===============================================================================


                                    FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

       (Mark One)

     [X]  QUARTERLY  REPORT  PURSUANT  TO SECTION 13 OR 15(d) OF THE  SECURITIES
          EXCHANGE ACT OF 1934

       For the quarterly period ended    March 31, 2000
                                     ------------------------------
                                       or

     [ ]  TRANSITION  REPORT  PURSUANT TO SECTION 13 OR 15(d) OF THE  SECURITIES
          EXCHANGE ACT OF 1934

       For the transition period from ____________ to ____________  Commission
       File Number:  1-6451
                    ---------

                                 SUMMIT BANCORP.
             (Exact name of registrant as specified in its charter)

                 New Jersey                                  22-1903313
--------------------------------------------------------------------------------
       (State or other jurisdiction of                     (I.R.S. Employer
       incorporation or organization)                    Identification No.)

301 Carnegie Center, P.O. Box 2066, Princeton, New Jersey            08543-2066
--------------------------------------------------------------------------------
(Address of principal executive offices)                             (Zip Code)


                                 (609) 987-3200
--------------------------------------------------------------------------------
              (Registrant's telephone number, including area code)



--------------------------------------------------------------------------------
              (Former name, former address and former fiscal year,
                          if changed since last report)

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

                                 [X] Yes [ ] No

       As of April 30, 2000 there were 175,924,877 shares of common stock,
                          $.80 par value, outstanding.


================================================================================

<PAGE>
                                    Form 10-Q
                                      Index
                                                                       Page No.
Part I    Financial Information

Item 1.   Financial Statements-Unaudited

          Consolidated Balance Sheets-
              March 31, 2000, December 31, 1999, and March 31, 1999.........2

          Consolidated Statements of Income-
              Three Months Ended March 31, 2000, and 1999...................3

          Consolidated Statements of Shareholders' Equity-
              Three Months Ended March 31, 2000, and 1999...................4

           Consolidated Statements of Cash Flows-
              Three Months Ended March 31, 2000, and 1999...................5

          Notes to Consolidated Financial Statements (unaudited)............6

Item 2.   Management's Discussion and Analysis of Financial
          Condition and Results of Operations...............................8

Item 3.   Quantitative and Qualitative Disclosures About Market Risk.......20

Part II.  Other Information

Item 1.   Legal Proceedings................................................20

Item 2.   Changes in Securities and Use of Proceeds........................21

Item 3.   Defaults Upon Senior Securities..................................21

Item 4.   Submissions of Matters to a Vote of Security Holders.............21

Item 5.   Other Information................................................21

Item 6.   Exhibits and Reports on Form 8-K.................................22

          Signature........................................................23

          Exhibit Index....................................................24




<PAGE>
                                            Summit Bancorp and Subsidiaries
                                              Consolidated Balance Sheets
                                                       Unaudited
                                                    (In thousands)

<TABLE>
<CAPTION>
                                                                      March 31,         December 31,        March 31,
                                                                        2000                1999              1999
                                                                   ------------       ------------       ------------
Assets
<S>                                                                <C>                <C>                <C>
Cash and due from banks                                            $  1,144,686       $  1,160,577       $  1,000,977
Federal funds sold and securities purchased
     under agreements to resell                                           6,400              5,000             11,701
Interest-bearing deposits with banks                                     53,879             32,870             27,407
Securities:
   Trading account                                                       22,463             20,118             10,217
   Available for sale                                                 6,185,191          5,199,121          3,860,136
   Held to maturity                                                   5,345,079          5,597,383          6,583,209
                                                                   ------------       ------------       ------------
     Total securities                                                11,552,733         10,816,622         10,453,562
Loans (net of unearned discount):
   Commercial                                                         8,545,352          8,134,497          7,227,814
   Commercial mortgage                                                3,215,014          3,174,370          2,922,418
   Residential mortgage                                               5,912,510          5,747,927          5,612,161
   Consumer                                                           6,394,723          6,170,162          5,391,314
                                                                   ------------       ------------       ------------
        Total loans                                                  24,067,599         23,226,956         21,153,707
   Less: Allowance for loan losses                                      332,755            328,828            328,302
                                                                   ------------       ------------       ------------
        Net loans                                                    23,734,844         22,898,128         20,825,405
                                                                   ------------       ------------       ------------
Goodwill and other intangibles                                          575,249            519,362            323,060
Premises and equipment                                                  319,791            315,632            299,961
Accrued interest receivable                                             244,189            214,797            196,223
Due from customers on acceptances                                        19,203             22,311             21,499
Other assets                                                            413,517            393,676            317,582
                                                                   ------------       ------------       ------------
Total Assets                                                       $ 38,064,491       $ 36,378,975       $ 33,477,377
                                                                   ============       ============       ============

Liabilities and Shareholders' Equity
Deposits:
    Noninterest-bearing demand deposits                            $  5,162,634       $  4,966,400       $  4,619,694
    Interest-bearing deposits:
        Savings and time deposits                                    19,444,675         18,653,398         17,779,324
        Commercial certificates of deposit $100,000 and over            857,882          1,018,848            821,130
                                                                   ------------       ------------       ------------
            Total deposits                                           25,465,191         24,638,646         23,220,148
                                                                   ------------       ------------       ------------
Other borrowed funds                                                  5,223,797          4,593,064          3,281,005
Accrued expenses and other liabilities                                  414,844            357,152            423,632
Accrued interest payable                                                112,006            100,845             84,660
Bank acceptances outstanding                                             19,203             22,311             21,499
Long-term debt                                                        3,877,075          3,864,777          3,734,392
                                                                   ------------       ------------       ------------
     Total liabilities                                               35,112,116         33,576,795         30,765,336
Shareholders' equity:
    Common stock par value $ .80:  Authorized 390,000 shares;
    issued 177,369, 177,471, and 177,593 shares                         141,895            141,977            142,074
    Surplus                                                             920,983            959,934            971,955
    Retained earnings                                                 2,016,080          1,948,985          1,794,863
    Employee stock ownership plan obligation                                 --             (1,250)            (2,750)
    Accumulated other comprehensive (loss) income, net of tax          (102,050)           (85,841)             9,488
    Common stock held in treasury, at
    cost (744, 4,825 and 4,901 shares)                                  (24,533)          (161,625)          (203,589)
                                                                   ------------       ------------       ------------
       Total shareholders' equity                                     2,952,375          2,802,180          2,712,041
                                                                   ------------       ------------       ------------
Total Liabilities and Shareholders' Equity                         $ 38,064,491       $ 36,378,975       $ 33,477,377
                                                                   ============       ============       ============
</TABLE>


See accompanying Notes to Consolidated Financial Statements.


