UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                       -----------------------------------



                                   FORM 10-QSB
(Mark One)

[  X  ]  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES

         EXCHANGE ACT OF 1934

For the quarterly period ended                June 30, 2002
                               -------------------------------------------------

                                       OR


[     ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES

         EXCHANGE ACT OF 1934

For the transition period from                        to
                               --------------------        ---------------------


                         Commission File Number 0-29770


                            WEST ESSEX BANCORP, INC.
--------------------------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)



        UNITED STATES                                      22-3597632
--------------------------------------------------------------------------------
 (State or other jurisdiction of                         (I.R.S. Employer
  incorporation or organization)                          Identification Number)



417 Bloomfield Avenue, Caldwell, New Jersey                            07006
--------------------------------------------------------------------------------
(Address of principal executive offices)                              (Zip Code)

Issuer's telephone number, including area code                      973-226-7911
                                                                    ------------




Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock, as of the latest practicable date:

4,845,393 shares of common stock, par value $0.01 par share, were outstanding as
of July 31, 2002.



Transitional Small Business Disclosure Format (check one):  Yes [   ]  No [ X ]



<PAGE>


                            WEST ESSEX BANCORP, INC.

                                   FORM 10-QSB

                       For the Quarter Ended June 30, 2002


                                      INDEX


                                                                         Page
                                                                        Number
                                                                   -------------

PART I       FINANCIAL INFORMATION

     Item 1. Financial Statements                                              1


             Consolidated Statements of Financial Condition at
             June 30, 2002 and December 31, 2001 (Unaudited)                   2


             Consolidated Statements of Income for the Three and Six Months
             Ended June 30, 2002 and 2001 (Unaudited)                          3


             Consolidated Statements of Comprehensive Income for the
             Three and Six Months Ended June 30, 2002 and 2001 (Unaudited)     4


             Consolidated Statements of Cash Flows for the
             Six Months Ended June 30, 2002 and 2001 (Unaudited)           5 - 6


             Notes to Consolidated Financial Statements                        7

     Item 2. Management's Discussion and Analysis or Plan
               of Operation                                               8 - 14



PART II      OTHER INFORMATION

     Item 1. Legal Proceedings                                                15

     Item 2. Changes in Securities                                            15

     Item 3. Defaults Upon Senior Securities                                  15

     Item 4. Submission of Matters to a Vote of Security Holders         15 - 16

     Item 5. Other Information                                                16

     Item 6. Exhibits and Reports on Form 8-K                                 16


SIGNATURES                                                                    17



<PAGE>


                            WEST ESSEX BANCORP, INC.
                          PART I. FINANCIAL INFORMATION
                                  June 30, 2002
                                  -------------



ITEM 1.  FINANCIAL STATEMENTS

Certain   information  and  footnote   disclosures   required  under  accounting
principles  generally  accepted  in the United  States  have been  condensed  or
omitted from the following  consolidated  financial  statements  pursuant to the
rules and  regulations  of the Securities  and Exchange  Commission.  West Essex
Bancorp,  Inc. (the "Registrant" or the "Company") believes that the disclosures
presented  are  adequate  to  assure  that  the  information  presented  is  not
misleading  in  any  material  respect.  It  is  suggested  that  the  following
consolidated  financial  statements  be read in  conjunction  with the  year-end
consolidated financial statements and notes thereto included in the Registrant's
Annual Report on Form 10-KSB for the year ended December 31, 2001.

The results of  operations  for the three and six month  periods  ended June 30,
2002,  are not  necessarily  indicative  of the results to be  expected  for the
entire fiscal year.


                                       1
<PAGE>

<TABLE>
<CAPTION>

                    WEST ESSEX BANCORP, INC. AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                 ----------------------------------------------
                                   (Unaudited)


                                                                June 30,             December 31,
                                                                  2002                   2001
                                                          --------------------   --------------------
Assets
------
<S>                                                          <C>                     <C>

Cash and amounts due from depository institutions              $ 2,189,788            $ 2,008,885
Federal funds sold                                               9,500,000             10,500,000
Interest-bearing deposits in other banks                         3,463,529              4,781,061
                                                             -------------          -------------
       Total cash and cash equivalents                          15,153,317             17,289,946

Term deposits                                                           --                200,000
Investment securities held to maturity                          33,312,716             33,169,187
Mortgage-backed securities held to maturity                    162,247,373            137,327,932
Loans receivable                                               161,343,612            165,935,968
Real estate owned                                                  209,000                209,000
Premises and equipment                                           2,420,400              2,502,584
Federal Home Loan Bank of New York stock                         4,567,100              3,842,800
Accrued interest receivable                                      1,892,135              1,879,537
Excess of cost over assets acquired                              3,161,429              3,457,813
Other assets                                                     6,025,856              4,949,385
                                                             -------------          -------------
       Total assets                                          $ 390,332,938          $ 370,764,152
                                                             =============          ==============

Liabilities and Stockholders' Equity
------------------------------------

Liabilities
-----------

Deposits                                                     $ 246,364,039          $ 240,864,308
Borrowed money                                                  91,080,300             76,855,928
Advance payments by borrowers for taxes and insurance              973,438                927,375
Other liabilities                                                1,076,500              1,201,590
                                                             -------------          -------------
       Total liabilities                                       339,494,277            319,849,201
                                                             -------------          -------------
Stockholders' Equity
--------------------

Preferred stock (par value $.01), 1,000,000 shares
  authorized; no shares issued or outstanding                           --                     --
Common stock (par value $.01), 9,000,000 shares authorized;
  shares issued 5,246,461; shares outstanding 4,845,393 (2002)
  and 4,921,615 (2001)                                              52,465                 52,465
Additional paid-in capital                                      17,503,240             17,379,880
Retained earnings - substantially restricted                    39,084,029             37,914,015
Common stock acquired by Employee Stock Ownership
  Plan ("ESOP")                                                  (810,465)              (884,158)
Unearned Incentive Plan stock                                    (342,389)              (405,730)
Treasury stock, at cost; 401,068 shares (2002) and
  324,846 shares (2001)                                        (4,648,219)            (3,141,521)
                                                             -------------          -------------
       Total stockholders' equity                               50,838,661             50,914,951
                                                             -------------          -------------
       Total liabilities and stockholders' equity            $ 390,332,938          $ 370,764,152
                                                             =============          =============

</TABLE>


See notes to consolidated financial statements.


