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MONTCLAIR BANCORP, INC. REPORTS 1992 EARNINGS

 MONTCLAIR, N.J., Dec. 22 /PRNewswire/ -- Montclair Bancorp, Inc. (NASDAQ: MSBI), parent company of Montclair Savings Bank, reported net income of $2.834 million, or $1.15 per share on a fully-diluted basis, for the fiscal year ended Oct. 31, 1992, compared with $2.030 million, or $0.85 a share a year ago. Excluding expenses of $324,000 related to the company's proposed merger with Collective Bancorp, Inc., net income would have been $3.158 million, or $1.29 a share.
 Net income for the quarter ended Oct. 31, 1992 was $643,000, or $0.26 a share on a fully-diluted basis, compared with $705,000, or $0.29 a share, the prior year. Excluding the merger-related expenses which were recorded in the fourth quarter, net income would have been $967,000, or $0.39 a share.
 Core earnings, consisting of net operating income exclusive of the provision for loan and other real estate owned (OREO) losses and income taxes, increased $903,000 over the prior fiscal year to $8.849 million. Net interest income increased $2.126 million to $19.982 million as total interest income decreased $6.810 million to $46.024 million and total interest expense decreased $8.936 million to $26.042 million.
 The provisions for loan and OREO losses for the year were $2.400 million and $850,000, respectively, compared with $2.500 million and $1.125 million for the prior year, resulting in an allowance for loan losses of $6.186 million at Oct. 31, 1992, after net loan charge-offs of $965,000, and an OREO valuation allowance of $1.012 million, after OREO write-downs of $571,000. The allowance for loan losses and the OREO valuation allowance at Oct. 31, 1991 were $4.751 million and $733,000, respectively.
 Total assets at Oct. 31, 1992 were $597.9 million compared with $581.5 million a year ago. Total loans and total deposits were $444.8 million and $524.4 million, respectively, compared with $447.3 million and $514.5 million at Oct. 31, 1991.
 Nonaccruing loans and accruing loans 90-days or more delinquent were $22.8 million at Oct. 31, 1992 compared with $22.5 million at the end of the prior quarter and $21.5 million at Oct. 31, 1991. OREO, net of the valuation allowance, was $8.300 million at year end compared with $8.645 million at July 31, 1992 and $6.147 million a year ago. Loans whose terms have been temporarily modified, or restructured, were $5.053 million at Oct. 31, 1992, $4.954 million at July 31, 1992 and $9.924 at the end of the prior year.
 The company's capital-to-assets ratio was 10.93 percent compared with a minimum regulatory requirement of 4 to 5 percent. The company's core capital to risk adjusted assets and total capital to risk-adjusted assets were 17.30 percent and 18.55 percent, respectively, at Oct. 31, 1992 compared with the regulatory minimums of 3.625 percent for core capital and 7.25 percent for total capital. The bank's capital ratios were substantially the same as those of the company. Book value per share was $27.46 at Oct. 31, 1992.
 On Nov. 17, 1992, the board of directors declared a regular quarterly dividend of $0.15 a share payable Jan. 1, 1993 to stockholders of record as of Dec. 1, 1992. Under the proposed merger, the company is prohibited from paying future dividends.
 -0- 12/22/92
 /CONTACT: Anne J. Pescatore, vice president of Montclair Bancorp, 201-744-3500/
 (MSBI)


CO: Montclair Bancorp, Inc. ST: New Jersey IN: FIN SU: ERN

SM-TM -- NY056 -- 9315 12/22/92 17:23 EST
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Publication:PR Newswire
Date:Dec 22, 1992
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