                                        2

<PAGE>

                        Summit Bancorp and Subsidiaries
                        Consolidated Statements of Income
                                    Unaudited
                      (In thousands, except per share data)
<TABLE>
<CAPTION>
                                                                 Three Months Ended
                                                                      March 31,
                                                               ----------------------
                                                                 2000          1999
                                                               --------      --------
Interest Income
<S>                                                            <C>           <C>
Loans                                                          $469,122      $403,667
Securities:
   Trading account                                                  395            82
   Available for sale                                            94,875        59,561
   Held to maturity                                              85,465        96,540
                                                               --------      --------
     Total securities                                           180,735       156,183
Other interest income                                               691           595
                                                               --------      --------
     Total interest income                                      650,548       560,445
                                                               --------      --------
Interest Expense
  Savings and time deposits                                     175,433       151,402
  Commercial certificates of deposit $100,000 and over           13,299        11,575
  Borrowed funds, including long-term debt                      125,909        92,124
                                                               --------      --------
      Total interest expense                                    314,641       255,101
                                                               --------      --------
      Net interest income                                       335,907       305,344
  Provision for loan losses                                      20,000        16,500
                                                               --------      --------
      Net interest income after provision for loan losses       315,907       288,844
                                                               --------      --------
Noninterest Income
  Service charges on deposit accounts                            31,545        30,076
  Service and loan fee income                                    15,755        15,624
  Trust income                                                   13,772        11,926
  Retail investment fees                                         12,739        10,158
  Insurance service fees                                         10,804         7,870
  Securities gains                                                   85           217
  Other                                                          17,033        22,286
                                                               --------      --------
      Total noninterest income                                  101,733        98,157
                                                               --------      --------
Noninterest Expenses
  Salaries                                                       87,964        80,326
  Pension and other employee benefits                            30,272        30,017
  Furniture and equipment                                        25,449        22,451
  Occupancy, net                                                 22,135        19,835
  Communications                                                  9,514         9,618
  Amoritization of goodwill and other intangibles                 9,000         5,871
  Advertising and public relations                                6,144         5,528
  Other                                                          38,363        31,791
                                                               --------      --------
     Total noninterest expenses                                 228,841       205,437
                                                               --------      --------
Net Income before taxes                                         188,799       181,564
  Federal and state income taxes                                 63,886        62,823
                                                               --------      --------
Net Income                                                     $124,913      $118,741
                                                               ========      ========
Net Income per Common Share:
     Basic                                                     $   0.72      $   0.68
     Diluted                                                       0.72          0.68
Average Common Shares Outstanding:
     Basic                                                      173,181       173,794
     Diluted                                                    174,196       175,458
</TABLE>

See accompanying Notes to Consolidated Financial Statements.


                                        3

<PAGE>


                     Summit Bancorp and Subsidiaries
             Consolidated Statements of Shareholders' Equity
                                Unaudited
                             (In thousands)
<TABLE>
<CAPTION>
                                                                                          Accum. Other                    Total
                                    Common                      Retained       ESOP       Comprehensive   Treasury    Shareholders'
                                     Stock         Surplus      Earnings    Obligation    (Loss)Income      Stock        Equity
                                  -----------   -----------   -----------   -----------   -----------   -----------   -----------
<S>                               <C>         <C>           <C>              <C>           <C>         <C>          <C>
Balance, December 31, 1998           $142,106    $1,013,393    $1,728,135       $(3,394)      $12,087     $(169,900)   $2,722,427
Comprehensive income:
 Net income                                --            --       118,741            --            --            --       118,741
 Unrealized holding loss
  on securities arising
  during the period
  (net of tax $1,324)                      --            --            --            --        (2,458)           --
 Less: Reclassification
  adjustment for gains
  included in net income
  (net of tax $76)                         --            --            --            --           141            --
 Net unrealized holding loss
  on securities arising during
  the period (net of tax $1,399)           --            --            --            --        (2,599)           --        (2,599)
                                                                                                                      -----------
 Total comprehensive income                                                                                               116,142
Cash dividend declared on
  common stock                             --            --       (52,013)           --            --            --       (52,013)
Shares issued for employee
  stock plans (545 shares)                (32)      (43,005)           --            --            --        25,616       (17,421)
Treasury shares issued for
  acquisitions (1,131 shares)              --         1,567            --            --            --        47,079        48,646
Purchase of common stock
  (2,743 shares)                           --            --            --            --            --      (106,384)     (106,384)
ESOP debt repayment                        --            --            --           644            --            --           644
                                  -----------   -----------   -----------   -----------   -----------   -----------   -----------
Balance, March 31, 1999              $142,074      $971,955    $1,794,863       $(2,750)       $9,488     $(203,589)   $2,712,041
                                  ===========   ===========   ===========   ===========   ===========   ===========   ===========


Balance, December 31, 1999           $141,977      $959,934    $1,948,985       $(1,250)     $(85,841)    $(161,625)   $2,802,180
Comprehensive income:
 Net income                                --            --       124,913            --            --            --       124,913
 Unrealized holding loss
  on securities arising
  during the period
  (net of tax $9,348)                      --            --            --            --       (16,147)           --
 Less: Reclassification
  adjustment for gains included
  in net income (net of tax $23)           --            --            --            --            62            --
 Unrealized holding loss on
  securities arising during
  the period (net of tax $9,371)           --            --            --            --       (16,209)           --       (16,209)
                                                                                                                      -----------
 Total comprehensive income                                                                                               108,704
Cash dividend declared on
  common stock                             --            --       (57,818)           --            --            --       (57,818)
Shares issued for employee
  stock plans (495 shares)                (82)      (13,282)           --            --            --        16,397         3,033
Treasury shares issued for
  acquisitions (3,913 shares)              --       (25,669)           --            --            --       129,933       104,264
Purchase of common stock
  (327 shares)                             --            --            --            --            --        (9,238)       (9,238)
ESOP debt repayment                        --            --            --         1,250            --            --         1,250
                                  -----------   -----------   -----------   -----------   -----------   -----------   -----------
Balance, March 31, 2000              $141,895      $920,983    $2,016,080   $        --     $(102,050)     $(24,533)   $2,952,375
                                  ===========   ===========   ===========   ===========   ===========   ===========   ===========
</TABLE>


See accompanying Notes to Consolidated Financial Statements.