                                       2
<PAGE>


<TABLE>
<CAPTION>

                    WEST ESSEX BANCORP, INC. AND SUBSIDIARIES
                        CONSOLIDATED STATEMENTS OF INCOME
         --------------------------------------------------------------
                                   (Unaudited)


                                                         Three Months Ended June 30,          Six Months Ended June 30,
                                                         -----------------------------      -----------------------------
                                                            2002              2001             2002              2001
                                                         ------------     ------------      ------------     ------------
<S>                                                      <C>             <C>                <C>             <C>
Interest income:
     Loans                                               $  2,874,425     $  3,053,035      $  5,762,093     $  6,196,372
     Mortgage-backed securities                             2,270,938        2,052,663         4,444,836        4,227,767
     Investment securities                                    484,919          572,208           950,884        1,241,227
     Other interest-earning assets                             78,927          205,553           159,859          346,827
                                                         ------------     ------------      ------------     ------------
             Total interest income                          5,709,209        5,883,459        11,317,672       12,012,193
                                                         ------------     ------------      ------------     ------------
Interest expense:
     Deposits                                               1,651,424        2,348,360         3,445,362        4,774,466
     Borrowed money                                         1,050,779          923,797         2,018,620        1,850,200
                                                         ------------     ------------      ------------     ------------
             Total interest expense                         2,702,203        3,272,157         5,463,982        6,624,666
                                                         ------------     ------------      ------------     ------------
Net interest income                                         3,007,006        2,611,302         5,853,690        5,387,527
Provision for loan losses                                          --            3,506                --               --
                                                         ------------     ------------      ------------     ------------
Net interest income after provision for loan losses         3,007,006        2,607,796         5,853,690        5,387,527
                                                         ------------     ------------      ------------     ------------
Non-interest income:
     Fees and service charges                                 104,309           80,660           186,556          162,048
     Gain on sale of securities available for sale                 --               --                --           45,000
     Other                                                    106,179           70,314           188,437          120,457
                                                         ------------     ------------      ------------     ------------
             Total non-interest income                        210,488          150,974           374,993          327,505
                                                         ------------     ------------      ------------     ------------
Non-interest expenses:
     Salaries and employee benefits                         1,037,874          939,340         2,042,647        1,798,736

     Net occupancy expense of premises                         90,597           82,455           184,430          204,700
     Equipment                                                171,939          184,872           342,109          377,249
     Loss (gain) on real estate owned                           1,287          (16,790)            2,574           (2,382)
     Amortization of intangibles                              148,192          148,192           296,384          296,384
     Miscellaneous                                            438,046          333,360           798,308          714,255
                                                         ------------     ------------      ------------     ------------
             Total non-interest expenses                    1,887,935        1,671,429         3,666,452        3,388,942
                                                         ------------     ------------      ------------     ------------
Income before income taxes                                  1,329,559        1,087,341         2,562,231        2,326,090
Income taxes                                                  473,803          375,175           902,032          815,764
                                                         ------------     ------------      ------------     ------------
Net income                                               $    855,756     $    712,166      $  1,660,199     $  1,510,326
                                                         ============     ============      ============     ============
Net income per common share:
     Basic                                               $       0.18     $       0.15      $       0.35     $       0.32
     Diluted                                                     0.18             0.15              0.34             0.31
                                                         ============     ============      ============     ============
Dividends declared per common share:                     $       0.14     $       0.12      $       0.28     $       0.24
                                                         ============     ============      ============     ============
Weighted average number of common shares outstanding:
     Basic                                                  4,708,626        4,779,825         4,729,225        4,780,196
     Diluted                                                4,839,841        4,862,803         4,857,032        4,856,329
                                                         ============     ============      ============     ============
</TABLE>

See notes to consolidated financial statements.


<PAGE>
                                        3



<TABLE>
<CAPTION>



                    WEST ESSEX BANCORP, INC. AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                                   (Unaudited)

                                                                           Three Months Ended June 30,    Six Months Ended June 30,
                                                                           ---------------------------    -------------------------
                                                                                 2002          2001           2002          2001
                                                                             ------------  ------------   ------------  ------------
<S>                                                                         <C>           <C>            <C>           <C>

Net income                                                                   $   855,756   $   712,166    $ 1,660,199   $ 1,510,326
                                                                             ------------  ------------   ------------  ------------

Other comprehensive income -
Unrealized holding (losses) gains on securities available for sale,
net of income taxes of $ -0-, $2,474, $ -0- and $(10,844),                             --        (4,401)            --        19,295
respectively

Reclassification adjustment for realized gains on securities
available for sale, net of income taxes of $16,191 in 2001                             --            --             --      (28,809)
                                                                             ------------  ------------   ------------  ------------
Total other comprehensive income                                                       --        (4,401)            --       (9,514)
                                                                             ------------  ------------   ------------  ------------
Comprehensive income                                                         $   855,756   $   707,765    $ 1,660,199   $ 1,500,812
                                                                             ============  ============   ============  ============
</TABLE>


See notes to consolidated financial statements.



