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U.S. Securities Exchange & Commission
450 Fifth Street, N.W.
Washington, DC 20549-1004
This Form 10-Q/A dated December 11, 1996, amends the Income Statement. The
numbers originally transmitted for TOTAL NONINTEREST INCOME and TOTAL
NONINTEREST EXPENSES for the three months ended September 30, 1996, were
understated and overstated, respectively, by $50 thousand. This was due to a
reclass adjustment between other noninterest income and other noninterest
expenses that was not carried into the totals.
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<TABLE>
INTERCHANGE FINANCIAL SERVICES CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(in thousands except per share data)
<CAPTION>
Three months ended Nine months ended
September 30, September 30,
------------------------ -------------------
1996 1995 1996 1995
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<S> <C> <C> <C> <C>
INTEREST INCOME
Interest and fees on loans ............................................ $ 7,295 $ 6,878 $21,468 $20,368
Interest on federal funds sold ........................................ 5 179 375 368
Interest and dividends on securities
Taxable interest income ........................................... 1,874 2,235 5,664 6,791
Interest income exempt from federal income taxes .................. 49 12 79 41
Dividends ......................................................... 39 43 115 123
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TOTAL INTEREST INCOME ................................................. 9,262 9,347 27,701 27,691
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INTEREST EXPENSE
Interest on deposits .................................................. 3,488 3,730 10,626 10,813
Interest on short-term borrowings ..................................... 89 90 344 352
Interest on long-term borrowings ...................................... -- 23 -- 130
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TOTAL INTEREST EXPENSE ................................................ 3,577 3,843 10,970 11,295
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NET INTEREST INCOME ................................................... 5,685 5,504 16,731 16,396
Provision for loan losses ............................................. 150 225 550 825
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NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES ...................................................... 5,535 5,279 16,181 15,571
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NONINTEREST INCOME
Service fees on deposit accounts ...................................... 397 375 1,161 1,110
Net gain on sale of loans available for sale .......................... -- -- -- 22
Net gain on sale of securities available for sale ..................... -- -- 235 15
Accretion of discount in connection with acquisition .................. 131 190 511 570
Other ................................................................. 197 256 990 1,233
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TOTAL NONINTEREST INCOME .............................................. 725 821 2,897 2,950
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NONINTEREST EXPENSES
Salaries and benefits ................................................. 1,919 1,798 5,722 5,468
Net occupancy ......................................................... 539 522 1,637 1,547
Furniture and equipment ............................................... 171 177 534 506
Advertising and promotion ............................................. 213 201 561 580
Federal Deposit Insurance Corporation assessment ...................... 129 (14) 154 451
Foreclosed real estate expense ........................................ 116 46 235 156
Other ................................................................. 1,191 1,193 3,499 3,155
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TOTAL NONINTEREST EXPENSES ............................................ 4,278 3,923 12,342 11,863
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Income before income taxes ........................................... 1,982 2,177 6,736 6,658
Income taxes .......................................................... 694 762 2,358 2,273
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NET INCOME ............................................................ $ 1,288 $ 1,415 $ 4,378 $ 4,385
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PER COMMON SHARE ...................................................... $ 0.45 $ 0.49 $ 1.54 $ 1.52
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See notes to consolidated financial statements
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SIGNATURES
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.
INTERCHANGE FINANCIAL SERVICES CORPORATION
Date: December 11, 1996 by: /S/ROBERT N. HARRIS
Robert N. Harris, Executive Vice President
and Chief Financial Officer
(Principal Financial Officer and
and Duly Authorized Officer)