                                       4
<PAGE>

                                       Summit Bancorp and Subsidiaries
                                    Consolidated Statements of Cash Flows
                                                  Unaudited
                                               (In thousands)


<TABLE>
<CAPTION>
                                                                                   Three Months Ended
                                                                                        March 31,
                                                                              -----------------------------
Operating Activities                                                              2000              1999
                                                                              -----------       -----------
<S>                                                                           <C>               <C>
   Net income                                                                 $   124,913       $   118,741
   Adjustments to reconcile net income to net cash
     provided by operating activities:
       Provision for loan losses                                                   20,000            16,500
       Depreciation, amortization and accretion, net                               20,349            16,806
       Gains on sales of securities                                                   (85)             (217)
       Gains on sales of mortgages held for sale                                   (1,688)           (6,553)
       Gains on sales of other real estate owned                                     (242)             (458)
       Proceeds from sales of other real estate owned                               1,611             1,015
       Proceeds from sales of mortgages held for sale                              82,192           273,407
       Originations of mortgages held for sale                                    (81,362)         (275,731)
       Net (increase) decrease in trading account securities                       (2,345)            2,336
       Net change in other accrued and deferred income and expense                 38,437            46,946
                                                                              -----------       -----------
         Net cash provided by operating activities                                201,780           192,792
                                                                              -----------       -----------
Investing Activities
   Purchases of securities held to maturity                                          (360)       (1,247,707)
   Purchases of securities available for sale                                  (1,187,054)         (717,850)
   Proceeds from maturities of securities held to maturity                        299,163           686,463
   Proceeds from maturities of securities available for sale                      206,703           639,319
   Proceeds from the sales of securities available for sale                        26,754           231,937
   Net decrease in Federal funds sold, securities purchased under
     agreements to resell and interest bearing deposits with banks                (13,864)           21,281
   Net  (increase) decrease in loans                                             (594,530)           66,756
   Purchases of premises and equipment, net                                       (30,284)          (25,588)
                                                                              -----------       -----------
         Net cash used in investing activities                                 (1,293,472)         (345,389)
                                                                              -----------       -----------
 Financing Activities
   Net increase (decrease) in deposits                                            523,211           (78,870)
   Net increase in short-term borrowings                                          643,485            91,017
   Principal payments on long-term debt, net                                     (257,799)          (23,630)
   Proceeds from the issuance of long-term debt, net of related expenses          216,000           185,260
   Dividends paid                                                                 (56,966)          (52,967)
   Purchase of common stock                                                        (9,238)         (106,384)
   Proceeds from issuance of common stock under stock option plans                  2,269             2,793
                                                                              -----------       -----------
         Net cash provided by financing activities                              1,060,962            17,219
                                                                              -----------       -----------
Decrease in cash and due from banks                                               (30,730)         (135,378)
Beginning cash balance of acquired entities                                        14,839             6,496
Cash and due from banks at beginning of period                                  1,160,577         1,129,859
                                                                              -----------       -----------
Cash and due from banks at end of period                                      $ 1,144,686       $ 1,000,977
                                                                              ===========       ===========


Supplemental disclosure of cash flow information Cash paid:
     Interest payments                                                        $   303,480       $   264,871
     Income tax payments                                                            7,644             4,875
Noncash investing activities:
    Net transfer of loans to other real estate owned                                  912             4,921
</TABLE>


See accompanying Notes to Consolidated Financial Statements






                                        5

<PAGE>
                         Summit Bancorp and Subsidiaries
                   Notes to Consolidated Financial Statements
                                   (Unaudited)

1.) Basis of Presentation

The accompanying financial statements reflect, in the opinion of management, all
normal  recurring  adjustments  necessary  to present  fairly  the  consolidated
financial  position of Summit Bancorp and  subsidiaries  (Summit  Bancorp),  the
consolidated results of operations,  changes in shareholders' equity and changes
in cash flows. All significant  intercompany accounts and transactions have been
eliminated in consolidation.  In all material respects, the financial statements
presented  comply  with  the  current  reporting   requirements  of  supervisory
authorities.  Certain prior period amounts have been  reclassified to conform to
the financial  statement  presentation  of 2000. For additional  information and
disclosures required under generally accepted accounting  principles,  reference
is made to Summit Bancorp's 1999 Annual Report on Form 10-K.

2.) Acquisitions

On March 29, 2000,  Summit Bancorp  completed the acquisition of NMBT Corp. NMBT
was  headquartered  in New  Milford,  Connecticut  and  operated ten branches in
western  Connecticut  with  $430.0  million  in  assets.  This  acquisition  was
accounted for as a purchase, with the issuance of 2.6 million shares of treasury
stock.  The cost in excess of the fair value of net assets acquired  resulted in
goodwill and other  intangibles  of $36.6 million which will be amortized over a
20 year period.

On March 17, 2000,  Summit completed its acquisition of selected assets of Patgo
Insurance Agency, Inc., Patgo South, Inc., Patgo  International,  Inc. and Crown
Insurance  Agency,  Inc.  These  companies  provide  both  property and casualty
insurance and group benefit  services.  This  acquisition was accounted for as a
purchase  with  the cost in  excess  of the fair  value of net  assets  acquired
resulting  in  goodwill  and other  intangibles  of $4.3  million  which will be
amortized over a 10 year period.

On February  29,  2000,  Summit  completed  its  acquisition  of Meeker  Sharkey
Financial  Group,  creating the 16th largest  insurance  brokerage in the United
States,  and the largest  New  Jersey-based  insurance  broker.  Meeker  Sharkey
Financial Group offers an array of property and casualty products,  group health
insurance benefits and retirement plan services.  This transaction was accounted
for as a purchase with the issuance of 1.3 million shares of treasury stock. The
cost in excess of the fair value of net assets acquired resulted in goodwill and
other  intangibles  of $24.1  million  which  will be  amortized  over a 10 year
period.

On August 1, 1999,  Summit Bancorp  completed the  acquisition of Prime Bancorp.
Prime Bancorp was headquartered in Fort Washington, Pennsylvania and operated 27
branches  in the greater  Philadelphia  area with $1.1  billion in assets.  This
acquisition  was accounted  for as a purchase,  with the issuance of 7.4 million
shares of  treasury  stock.  The cost in excess of the fair  value of net assets
acquired resulted in goodwill and other intangibles of $220.5 million which will
be amortized over a 20 year period.

On March 31, 1999,  Summit Bancorp  completed the acquisition of New Canaan Bank
and Trust Company.  New Canaan Bank and Trust Company was  headquartered  in New
Canaan,  Connecticut  and operated four branches with $182.0  million in assets.
This  acquisition  was  accounted  for as a purchase,  with the  issuance of 1.1
million  shares of treasury  stock.  The cost in excess of the fair value of net
assets  acquired  resulted in goodwill and other  intangibles  of $35.1  million
which will be amortized over a 20 year period.