                                       4
<PAGE>

<TABLE>
<CAPTION>


                    WEST ESSEX BANCORP, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
        ----------------------------------------------------------------
                                   (Unaudited)

                                                                                    Six Months Ended June 30,
                                                                                    -------------------------

                                                                                       2002             2001
                                                                                   ------------    ------------
<S>                                                                               <C>             <C>
Cash flows from operating activities:
      Net income                                                                   $  1,660,199    $  1,510,326
      Adjustments to reconcile net income
       to net cash provided by operating activities:
           Depreciation and amortization of premises and equipment                      125,922         130,228
           Net accretion of premiums, discounts and deferred loan fees                  (88,147)       (105,297)
           Amortization of intangibles                                                  296,384         296,383
           (Gain) on sale of securities available for sale                                   --         (45,000)
           (Gain) on sale of real estate owned                                               --         (23,913)
           (Increase) decrease in accrued interest receivable                           (12,598)        118,736
           (Increase) in other assets                                                (1,033,112)       (651,810)
           (Decrease) increase in interest payable                                      (58,864)        249,345
           (Decrease) increase in other liabilities                                    (191,354)        458,474
           Amortization of Incentive Plan cost                                           63,341          62,467
           ESOP shares committed to be released                                         182,271          98,895
                                                                                   ------------    ------------
               Net cash provided by operating activities                                944,042       2,098,834
                                                                                   ------------    ------------
Cash flows from investing activities:
      Proceeds from maturities of term deposits                                         200,000              --
      Purchases of term deposits                                                             --        (300,000)
      Proceeds from sales of securities available for sale                                   --       2,045,000
      Proceeds from maturities and calls of investment securities held to maturity    5,000,000       9,548,188
      Purchases of investment securities held to maturity                            (5,000,000)     (2,000,000)
      Principal repayments on mortgage-backed securities held to maturity            27,076,687      20,707,101
      Purchases of mortgage-backed securities held to maturity                      (51,992,648)    (26,663,695)
      Purchase of loans receivable                                                       (4,541)     (2,453,011)
      Net decrease in loans receivable                                                4,538,035       1,640,583
      Proceeds from sales of real estate owned                                               --         264,718
      Additions to premises and equipment                                               (43,738)       (105,037)
      Purchase of Federal Home Loan Bank of New York stock                             (724,300)             --
      Purchase of life insurance                                                             --      (1,700,000)
                                                                                   ------------    ------------
               Net cash (used in) provided by investing activities                  (20,950,505)        983,847
                                                                                   ------------    ------------
Cash flows from financing activities:
      Net increase (decrease) in deposits                                             5,624,859      (1,559,779)
      Net increase (decrease) in short-term borrowed money                           15,000,000        (450,000)
      Proceeds of long-term borrowed money                                                   --      10,000,000
      Repayment of long-term borrowed money                                            (775,628)       (731,330)
      Net increase (decrease) in advance payments by borrowers for taxes
        and insurance                                                                    46,063         (14,806)
      Purchases of treasury stock                                                    (1,535,275)       (384,625)
      Proceeds from sales of treasury stock                                                  --          17,813
      Cash dividends paid                                                              (490,185)       (442,469)
                                                                                   ------------    ------------

               Net cash provided by financing activities                             17,869,834       6,434,804
                                                                                   ------------    ------------
Net (decrease) increase in cash and cash equivalents                                 (2,136,629)      9,517,485
Cash and cash equivalents - beginning                                                17,289,946       8,877,917
                                                                                   ------------    ------------
Cash and cash equivalents - ending                                                 $ 15,153,317    $ 18,395,402
                                                                                   ============    ============
</TABLE>

See notes to consolidated financial statements.


                                       5
<PAGE>


                    WEST ESSEX BANCORP, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
        ----------------------------------------------------------------
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                                     Six Months Ended June 30,
                                                                                     -------------------------

                                                                                      2002            2001
                                                                                   ------------    ------------
<S>                                                                               <C>                    <C>
Supplemental  disclosure of cash flow information:
   Cash paid during the year for:
      Income taxes                                                                  $ 1,005,480     $ 1,038,020
                                                                                   ============     ===========
      Interest                                                                      $ 5,522,846     $ 6,375,321
                                                                                   ============     ===========
Supplemental schedule of noncash investing activities:
      Security purchased in 2000, settled in 2001:
           Mortgage-backed security held to maturity                                $        --     $12,702,308
           Accrued interest receivable                                                       --          66,111
                                                                                   ============     ===========
           Due to broker                                                                     --     $12,768,419
                                                                                   ============     ===========

      Issuance of treasury stock to fund Supplemental Employee
           Retirement Plan                                                          $    43,359     $    14,262
                                                                                   ============     ===========
</TABLE>

See notes to consolidated financial statements.



                                       6
<PAGE>



                    WEST ESSEX BANCORP, INC. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


1.   PRINCIPLES OF CONSOLIDATION
---------------------------------

The  consolidated  financial  statements  include  the  accounts  of West  Essex
Bancorp, Inc. (the "Company"), the Company's wholly owned subsidiary, West Essex
Bank (the "Bank") and the Bank's wholly owned  subsidiary,  West Essex Insurance
Agency,  Inc. The Company's business is conducted  principally through the Bank.
All significant  intercompany  accounts and transactions have been eliminated in
consolidation.



2.   BASIS OF PRESENTATION
---------------------------

The accompanying  unaudited  consolidated  financial statements were prepared in
accordance  with  instructions  for Form 10-QSB and  regulations  S-X and do not
include  information  or  footnotes  necessary  for a complete  presentation  of
financial  condition,  results of operations,  and cash flows in conformity with
accounting  principles generally accepted in the United States.  However, in the
opinion  of  management,   all  adjustments   (consisting  of  normal  recurring
adjustments)  necessary for a fair  presentation of the  consolidated  financial
statements  have been included.  The results of operations for the three and six
months ended June 30, 2002, are not necessarily  indicative of the results which
may be expected for the entire fiscal year.



3.  NET INCOME PER COMMON SHARE
-------------------------------

Basic net income per common  share is  calculated  by dividing net income by the
weighted average number of shares of common stock outstanding,  adjusted for the
unallocated  portion of shares held by the ESOP in accordance  with the American
Institute of Certified Public  Accountants'  Statement of Position 93-6. Diluted
net income per share is calculated by adjusting the weighted  average  number of
shares of common stock  outstanding  to include the effect of  unallocated  ESOP
shares, unearned Incentive Plan shares and stock options, if dilutive, using the
treasury stock method.

