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MONTCLAIR BANCORP REPORTS FIRST QUARTER EARNINGS

 MONTCLAIR BANCORP REPORTS FIRST QUARTER EARNINGS
 MONTCLAIR, N.J., Feb. 26 /PRNewswire/ -- Montclair Bancorp, Inc.


(NASDAQ: MSBI), parent company of Montclair Savings Bank, reported net income of $513,000, or $0.22 a share, for the quarter ended Jan. 31, 1992 compared with $434,000, or $0.18 a share, for the same period 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, were $1,907,000 for the quarter, an increase of $114,000 over the prior year first quarter. Net interest income increased $158,000 over the first quarter of 1991 to $4,501,000 for the quarter ended Jan. 31, 1992 as total interest income decreased $1,560,000 to $12,075,000 and total interest expense decreased $1,718,000 to $7,574,000. The provision for loan losses and the provision for OREO were $600,000 and $150,000, respectively, for the first quarter of 1992 compared with $700,000 and $50,000 a year ago.
 Total assets at Jan. 31, 1992 were $588,916,000 compared with $581,462,000 at Oct. 31, 1991, the company's fiscal year end, and $587,292,000 a year ago. Total deposits were $519,695,000, $514,527,000 and $518,921,000 at Jan. 31, 1992, Oct. 31, 1991 and Jan. 31, 1991, respectively, while total loans were $442,588,000, $447,284,000 and $457,979,000 at the same respective dates.
 At Jan. 31, 1992 the allowance for loan losses was $4,858,000, after charge-offs of $493,000 during the quarter, compared with $3,827,000 at Jan. 31, 1991, after charge-offs of $554,000 during the quarter. The valuation allowance for OREO was $878,000, after charge-offs of $5,000 during the quarter, and $50,000, after no charge-offs, at Jan. 31, 1992 and 1991, respectively.
 Nonaccrual loans at Jan. 31, 1992 were $22,100,000 compared with $20,522,000 at Oct. 31, 1991 and $18,951,000 a year ago. OREO, consisting of foreclosed properties and properties considered to be in-substance foreclosed, net of the valuation allowance, was $8,783,000 at Jan. 31, 1992 compared with $6,147,000 at Oct. 31, 1991 and $3,077,000 at Jan. 31, 1991. Loans whose terms have been modified, or restructured, were $3,753,000 compared with $9,924,000 at Oct. 31, 1991. There were no restructured loans at Jan. 31, 1991.
 The company's capital-to-assets ratio was 10.85 percent at the end of the first quarter compared with a minimum regulatory requirement of 4 percent to 5 percent. The company's core capital to risk-weighted assets and total capital to risk-weighted assets ratios were 16.33 percent and 17.57 percent, respectively, at Jan. 31, 1992 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 $26.90 at Jan. 31, 1992 compared with $26.81 at Oct. 31, 1991.
 On Feb. 18, 1992, the board of directors declared a regular quarterly dividend of $0.15 a share payable April 1, 1992 to stockholders of record March 1, 1992.
 The annual meeting of stockholders of Montclair Bancorp, Inc. will be held on Tuesday, March 24, 1992 at 11 a.m. at the Woman's Club of Upper Montclair.
 -0- 2/26/92
 /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-OS -- NY076 -- 2970 02/26/92 16:38 EST
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Date:Feb 26, 1992
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