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 10, 1997
NORTH FORK BANCORPORATION, INC.
(Exact name of Registrant as specified in its charter)
Delaware 1-10458 36-3154608
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
275 Broad Hollow Road
Melville, New York 11747
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (516) 844-1004
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Item 5. Other Events
North Fork Bancorporation, Inc. issued a press
release announcing its earnings for the quarter ended March 31,
1997. 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
April 10, 1997.
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EXHIBIT INDEX
Exhibit
Number Description
99 Press Release of North Fork Bancorporation, Inc., dated
April 10, 1997.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
Date: April 14, 1997
NORTH FORK BANCORPORATION, INC.
By:/s/Daniel M. Healy
Daniel M. Healy
Executive Vice President and
Chief Financial Officer
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NORTH FORK BANCORP
275 Broad Hollow Rd., Melville, NY 11747 (516) 844-1004
FAX (516) 694-1536
FOR IMMEDIATE RELEASE Contact: Daniel M. Healy
Executive Vice President
Chief Financial Officer
NORTH FORK BANCORP ANNOUNCES
RECORD NET INCOME FOR 1997 FIRST QUARTER
Melville, N.Y. - April 10, 1997 - North Fork Bancorporation,
Inc. (NYSE: NFB)
reported a record net income of $25.7 million, or $.78 per
share, for the quarter ended March 31, 1997, as compared to
$18.7 million, or $.57 per share in 1996 an increase of 37%.
The Company's returns on average equity and assets in the
current quarter were 22.09% and 1.77%, respectively, as compared
to 17.42% and 1.48%, in the comparable quarter of 1996. The
consolidated results and financial highlights have been
retroactively restated to include the operating results of North
Side Savings Bank, which was acquired in a pooling-of-interests
transaction on December 31, 1996. "We have accomplished our
initial objectives with the acquisition of North Side," stated
John Adam Kanas, Chairman, President and Chief Executive
Officer. "Substantially all of the cost savings estimates have
been realized, full system integration has been achieved and the
North Side customers are beginning to benefit from the multiple
products and services North Fork offers. We anticipate that
greater revenue enhancements will occur as we continue to
cultivate and penetrate our new markets," he said.
<PAGE>
Press Release: April 10, 1997
Net interest income in the 1997 first quarter was $66.1 million
as compared to $51.4 million for 1996. The net interest margin
was 4.95% for the most recent quarter ended March 31, 1997, as
compared to 4.67% and 4.32% for the three month periods ended
December 31, 1996 and March 31, 1996, respectively. The steady
increases in the net interest margin are reflective of yield
improvements, the growth in interest earning assets, as well as
a lower cost of funds. Demand Deposits, a key determinant in the
cost of funds, was $745.7 million at quarter end, as compared
to $647.8 million in 1996, reflecting a 15% increase. "We
continue to benefit from the improving deposit mix in all of our
previously acquired thrift branches," stated Mr. Kanas.
Loans, net of unearned income, were $3.3 billion at March 31,
1997, a 26% increase over the $2.6 billion in 1996. Gains were
recorded in each component of the Company's diverse loan
portfolio. The availability of high quality lending
opportunities is expected to continue throughout the balance of
the year. Asset quality remained strong as the reserve for loan
losses exceeded non-performing loans by approximately 260%.
Non-interest income, exclusive of net securities gains,
increased by 25% in 1997, compared to 1996. All of the gains
were from the Company's rapidly growing retail banking division
whose products include alternative investments, discount broker
dealer and trust and asset management services. "We have added
in excess of 250,000 customers from our three acquisitions last
year. The opportunities for non-interest income growth remain
virtually untapped," stated Mr. Kanas.
The Company's core efficiency ratio declined to 39.8% in the
most recent quarter, exhibiting the Company's continuous and
rigorous overhead cost controls and the success of the efficient
merger of North Side.
On February 25, 1997, the Company announced that its Board had
approved a two-for-one common stock split, subject to
shareholder approval of an increase in the Company's authorized
common stock to 200 million shares from 50 million shares. The
annual shareholders' meeting is scheduled for April 22, 1997.
If the shareholder proposal is approved, the new shares will be
distributed on May 15, 1997 to shareholders of record on April
25, 1997. North Fork currently has 32.9 million shares
outstanding.
North Fork Bancorporation, Inc. with total assets of $6.4
billion, deposits of $4.4 billion and stockholders' equity of
$467 million, or $14.20 book value per share, is the holding
company for North Fork Bank, operating 82 branches in the New
York metropolitan area.
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<TABLE>
<CAPTION>
North Fork Bancorporation, Inc.