On  September  28,  2001,   the  Company's   Board  of  Directors   announced  a
five-for-four  stock  split,  which was  distributed  on October  22,  2001,  to
stockholders  of record on October 8, 2001.  Net income per common share for the
three and six months ended June 30, 2001, has been restated to give  retroactive
effect to the stock split.


4.    SUBSEQUENT EVENT
----------------------

On July 2,  2002,  the State of New  Jersey  enacted  changes  in its  corporate
business tax law.  Among these  changes are two which  significantly  impact the
Bank: (a) an increase in the tax rate,  from 3% to 9%,  applicable to the Bank's
pre-tax income and (b) the  elimination of the  previously  permitted  exclusion
from pre-tax income of certain dividends received. These changes are retroactive
to January 1, 2002. The Company has determined that the cumulative effect of the
tax  law  change,  through  July 2,  2002,  was an  increase  to net  income  of
approximately  $22,000,  which  includes,  net of the effect of  federal  income
taxes,  the recording of  additional  current state tax for the six months ended
June 30, 2002, and the adjustment of state deferred tax assets.  This adjustment
will be recorded in July 2002.


                                       7
<PAGE>


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
         ---------------------------------------------------------


Forward-Looking Statements

     This report contains certain forward-looking  statements within the meaning
of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"),
and  Section  21F of the  Securities  Exchange  Act of  1934,  as  amended  (the
"Exchange  Act").  The Company  intends such  forward-looking  statements  to be
covered by the safe harbor provisions for forward-looking  statements  contained
in the Private  Securities  Reform Act of 1995,  and is including this statement
for purposes of these safe harbor provisions.  Forward-looking statements, which
are based on certain  assumptions  and describe  future  plans,  strategies  and
expectations  of the  Company,  are  generally  identified  by use of the  words
"believe," "expect," "intend,"  "anticipate,"  "estimate," "project," or similar
expressions.  The Company's  ability to predict  results or the actual effect of
future plans or strategies is inherently  uncertain.  Factors which could have a
material  adverse effect on the  operations of the Company and its  subsidiaries
include,  but are not limited to, changes in interest  rates,  general  economic
conditions,  legislative/regulatory  changes, monetary and fiscal polices of the
U.S. Government, including policies of the U.S. Treasury and the Federal Reserve
Board, the quality or composition of the loan or investment  portfolios,  demand
for loan products, deposit flows, competition,  demand for financial services in
the Company's market area and accounting principles and guidelines.  These risks
and uncertainties should be considered in evaluating  forward-looking statements
and undue reliance should not be placed on such statements.  Further information
concerning the Company and its business, including additional factors that could
materially affect the Company's  financial results, is included in the Company's
filings with the Securities and Exchange Commission (the "SEC").

     The Company does not undertake - and specifically  disclaims any obligation
- to release  publicly  the  results of any  revisions  which may be made to any
forward-looking  statements to reflect events or circumstances after the date of
such  statements or to reflect the occurrence of  anticipated  or  unanticipated
events.

Management's Discussion and Analysis or Plan of Operation

General

     The Company is the federally  chartered stock holding company for the Bank,
a federally  chartered stock savings bank. The Company,  the Bank and West Essex
Bancorp, M.H.C., a mutual holding company and majority owner of the Company, are
regulated by the Office of Thrift Supervision (the "OTS"). The Company's and the
Bank's  results of operations  are dependent  primarily on net interest  income,
which is the difference  between the income earned on  interest-earning  assets,
primarily the loan and investment portfolios,  and the cost of funds, consisting
of interest  paid on deposits and  borrowings.  Results of  operations  are also
affected by the provision for loan losses and non-interest expense. Non-interest
expense principally consists of salaries and employee benefits, office occupancy
and equipment expense, amortization of intangibles, advertising, federal deposit
insurance premiums, expenses of real estate owned and other expenses. Results of
operations are also  significantly  affected by general economic and competitive
conditions,  particularly  changes in interest  rates,  government  policies and
actions of regulatory authorities.


                                       8
<PAGE>


Comparison of Financial Condition at June 30, 2002 and December 31, 2001

     Total  assets  were  $390.3  million at June 30,  2002,  compared to $370.8
million at December 31, 2001, an increase of 19.5 million, or 5.3%. The increase
in  total  assets  was  primarily  due  to  an  increase  of  $24.9  million  in
mortgage-backed  securities funded by decreases of $2.1 million and $4.6 million
in cash and equivalents and loans  receivable,  respectively,  increases of $5.5
million and $14.2 million in deposits and borrowed money, respectively,  and net
income of $1.7 million.

     Cash   and   cash   equivalents,   primarily   federal   funds   sold   and
interest-bearing  deposits with the Federal Home Loan Bank of New York ("FHLB"),
decreased  $2.1 million to $15.2  million at June 30, 2002 from $17.3 million at
December 31, 2001. The decrease in cash and cash equivalents funded purchases of
mortgage-backed securities.

     In the aggregate, mortgage-backed securities and investment securities, all
of which were held to maturity issues, totalled $195.6 million at June 30, 2002,
an increase of $25.1  million,  or 14.7%,  from $170.5  million at December  31,
2001.  Mortgage-backed  securities increased $24.9 million to $162.2 million due
to purchases exceeding repayments. The increase was funded primarily by borrowed
money. Investment securities increased $144,000 to $33.3 million.

     Loans receivable  decreased by $4.6 million,  or 2.8%, to $161.3 million at
June 30, 2002 from $165.9 million at December 31, 2001.

     Deposits  totalled  $246.4  million at June 30,  2002,  an increase of $5.5
million, or 2.3%, from the $240.9 million balance at December 31, 2001.

