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MONTCLAIR BANCORP REPORTS 1991 EARNINGS

 MONTCLAIR BANCORP REPORTS 1991 EARNINGS
 MONTCLAIR, N.J., Dec. 6 /PRNewswire/ -- Montclair Bancorp, Inc.


(NASDAQ: MBSI), parent company of Montclair Savings Bank, reported net income of $2,030,000, or 85 cents a share, for the fiscal year ending Oct. 31, 1991, compared with $1,830,000, or 75 cents a share, a year ago.
 Core earnings, consisting of net operating income exclusive of the provisions for loan and other real estate owned (OREO) losses and income taxes, increased to $7,946,000 from $7,285,000 the prior year. Net interest income increased $918,000 to $17,856,000 for the year as total interest income decreased $800,000 to $52,834,000 and total interest expense decreased $1,718,000 to $34,978,000. For the year, the provision for loan losses was $2,500,000 and the provision for OREO losses was $1,125,000 compared with a provision for loan losses of $3,100,000 for the prior year. There was no provision or valuation allowance for OREO in 1991.
 Net income for the quarter ending Oct. 31, 1991 was $705,000, or $0.29 a share. A settlement during the quarter of prior years' IRS audits provided a one-time income benefit of approximately $425,000. In light of future economic uncertainties, the general valuation allowance for OREO was increased by a like amount. In addition, the bank's loan charge-off experience during the year resulted in a Federal income tax reduction of $140,000 in the quarter. For the corresponding 1990 quarter, the company reported a net loss of $292,000, or $0.12 a share, primarily as a result of a $1,600,000 provision for loan losses during that quarter.
 Total assets at Oct. 31, 1991 were $581,462,000, compared with $590,348,000 a year ago. Total loans and total deposits were $447,284,000 and $514,527,000, respectively, compared with $463,660,000 and $518,586,000 at Oct. 31, 1990.
 At Oct. 31, 1991 the allowance for loan losses, after net charge- offs of $1,430,000 for the year, was $4,751,000 compared with $3,681,000 a year ago, after net charge-offs of $551,000. The valuation allowance for OREO was $733,000, after net charge-offs of $392,000.
 Non-accruing loans at Oct. 31, 1991 were $21,523,000 compared with $22,563,000 at the end of the prior quarter and $16,928,000 at Oct. 31, 1990. OREO, consisting of foreclosed properties and properties considered to be in-substance foreclosed, net of the valuation allowance, was $6,147,000 at Oct. 31, 1991 compared with $5,402,000 at July 31, 1991 and $877,000 at Oct. 31, 1990. Loans whose terms have been temporarily modified, or restructured, totalled $10,301,000 at year end compared with $9,934,000 at the end of the prior quarter. There were no restructured loans at Oct. 31, 1990.
 The company's capital-to-assets ratio at Oct. 31, 1991 was 10.95 percent compared with a minimum regulatory requirement of 4 percent to 5 percent. The company's core capital to risk-adjusted assets and total capital to risk-adjusted assets ratios were 16.67 percent and 17.91 percent, respectively, at Oct. 31, 1991 compared with the required 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 $26.81 at Oct. 31, 1991.
 On Nov. 19, 1991, the board of directors declared a regular quarterly dividend of $0.15 a share payable Jan. 1, 1992 to stockholders of record as of Dec. 1, 1991.
 -0- 12/6/91
 /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-FO -- NY062 -- 0261 12/06/91 17:01 EST
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Date:Dec 6, 1991
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