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
October 17, 1994
(Date of earliest event reported)
NORTH FORK BANCORPORATION, INC.
(Exact name of Registrant as specified in its charter)
Delaware 0-10280 36-3154608
(State of (Commission File No.) (IRS Employer
Incorporation) Identification No.)
9025 Route 25, Mattituck, New York 11952
(Address of principal executive offices, including zip code)
(516) 298-5000
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS.
North Fork Bancorporation, Inc. issued a press
release announcing its earnings for the quarter ended September
30, 1994. A copy of such press release is attached hereto as
Exhibit 99 and is incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENT AND EXHIBITS.
(c) The following Exhibit is filed with this Current
Report on Form 8-K:
Exhibit
Number Description
99 Press Release of North Fork Bancorporation, Inc.,
dated October 26, 1994.
SIGNATURE
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 hereunder
duly authorized.
Dated: October 28, 1994
NORTH FORK BANCORPORATION, INC.
By: /s/ Daniel M. Healy
Name: Daniel M. Healy
Title: Executive Vice President
Chief Financial Officer
EXHIBIT INDEX
Exhibit Page
Number Description Number
99 Press Release of North Fork Bancorporation,
Inc., dated October 26, 1994.
EXHIBIT 99
[NORTH FORK BANCORP LOGO]
PRESS RELEASE
FOR IMMEDIATE RELEASE CONTACT: DANIEL M. HEALY
EXECUTIVE VICE PRESIDENT
& CHIEF FINANCIAL OFFICER
NORTH FORK BANCORP ANNOUNCES RECORD
NET INCOME FOR 1994 THIRD QUARTER
Mattituck, N.Y. - October 17, 1994 - North Fork
Bancorporation, Inc. (NYSE:NFB) reported record net
income of $7.5 million, or $.50 per share in the quarter
ended September 30, 1994, and $19 million, or $1.28 per
share, for the nine month period. Net income for the
three months and nine months ended September 30, 1993
were $3.9 million, or $.26 per share, and $11.0 million,
or $.77 per share respectively. Return on average assets
and equity climbed to 1.51% and 17.85%, respectively, in
this quarter and 1.29% and 15.81% for the 1994 nine month
period. "We believe that these results confirm our
Company's strategy which emphasizes the fundamentals of
sound banking" stated John Adam Kanas, Chairman,
President and Chief Executive Officer. "We are diligent
in our efforts to improve net interest margin and all
components of non-interest income while continuing to
stress vigorous controls over operating and credit
costs." On September 27, 1994 the Company declared a
quarterly cash dividend of 10 cents per share which
represented a 33% increase over the previous quarter.
Net interest income on a fully taxable
equivalent basis was $22.7 million and $65.4 million for
the three and nine month periods ended September 30,
1994, respectively, compared to $20 million and $58.6
million for the comparable periods in the preceding year.
The net interest margin on a fully taxable equivalent
basis increased to 4.83% in the 1994 third quarter, as
compared with 4.78% and 4.57% in the first two quarters
of 1994. The net interest margin for the nine months
ended September 30, 1994 and 1993 was 4.73% and 4.78%,
respectively. The improvements in margin during 1994
result primarily from the effect of increases in the
prime lending rate on the Company's rate sensitive
assets, partially offset by increased funding costs. The
Company's demand deposit balances at September 30, 1994
rose to $291 million and constitute 19.7% of total
deposits as compared with $239 million, or 16.7%, at
September 30, 1993. Non-interest income, net of security
gains, continues to be impacted by the decline in
mortgage banking operations prevalent within the
industry. Non-interest income, net of security gains,
aggregated $4.1 million in the current quarter and $12.4
million for the nine months year-to-date. Comparable
amounts in 1993 were $4.2 million and $12.8 million,
respectively. The Company's core efficiency ratio was
49.21% in the quarter and 49.98% in the nine month period
ended September 30, 1994. Such ratios for 1993 were
53.9% in the quarter and 54.79% for the nine month
period.
Non-performing assets were $50.3 million, or
2.6% of total assets, at September 30, 1994. The
comparable amounts at September 30, 1993 were $77.6
million and 4% of total assets. The allowance for loan
losses at September 30, 1994 was 4.16% of net loans and
115% of non-performing loans.
The Company's pending acquisition of Metro
Bancshares Inc., the parent company of Bayside Federal
Savings Bank, is expected to close before the end of the
year. "All major elements of the merger integration
plans are being implemented and we expect them to be
completed with the consummation of the transaction this
year" stated Daniel M. Healy, Executive Vice President
and Chief Financial Officer. The concurrent Special
Meetings of Stockholders of North Fork and Metro, to
consider and vote upon the proposed merger, will be held
on November 10, 1994. Metro, through its subsidiary,
operates 13 branches in Queens, Nassau and Suffolk
Counties in New York. It has total assets of
approximately $1 billion, deposits of $.9 billion and
shareholders' equity of 82.6 million.
