-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LfgzRxxJFeshWD6zRC2XaeYIfn/3ZNzewjKO3vu3PmpQR47HSWkq43t4wVwGs0M/ cQbqjWASrF4kR0z3IQ3EBQ== 0000755933-95-000013.txt : 19951119 0000755933-95-000013.hdr.sgml : 19951119 ACCESSION NUMBER: 0000755933-95-000013 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951113 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTERCHANGE FINANCIAL SERVICES CORP /NJ/ CENTRAL INDEX KEY: 0000755933 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 222553159 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-10518 FILM NUMBER: 95589439 BUSINESS ADDRESS: STREET 1: PARK 80 WEST PLAZA TWO STREET 2: ATTN INTERCHANGE STATE BANK CITY: SADDLE BROOK STATE: NJ ZIP: 07662 BUSINESS PHONE: 2017032265 MAIL ADDRESS: STREET 1: PARK 80 WEST STREET 2: PLAZE II CITY: SADDLE BROOK STATE: NJ ZIP: 07663 FORMER COMPANY: FORMER CONFORMED NAME: INTERCHANGER STATE BANK DATE OF NAME CHANGE: 19870416 FORMER COMPANY: FORMER CONFORMED NAME: INTERCHANGE FINANCIAL SERVICES CORP DATE OF NAME CHANGE: 19861209 10-Q 1 FOR PERIOD ENDED SEPTEMBER 30, 1995 INTERCHANGE FINANCIAL SERVICES CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands)
September 30, December 31, 1995 1994 ----------- ----------- ASSETS Cash and due from banks $21,123 $22,865 Federal funds sold 1,450 3,100 ------ ------ Total cash and cash equivalents 22,573 25,965 ------ ------ Investment securities at amortized cost (approximate market value of $116,223 and $116,718) 115,443 121,512 Securities available for sale at estimated market value (amortized cost of $31,176 and $30,079) 30,267 27,269 Loans 294,517 290,654 Less: Allowance for loan losses 3,758 3,839 ------- ------- Net loans 290,759 286,815 ------- ------- Premises and equipment, net 5,455 4,606 Foreclosed real estate 1,255 880 Accrued interest receivable and other assets 10,209 12,265 ------ ------ TOTAL ASSETS $475,961 $479,312 ======== ======== LIABILITIES Deposits Non-interest bearing $ 64,361 $ 66,435 Interest bearing 363,920 357,735 ------- ------- Total deposits 428,281 424,170 Short-term borrowings 5,100 11,702 Accrued interest payable and other liabilities 3,731 3,311 Long-term borrowings 1,250 5,000 ------- ------ Total liabilities 438,362 444,183 ------- ------- STOCKHOLDERS' EQUITY Preferred stock - 5,000 Common stock 4,495 4,495 Capital surplus 12,110 11,333 Retained earnings 21,581 18,737 Unrealized losses on securities available for sale, net of income taxes (587) (1,813) ------- ------ 37,599 37,752 Less: Treasury stock - 2,623 ------ ------ Total stockholders' equity 37,599 35,129 ------ ------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $475,961 $479,312 ======= ======= See notes to consolidated financial statements
INTERCHANGE FINANCIAL SERVICES CORPORATION CONSOLIDATED STATEMENTS OF INCOME (in thousands except per share data)