     Borrowed money increased $14.2 million,  or 18.5%, to $91.1 million at June
30, 2002,  as compared to $76.9  million at December  31,  2001.  During the six
months ended June 30, 2002, short-term borrowings increased by $15.0 million and
long-term debt of $776,000 was repaid.

     Stockholders'  equity decreased $76,000, or 0.1%, to $50.8 million.  During
the six months  ended June 30,  2002,  net income of $1.7  million was offset by
treasury stock purchases of $1.5 million,  representing the repurchase of 79,750
shares of Company common stock at an average price of $19.25, and the payment of
cash dividends of $490,000.

Comparison  of  Operating  Results for the Three  Months Ended June 30, 2002 and
2001

     Net Income.  Net income increased  $144,000,  or 20.2%, to $856,000 for the
three  months  ended June 30,  2002  compared  with  $712,000  for the same 2001
period.  The increase in net income  during the 2002 period  resulted  primarily
from  increases of $396,000 in net interest  income and $59,000 in  non-interest
income,  which were  partially  offset by increases of $217,000 in  non-interest
expense and $99,000 in income taxes.

     Interest Income. Total interest income decreased $174,000, or 3.0%, to $5.7
million for the three  months ended June 30, 2002 from $5.9 million for the same
2001 period. The decrease was the result of a 72 basis point decline to 6.16% in
yield,  which was  partially  offset by a $29.1  million,  or 8.5%,  increase in
average  interest-earning  assets between the periods. The decrease in yield was
the result of lower market interest rates.


                                       9
<PAGE>


     Interest  income on loans  decreased  by $179,000  or 5.9% to $2.9  million
during the three months ended June 30, 2002 when  compared with $3.1 million for
the same 2001 period.  The decrease  during the 2002 period  resulted  from a 26
basis point decline to 7.11% in the yield earned on the loan portfolio,  as well
as a $4.1 million, or 2.5%, decrease in average loans outstanding. The decreased
yield is the result of lower rates on originations as well as downward  interest
rate adjustments on the Bank's adjustable-rate loan portfolio.

     Interest on mortgage-backed  securities, all of which are held-to-maturity,
increased $218,000, or 10.6%, to $2.3 million during the three months ended June
30, 2002 when compared with $2.1 million for the same 2001 period.  The increase
during the 2002 period resulted from an increase of $38.1 million,  or 31.1%, in
the average balance of  mortgage-backed  securities,  partially  offset by a 105
basis point decline to 5.65% the in yield  thereon.  The decreased  yield is the
result of lower yields  obtained on securities  purchased and downward  interest
rate adjustments on adjustable rate issues.

     Interest earned on investment securities, including both available-for-sale
and held-to-maturity  issues, decreased by $87,000, or 15.2%, to $485,000 during
the three months ended June 30, 2002,  when compared to $572,000 during the same
2001  period,  primarily  due to a decrease of 103 basis  points to 5.55% in the
yield earned  thereon.  The average balance of investment  securities  increased
slightly to $34.9  million  during the quarter  ended June 30, 2002,  from $34.8
million in the same prior year quarter.  The decrease in yield was the result of
calls of  several  higher  yielding  securities  and  lower  rates  obtained  on
securities purchased.

     Interest on other interest-earning  assets decreased $126,000, or 61.5%, to
$79,000  during the three months ended June 30, 2002 as compared to $205,000 for
the same 2001 period.  The decrease  was due to  decreases of $5.0  million,  or
26.6%, in the average balances of such assets and 206 basis points, to 2.30%, in
the yield thereon.  The reduced yield is reflective of the decline in short-term
market interest rates.

     Interest  Expense.  Interest  expense on deposits  decreased  $697,000,  or
29.7%,  to $1.65  million  during  the three  months  ended  June 30,  2002 when
compared  to $2.35  million  during  the same 2001  period.  Such  decrease  was
primarily  attributable to a decrease of 133 basis points, to 2.93%, in the cost
of  interest-bearing  deposits,  partially  offset by a $5.1  million,  or 2.3%,
increase in the average balance thereof. The decrease in cost was largely due to
lower interest rates paid on certificates of deposits,  which averaged 3.64% for
the three  months  ended June 30,  2002 as  compared  to 5.47% for the same 2001
period.  The average  cost of  non-certificate  deposits was 1.71% for the three
months ended June 30, 2002 as compared to 1.82% for the same prior year period.

     Interest  expense on borrowed  money  increased by $128,000,  or 13.9%,  to
$1.05  million  during the three months ended June 30, 2002 when  compared  with
$923,000 during the same 2001 period, due to a $20.6 million, or 30.7%, increase
in average  borrowings  partially offset by a 72 basis point decline to 4.79% in
average  cost.  During the three  months  ended June 30,  2002,  the Bank repaid
$391,000  in  long-term  borrowings  having an average  interest  rate of 5.99%.
Short-term  borrowings  totalled  $30.0  million  at June 30,  2002,  and had an
average  interest  rate of 2.78% as compared to $15.0 million at March 31, 2002,
having an average  rate of 2.86% and $7.5  million at June 30,  2001,  having an
average rate of 4.40%.

     Net Interest Income. Net interest income increased  $396,000,  or 15.2%, to
$3.0 million  during the three months ended June 30, 2002,  when  compared  with
$2.6  million for the same 2001 period.  Such  increase was due to a decrease in
total  interest  expense of  $570,000,  partially  offset by a decrease in total
interest income of $174,000.  The net interest rate spread increased to 2.71% in
2002 from 2.33% in 2001. The increase in the interest rate spread  resulted from
a  decrease  of 110 basis  points in the cost of  interest-bearing  liabilities,
partially  offset by a 72 basis point decrease in the yield on  interest-earning
assets.


