<TABLE>
<CAPTION>

======================================================================================================================
                                                                                                        EXHIBIT (99.1)
======================================================================================================================
                                       COLLECTIVE BANCORP, INC. AND SUBSIDIARY                                   
                                    STATEMENTS OF CONSOLIDATED FINANCIAL CONDITION

                                                                         March 31                        June 30
                                                                           1997                            1996
                                                                      ---------------                 ---------------
<S>                                                                   <C>                             <C>

ASSETS                                                                 (Dollar amounts in thousands except per share
                                                                                           data)
        Cash                                                             $   65,936                    $     65,084
        Federal funds sold                                                   19,595                           3,646
        Securities purchased under agreement to resell                       35,000                               -
                                                                      ---------------                 ---------------
                    Total cash and cash equivalents                         120,531                          68,730

        Loans held for sale, at amortized cost, market
             value of $3,774 and $5,231                                       3,600                           5,186
        Securities available for sale, at market value                      235,951                         162,284
        Investment securities, at amortized cost, market
             value of $302,573 and $271,650                                 307,534                         276,171

        Loans receivable                                                  2,876,031                       2,561,041
        Less allowance for loan losses                                      (13,461)                        (12,891)
                                                                      ---------------                 ---------------
                    Loans receivable, net                                 2,862,570                       2,548,150

        Mortgage-backed securities, at amortized cost,
             market value of $1,727,576 and $1,896,831                    1,860,461                       1,973,642
        Real estate acquired in settlement of loans, net                      4,165                           5,427
        Land, office buildings and equipment, net                            41,096                          39,239
        Other assets                                                         44,810                          42,335
        Core deposit premium                                                  9,980                           8,191
        Goodwill                                                             26,890                          16,116
                                                                      ---------------                 ---------------
                    Total assets                                         $5,517,588                      $5,145,471
                                                                      ===============                 ===============

LIABILITIES AND STOCKHOLDERS' EQUITY
        Deposits:
           Demand deposits, non-interest bearing                        $   140,083                    $     95,792
           Demand deposits, interest bearing                                602,199                         508,295
           Savings and investment accounts                                  863,144                         845,199
           Savings certificates                                           1,893,233                       1,805,101
                                                                      ---------------                 ---------------
                    Total deposits                                        3,498,659                       3,254,387

        Short-term borrowings                                             1,573,385                       1,467,633
        Long-term borrowings                                                  5,486                           5,815
        Advance payments by borrowers for taxes and insurance                25,536                          26,852
        Other liabilities                                                    28,367                          26,480
                                                                      ---------------                 ---------------
                    Total liabilities                                     5,131,433                       4,781,167
                                                                      ---------------                 ---------------

        Stockholders' Equity:
           Common stock,  par value  $.01 per  share;  authorized  -  37,000,000
               shares;  issued - 20,496,019  shares in March 1997 and 20,418,641
               shares in June 1996;  outstanding  -  20,446,519  shares in March
               1997
               and 20,374,141 shares in June 1996                               205                             204
           Preferred stock, par value $.01 per share;
               authorized - 2,500,000 shares; none outstanding                    -                               -
           Additional paid-in capital                                        60,490                          59,699
           Treasury stock, at cost; 49,500 shares in March 1997
               and 44,500 shares in June 1996                                (1,230)                         (1,093)
           ESOP debt                                                         (5,008)                         (5,816)
           Unrealized appreciation on available for sale securities,
               net of tax                                                     1,311                           1,090
           Retained earnings, substantially restricted                      330,387                         310,220
                                                                      ---------------                 ---------------
                    Total stockholders' equity                              386,155                         364,304
                                                                      ---------------                 ---------------
                    Total liabilities and stockholders' equity           $5,517,588                      $5,145,471
                                                                      ===============                 ===============

</TABLE>
<PAGE>
<TABLE>
<CAPTION>
===================================================================================================================================
                                                                                                                     EXHIBIT (99.2)
===================================================================================================================================
                     COLLECTIVE BANCORP, INC. AND SUBSIDIARY
                      STATEMENTS OF CONSOLIDATED OPERATIONS

                                                                    Three Months Ended                    Nine Months Ended
                                                                         March 31                              March 31
                                                                  1997             1996                 1997             1996
                                                             ---------------  ----------------     ---------------  ----------------
<S>                                                          <C>              <C>                  <C>              <C>    