Three months ended Nine months ended September 30, September 30, ------------------- -------------------- 1995 1994 1995 1994 ----- ---- ---- ---- INTEREST INCOME Interest and fees on loans $6,878 $6,246 $ 20,368 $17,017 Interest on federal funds sold 179 24 368 320 Interest and dividends on securities Taxable interest income 2,235 2,185 6,791 6,280 Interest income exempt from federal income taxes 12 15 41 48 Dividends 43 40 123 113 ----- ----- ------ ------ TOTAL INTEREST INCOME 9,347 8,510 27,691 23,778 INTEREST EXPENSE Interest on deposits 3,730 2,662 10,813 7,596 Interest on short-term borrowings 90 116 352 124 Interest on long-term borrowings 23 - 130 - ----- ----- ------ ----- TOTAL INTEREST EXPENSE 3,843 2,778 11,295 7,720 ----- ----- ------ ----- NET INTEREST INCOME 5,504 5,732 16,396 16,058 Provision for loan losses 225 225 825 675 ----- ----- ------ ------ NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 5,279 5,507 15,571 15,383 ----- ----- ------ ------ NON-INTEREST INCOME Service fees on deposit accounts 375 408 1,110 1,132 Net gain/(loss) on sale of loans available for sale - (29) 22 (14) Net gain on sale of securities available for sale - - 15 - Accretion of discount in connection with acquisition 190 190 570 570 Other 256 360 1,233 1,166 ----- ---- ----- ----- TOTAL NON-INTEREST INCOME 821 929 2,950 2,854 ----- ---- ----- ---- NON-INTEREST EXPENSES Salaries and benefits 1,798 1,712 5,468 5,149 Net occupancy 522 479 1,547 1,475 Furniture and equipment 177 147 506 479 Advertising and promotion 201 164 580 509 Federal Deposit Insurance Corporation assessment (14) 230 451 654 Foreclosed real estate expense 46 47 156 264 Other 1,193 1,122 3,155 3,181 ----- ----- ------ ------ TOTAL NON-INTEREST EXPENSES 3,923 3,901 11,863 11,711 ----- ----- ------ ------ Income before income taxes 2,177 2,535 6,658 6,526 Income taxes 762 905 2,273 2,316 ----- ----- ------- ------ NET INCOME $1,415 $1,630 $4,385 $4,210 ===== ===== ====== ====== PER COMMON SHARE $0.51 $0.59 $1.59 $1.53 ===== ===== ====== ====== See notes to consolidated financial statements
INTERCHANGE FINANCIAL SERVICES CORPORATION CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (in thousands)
Unrealized Losses on Securities Preferred Common Capital Retained Available Treasury Stock Stock Surplus Earnings for Sale Stock Total --------- ------ ------- -------- ---------- -------- ----- Balance at January 1, 1994 $5,000 $4,495 $11,333 $15,100 $ 9 $(2,623) $33,314 Net income 4,210 4,210 Dividends on common stock at $0.525 per share (1,415) (1,415) Dividends on preferred stock (84) (84) Decrease in market valuation- securities available for sale, net of income taxes (1,752) (1,752) ------ ----- ------ ------ ------ ------ ------ Balance at September 30, 1994 5,000 4,495 11,333 17,811 (1,743) (2,623) 34,273 Net income 1,426 1,426 Dividends on common stock at $0.175 per share (472) (472) Dividends on preferred stock (28) (28) Decrease in market valuation- securities available for sale, net of income taxes (70) (70) ------ ----- ------ ------ ----- ------ ------ Balance at December 31, 1994 5,000 4,495 11,333 18,737 (1,813) (2,623) 35,129 Net income 4,385 4,385 Dividends on common stock at $0.54 per share (1,456) (1,456) Dividends on preferred stock (85) (85) Purchase of 32,000 preferred stock Retirement of 100,000 shares (1,600) (1,600) of preferred stock (5,000) 777 4,223 - Increase in market valuation- securities available for sale, net of income taxes 1,226 1,226 ------ ----- ------ ------ ----- ------ ------- Balance at September 30 , 1995 $ - $4,495 $12,110 $21,581 $ (587) $ - $37,599 ====== ===== ====== ======= ====== ====== ======= See notes to consolidated financial statements.
