First Savings Bank of New Jersey makes announcement.Bank of New Jersey, SLA (1) (StereoLithography Apparatus) See 3D printing. (2) (Service Level Agreement) A contract between the provider and the user that specifies the level of service expected during its term. ("the Bank") announced today that it has taken advantage of the FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). 115 rule change that permits financial institutions to transfer securities from a "held to maturity" to an "available for sale" category if such transfers are made between Nov. 15, 1995 and Dec. 31, 1995. The bank has transferred several United States Government agency and United States Government sponsored corporation securities from the bank's "held to maturity" portfolio to its "available for sale" portfolio, and subsequently sold these same securities. The principal balance of securities involved in this transaction totaled $25.0 million or approximately 4.7% of the bank's total assets as of Nov. 30, 1995. Market prices on these types of securities have deteriorated since the bank purchased these securities in August 1993. The sale of these securities will result in an after-tax charge to earnings of approximately $1.6 million, and will result in a net loss for the fiscal quarter ending Dec. 31, 1995. First Savings is a New Jersey-chartered savings and loan association savings and loan association, type of financial institution that was originally created to accept savings from private investors and to provide home mortgage services for the public. The first U.S. savings and loan association was founded in 1831. headquartered in Bayonne. The bank conducts its business through its main office and three branch offices located in Bayonne. The bank's deposits are insured by the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. . At Sept. 30, 1995, the bank had total assets of $528.4 million, total deposits of $445.6 million, and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $52.1 million. The bank's core capital ratio of 10.6% at Sept. 30, 1995, substantially exceeded minimum federal requirements. CONTACT: First Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. of New Jersey Inc., Bayonne Eugene Harz, 201/437-1000 |
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