                                       6
<PAGE>

3.) Net Income per Common Share

Basic net income per common  share is  calculated  by dividing net income by the
weighted average common shares outstanding during the period. Diluted net income
per common  share is computed  similarly  to that of basic net income per common
share,  except  that the  denominator  is  increased  to  include  the number of
additional  common shares that would have been  outstanding  if all  potentially
dilutive  common  shares,  principally  stock  options,  were issued  during the
reporting period.


-----------------------------------------------------------------------------
(In thousands, except per share data)               Three months ended Mar. 31,
-----------------------------------------------------------------------------
                                                         2000          1999
-----------------------------------------------------------------------------
Net Income                                            $124,913     $ 118,741
=============================================================================
Basic weighted-average common shares outstanding       173,181       173,794
Plus: Common stock equivalents                           1,015         1,664
-----------------------------------------------------------------------------
Diluted weighted-average common shares outstanding     174,196       175,458
=============================================================================
Net Income per Common Share:
Basic                                                   $ 0.72        $ 0.68
Diluted                                                   0.72          0.68
-----------------------------------------------------------------------------

4.) Restructuring Charges

During  the fourth  quarter of 1999,  a  restructuring  charge of $27.9  million
pretax,  ($17.1  million,  or $0.10 per diluted share after tax) was recorded in
conjunction  with the realignment of key lines of business and lines of support.
The realignment eliminated  approximately 260 positions.  All employees affected
by the  realignment  have been  notified.  Liquidity  is not  anticipated  to be
significantly  impacted by this charge.  The table below  displays the status of
accrual  reserves for  business  restructuring  charges at March 31,  2000.  The
majority of the restructuring charge is expected to be utilized within one year.

---------------------------------------------------------------------
Restructuring Charges
(In millions)
---------------------------------------------------------------------
                          Estimated        Utilization      Remaining
Type of cost              Liability          to date        Liability
---------------------------------------------------------------------
Severance and benefits      $ 26.1           $ 9.4            $ 16.7
Real estate and other          1.8             0.5               1.3
---------------------------------------------------------------------
  Total                     $ 27.9           $ 9.9            $ 18.0
---------------------------------------------------------------------

5.) Recent Accounting Pronouncements

In June 1999, the Financial Accounting Standards Board ("FASB") issued Statement
of Financial  Accounting  Standards ("SFAS") No. 137, "Accounting for Derivative
Instruments  and  Hedging  Activities-Deferral  of the  Effective  Date  of FASB
Statement No. 133." This statement amends FASB Statement No. 133 by delaying the
effective date one year. SFAS No. 133,  "Accounting  for Derivative  Instruments
and Hedging  Activities,"  establishes  accounting  and reporting  standards for
derivative  instruments,  including certain derivative  instruments  embedded in
other  contracts,  and for hedging  activities.  It requires  recognition of all
derivative  instruments  as either  assets or  liabilities  in the  statement of
financial  position and  measurement of those  instruments  at fair value.  This
statement is now  effective  for all fiscal  quarters of fiscal years  beginning
after June 15, 2000, on a prospective basis. The adoption of SFAS No. 133 is not
expected  to have a  material  impact on the  financial  position  or results of
operations of Summit Bancorp.

6.) Subsequent Events

On April 12, 2000,  Summit  Bancorp's Board of Directors  approved a 6.1 percent
increase in the quarterly  cash dividend on Summit  Bancorp's  common stock from
$0.33 to $0.35 per common share, for an annualized dividend of $1.40. The second
quarter dividend is payable on August 1, 2000, to shareholders of record July 6,
2000.


                                       7
<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
-----------------------------------------------
   FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
   ---------------------------------------------

Summit Bancorp is a bank holding company headquartered in Princeton, New Jersey.
Summit  Bancorp  owns  bank  subsidiaries  in  New  Jersey,  Pennsylvania,   and
Connecticut  and several active  non-bank  subsidiaries.  Summit  Bancorp's bank
subsidiaries provide a broad range of retail, insurance, commercial, and private
banking  services  as well as trust  and  investment  services  to  individuals,
businesses,   not-for-profit  organizations,   government  entities,  and  other
financial institutions.  These services are provided through an extensive branch
network,  including supermarket branches and private banking facilities, as well
as through automated teller machines and the Internet.

FINANCIAL CONDITION

Total assets at March 31, 2000, were $38.1 billion, an increase of $1.7 billion,
or 4.6 percent,  from year-end  1999. The growth came most notably from the loan
and securities  portfolios and was generally  funded with an increase in savings
and time deposits and other borrowed funds.  The purchase of NMBT Corp. in March
2000, added approximately $430.0 million to total assets.

Total  securities at March 31, 2000,  were $11.6 billion,  an increase of $736.1
million, or 6.8 percent, from year-end 1999. Securities held to maturity,  which
are carried at amortized  historical  cost, are investments for which there is a
positive intent and ability to hold to maturity.  Securities held to maturity at
March 31, 2000,  were $5.3 billion and were  comprised  of U.S.  Government  and
Federal  agency  securities of $3.5  billion,  other  securities,  predominately
corporate  collateralized  mortgage  obligations ("CMOs") totaling $1.7 billion,
and securities of state and political  subdivisions of $109.3  million.  Held to
maturity securities decreased $252.3 million, or 4.5 percent, from year-end 1999
due primarily to principal repayments and maturities of $299.2 million. At March
31, 2000,  and December 31, 1999, net  unrealized  losses on securities  held to
maturity amounted to $232.8 million and $209.3 million, respectively.

Securities  available for sale are  investments  that may be sold in response to
changing  market and interest rate  conditions or for other  business  purposes.
Activity in this  portfolio  is  initiated  primarily  to manage  liquidity  and
interest rate risk and to take advantage of certain market conditions.  At March
31,  2000,  securities  available  for sale  amounted  to $6.2  billion and were
predominately  comprised of $4.6 billion of U.S.  Government  and Federal agency
securities  and  $1.0  billion  of CMOs.  Total  available  for sale  securities
increased  $1.0 billion,  or 19.0  percent,  from  year-end  1999.  The increase
resulted from $1.2 billion in purchases partially offset by sales and maturities
of $233.5 million.