North Fork Bancorporation, Inc., with total
assets of $1.9 billion, deposits of $1.5 billion and
stockholders' equity of $169.5 million, or $11.82 book
value per share, is the holding company for North Fork
Bank, the largest independent commercial bank
headquartered on Long Island. The Bank operates thirty-
five branches in Suffolk, Nassau, Westchester and
Rockland Counties.
North Fork Bancorporation, Inc.
(NYSE:NFB)
(Dollars in thousand except per share amounts)
INCOME STATEMENT HIGHLIGHTS Three Months Ended Nine Months Ended
___________________________ _____________________ ______________________
9/30/94 9/30/93 9/30/94 9/30/93
__________ _________ __________ __________
Interest Income $33,404 $29,880 $96,261 $88,429
Interest Expense 11,254 10,224 32,220 30,814
______ ______ ______ ______
Net Interest Income 22,150 19,656 64,041 57,615
Provision for Loan Losses 750 1,000 2,500 5,500
Net Interest Income after ______ ______ ______ ______
Provision for Loan Losses 21,400 18,656 61,541 52,115
Non-Interest Income:
Service Charges on
Deposit Accounts 2,293 1,843 6,885 5,487
Mortgage Banking Operations 397 869 1,465 2,911
Other Income 1,372 1,468 4,038 4,380
Net Securities
Gains/(Losses) - 51 (54) 1,442
______ ______ ______ ______
Total Non-Interest Income 4,062 4,231 12,334 14,220
Non-Interest Expense:
Operating expenses 13,151 13,034 39,754 39,135
Other Real Estate 544 4,121 4,283 10,522
______ ______ ______ ______
Total Non-Interest Expense 13,695 17,155 44,037 49,657
Income Before Taxes 11,767 5,732 29,838 16,678
Provision for Income Taxes 4,283 1,861 10,766 5,696
______ ______ ______ ______
Net Income $7,484 $3,871 $19,072 $10,982
====== ====== ====== ======
Earnings Per Share $0.50 $0.26 $1.28 $0.77
Weighted Average
Equivalent Shares
Outstanding 15,054,150 14,725,164 14,936,827 14,245,764
Return on Average Assets 1.51% 0.82% 1.29% 0.82%
Return on Average Equity 17.85% 10.46% 15.81% 10.50%
Yield on Interest
Earnings Assets 7.24% 6.95% 7.06% 7.29%
Cost of Funds 2.98% 2.78% 2.85% 2.93%
Net Interest Margin 4.83% 4.60% 4.73% 4.78%
Core Efficiency Ratio 49.21% 53.90% 49.98% 54.79%
North Fork Bancorporation, Inc.
(NYSE:NFB)
(Dollars in thousands)
September 30, June 30, March 31, December 31,
BALANCE SHEET HIGHLIGHTS 1994 1994 1994 1993
____________ ________ _________ ____________
Loans, net of unearned 988,764 1,011,086 1,012,345 1,017,084
Allowance for Loan Losses 41,176 44,353 45,636 46,625
Total Securities 842,584 855,590 826,328 748,716
Total Assets 1,940,396 2,020,338 1,949,760 1,883,881
Deposits - Demand 291,113 270,494 254,020 257,447
Deposits - Other 1,188,019 1,173,028 1,188,043 1,184,823
Borrowed Funds 275,217 354,285 337,920 275,643
Stockholders' Equity 169,533 162,351 157,341 154,472
Book Value Per Share $11.82 $11.39 $11.14 $10.95
SELECTED FINANCIAL September 30, June 30, March 31, December 31,
HIGHLIGHTS 1994 1994 1994 1993
________________________________________________________________________________
CAPITAL:
Risk Based Capital
Tier 1 15.29% 14.21% 13.81% 13.59%
Total 16.57% 15.49% 15.10% 14.88%
Leverage Ratio 8.32% 7.89% 7.73% 7.55%
Actual Shares Outstanding 14,348,167 14,248,312 14,124,453 14,109,481
ASSET QUALITY:
Loans past due 90 days or
more and still accruing 1,422 1,933 3,313 1,811
Non-Accrual Loans 34,393 30,671 29,148 33,484
______ ______ ______ ______
Total Non-Performing Loans 35,815 32,604 32,461 35,295
Other Real Estate 14,449 14,039 18,359 21,899
______ ______ ______ ______
Total Non-Performing Assets 50,264 46,643 50,820 57,194
====== ====== ====== ======
Allowance for loan losses
to non performing loans 114.97% 136.04% 140.59% 132.10%
Allowance for loan losses
to total loans, net of
unearned income 4.16% 4.39% 4.51% 4.58%