                                                                      (Dollar amounts in thousands except per share data)
INTEREST INCOME:
      Interest on mortgage loans                                   $51,736           $43,738            $150,078          $130,404
      Interest on other loans                                        4,154             3,812              11,870            12,140
      Interest on mortgage-backed securities                        32,754            34,841              99,439           106,171
      Interest and dividends on investments                          7,110             6,056              20,711            17,558
                                                             ---------------  ----------------     ---------------  ----------------
             Total interest and dividend income                     95,754            88,447             282,098           266,273
                                                             ---------------  ----------------     ---------------  ----------------
INTEREST EXPENSE:
      Interest on deposits                                          35,521            32,103             105,614            99,131
      Interest on Federal Home Loan Bank
          advances and other borrowed funds                         20,275            20,127              60,672            62,699
                                                             ---------------  ----------------     ---------------  ----------------
             Total interest expense                                 55,796            52,230             166,286           161,830
                                                             ---------------  ----------------     ---------------  ----------------
NET INTEREST INCOME BEFORE PROVISION
    FOR LOAN LOSSES                                                 39,958            36,217             115,812           104,443
PROVISION FOR LOAN LOSSES                                            1,010               410               2,554             1,099
                                                             ---------------  ----------------     ---------------  ----------------
NET INTEREST INCOME AFTER PROVISION
    FOR LOAN LOSSES                                                 38,948            35,807             113,258           103,344
                                                             ---------------  ----------------     ---------------  ----------------

OTHER INCOME:
      Loan servicing                                                 1,063             1,239               3,021             3,167
      Gain (Loss) on sale of loans and securities                      266              (162)                375             1,032
      Financial service fees and other income                        3,328             2,453               9,492             7,390
                                                             ---------------  ----------------     ---------------  ----------------
             Total other income                                      4,657             3,530              12,888            11,589
                                                             ---------------  ----------------     ---------------  ----------------
      Total income before other expense                             43,605            39,337             126,146           114,933
                                                             ---------------  ----------------     ---------------  ----------------

OTHER EXPENSE:
      Compensation and employee benefits                             7,900             7,463              22,592            21,377
      Occupancy expense                                              2,966             2,806               8,444             8,036
      Advertising                                                      345               380               1,012               915
      Deposit insurance                                                491             1,521               3,269             4,572
      SAIF recapitalization assessment                                   -                 -              16,653                 -
      Computer services                                              1,119             1,113               3,242             3,667
      Loan expense                                                     735               732               2,240             2,347
      Real estate operations                                           (33)              326                  82               495
      Amortization of intangibles                                    1,627             1,178               4,302             3,578
      Other expenses                                                 3,194             2,787               8,977             7,890
                                                             ---------------  ----------------     ---------------  ----------------
             Total other expense                                    18,344            18,306              70,813            52,877
                                                             ---------------  ----------------     ---------------  ----------------

INCOME BEFORE INCOME TAXES                                          25,261            21,031              55,333            62,056
INCOME TAXES                                                         9,264             7,508              19,857            22,215
                                                             ---------------  ----------------     ---------------  ----------------
NET INCOME                                                         $15,997           $13,523             $35,476           $39,841
                                                             ===============  ================     ===============  ================

PER SHARE DATA:
      Primary and fully diluted net income per share                 $0.78             $0.66               $1.73             $1.95
      Dividends per common share                                     $0.25             $0.20               $0.75             $0.60
      Average primary shares outstanding                        20,510,349        20,457,753          20,473,728        20,446,517
      Average fully diluted shares outstanding                  20,514,570        20,457,780          20,500,714        20,448,803

</TABLE>
<PAGE>
================================================================================
                                                                  EXHIBIT (99.3)
================================================================================
                     COLLECTIVE BANCORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


1.       The unaudited interim consolidated  financial statements of Collective
         Bancorp, Inc. and subsidiary  ("Collective")  included herein should be
         read in conjunction with the audited financial  statements for the year
         ended June 30, 1996  included in  Collective's  1996 Annual  Report and
         incorporated by reference in the Form 10-K for that year. The unaudited
         interim financial  statements reflect all adjustments which are, in the
         opinion of management, necessary for a fair presentation of the results
         for the periods  presented.  Such  adjustments  consist  only of normal
         recurring  accruals.  The  results  of  operations  for the  three  and
         nine-month periods ended March 31, 1997 are not necessarily  indicative
         of the results to be expected for the fiscal year ending June 30, 1997.

2.       On February 27, 1997, Collective entered into an Agreement and Plan of
         Merger with Summit  Bancorp.  ("Summit")  pursuant to which  Collective
         will be merged with and into Summit and shares of  Collective's  common
         stock will be converted into whole shares of Summit's  common stock and
         cash in lieu of fractional  shares based on an exchange ratio of Summit
         common to Collective  common of .895. The merger is subject to approval
         by  Collective's  stockholders  and certain  regulatory  agencies.  The
         merger is expected to be consummated  during the third calendar quarter
         of 1997.

