease in average interest earning assets to $565.6 million for the three
months ended June 30, 1997 from $630.7 million for the comparable prior years
period, which was partially offset by an increase in the average yield on
interest earning assets to 7.00% for the three months ended June 30, 1997 from
6.88% for the three months ended June 30, 1996. The decrease in total interest
income was primarily attributable to a decrease in interest income on securities
available for sale of $922,000 or 16.7% to $4.6 million for the three months
ended June 30, 1997 compared to $5.5 million for the comparable prior year
period.
Total interest expense decreased by $821,000 to $6.3 million for the three
months ended June 30, 1997 compared to $7.1 million for the three months ended
June 30, 1996. The decrease was primarily attributable to a decrease
8
<PAGE>
of $68.1 million in the average balance of interest bearing liabilities to
$528.0 million at June 30, 1997 compared to $596.1 million for the comparable
prior year period.
The provision for loan losses totaled $45,000 for the three months ended
June 30, 1997 as compared to $30,000 for the three months ended June 30, 1996
and reflects an increase for additional risk of originations made during the
most recent three month period.
Total operating expenses increased slightly by $45,000 to $2.6 million for
the three months ended June 30, 1997 from $2.5 million for the comparable three
month period in the prior year. The increase resulted from $101,000 of employee
benefits and $87,000 in equipment expense relating to data processing charges,
partially offset by reduced federal insurance premiums of $147,000.
Income tax expense for the quarter decreased to $492,000 for the three
months ended June 30, 1997 from $540,000 for the comparable prior years period
as a result of lower pre-tax income for the three month period.
Capital
The OTS requires that the Bank meet minimum tangible, core and risk-based
capital requirements. As of June 30, 1997, the Bank exceeded all regulatory
capital requirements. The Banks required, actual and excess capital levels as of
June 30, 1997 are as follows (in thousands of dollars):
Required Actual
---------------- ----------------- Excess of Actual
% of % of Over Regulatory
Amount Assets Amount Assets Requirements
------- ------ ------- ------ ----------------
Tangible Capital ...... $ 9,033 1.50% $53,266 8.85% $44,233
Core Capital .......... $18,066 3.00% $53,266 8.85% $35,200
Risk-based Capital .... $16,893 8.00% $55,905 26.48% $39,012
If the allowance for marketable debt and equity securities was included in
capital, the Bank's tangible, core and risk-based capital ratios would be 8.42%,
8.42% and 25.25%, respectively, at June 30, 1997.
Liquidity
The Bank is required to maintain minimum levels of liquid assets as
defined by OTS regulations. This requirement, which varies from time to time
depending upon economic conditions and deposit flows, is based upon a percentage
of deposits and short-term borrowings. The required ratio currently is 5.0%. The
Bank's liquidity ratio averaged 38.62% during the month of June 1997 and 37.40%
during three months ended June 30, 1997. The Bank adjusts liquidity as
appropriate to meet its asset and liability management objectives.
9
<PAGE>
PART II. OTHER INFORMATION
Legal Proceedings
In the normal course of business, the Bank may be a party to various
outstanding legal proceedings and claims. In the opinion of management, the
financial position of the Bank will not be materially affected by the outcome of
such legal proceedings and claims.
Changes in Securities
Not applicable.
Defaults upon Senior Securities
Not applicable.
Submission of Matters to Vote of Security Holders
None.
Other Information
Not applicable.
10
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Bank has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
FIRST SAVINGS BANK OF NEW JERSEY, SLA
Date: August 13, 1997 By: /s/ MICHAEL NILAN
----------------------------------
Michael Nilan
President and Chief Executive
Officer
Date: August 13, 1997 By: /s/ EUGENE V. MALINOWSKI
----------------------------------
Eugene V. Malinowski
Vice President and Chief Financial
Officer
11
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> JUN-30-1997
<CASH> 4,547
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 5
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 330,223
<INVESTMENTS-CARRYING> 11,228
<INVESTMENTS-MARKET> 11,288
<LOANS> 232,910
<ALLOWANCE> 3,203
<TOTAL-ASSETS> 602,201
<DEPOSITS> 442,789
<SHORT-TERM> 101,043
<LIABILITIES-OTHER> 6,038
<LONG-TERM> 0
0
0
<COMMON> 307
<OTHER-SE> 50,373
<TOTAL-LIABILITIES-AND-EQUITY> 602,201
<INTEREST-LOAN> 4,916
<INTEREST-INVEST> 4,889
<INTEREST-OTHER> 87
<INTEREST-TOTAL> 9,892
<INTEREST-DEPOSIT> 5,186
<INTEREST-EXPENSE> 6,315
<INTEREST-INCOME-NET> 3,577
<LOAN-LOSSES> 45
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 2,600
<INCOME-PRETAX> 1,330
<INCOME-PRE-EXTRAORDINARY> 1,330
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 838
<EPS-PRIMARY> 0.28
<EPS-DILUTED> 0
<YIELD-ACTUAL> 0
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 0
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