The loan portfolio,  which  represents  Summit's largest asset, is a significant
source of both  interest  and fee  income.  Elements of the loan  portfolio  are
subject to differing  levels of credit and interest rate risk.  Summit's lending
strategy stresses quality loan growth and portfolio  diversification by product,
geography,  and  industry.  At March 31,  2000,  total  loans  amounted to $24.1
billion, an increase of $840.6 million, or 3.6 percent,  from year-end 1999. The
largest  increases  were in  commercial  and  consumer  loans  which grew $410.9
million and $224.6 million  respectively.  Additionally,  residential  mortgages
grew $164.5  million and  commercial  mortgages  increased  $40.6  million.  The
increase  in  commercial  loans  was  primarily  related  to loan  growth in the
commercial and industrial and specialized industry  portfolios.  The increase in
the consumer  loan  portfolio  can  generally be attributed to purchases of home
equity loans and the acquisition of NMBT Corp. The growth in the residential and
commercial  mortgage  portfolios was also largely a result of the acquisition of
NMBT Corp.  Mortgage  loans held for sale  amounted  to $47.6  million and $65.5
million  for  the  periods  ended  March  31,  2000,   and  December  31,  1999,
respectively.

Deposits,  which include  noninterest-bearing  and interest-bearing  savings and
time deposits,  are a fundamental and cost-effective  source of funding.  Summit
offers a variety of products designed to attract and retain customers,  with the
primary focus on building and expanding relationships. Total deposits were $25.5
billion at March 31, 2000, an increase of $826.5 million,  or 3.4 percent,  from
December 31, 1999. Savings and time deposits at $19.4 billion,  increased $791.3
million,  or 4.2 percent,  from December 31, 1999.  The growth came most notably
from Summit's cash management  solution,  the Summit  Navigator  Account,  which
increased  $554.4  million,  or 18.6  percent,  from year-end  1999.  The Summit
Navigator  Account  is a  relationship  sweep  account  that  combines  banking,
investment,  and  brokerage  services  into one  account.  In  addition,  retail
certificates of deposit increased $425.9 million as a result of the introduction
of several new certificate of deposit products.  Savings and time deposit growth
was also  impacted  by the  NMBT  Corp.  acquisition  which  contributed  $260.5
million.  These  increases  more than  offset the  decline of $256.5  million in
preferred savings, money market, and interest-bearing  checking products. Demand
deposits,  also increased by $196.2 million, or 4.0 percent,  from year-end 1999
to total $5.2 billion at March 31, 2000.  The increase in demand


                                       8
<PAGE>


deposits  came mainly from  business and  personal  accounts.  In addition,  the
acquisition  of NMBT Corp.  contributed  $42.9 million of the growth.  Partially
offsetting these deposit increases was a decrease in commercial  certificates of
deposit  $100,000  and over which were down  $161.0  million,  or 15.8  percent,
compared to December 31, 1999.  Commercial  certificates of deposit $100,000 and
over are primarily used as an additional funding source to support balance sheet
growth and as an alternative to other sources of borrowed funds.  The decline in
commercial  certificates of deposit is principally  related to the strong growth
in other deposit products in the first quarter of 2000.

Other  borrowed  funds are mainly  comprised of repurchase  agreements,  Federal
funds  purchased,   Federal  Home  Loan  Bank  borrowings  ("FHLB"),  and  other
short-term  borrowings.  Other  borrowed funds totaled $5.2 billion at March 31,
2000, an increase of $630.7  million,  or 13.7 percent,  from December 31, 1999.
The increase in other  borrowed  funds can be attributed to growth in short-term
repurchase  agreements which contributed to the funding necessary to support the
growth in earning assets.

Total  shareholders'  equity at March 31, 2000, was $3.0 billion, an increase of
$150.2  million,  or 5.4  percent,  from  December  31,  1999.  The increase was
primarily  attributed to retained profits and the issuance of treasury stock for
acquisitions.  Treasury stock at March 31, 2000,  amounted to $24.5  million,  a
reduction of $137.1 million, or 84.8 percent, compared to December 31, 1999, and
was  comprised of 744 thousand  shares.  The  reduction in treasury  stock was a
result of the issuance of shares for the purchase acquisitions of NMBT Corp. and
Meeker Sharkey  Financial Group.  Treasury shares will be used for acquisitions,
employee   benefit  plans,   and  general   corporate   purposes.   Included  in
shareholders'  equity at March 31, 2000,  was  accumulated  other  comprehensive
loss, net of tax,  totaling $102.1 million,  compared to a loss of $85.8 million
at year-end 1999.  Accumulated other comprehensive loss is comprised principally
of unrealized gains and losses on securities  available for sale. The decline in
accumulated other  comprehensive loss was due to the decline in the market value
of Summit's  fixed  income  securities  as a result of the  increase in interest
rates.

Summit  Bancorp's  capital  ratios for March 31, 2000,  compared to select prior
periods and regulatory  requirements,  are shown in the following table.  Summit
Bancorp's bank  subsidiaries met the  well-capitalized  requirements for each of
the periods  presented.  The  increases  in the ratios at March 31,  2000,  were
principally  attributable  to  the  decline  in the  amount  of  treasury  stock
outstanding.

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
                                                                                               Minimum
                                    Mar. 31,       Dec. 31,      Mar. 31,      Required         Well
Selected Capital Ratios:              2000          1999          1999          Capital      Capitalized
--------------------------------------------------------------------------------------------------------
<S>                                   <C>            <C>           <C>          <C>             <C>
  Equity to assets                    7.76 %         7.70 %        8.10 %            - %             - %
  Leverage ratio                      7.13           7.06          7.67           3.00            5.00
  Tier I capital                      9.52           9.46         10.47           4.00            6.00
  Total risk-based capital           11.09          11.06         12.33           8.00           10.00
--------------------------------------------------------------------------------------------------------
</TABLE>

Nonperforming Assets

Nonperforming  assets  include  nonperforming  loans and other real estate owned
(OREO) and are shown in the following table as of the dates  indicated.

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
Nonperforming Assets                                      Mar. 31,            Dec. 31,             Mar. 31,
(In thousands)                                             2000                 1999                 1999
-----------------------------------------------------------------------------------------------------------------
Nonperforming loans:
<S>                                                        <C>                <C>                  <C>
  Commercial and industrial                                $81,458            $ 78,303             $ 51,731
  Commercial mortgage                                       17,804              18,480               36,435
  Construction and development                               2,378               3,538                1,899
-----------------------------------------------------------------------------------------------------------------
   Nonperforming loans                                     101,640             100,321               90,065
OREO, net                                                    6,528               6,881                7,137
-----------------------------------------------------------------------------------------------------------------
   Nonperforming assets                                   $108,168           $ 107,202             $ 97,202
-----------------------------------------------------------------------------------------------------------------
Loans, not included above, past due 90 days or more        $44,975            $ 41,378             $ 38,971
-----------------------------------------------------------------------------------------------------------------
Nonperforming loans to total loans                            0.42  %             0.43  %              0.43  %
Nonperforming assets to total loans and OREO                  0.45                0.46                 0.46
=================================================================================================================
</TABLE>


                                       9
<PAGE>

Average  nonperforming  loans were $100.7 million at March 31, 2000, compared to
$93.9  million  and $83.8  million at December  31,  1999,  and March 31,  1999,
respectively.  Interest income received on nonperforming  loans amounted to $0.4
million for the three months ended March 31, 2000,  compared to $0.4 million and
$1.0 million for the three months ended  December 31, 1999,  and March 31, 1999,
respectively.