3.       In connection with the enactment of the Deposit Insurance Funds Act of
         1996 ("DIFA") on September 30, 1996,  Collective  Bank, a  wholly-owned
         subsidiary of Collective Bancorp,  Inc., was required to pay a one-time
         special  assessment of $16.653 million to the Federal Deposit Insurance
         Corporation  ("FDIC") to capitalize the Savings  Association  Insurance
         Fund ("SAIF") to its required  reserve  ratio.  The special  assessment
         rate of 65.7 cents per $100 of SAIF-assessable  deposits was applied as
         of March 31, 1995. The assessment was paid in November 1996.
    
         DIFA also requires the Financing  Corporation ("FICO") bond obligation
         to be shared by insured  depository  institutions pro rata beginning in
         the year  2000.  For the  transition  period  from  January  1, 1997 to
         December 31, 1999,  banks will pay  one-fifth  of the  assessment  rate
         imposed upon thrifts  calculated on their Bank  Insurance  Fund ("BIF")
         deposit  base.  During  this  period,  the FICO  assessment  rates  are
         estimated  to be 1.3 basis  points  for banks and 6.4 basis  points for
         thrifts,  such as  Collective  Bank.  From 2000 to 2019,  when the FICO
         bonds are retired,  the FICO  assessment rate is estimated to run under
         2.5 basis points per $100 of each institution's insured deposit base.
   
         DIFA directs the Treasury  Department  to present a report to Congress
         by March 31, 1997 regarding the development of a common charter for all
         depository institutions.  The report is to include a recommendation for
         legislative and administrative  action.  DIFA requires that the BIF and
         the SAIF be merged into a single new fund (the Deposit  Insurance Fund)
         on January 1, 1999,  provided "no insured  depository  institution is a
         savings association on that date".

4.       On August 20,  1996,  the Small  Business Job  Protection  Act of 1996
         ("SBJPA") was enacted,  which  included a repeal of the thrift bad debt
         reserve method  (percentage-of-taxable income method) under section 593
         of the Internal  Revenue Code. The repeal is effective for Collective's
         1997   fiscal   year.    Since   1993,    Collective   has   used   the
         percentage-of-taxable   income   method  in  its  income  tax  returns.
         Effective  July 1, 1996,  Collective  was  required  to change from the
         reserve method to the specific  charge-off  method to calculate its bad
         debt deduction.  The change in bad debt tax accounting  methods has not
         had,  nor is it expected  to have,  a material  impact on  Collective's
         results of operations.

         The SBJPA also  provided  for the  recapture  of a  thrift's  post-1987
         excess bad debt reserve  resulting  from the use of the reserve  method
         for  calculating  the bad  debt  deduction.  Pre-1988  excess  bad debt
         reserves are not subject to recapture.  The  recaptured  amount must be
         taken into taxable  income  ratably over a six-year  period  commencing
         with  the  thrift's  tax year  beginning  in 1996.  The  timing  of the
         recapture  may be delayed for a one or  two-year  period  provided  the
         residential  loan  requirement is met.  Collective  expects to meet the
         residential   loan  requirement  for  its  1996  and  1997  tax  years.
         Therefore,  its estimated tax liability of approximately  $5.5 million,
         resulting  from the recapture,  will be payable over a six-year  period
         commencing  with  Collective's  1999 fiscal  year.  The excess bad debt
         reserve  recapture  is not  expected  to  have  a  material  impact  on
         Collective's  results  of  operations  or  financial  position  because
         Collective  has recorded  deferred  income tax provisions on its excess
         bad reserves since 1987.

5.       On October 1, 1996,  Collective acquired the outstanding capital stock
         of Continental  Bancorporation for $25.7 million in cash pursuant to an
         agreement  entered  into  on May  21,  1996.  Simultaneously  with  the
         acquisition,   Continental   Bancorporation   was  liquidated  and  its
         subsidiary,  Continental  Bank of New Jersey  ("Continental")  became a
         subsidiary of Collective.  Continental's name was changed  subsequently
         to Collective  Bank of New Jersey.  Collective Bank of New Jersey was a
         state-chartered,  BIF-insured  commercial  bank  with  total  assets of
         $161.3   million  and  deposits  of  $129.5  million  on  the  date  of
         acquisition.  The acquisition was accounted for by the purchase method.
         It has not had,  nor is it  expected  to have,  a  material  effect  on
         Collective's  results of operations or financial  position.  Collective
         Bank of New Jersey was merged into Collective Bank in February 1997.