(NYSE: NFB)
(In thousands, except ratios and per share amounts)
Three Months Ended
INCOME STATEMENT HIGHLIGHTS March 31, 1997 March 31,1996 (1)
<S> <C> <C>
Interest Income $ 109,881 $ 93,115
Interest Expense 43,811 41,761
Net Interest Income 66,070 51,354
Provision for Loan Losses 1,500 1,700
Net Interest Income after
Provision for Loan Losses 64,570 49,654
Non-Interest Income:
Fees and Service Charges on
Deposit Accounts 4,391 3,205
Broker Commissions and Trust Fees 1,947 1,209
Mortgage Banking Operations 411 666
Other Operating Income 1,056 1,137
Net Securities Gains 161 1,397
Total Non-Interest Income 7,966 7,614
Non-Interest Expense:
Operating Expenses 28,142 23,284
Amortization of Intangible Assets 1,840 518
Other Real Estate 46 782
Total Non-Interest Expense 30,028 24,584
Income Before Income Taxes 42,508 32,684
Provision for Income Taxes 16,793 13,961
Net Income $ 25,715 $ 18,723
Earnings Per Share $ 0.78 $ 0.57
Cash Dividends per Share (2) $ 0.25 $ 0.20
Average Equivalent
Shares Outstanding 32,913 32,850
Return on Average Total Assets 1.77% 1.48%
Return on Average
Stockholders' Equity 22.09% 17.42%
Yield on Interest Earning Assets (3) 8.16% 7.79%
Cost of Funds 3.98% 4.11%
Net Interest Margin (3) 4.95% 4.32%
Core Efficiency Ratio (4) 39.80% 40.97%
<FN>
(1) On December 31, 1996, North Side Savings Bank was merged
with and into the Company. The merger has been accounted for as
a pooling-of-interests. The Company utilizes a fiscal year
which ends on December 31 for reporting purposes, whereas North
Side used a fiscal year which ended on September 30 for such
purposes. The financial results of North Side for 1996 have
been adjusted to conform to that of the Company.
(2) Cash dividends do not reflect dividends declared by North
Side prior to the merger.
(3) Presented on a tax equivalent basis.
(4) The core efficiency ratio is defined as the ratio of
non-interest expense, net of other real estate related cost and
other non-recurring charges, to net interest income on a taxable
equivalent basis and other non-interest income, net of
securities gains.
</TABLE>
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<TABLE>
<CAPTION>
North Fork Bancorporation, Inc.
(NYSE: NFB)
(In thousands, except ratios and per share amounts)
March 31, December 31, March 31,
BALANCE SHEET HIGHLIGHTS 1997 1996 1996 (1)
<S> <C> <C> <C>
Loans, net of unearned
income and fees $3,290,408 $ 3,171,525 $ 2,616,953
Allowance for Loan Losses 55,066 53,894 57,713
Securities Available-for-Sale 1,580,580 857,391 1,524,238
Securities Held-to-Maturity 1,260,755 1,300,115 1,003,435
Intangible Assets 80,233 82,073 85,914
Total Assets 6,413,274 5,750,527 5,649,057
Deposits - Demand 745,726 734,907 647,821
Deposits - Other 3,672,732 3,734,603 3,988,131
Federal Funds Purchased & Securities Sold
Under Agreements to Repurchase 1,100,895 621,789 454,516
Other Borrowings 35,000 35,000 35,000
Corporation-Obligated Mandatorily
Redeemable Capital Securities
of Subsidiary Trust 99,640 99,637 -
Stockholders' Equity 467,369 457,531 430,387
Book Value Per Share $ 14.20 $ 14.10 $ 13.37
SELECTED FINANCIAL HIGHLIGHTS
CAPITAL
Risk Based Capital
Tier 1 14.11% 15.12% 12.31%
Total 15.37% 16.38% 13.57%
Leverage Ratio 8.63% 8.61% 6.96%
Actual Shares Outstanding 32,916 32,446 32,202
ASSET QUALITY
Loans past due 90 days or more
and still accruing $ 3,264 $ 2,596 $ 855
Non-Accrual Loans 17,961 17,745 34,971
Total Non-Performing Loans 21,225 20,341 35,826
Other Real Estate 2,587 1,898 9,392
Total Non-Performing Assets $ 23,812 $ 22,239 $45,218
Restructured Accruing Loans $ 12,803 $ 13,734 $43,406
Allowance for loan losses to
non-performing loans 259% 265% 161%
Allowance for loan losses to total
loans, net of unearned income and fees 1.67% 1.70% 2.21%
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