INTERCHANGE FINANCIAL SERVICES CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
For the nine months ended September 30, -------------------------- 1995 1994 -------------------------- CASH FLOWS FROM OPERATING ACTIVITIES Net income $4,385 $4,210 Non-cash items included in earnings Depreciation and amortization of fixed assets 618 636 Amortization of securities premiums 1,106 1,167 Accretion of securities discounts (40) (6) Amortization of premiums in connection with acquisition 333 292 Accretion of discount in connection with acquisition (570) (570) Provision for loan losses 825 675 Reduction in carrying value of foreclosed real estate - 100 Net gain on sale of securities available for sale (15) - Net gain on sale of loans available for sale (22) 14 Net gain on sale of foreclosed real estate (13) (209) Increase in carrying value of loans available for sale (74) - Loss on sale of fixed assets 27 - (Increase) decrease in operating assets Net origination of loans available for sale (484) (15,454) Proceeds from sale of loans available for sale 837 2,129 Premium in connection with acquisition - (1,724) Accrued interest receivable 56 (637) Other 1,008 (295) Increase in operating liabilities Accrued interest payable 226 38 Other 194 11 ----- ------ CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES 8,397 (9,623) ----- ------ CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from (payments for) Net origination of loans (4,407) (231) Purchase of loans (642) (33,644) Sale of loans - 1,809 Purchase of securities available for sale (4,915) (1,018) Maturities of securities available for sale 1,351 2,592 Sale of securities available for sale 2,484 185 Sale of foreclosed real estate 309 1,066 Purchase of investment securities (3,999) (10,585) Maturities of investment securities 9,000 12,000 Advances on foreclosed real estate (78) (106) Purchase of fixed assets (1,514) (526) Sale of fixed assets 4 - ----- ------ CASH USED FOR INVESTING ACTIVITIES (2,407) (28,458) ----- ------ CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from (payments for) Deposits in excess of withdrawals 4,111 2,685 Retirement of other borrowings (10,352) (407) Acquisition of deposit accounts - 26,468 Dividends (1,541) (1,499) Preferred stock (1,600) - Short-term borrowings - 8,602 ----- ------ CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES (9,382) 35,849 ----- ------ DECREASE IN CASH AND CASH EQUIVALENTS (3,392) (2,232) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 25,965 26,568 ------ ------ CASH AND CASH EQUIVALENTS, END OF PERIOD $22,573 $24,336 ====== ====== Supplemental disclosure of cash flow information: Cash paid for: Interest $11,069 $7,682 Income taxes 2,524 2,716 Supplemental disclosure of non-cash investing activities: Loans transferred to foreclosed real estate 593 644 Securitization of loans reclassified to securities available for sale - 27,888 (Increase) decrease-market valuation of securities available for sale $(1,901) $2,702 See notes to consolidated financial statements
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 1. FINANCIAL STATEMENTS -------------------- The consolidated financial statements should be read in conjunction with the financial statements and schedules as presented in the Annual Report on Form 10-K of Interchange Financial Services Corporation (the "Company") for the year ended December 31, 1994. Consolidated financial statements for the nine months ended September 30, 1995 and 1994 are unaudited but reflect all adjustments consisting of only normal recurring adjustments which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the interim periods. Results for interim periods are not necessarily indicative of results to be expected for any other period or the full year. 2. LEGAL PROCEEDINGS ----------------- Interchange State Bank (the "Bank"), a wholly owned subsidiary of the Company, was a defendant in a lawsuit commenced in April 1989, (Great American Mortgage Corp., et al vs. Robert Utter, et al.) filed in Superior Court of New Jersey alleging that the Bank was statutorily liable in conversion for having paid checks drawn on demand deposit accounts of plaintiffs at the Bank bearing forged or irregular endorsements. On December 2, 1992, the Court directed judgment to be entered against the Bank in the total principal sum of $484 thousand with prejudgment interest. On April 5, 1993, the Bank filed a Notice of Appeal of this judgment and, by virtue of post-judgment motions, the amount was reduced to the principal sum of $311 thousand plus pre-judgment interest. This judgment was appealed and, by virtue of this appeal, the amount was further reduced to $245 thousand. The matter remained on appeal until May 8, 1995 at which time, by Court order, the matter was settled. Pursuant thereto, the Bank has paid a total of $89 thousand against the aforesaid judgment, which has now been discharged of record. The Bank continues to pursue various parties for