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COLLECTIVE BANCORP REPORTS RECORD SECOND QUARTER AND SIX MONTH RESULTS

COLLECTIVE BANCORP REPORTS RECORD SECOND QUARTER AND SIX MONTH RESULTS
 EGG HARBOR, N.J., Jan. 9 /PRNewswire/ -- Continued strong earnings from its retail banking operations has enabled Collective Bancorp, Inc. (NASDAQ: COFD) to post record profits for the second quarter and for the six months ended Dec. 31, 1991, it was announced today by Thomas H. Hamilton, president and chief executive officer.
 Net income for the quarter ended Dec. 31, 1991, rose to $7.559 million or $.79 per share, an increase of 108 percent over the $3.626 million or $.42 per share earned during the comparable period one year ago. The most recent period marks the third consecutive quarter during which Collective has established a new record for quarterly earnings.
 For the six months ended Dec. 31, 1991, Collective recorded net income of $14.647 million or $1.59 per share, compared to the $6.924 million or $.80 per share earned during the first six months of fiscal 1991.
 "Continuing the trend of the recent past, the dramatic improvement in profitability during the quarter and six-month period was again the result of increased income from our core retail banking operations," Hamilton said. For the quarter, net interest income rose to $20.566 million, up from $14.440 million during the comparable quarter one year ago. "The improvement in net interest income was also reflected in Collective's net interest margin, which increased to 3.46 percent for the period," Hamilton added.
 On Dec. 31, 1991, Collective Bancorp had total assets of $2.534 billion, up from $2.504 billion one year ago. Loans receivable, including mortgage-backed securities, totalled $2.203 billion at quarter end, while savings deposits rose to $2.106 billion.
 Stockholders' equity at Dec. 31, 1991, totalled $176.356 million or $17.61 per share which is equivalent to 6.96 percent of total assets. Included in that figure is $22.341 million in new equity generated from the sale of 1.3 million shares of common stock in November 1991, after deduction of expenses associated with the offering. As of Dec. 31, 1991, Collective had 10,016,500 shares of common stock outstanding.
 Collective Bancorp, Inc. is the parent savings and loan holding company for Collective Federal Savings Bank. Headquartered in Egg Harbor, Collective Federal operates 57 full-service banking offices in 13 counties throughout New Jersey.
 COLLECTIVE BANCORP AND SUBSIDIARY
 (Dollars in thousands, except per-share data)
 Periods ended Three months Six months
 Dec. 31 1991 1990 1991 1990
 Interest income:
 Interest on mortgage loans $32,706 $36,154 $66,730 $72,576
 Interest on other loans 2,268 2,424 4,614 4,736
 Interest on mortgage-backed
 securities 17,573 16,542 35,687 30,719
 Interest and dividends
 on investments 3,190 3,566 5,924 6,457
 Total interest income 55,737 58,686 112,955 114,488
 Interest expense:
 Interest on deposits 32,411 34,088 65,413 65,218
 Interest on borrowings 2,760 10,158 7,138 21,405
 Total interest expense 35,171 44,246 72,551 86,623
 Net interest income before
 provision for loan losses 20,566 14,440 40,404 27,865
 Provision for loan losses 100 570 529 1,039
 Net interest income after
 provision for loan losses 20,466 13,870 39,875 26,826
 Other income:
 Service charges 944 725 1,770 1,299
 Gains on sale of loans and
 mortgage-backed securities 1,009 87 1,850 87
 Other income 834 752 1,811 1,365
 Total other income 2,787 1,564 5,431 2,751
 Total income before
 other expense 23,253 15,434 45,306 29,577
 Other expense:
 General and administrative
 expense 10,185 9,484 20,053 17,841
 Amortization of intangibles 503 552 1,012 1,039
 Real estate operations 708 670 1,376 758
 Total other expense 11,396 10,706 22,441 19,638
 Income before income taxes 11,857 4,728 22,865 9,939
 Income taxes 4,298 1,102 8,218 3,015
 Net income 7,559 3,626 14,647 6,924
 Primary earnings per share $.79 $.42 $1.59 $.80
 Fully diluted earnings
 per share .79 .42 1.59 .80
 Dividends per common share .10 .06 .16 .11
 Average primary shares
 outstanding 9,547,160 8,626,886 9,206,847 8,644,398
 Average fully diluted
 shares outstanding 9,561,364 8,626,886 9,227,244 8,644,398
 /delval/
 -0- 1/9/92
 /CONTACT: Scott Page of Collective Bancorp, 609-625-1110/
 (COFD) CO: Collective Bancorp, Inc. ST: New Jersey IN: FIN SU: ERN


LJ-KA -- PH005 -- 8123 01/09/92 10:11 EST
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