Loans which are past due 90 days or more but are not  included in  nonperforming
assets are  primarily  residential  mortgage and  consumer  loans which are well
secured and in the process of collection.

Potential problem loans, which are excluded from nonperforming assets, are loans
where  information about possible credit problems of borrowers causes management
to have doubts as to the ability of such borrowers to comply with loan repayment
terms.  These loans  amounted to $11.1  million at March 31,  2000,  compared to
$11.9  million  and $63.6  million at December  31,  1999,  and March 31,  1999,
respectively.

Allowance for Loan Losses

The  allowance  for loan  losses is a  valuation  reserve  available  for losses
incurred or  inherent  in the loan  portfolio  and other  extensions  of credit.
Credit losses arise primarily from the loan  portfolio,  but may also be derived
from other credit-related  sources including commitments and other extensions of
credit,  guarantees,  and standby  letters of credit.  Additions are made to the
allowance through periodic  provisions which are charged to expense.  All losses
of principal are charged to the allowance when incurred or when a  determination
is made that a loss is expected.  Subsequent recoveries, if any, are credited to
the allowance.

A process has been  established to assess the  appropriateness  of the allowance
for loan losses and to identify the risks inherent in the loan  portfolio.  This
process  consists of the  identification  of specific  reserves  for  identified
problem loans, the calculation of general reserves, which includes a combination
of formula-driven allocations and minimum reserve levels by loan type and grade,
and the determination of the unallocated reserves.

Specific reserves are determined through assessment of the borrower's ability to
repay and the fair value of the underlying collateral,  for collateral dependent
loans, for each nonperforming  loan. If the carrying value of a loan exceeds the
discounted  expected cash flows or the value of the underlying  collateral,  the
excess is specifically  reserved or charged off. The level of specific  reserves
is generally the smallest component of the allowance for loan losses.

The  calculation of the general  reserve  involves  several steps. An historical
loss factor is applied to each loan and unused  commitment  by business  segment
and loan grade.  The historical loss factors are calculated using a trailing six
quarter loss  migration  analysis.  Adjustments  are then made to the historical
loss  factors  based  on  six  quantitative   objective  elements  (delinquency,
nonperforming  assets,  watch lists, charge offs,  concentrations of credit, and
recoveries)  and three  subjective  elements  (economic  conditions,  the rating
assigned by the  internal  credit audit  department,  and other  factors).  This
methodology  is applied to the commercial  portfolio.  The  methodology  for the
retail  portfolio  involves a six quarter loss  migration  anlysis  which may be
adjusted  due  to  rising  trends  or  charge  offs.  For  the  commercial  loan
portfolios,  the historical loss factor,  inclusive of the  adjustment,  is then
compared to minimum  reserve  levels for each loan grade.  The larger of the two
factors is used in the  determination of the reserves.  The reserves  calculated
for the  residential  and  consumer  loans  employ  an  historical  six  quarter
migration analysis.

The last  component of the loan loss  reserve is the  unallocated  reserve.  The
unallocated  reserve is based upon  management's  evaluation  of the  underlying
inherent risk in the loan portfolio.  The analysis of the  appropriate  level of
reserves,  in the  aggregate,  is based on the  level of  specific  and  general
reserves previously discussed and is also inclusive of: industry concentrations,
delinquency  trends,  economic  trends,  loan  growth  relative  to the  overall
allowance,  the level of  substandard  assets,  and the amount of allocated  and
unallocated  reserves  relative  to the total loan  portfolio.  The  unallocated
portion of the  allowance  for loan  losses,  in excess of specific  and general
reserves,  was $122.2  million at March 31, 2000,  compared to $119.8 million at
December 31, 1999.

The provision for loan losses for the first quarter of 2000 was $20.0 million, a
$3.5  million  increase  from the same  period a year ago.  The  increase in the
provision  for loan  losses  for the three  months  ended  March 31,  2000,  was
primarily attributed to loan growth and an increase in the level of charge offs.
The  provision  for loan losses is charged to expense to bring the allowance for
loan losses to a level deemed appropriate by management to cover the credit risk
inherent  in the loan  portfolio.  The  provision  for


                                       10
<PAGE>

loan losses may vary from  quarter to quarter due to loan  growth,  the level of
charge offs,  or an increase in the  inherent  risk in the loan  portfolio.  The
allowance  as a  percentage  of total loans was 1.38  percent at March 31, 2000,
compared to 1.42 percent and 1.55  percent at December  31, 1999,  and March 31,
1999, respectively.

The following tables show the transactions in the allowance for loan losses,  by
loan  category,  for the three month periods ended March 31, 2000, and March 31,
1999,  and selected loan quality  ratios for the periods  ending March 31, 2000,
December 31, 1999, and March 31, 1999.


---------------------------------------------------------------------------
Allowance for Loan Losses                          Three months ended
                                                         March 31,
(In thousands)                                   2000              1999
---------------------------------------------------------------------------
     Balance, beginning of period              $ 328,828       $ 322,814
     Allowance of acquired institutions            4,357           2,140
     Provision for loan losses                    20,000          16,500
---------------------------------------------------------------------------
                                                 353,185         341,454
---------------------------------------------------------------------------
     Loans charged off:
          Commercial and industrial               20,024           8,131
          Construction and development                 -              13
          Commercial mortgage                         23           1,202
          Residential mortgage                     1,084           2,626
          Consumer                                 6,253           7,987
---------------------------------------------------------------------------
                 Total loans charged off          27,384          19,959
---------------------------------------------------------------------------
     Recoveries:
          Commercial and industrial                4,707           3,517
          Construction and development                 -             395
          Commercial mortgage                         28             548
          Residential mortgage                        60             319
          Consumer                                 2,159           2,028
---------------------------------------------------------------------------
                 Total recoveries                  6,954           6,807
---------------------------------------------------------------------------
     Net charge offs                              20,430          13,152
---------------------------------------------------------------------------
     Balance, end of period                    $ 332,755       $ 328,302
===========================================================================