                                       10
<PAGE>


     Provision for Loan Losses. During the three months ended June 30, 2002, the
Bank did not record a provision  for loan losses,  as compared to $4,000  during
the same prior year  period.  At both period ends,  the existing  balance of the
allowance  for  loan  losses  was  considered  adequate.   There  were  no  loan
charge-offs or recoveries  during the three months ended June 30, 2002 and 2001.
The  allowance for loan losses is based on  management's  evaluation of the risk
inherent in its loan  portfolio  and gives due  consideration  to the changes in
general  market  conditions  and in the nature  and  volume of the  Bank's  loan
activity.  At June 30,  2002 and  2001,  loans  delinquent  ninety  days or more
totalled  $745,000 and  $138,000,  respectively,  representing  0.46% and 0.08%,
respectively,  of total loans.  At June 30, 2002,  the allowance for loan losses
totalled  $1.36 million,  representing  0.84% of total loans and 182.9% of loans
delinquent ninety days or more. At March 31, 2002, the allowance for loan losses
totalled  $1.36  million,  representing  0.83% of total loans and 88.3% of loans
delinquent  ninety days or more. At June 30, 2001, the allowance for loan losses
totalled  $1.36 million,  representing  0.81% of total loans and 985.0% of loans
delinquent  ninety  days or more.  The Bank  monitors  its loan  portfolio  on a
continuing basis and intends to continue to provide for loan losses based on its
ongoing review of the loan portfolio and general market conditions.

     Non-Interest  Income.  Non-interest  income increased $59,000, or 39.1%, to
$210,000  during the three months ended June 30, 2002 from  $151,000  during the
same 2001 period.

     Non-Interest  Expenses.  Non-interest  expenses  increased by $217,000,  or
13.0%, to $1.9 million during the three months ended June 30, 2002 when compared
with $1.7 million  during the same 2001 period.  The primary  components  of the
2002 period increase were a $99,000  increase in salaries and employee  benefits
and a $105,000  increase in miscellaneous  non-interest  expenses.  Salaries and
employee  benefits,  the largest component of non-interest  expenses,  increased
$99,000,  or 10.5%, to $1.04 million during the three months ended June 30, 2002
from  $939,000  during the prior year  quarter.  This increase was the result of
normal  salary   increases  as  well  as  the  increased   cost  of  stock-based
compensation  plans,  such as the ESOP,  which are based on the average price of
the Company's  common stock ($19.97  during the quarter ended June 30, 2002, and
$11.39 during the  comparable  prior year quarter).  Miscellaneous  non-interest
expenses increased $105,000, or 31.5%, to $438,000 during the three months ended
June 30, 2002 from $333,000 during the prior year quarter. All other elements of
non-interest expense remained little changed at $412,000 and $399,000 during the
three months ended June 30, 2002 and 2001, respectively.

     Income  Taxes.  Income tax expense  totalled  $474,000,  or 35.6% of income
before income taxes,  during the three months ended June 30, 2002 as compared to
$375,000,  or 34.5% of income before income taxes,  during the  comparable  2001
period.

Comparison of Operating Results for the Six Months Ended June 30, 2002 and 2001

     Net Income. Net income increased $150,000, or 9.9%, to $1.7 million for the
six months  ended June 30,  2002  compared  with $1.5  million for the same 2001
period.  The increase in net income  during the 2002 period  resulted  primarily
from  increases of $466,000 in net interest  income and $47,000 in  non-interest
income,  which were  partially  offset by increases of $277,000 in  non-interest
expense and $86,000 in income taxes.

     Interest  Income.  Total interest income  decreased  $694,000,  or 5.8%, to
$11.3  million for the six months ended June 30, 2002 from $12.0 million for the
same 2001 period.  The  decrease was the result of a 79 basis point  decrease to
6.22% in  yield,  partially  offset by a $21.7  million,  or 6.3%,  increase  in
average interest-earning assets.


                                       11
<PAGE>


     Interest  income on loans  decreased by $434,000,  or 7.0%, to $5.8 million
during the six months  ended June 30, 2002 when  compared  with $6.2 million for
the same 2001 period.  The decrease  during the 2002 period  resulted  from a 41
basis point  decrease to 7.06% in the yield earned on the loan  portfolio  and a
decrease of $2.5 million,  or 1.5%, in the average balance of loans outstanding.
The decreased  yield is the result of lower rates on  originations  and downward
interest rate adjustments on the Bank's adjustable-rate mortgage loans.

     Interest on mortgage-backed  securities, all of which are held-to-maturity,
increased  $217,000,  or 5.1%, to $4.4 million  during the six months ended June
30, 2002 when compared with $4.2 million for the same 2001 period.  The increase
during the 2002 period resulted from an increase of $28.0 million,  or 22.4%, in
the average  balance of  mortgage-backed  securities,  partially  offset by a 96
basis point decline to 5.81% in yield thereon. The decreased yield is the result
of lower yields  obtained on  securities  purchased  and downward  interest rate
adjustments on adjustable rate issues.

     Interest earned on investment securities, including both available-for-sale
and held-to-maturity issues, decreased by $290,000, or 23.4%, to $951,000 during
the six months ended June 30,  2002,  when  compared to $1.2 million  during the
same 2001 period,  primarily due to decreases of $3.3  million,  or 8.9%, in the
average  balance  of such  assets,  and 107  basis  points to 5.62% in the yield
earned thereon.  The decrease in average balance was the result of calls,  sales
and maturities exceeding purchases of such securities. The decrease in yield was
the  result of the calls of several  higher  yielding  securities  and the lower
yields available on purchased securities.

     Interest on other interest-earning  assets decreased $187,000, or 53.9%, to
$160,000  during the six months  ended June 30, 2002 as compared to $347,000 for
the same 2001 period.  The decrease was due to a decrease of $570,000,  or 3.9%,
in the average balance of such assets,  along with a 247 basis point decrease to
2.27% in the yield  thereon.  The reduced  yield is reflective of the decline in
short-term market interest rates.

