Allaire Community Bank Announces Fourth Quarter and Year End Results.

Business Editors

SEA GIRT, N.J.--(BUSINESS WIRE)--Feb. 3, 2003

Allaire Community Bank, Wall Township, N.J. (ALCY-OTCBB) announced net income for the quarter ended December 31, 2002 of $255,439.00 compared to the quarter ended December 31, 2001 of $88,809.00. The bank has been profitable for fifteen consecutive quarters.

For the year ended December 31, 2002, net income was $933,539.00 compared to the same twelve-month period ended December 31, 2001 of $153,461.00. This represents income growth of 508% for December 2002. The bank incurred $561,904 in Federal and State income tax expense for the year ended December 31, 2002. As of December 31, 2002, the bank had total assets of $153,732,000.00 an increase of $53,144,000.00 or 52.83% since December 31, 2001. Total deposits increased to $140,028,000.00 an increase of $51,093,000.00 or 57.45% since December 31, 200l.

Outstanding balances in our Net Loan Portfolio continue to increase and has grown to $90,269,000.00 an increase of $26,610,000.00 or 41.80% since December 31, 2001.

Prior to the anticipated three for two stock split our net income per share as of December 31, 2002 is $0.74 compared to $0.12 per share on December 31, 2001. The last trade on our stock was $26.95 per share.

Allaire Community Bank is very pleased to report we have received a five star rating from Bauer Financial, Inc.(www.bauerfinancial.com), Coral Gables, Florida. A five star rating is the highest rating a bank can receive. "A bank is safe, financially sound and is operating well above its regulatory capital requirements." We are also recognized by Veribanc, Inc. as a "Blue Ribbon Bank."

Allaire Community Bank opened its sixth office on Main Street and 7th Avenue, Belmar, New Jersey. The bank currently operates additional offices in Wall Township, Bradley Beach, Manasquan, Neptune City and Point Pleasant Boro, New Jersey.