----------------------------------------------------------------------
Selected Loan Quality Ratios           Mar. 31,    Dec. 31,  Mar. 31,
                                        2000       1999      1999
----------------------------------------------------------------------
Net charge offs to average loans:
      Quarter-to-date                     0.35 %     0.32 %   0.25 %
      Year-to-date                        0.35       0.61     0.25
Allowance for loan losses to:
      Total loans at period end           1.38       1.42     1.55
      Nonperforming loans               327.39     327.78   364.52
      Nonperforming assets              307.63     306.74   337.75
----------------------------------------------------------------------


                                       11
<PAGE>

<TABLE>
<CAPTION>
                                               Summit Bancorp and Subsidiaries
                            Consolidated Average Balance Sheets with Resultant Interest and Rates
                                                          Unaudited
                                        (Tax-equivalent basis, dollars in thousands)

                                                                            Three Months Ended
                                                         March 31, 2000                            March 31, 1999
                                               Average                     Average     Average                       Average
                                               Balance        Interest      Rate       Balance         Interest        Rate
                                            -----------      -----------    ----     -----------      -----------      ----
<S>                                         <C>              <C>            <C>      <C>              <C>              <C>
Assets
Interest-earning assets:
  Federal funds sold and securities
    purchased under agreements
    to resell                               $    10,564      $       134    5.10%    $    10,648      $       145      5.52%
  Interest-bearing deposits with banks           43,590              557    5.14          33,737              450      5.41
  Securities:
    Trading account                              20,641              426    8.30           9,969              103      4.19
    Available for sale                        5,703,575           95,088    6.67       3,956,908           59,951      6.06
    Held to maturity                          5,449,924           86,281    6.33       6,226,526           97,587      6.27
                                            -----------      -----------    ----     -----------      -----------      ----
      Total securities                       11,174,140          181,795    6.51      10,193,403          157,641      6.19
                                            -----------      -----------    ----     -----------      -----------      ----
  Loans, net of unearned discount:
    Commercial                                8,251,370          173,436    8.45       7,157,347          137,063      7.77
    Commercial mortgage                       3,153,094           63,426    8.05       2,874,357           57,513      8.00
    Residential mortgage                      5,747,663          103,366    7.19       5,717,998          101,847      7.12
    Consumer                                  6,283,712          130,026    8.32       5,417,311          108,672      8.14
                                            -----------      -----------    ----     -----------      -----------      ----
      Total loans                            23,435,839          470,254    8.07      21,167,013          405,095      7.76
                                            -----------      -----------    ----     -----------      -----------      ----
      Total interest-earning assets          34,664,133          652,740    7.57      31,404,801          563,331      7.27
                                            -----------      -----------    ----     -----------      -----------      ----
Noninterest-earning assets:
  Cash and due from banks                     1,040,509                                  955,002
  Allowance for loan losses                    (329,402)                                (325,323)
  Other assets                                1,485,150                                1,123,019
                                            -----------                              -----------
      Total noninterest-earning assets        2,196,257                                1,752,698
                                            -----------                              -----------
Total Assets                                $36,860,390                              $33,157,499
                                            ===========                              ===========

Liabilities and Shareholders' Equity
Interest-bearing liabilities:
  Savings deposits                          $11,660,799           83,711    2.89     $10,297,383           61,889      2.44
  Time deposits                               7,104,022           91,722    5.19       7,123,211           89,513      5.10
  Commercial certificates of
    deposit $100,000 and over                   958,475           13,299    5.58         975,331           11,575      4.81
                                            -----------      -----------    ----     -----------      -----------      ----
      Total interest-bearing deposits        19,723,296          188,732    3.85      18,395,925          162,977      3.59
                                            -----------      -----------    ----     -----------      -----------      ----
Other borrowed funds                          5,090,496           72,351    5.72       3,411,876           41,487      4.93
Long-term debt                                3,866,897           53,558    5.54       3,684,708           50,637      5.50
                                            -----------      -----------    ----     -----------      -----------      ----
      Total interest-bearing liabilities     28,680,689          314,641    4.41      25,492,509          255,101      4.06
                                            -----------      -----------    ----     -----------      -----------      ----
Noninterest-bearing liabilities:
  Demand deposits                             4,855,739                                4,455,354
  Other liabilities                             491,030                                  478,000
                                            -----------                              -----------
      Total noninterest-bearing
        liabilities                           5,346,769                                4,933,354
  Shareholders' equity                        2,832,932                                2,731,636
                                            -----------                              -----------
Total Liabilities and
 Shareholders' Equity                       $36,860,390                              $33,157,499
                                            ===========                              ===========

Net Interest Spread                                              338,099    3.16 %                        308,230      3.21 %
                                                                           =======                                    =======
Tax-equivalent basis adjustment                                   (2,192)                                  (2,886)
                                                             -----------                              -----------
Net Interest Income                                           $  335,907                               $  305,344
                                                             ===========                              ===========
Net Interest Margin                                                         3.92 %                                     3.98 %
                                                                           =======                                    =======


</TABLE>


                                                             12
<PAGE>

RESULTS OF OPERATIONS


Net income for the quarter ended March 31, 2000, was $124.9 million, or $.72 per
basic share,  compared to $118.7 million, or $.68 per basic share, for the first
quarter of 1999.  On a diluted per share basis,  net income for the three months
ended March 31, 2000,  was $.72 per diluted share  compared to $.68 for the same
period in 1999.


The following are key  performance  indicators for the three month periods ended
March 31, 2000, and 1999.

---------------------------------------------------------------------------
(In thousands)                                 Three months ended
                                                   March 31,
                                              2000              1999
---------------------------------------------------------------------------
Financial data:
     Net income                            $ 124,913         $ 118,741
     Per share-diluted                          0.72              0.68
     Return on average assets                   1.36 %            1.45 %
     Return on average equity                  17.73             17.63
     Efficiency ratio                          51.97             50.55
---------------------------------------------------------------------------
Cash-basis financial data*:
     Net income                            $ 133,451         $ 124,403
     Per share-diluted                          0.77              0.71
     Return on average tangible assets          1.48 %            1.53 %
     Return on average tangible equity         23.04             20.63
     Efficiency Ratio                          49.93             49.11
---------------------------------------------------------------------------
*    Cash-basis financial data excludes the after tax impact of amortization of
     goodwill and other intangibles.


Net Interest Income

Interest  income on a  tax-equivalent  basis was  $652.7  million  for the three
months  ended March 31, 2000,  an increase of $89.4  million,  or 15.9  percent,
compared to a year ago.  Interest-earning  assets  averaged  $34.7  billion,  an
increase of $3.3 billion,  or 10.4  percent,  compared to the prior year period.
The growth in interest-earning  assets contributed $69.1 million to the increase
in tax-equivalent  interest income while the increase in yield contributed $20.3
million. The rate earned on interest-earning assets increased 30 basis points to
7.57 percent in the 2000 period.  The  increase  was  generally  the result of a
higher interest rate environment compared to last year as both the average Prime
rate  and  the  average   London   Interbank   Offerring   Rate  ("LIBOR")  were
significantly higher than the prior year.

