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): March 11, 1997
BANKERS CORP.
(Exact name of registrant as specified in its charter)
New Jersey 0-18187 22-3257724
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification
incorporation) No.)
210 Smith Street, Perth Amboy, New Jersey 08861
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code:
(908) 442-4100
None
(Former name or former address, if changes since last report)
<PAGE>
Item 5. Other Events.
Attached as Exhibit 99.1 is Bankers Corp. press release
announcing results for the year ended December 31, 1996. Also
attached as Exhibit 99.2 is the unaudited Statement of Condition
for Bankers Corp. as at December 31, 1996 and results of
operations for the year ended December 31, 1996.
<PAGE>
Signatures
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, thereunto duly authorized
March 11, 1997 BANKERS CORP.
___________________________________
Howard S. Garfield, II,
Senior Vice President &
Chief Financial Officer
Exhibit 99.1
FOR IMMEDIATE RELEASE
January 31, 1997
Contact: Howard Garfield, Sr. V.P. & CFO
EARNINGS ANNOUNCEMENT
Perth Amboy, New Jersey (January 31, 1997)--
Mr. Joseph P. Gemmell, Chairman, President & C.E.O. of Bankers
Corp. (NASDAQ:BKCO), the parent company of Bankers Savings,
reported fully diluted earnings per share (EPS) of $.55 for the
fourth quarter of 1996 compared with $.32 for the fourth quarter
of 1995. Net income for the fourth quarter of 1996 was
$7.0 million compared to $4.2 million for the fourth quarter of
1995. In 1995, the Company took a $1.0 million after tax loss on
security sales coupled with a larger loss provision which
resulted in an aggregate negative effect to net income of
$2.0 million.
Net income for the year 1996 was $24.3 million ($1.90
EPS) compared with $20.0 million ($1.51 EPS) for 1995 reflecting
a 26% EPS increase. Normalized EPS would have reflected a 35%
increase for 1996 when the one time $0.14 per share after tax
charge for SAIF recapitalization is excluded.
Book value per share at December 31, 1996 was $15.58
reflecting a 7.7% increase over $14.47 per share for the prior
year. Stockholders' equity at December 31, 1996 totaled
$192.9 million representing a 7.84% GAAP capital ratio to assets
totaling $2.5 billion. Deposits at December 31, 1996 totaled
$1.6 billion. Non-performing assets (NPA's) decreased
$3.4 million for the year and now stand at $29.0 million or 1.2%
of assets.
Bankers Savings, the wholly owned subsidiary of Bankers
Corp., provides banking services through its fifteen (15) offices
located in three central Jersey counties.<PAGE>
BANKERS CORP.
<TABLE>
<CAPTION>
(In thousands, except per share data)
(unaudited)
CONSOLIDATED INCOME STATEMENT
Three months ended Twelve months ended
12/31/96 12/31/95 12/31/96 12/31/95
<S> <C> <C> <C> <C>
Interest Income................. 42,546 33,945 153,105 129,265
Interest Expense................ 26,429 20,066 90,879 73,818
Net Interest Income........... 16,117 13,879 62,226 55,447
Provision for Loan Losses....... 900 2,000 3,950 5,500
Net After Provision........... 15,217 11,879 58,276 49,947
Other Income.................... 540 618 2,115 2,376
Other Expenses................ 4,847 4,795 22,591 19,999
Net Operating Income.......... 10,910 7,702 37,800 32,324
Gains (Losses) on Securities
and Loans..................... 11 (1,640) 26 (1,637)
Income Tax Expense.............. 3,964 1,840 13,501 10,683
Net Income.................... 6,957 4,222 24,325 20,004
Fully Diluted Average Shares
Outstanding (in thousands).... 12,633 13,225 12,820 13,227
Fully Diluted Earnings Per
Share....................... $0.55 $0.32 $1.90 $1.51
Cash Dividends Per Share
Declared...................... $0.16 $0.14 $0.62 $0.52
<CAPTION>
FINANCIAL CONDITION DATA At December 31,
(Selected) 1996 1995
Total Assets.......................... $2,459,784 $1,901,915
Total Deposits, incl. mortgage
escrow deposit...................... 1,641,265 1,641,332
Total Loans, Net of Allowance......... 1,665,638 1,313,259
Non-Performing Loans................ 24,359 26,393
Loan Loss Allowance................. 6,596 8,137
Other Real Estate Owned (OREO), Net... 4,662 6,057
Mortgage and Asset Backed Securities.. 681,518 460,574
Securities and Short Term Investments. 60,142 66,831
Total Stockholders' Equity.......... 192,877 186,938
Stockholders' Equity to Assets........ 7.84% 9.83%
Stockholders' Equity Per Share........ $15.58 $14.47
Shares Outstanding (in thousands)..... 12,378 12,922
</TABLE>
Exhibit 99.2
BANKERS CORP. STATEMENT OF CONDITION
At December 31, 1996
(unaudited)
(in thousands)
Assets
Cash and amounts due from depository
institutions and interest-earning
deposits $ 15,957
Loans held for resale 8,916
Investment & mortgage-backed
securities available-for-sale 34,181
Investment & mortgage-backed securities
held-to-maturity 707,479
Loans 1,663,318
Allowance for possible loan losses
(6,596)
Premises and equipment 10,846
Real estate owned 4,662
Accrued interest receivable 15,181
Goodwill and other intangible assets 3,329
Other assets 2,511
Total Assets $2,459,784
==========
Liabilities
Deposits $1,629,062
Borrowings
Short-term borrowings 614,090
Long-term borrowings ---
Advance payments by borrowers for
taxes and insurance 12,203
Other liabilities 11,552
Total Liabilities 2,266,907
==========
Total Stockholders' Equity 192,877
Total Liabilities and Stockholders' Equity $2,459,784
==========
<PAGE>
BANKERS CORP. STATEMENT OF OPERATIONS
Year Ended December 31,
1996
(unaudited)
(in thousands)
Interest income $153,105
Interest expense 90,879
Net interest income 62,226
Provision for possible loan losses 3,950
Net interest income after provision 58,276
Other income 2,141
Other expenses 22,591
Income before taxes 37,826
Income tax provision 13,501
Net Income $ 24,325
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