Allaire Community Bank Announces Earnings.

Business Editors

WALL TOWNSHIP, N.J.--(BUSINESS WIRE)--April 17, 2002

Allaire Community Bank announced unaudited net earnings for the quarter ended March 31, 2002 of $185,526 compared to March 31, 2001 income of $30,664.

Basic per share earnings for the three months ended March 31, 2002 were $.16 compared to $.03 for the quarter ended March 31, 2001. The Bank continues to grow and has been profitable for 12 consecutive quarters.

As of March 31, 2002, the Bank had total assets of $115,957,000, an increase of $15,369,000 or 15% since December 31, 2001. Total deposits increased to $104,306,000, an increase of $15,371,000 or 17% since December 31, 2001. The loan portfolio has grown to $68,844,000, an increase of $4,793,000 or 7% since December 31, 2001. As of March 31, 2002, the Bank had one past due loan beyond 30 days, which is now current.

The Bank also declared a 5% stock distribution to shareholders of record as of April 5, 2002. This is the fourth consecutive year the Bank has declared a stock distribution since the Bank first opened on May 30, 1997.

Allaire Community Bank operates five (5) offices located in Wall Township, Point Pleasant Borough, Neptune City, Manasquan and Bradley Beach.