     Interest Expense.  Interest expense on deposits decreased $1.3 million,  or
27.8%,  to $3.45 million during the six months ended June 30, 2002 when compared
to $4.77  million  during the same 2001  period.  Such  decrease  was  primarily
attributable  to a  decrease  of 126  basis  points,  to  3.07%,  in the cost of
interest-bearing deposits, partially offset by a $3.9 million, or 1.8%, increase
in the average  balance  thereof.  The  decrease in cost is largely due to lower
interest rates paid on certificates of deposit, which averaged 3.85% for the six
months  ended June 30, 2002 as compared to 5.56% for the same 2001  period.  The
average cost of non-certificate deposits was 1.71% for the six months ended June
30, 2002 as compared to 1.82% for the same prior year period.

     Interest expense on borrowed money increased by $169,000, or 9.1%, to $2.02
million  during the six  months  ended June 30,  2002 when  compared  with $1.85
million  during the same 2001  period,  primarily  due to an  increase  of $15.9
million, or 24.0%, in average  borrowings,  partially offset by a decrease of 67
basis points to 4.91% in the cost thereof.  During the six months ended June 30,
2002,  the Bank  repaid  $776,000  in  long-term  borrowings  having an  average
interest  rate of 5.99%.  At June 30, 2002 and  December  31,  2001,  short-term
borrowings totalled $30.0 million and $15.0 million,  respectively,  and carried
an average rate of 2.78% and 2.86%, respectively.

     Net Interest Income.  Net interest income increased  $466,000,  or 8.6%, to
$5.9 million during the six months ended June 30, 2002,  when compared with $5.4
million  the same 2001  period.  Such  increase  was due to a decrease  in total
interest  expense of $1.2 million,  or 18.2%,  partially offset by a decrease in
total  interest  income of $694,000.  The net interest rate spread  increased to
2.66% in 2002 from 2.39% in 2001.  The  increase  in the  interest  rate  spread
resulted  from a decrease  of 106 basis  points in the cost of  interest-bearing
liabilities,  partially  offset  by a 79 basis  point  decrease  in the yield on
interest-earning assets.

                                       12
<PAGE>


     Provision  for Loan  Losses.  During the six months ended June 30, 2002 and
2001,  the Bank did not  record a  provision  for loan  losses  as the  existing
balance of the allowance for loan losses was considered adequate.  There were no
charge-offs  or  recoveries  during the six months ended June 30, 2002 and 2001.
The  allowance for loan losses is based on  management's  evaluation of the risk
inherent in its loan  portfolio  and gives due  consideration  to the changes in
general  market  conditions  and in the nature  and  volume of the  Bank's  loan
activity.  At June  30,  2002,  the  allowance  for loan  losses  stood at $1.36
million,  representing  0.84% of total  loans  and  182.9 % of loans  delinquent
ninety days or more.  At December 31, 2001,  the allowance for loan losses stood
at $1.36  million,  representing  0.80%  of  total  loans  and  235.8%  of loans
delinquent  ninety days or more. At June 30, 2001, the allowance for loan losses
stood at $1.36  million,  representing  0.81% of total loans and 985.0% of loans
delinquent  ninety  days or more.  The Bank  monitors  its loan  portfolio  on a
continuing basis and intends to continue to provide for loan losses based on its
ongoing review of the loan portfolio and general market conditions.

     Non-Interest  Income.  Non-interest  income increased $47,000, or 14.3%, to
$375,000 during the six months ended June 30, 2002 from $328,000 during the same
2001 period.  The 2001 amount  included a $45,000 gain on the sale of a security
available for sale.

     Non-Interest  Expenses.  Non-interest  expenses  increased by $277,000,  or
8.2%,  to $3.7 million  during the six months ended June 30, 2002 when  compared
with $3.4 million during the same 2001 period.  Salaries and employee  benefits,
the largest component of non-interest expenses, increased $244,000, or 13.6%, to
$2.0 million  during the six months ended June 30, 2002 from $1.8 million during
the prior year period.  This increase was the result of normal salary  increases
as well as the increased cost of  stock-based  compensation  plans,  such as the
ESOP, which are based on the average price of the Company's common stock ($19.13
during the six months  ended June 30,  2002,  and $10.71  during the  comparable
prior year period).  All other elements of non-interest  expense remained little
changed at $1.6 million during both the six months ended June 30, 2002 and 2001.

     Income  Taxes.  Income tax expense  totalled  $902,000,  or 35.2% of income
before  income  taxes,  during the six months ended June 30, 2002 as compared to
$816,000,  or 35.1% of income before income taxes,  during the  comparable  2001
period.

Liquidity and Capital Resources

     The  Company's  and  Bank's  primary  sources of funds on a  long-term  and
short-term  basis  are  deposits,  principal  and  interest  payments  on loans,
mortgage-backed and investment securities and FHLB borrowings. The Bank uses the
funds generated to support its lending and investment  activities as well as any
other demands for  liquidity  such as deposit  outflows.  While  maturities  and
scheduled amortization of loans are predictable sources of funds, deposit flows,
mortgage  prepayments  and the exercise of call features on debt  securities are
greatly   influenced  by  general  interest  rates,   economic   conditions  and
competition.

     The Company's most liquid assets are cash and cash equivalents.  The levels
of these assets are  dependent on  operating,  financing,  lending and investing
activities  during any given period. At June 30, 2002, cash and cash equivalents
totalled $15.2 million, or 3.9% of total assets.

     The Company, through its Bank subsidiary, has other sources of liquidity if
a need for additional funds arises, including FHLB borrowings. At June 30, 2002,
the Bank had $91.1 million in borrowings outstanding from the FHLB. Depending on
market conditions, the pricing of deposit products and FHLB borrowings, the Bank
may continue to rely on FHLB borrowings to fund asset growth.


                                       13
<PAGE>


     At June 30, 2002, the Bank had  commitments to originate and purchase loans
and fund  unused  outstanding  lines  of  credit  and  undisbursed  proceeds  of
construction  mortgages  totalling  $17.0  million and  commitments  to purchase
securities  totalling  $6.0  million.  The Bank  anticipates  that it will  have
sufficient  funds  available  to  meet  its  current  commitments.   Certificate
accounts,  including Individual Retirement Account accounts, which are scheduled
to mature in less than one year from June 30, 2002, totalled $120.0 million. The
Bank expects that substantially all of the maturing certificate accounts will be
retained by the Bank.