recoupment of the aforesaid monies under which it is likely that the Bank's liability for the payment will either be reduced to its proportionate share under contribution theories or it will be exonerated under indemnification theories. In a related matter, on January 8, 1993, an interlocutory judgment was entered against the Bank in the principal sum of $120 thousand with prejudgment interest. The Bank has appealed this judgment and a stay of execution has been effected. In 1992, the Company accrued $500 thousand as a provision for an adverse judgment in this litigation. Based on the May 8, 1995 partial settlement of these matters, the Company has reduced the reserve by $250 thousand to $161 thousand which the Company and its legal counsel believe is adequate to cover any remaining liabilities related to these matters. The Company is also a party to routine litigation involving various aspects of its business, none of which, in the opinion of management, after consultation with legal counsel, is expected to have a material, adverse impact on the consolidated financial condition, results of operations or liquidity of the Company. 3. REDEMPTION OF PREFERRED STOCK ----------------------------- During the third quarter of 1995, the Company exercised its option and acquired the remaining 32,000 outstanding shares of its preferred stock. The redemption price was fifty ($50) dollars per share plus any accrued but unpaid dividends to the date of redemption. 4. LEGISLATIVE PROPOSAL -------------------- A recent legislative proposal for the recapitalization of the Savings Association Insurance Fund ("SAIF") through a one-time assessment against SAIF members and other qualified depository institutions could result in an assessment against the Company. The Company is a qualified depository institution ("Oakar Bank") as a result of acquiring the SAIF deposits of Volunteer Federal Savings Association in February 1994. The assessment could amount to as much as $179 thousand ($21 million x 0.85%) to $189 thousand ($21 million x 0.90%), based upon Oakar deposits as of March 31, 1995. Amendments to the legislative proposal are being considered which may reduce the assessment to Oakar banks. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion is an analysis of the consolidated financial condition and results of operations of the Company for the three and nine months ended September 30, 1995 and 1994 and should be read in conjunction with the consolidated financial statements and notes thereto included in Item 1 hereof. RESULTS OF OPERATIONS - --------------------- Earnings Summary ---------------- Net income in the first nine months of 1995 improved $175 thousand or 4.2% over the comparable 1994 period. The increase was primarily attributable to the increase in net interest income of $338 thousand for the nine-month period ended September 30, 1995 over the same period a year ago. The improvement in net interest income resulted from a 6.6% increase in average earning assets for the nine-month period ended September 30, 1995 over the same period a year ago. For the same periods, net yield on average earning assets decreased twenty-two basis points. Earnings for the period were also beneficially affected by a $247 thousand Bank Insurance Fund ("BIF") recapitalization rebate. The rebate was for Federal Deposit Insurance Corporation ("FDIC") assessment overpayments made during the first three quarters of 1995 resulting from a legislative reduction to the FDIC assessment rates. In addition, earnings were favorably impacted by the settlement of a 1992 lawsuit against the banking subsidiary which resulted in a $250 thousand reduction of a previously established reserve, adding $162 thousand to net income during the second quarter. Furthermore, earnings were positively affected by an increase of $103 thousand in the recognition of discounts related to purchased loans. Earnings for the period were negatively impacted by an increase in the provision for loan losses of $150 thousand which was recorded in the second quarter. Earnings for the period were adversely affected by an increase in non-interest expenses of $152 thousand. The increase in non-interest expenses was primarily caused by a $319 thousand increase in salaries and benefits. The increase resulted from annual salary increases and new employees. Increases in other non-interest expenses were offset by a reduction of $250 thousand to the litigation reserve recorded in the second quarter and the $247 BIF recapitalization rebate discussed above. The Company's most important revenue source is net interest income which is the difference between interest earned on its interest earning assets, such as loans and investments, and the interest paid on its interest bearing liabilities, primarily deposits. Changes in net interest income from period to period result from increases or decreases in the average balances of interest earning assets and interest bearing