     At June 30 , 2002,  the Company had total equity,  determined in accordance
with accounting  principles  generally accepted in the United States of America,
of $50.8 million,  or 13.0% of total assets. At June 30, 2002, the Bank exceeded
all of its  regulatory  capital  requirements  with a tangible  capital level of
$45.4 million,  or 11.8% of total adjusted  assets,  which is above the required
level of $5.8 million, or 1.5%; core capital of $45.4 million, or 11.8% of total
adjusted  assets,  which is above the required level of $15.4 million,  or 4.0%;
and risk-based capital of $46.8 million, or 32.8% of risk-weighted assets, which
is above the required  level of $11.4 million,  or 8.0%. An  institution  with a
ratio of tangible  capital to adjusted  total assets of greater than or equal to
5.0% is considered to be "well-capitalized" pursuant to OTS regulations.

Recent Developments

     On July 2, 2002, the State of New Jersey  enacted  changes in its corporate
business tax law.  Among these  changes are two which  significantly  impact the
Bank: (a) an increase in the tax rate,  from 3% to 9%,  applicable to the Bank's
pre-tax income and (b) the  elimination of the  previously  permitted  exclusion
from pre-tax income of certain dividends received. These changes are retroactive
to January 1, 2002. The Company has determined that the cumulative effect of the
tax  law  change,  through  July 2,  2002,  was an  increase  to net  income  of
approximately  $22,000,  which  includes,  net of the effect of  federal  income
taxes, the recording of additional  current state taxes for the six months ended
June 30, 2002, and the adjustment of state deferred tax assets.  This adjustment
will be recorded in July 2002.

     In regard to future periods, the aforementioned State of New Jersey tax law
changes are  expected to result in levels of net income  approximately  6% lower
than those determined under prior law.


                                     14
<PAGE>


                            WEST ESSEX BANCORP, INC.
                           PART II . OTHER INFORMATION
                                  June 30, 2002


ITEM 1. Legal Proceedings
       ------------------

     Neither  the  Company  nor  the  Bank  is  involved  in any  pending  legal
     proceedings other than routine legal proceedings  occurring in the ordinary
     course of business,  including a recent lawsuit filed by a former  employee
     related to a claim filed by that employee  under the Workers'  Compensation
     Law of the State of New Jersey.  Such  routine  legal  proceedings,  in the
     aggregate,  are believed by  management  to be  immaterial to the financial
     condition and results of operations of the Company.

ITEM 2. Changes in Securities
       ----------------------

          None.


ITEM 3. Defaults Upon Senior Securities
       --------------------------------

          None.


ITEM 4. Submission of Matters to a Vote of Security Holders
       ----------------------------------------------------

     The 2002  Annual  Meeting of  Stockholders  was held on May 21,  2002.  The
     following matters were submitted to the stockholders:


      1. Election of three directors:

           A. Directors elected at the meeting:

                                          Term to            Number of Shares
                                          Expire in        For         Withheld
                                          ---------        ---         --------

          Mr. David F. Brandley             2005         4,748,195        4,103
          Mr. S.M. Terry LaCorte            2004         4,729,009       23,289
          Mr. Everett N. Leonard            2005         4,747,048        5,250

           B. The following directors' terms of office as a director continued
              after the meeting:


                             (i)      Mr. John J. Burke
                             (ii)     Mr. William J. Foody
                             (iii)    Mr. Leopold W. Montanaro


                                       15
<PAGE>


                            WEST ESSEX BANCORP, INC.
                           PART II . OTHER INFORMATION
                                  June 30, 2002



ITEM 4. Submission of Matters to a Vote of Security Holders  (Cont'd.)
       ---------------------------------------------------------------

          2.   The ratification of Radics & Co., LLC as independent  auditors of
               the Company for the fiscal year ending December 31, 2002.


                                 Number of Shares
               -----------------------------------------------------------------
                  For                   Against                  Abstained
               ---------               ---------                ----------
               4,750,285                 1,721                      293


ITEM 5. Other Information
-------------------------

          None

ITEM 6. Exhibits and Reports on Form 8-K
----------------------------------------

 (a)  Exhibits:

  3.1   Charter of West Essex Bancorp, Inc.  *
  3.2   Bylaws of West Essex Bancorp, Inc.  *
  4.0   Form of Common Stock Certificate   *
  10.5  West Essex Bancorp, Inc. Amended and Restated Employment Agreement with
        Leopold W. Montanaro
  10.6  West Essex Bank Amended and Restated Employment Agreement with
        Leopold W. Montanaro
  11.0  Statement regarding computation of per share earnings
  99.0  Certifications of Chief Executive Officer and Chief Financial
        Officer

 *  Incorporated herein by reference into this document from the
    Exhibits to Form S-1. Registration Statement and any amendments
    thereto, Registration No. 333-56729.

 (b)    Reports on Form 8-K:

              None


                                       16
<PAGE>


                                   SIGNATURES
                                   ----------



     In accordance with the requirements of the Exchange Act, the registrant has
     duly  caused  this  report to be signed on its  behalf by the  undersigned,
     thereunto duly authorized.




                                    WEST ESSEX BANCORP, INC.


Date:   August 12, 2002             By:   /s/ Leopold W. Montanaro
     ------------------                -----------------------------------------
                                              Leopold W. Montanaro
                                              Chairman of the Board, President
                                              and Chief Executive Officer
                                             (Principal Executive Officer)



Date:   August 12, 2002             By:   /s/ Dennis A. Petrello
     ------------------                -----------------------------------------
                                              Dennis A. Petrello
                                              Senior Executive Vice President
                                              and Chief Financial Officer
                                             (Principal Financial and
                                              Accounting Officer)


                                       17