liabilities and increases or decreases in the spread between the average rates earned on such assets and the average rates paid on such liabilities. For the nine months ended September 30, 1995, net interest income on a tax equivalent basis, was $16.4 million, an increase of 2.1% over net interest income of $16.1 million in the same period in 1994. The principal factor in this improvement was an increase of approximately 6.6% in average interest earning assets resulting from loan acquisitions of $25.7 million in June 1994 and $6.9 million in October 1994. An increase in interest expense offset most of the positive effects derived from interest earning assets. Interest expense increased due to an increase of 5.8% in average interest bearing liabilities compounded by a shift of deposits from savings and demand to certificates. As of September 30, 1995, the year-to-date average balance of certificates of deposit increased $23.3 million to $145.8 million from the same period a year ago. For the nine months ended September 30, 1995, the average balance of certificates of deposit represented 39.4% of average interest bearing liabilities as compared to 35.1% for the same period a year ago. As of the third quarter 1995, the average rate paid on certificates exceeded the average rate paid on all other deposits by approximately 2.17%. For the three months ended September 30, 1995, net income was $1.4 million, a decrease of $215 thousand or 13.2% from the same period in 1994. The drop in net income resulted from a decrease in net interest and non-interest income. The principal factor contributing to a decline in net interest income for the third quarter 1995 was an increase in interest costs. Interest costs increased due to a 3.3% increase in average interest bearing liabilities in conjunction with a shift from lower-cost savings accounts to higher-cost CDs. The average balance of CDs for the third quarter 1995 was $150.1 million, an increase of $26.6 million over the comparable 1994 period. The average rate paid on CDs during the third quarter 1995 exceeded the average rate paid on all other deposits by approximately 2.56%. For the third quarter 1995, non-interest income decreased $108 thousand from the previous comparable period. The decrease was due to a third quarter 1994 gain of $40 thousand that was not repeated in 1995. In addition, in the third quarter 1995, gains from collections of purchased loans in excess of their carrying values declined $84 thousand from the same period a year ago. Earnings for the quarter benefited from a $247 thousand Bank Insurance Fund recapitalization rebate. Nonperforming Assets -------------------- Nonperforming assets, consisting of nonaccrual loans, restructured loans and foreclosed real estate, decreased $1.9 million from $7.6 million at December 31, 1994 to $5.7 million at September 30, 1995. In the third quarter of 1995 nonperforming assets decreased $325 thousand from $6.1 million at June 30, 1995. The ratio of nonperforming assets to total loans and foreclosed real estate decreased from 2.6% at December 31, 1994 to 1.9% at September 30, 1995. Provision for Loan Losses and Loan Loss Experience -------------------------------------------------- The provision for loan losses represents management's determination of the amount necessary to bring the allowance for loan losses to a level that management considers adequate to reflect the risk of future losses inherent in the Company's loan portfolio. In its evaluation of the adequacy of the allowance for loan losses, management considers past loan loss experience, changes in the composition of nonperforming loans, the condition of borrowers facing financial pressure, the relationship of the current level of the allowance to the loan portfolio and to nonperforming loans and existing economic conditions. However, the process of determining the adequacy of the allowance is necessarily judgmental and subject to changes in external conditions. Accordingly, there can be no assurance that existing levels of the allowance will ultimately prove adequate to cover actual loan losses. The allowance for loan losses was $3.8 million at September 30, 1995 and December 31, 1994 representing 65.4% and 50.7% of nonperforming assets at those dates, respectively. Securities Investment securities and securities available for sale consist of the following: (in thousands)
September 30, 1995 -------------------------------------------------------------------- Gross Gross Amortized Unrealized Unrealized Market Cost Gains Losses Value -------- ---------- ---------- ------ Investment securities Obligations of U.S. Treasury $111,444 $1,503 $678 $112,269 Obligations of U.S. Agencies 3,999 - 45 3,954 ------- ----- ---- ------- 115,443 1,503 723 116,223 ------- ----- ---- ------- Securities available for sale Obligations of U.S. agencies 27,837 25 952 26,910 Obligations of states and political subdivisions 757 16 - 773 Other debt securities 148 2 - 150 Equity securities 2,434 - - 2,434 ------ ---- --- ------ 31,176 43 952 30,267 ------ ---- --- ------ Total securities $146,619 $1,546 $1,675 $146,490 ======= ===== ===== ======= December 31, 1994 ------------------------------------------------------------------ Gross Gross Amortized Unrealized Unrealized Market Cost Gains Losses Value ---------- ---------- ----------- ------- Investment securities Obligations of U.S. Treasury $121,512 $ 47 $4,841 $116,718 -------- ------ ------ -------- Securities available for sale Obligations of U.S. agencies 26,855 - 2,823 24,032 Obligations of states and political subdivisions 1,442 12 2 1,452 Other debt securities 147 3 - 150 Equity securities 1,635 - - 1,635 ------- ------ ------ ------- 30,079 15 2,825 27,269 ------- ------ ------ ------- Total securities $151,591 $ 62 $7,666 $143,987 ======= ====== ====== =======
At September 30, 1995, the contractual maturities of investment securities and securities available for sale are as follows: (in thousands)
Securities Investment Securities Available for Sale ---------------------------- ------------------------- Amortized Market Amortized Market Cost Value Cost Value ---------- ------ --------- ------ Within 1 year $ 19,173 $ 19,184 $ 487 $ 489 After 1 but within 5 years 82,488 82,869 4,191 4,222 After 5 but within 10 years 13,782 14,170 123 125 After 10 years - - 23,941 22,997 Equity securities - - 2,434 2,434 ------ ------ ------ ------ Total $115,443 $116,223 $31,176 $30,267 ======= ======= ====== ======
Capital Adequacy The table below presents the Company's capital position as of September 30, 1995: (dollars in thousands) Stockholders' equity $ 37,599 Intangible assets (2,088) Unrealized loss-securities available for sale 587 ------ Tier 1 capital 36,098 Allowable portion of allowance for loan losses 3,554 ------- Total risk-based capital $39,652 ======= Risk weighted assets $284,298 ========
Minimum Actual Requirement ------ ----------- Risk-based ratio Tier 1 12.71% 4.00% Total 13.95 8.00 Leverage capital ratio 7.56 3.00
Liquidity --------- Liquidity is the ability to provide promptly and economically the funds necessary to meet customer credit needs and satisfy deposit withdrawal requirements. The Bank's primary sources of funds are deposits, together with principal and interest payments on loans and proceeds from securities. During 1994, the Company supplemented these sources of funds with $18 million of borrowings from the Federal Home Loan Bank of New York ("FHLB"). As of September 30, 1995, the outstanding balance from such borrowings amounted to $5 million. To help meet liquidity needs, the Bank had cash and cash equivalents totaling $22.6 million at September 30, 1995 down from $26.0 million at December 31, 1994. In addition, as of September 30, 1995, securities maturing within one year amounted to $19.7 million up from $15.3 million at December 31, 1994. The Bank's borrowing capabilities continue to be a potential source of liquidity. In addition, the Bank has a variety of sources of short-term liquidity available, including federal funds purchased from correspondent banks, the Federal Reserve discount window, credit services through its membership in the Federal Home Loan Bank, sales of securities under repurchase agreements as well as loan participation or sales of loans and sales of securities available for sale. The Company believes that these sources of liquidity are adequate to meet its needs. PART II OTHER INFORMATION Item 1. Legal Proceedings ----------------- Reference is made to Form 10-Q filed for the quarter ended June 30, 1995. Item 6. Exhibits and Reports on Form 8-K -------------------------------- (a) The following exhibits are furnished herewith: Exhibit No. 11 Statement Re: Computation of Per Share Earnings (b) No reports on Form 8-K have been filed during the quarter ended September 30, 1995. SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Interchange Financial Services Corporation by: /s/Anthony S. Abbate -------------------- Anthony S. Abbate President/CEO EX-11 2 COMPUTATION OF PER SHARE EARNINGS Exhibit 11 Computation of Per Share Earnings (in thousands, except per share data)
Three months ended Nine months ended September 30, September 30, ----------------------- ------------------- 1995 1994 1995 1994 ---- ---- ---- ---- Net income $ 1,415 $ 1,630 $4,385 $ 4,210 Preferred dividend requirements $ 28 $ 28 $ 85 $ 84 Weighted average common shares outstanding 2,697 2,697 2,697 2,697 ----- ----- ----- ----- Net income per common share $ 0.51 $ 0.59 $ 1.59 $ 1.53 ======= ====== ====== ======
EX-27 3
9 1,000 9-MOS Dec-31-1995 Sep-30-1995 21,123 0 1,450 0 30,267 115,443 116,223 294,517 3,758 475,961 428,281 5,100 3,731 1,250 4,495 0 0 33,104 475,961 20,368 6,955 368 27,691 10,813 11,295 15,571 825 15 11,863 6,658 4,385 0 0 4,385 1.59 1.59 4.950 4,022 59 467 0 3,839 1,007 101 3,758 3,454 0 304
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