Interest expense increased $59.5 million, or 23.3 percent,  for the three months
ended March 31,  2000,  compared  to the same  period in 1999.  Interest-bearing
liabilities  averaged  $28.7  billion,  an  increase  of $3.2  billion,  or 12.5
percent, compared to the prior year. The growth in interest-bearing  liabilities
contributed $34.6 million to the increase in interest expense while the increase
in rates paid on  interest-bearing  liabilities  contributed the remaining $24.9
million. The rate paid on interest-bearing liabilities increased 35 basis points
to 4.41 percent in the 2000 period due to the higher interest-rate environment.

Net interest income on a  tax-equivalent  basis was $338.1 million for the three
months  ended March 31,  2000,  an increase of $29.9  million,  or 9.7  percent,
compared to the same period in 1999.  The net interest  spread  percentage  on a
tax-equivalent  basis  (the  difference  between  the  rate  earned  on  average
interest-earning   assets  and  the  rate  paid  on   average   interest-bearing
liabilities)  was 3.16  percent  for the three  months  ended  March  31,  2000,
compared to 3.21  percent for the prior year period.  Net  interest  margin (net
interest  income  on  a   tax-equivalent   basis  as  a  percentage  of  average
interest-earning  assets) was 3.92  percent for the three months ended March 31,
2000,  compared to 3.98 percent  during the same period in 1999.  The decline in
net  interest  margin  resulted  from a funding mix that was more  dependent  on
borrowed funds and long-term  debt while the decline in net interest  spread can
be  attributed to an increase in the cost of funds that exceed the growth in the
yield on earning assets.


                                       13
<PAGE>

The  rate/volume  table  below  presents  an  analysis of the impact on interest
income and expense  resulting from changes in average volumes and rates over the
periods.  Changes  that  are  not due to  volume  or rate  variances  have  been
allocated proportionally to both, based on their relative absolute values.

<TABLE>
<CAPTION>
Rate/Volume Table                                             Amount of Increase (Decrease)
                                                    ------------------------------------------------
                                                               Three Months ended Mar. 31,
                                                                    2000 versus 1999
                                                    ------------------------------------------------
                                                         Due to Change in:
                                                    ----------------------------------
(Tax-equivalent basis, in millions)                     Volume               Rate             Total
----------------------------------------------------------------------------------------------------

Interest Income
     Loans
<S>                                                     <C>                  <C>              <C>
      Commercial                                        $ 27.5               $ 8.9            $36.4
      Commercial mortgage                                  5.6                 0.3              5.9
      Residential mortgage                                 0.5                 1.0              1.5
      Consumer                                            18.8                 2.6             21.4
----------------------------------------------------------------------------------------------------
         Total loans                                      52.4                12.8             65.2
      Securities held to maturity                        (12.2)                0.9            (11.3)
      Securities available for sale                       28.6                 6.5             35.1
      Other interest earning assets                        0.3                 0.1              0.4
----------------------------------------------------------------------------------------------------
         Total Interest Income                            69.1                20.3             89.4
----------------------------------------------------------------------------------------------------
Interest Expense
     Deposits
      Savings deposits                                     9.1                12.7             21.8
      Time deposits                                       (0.1)                2.3              2.2
      Commercial certificates of deposit > $100M          (0.2)                1.9              1.7
----------------------------------------------------------------------------------------------------
         Total interest-bearing deposits                   8.8                16.9             25.7
      Other borrowed funds                                23.3                 7.6             30.9
      Long-term debt                                       2.5                 0.4              2.9
----------------------------------------------------------------------------------------------------
         Total Interest Expense                           34.6                24.9             59.5
----------------------------------------------------------------------------------------------------
Net Interest Income (fully taxable equivalent)          $ 34.5              $ (4.6)            29.9
----------------------------------------------------------------------------------------------------
Less: Decrease in tax-equivalent adjustment                                                    (0.7)
----------------------------------------------------------------------------------------------------
Increase in Net Interest Income                                                               $30.6
----------------------------------------------------------------------------------------------------
</TABLE>












                                       14


<PAGE>
Noninterest Income

Noninterest  income categories for the three month periods ended March 31, 2000,
and 1999 are shown in the following table:

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------
(In millions)                                           Three months ended Mar. 31,
-----------------------------------------------------------------------------------------
                                                                               Percent
                                                      2000        1999          Change
-----------------------------------------------------------------------------------------
<S>                                                 <C>          <C>              <C>
Service charges on deposit accounts                 $ 31.5       $ 30.1           4.9  %
Service and loan fee income                           15.8         15.6           0.8
Trust income                                          13.8         11.9          15.5
Retail Investment fees                                12.7         10.2          25.4
Insurance fees                                        10.8          7.9          37.3
Other                                                 17.0         22.3         (23.6)
-----------------------------------------------------------------------------------------
          Total noninterest operating income         101.6         98.0           3.8
Securities gains                                       0.1          0.2         (60.8)
-----------------------------------------------------------------------------------------
          Total noninterest income                 $ 101.7       $ 98.2           3.6  %
=========================================================================================
</TABLE>

Service charges on deposit accounts increased $1.4 million, or 4.9 percent,  for
the quarter ended March 31, 2000,  compared with 1999. This was primarily due to
growth in demand  deposits and  increased  volume of Non  Sufficient  Fund fees.
Partially   offsetting  these  favorable  factors  were  lower  minimum  balance
requirements on regular checking accounts, savings accounts, and certificates of
deposit resulting in lower monthly maintenance fees. These lower minimum balance
requirements were instituted in April 1999.

Trust income  increased  $1.9 million,  or 15.5  percent,  for the quarter ended
March 31, 2000,  compared  with 1999.  This was  generally due to an increase in
investment advisory fees, including advisory fees from the Pillar Funds.

Retail Investment fees increased $2.5 million, or 25.4 percent,  for the quarter
ended March 31, 2000,  compared with 1999. This growth was a result of increased
brokerage fees resulting from higher trading volumes,  as well as increased fees
from the sale of third party mutual funds and annuities.

Insurance service fees increased $2.9 million, or 37.3 percent,  for the quarter
ended March 31, 2000,  compared to the same period a year ago. This is primarily
due to the acquisition of Meeker Sharkey Financial Group. In addition, fees from
core insurance business also experienced growth.

Other income which primarily  consists of ATM fees,  international  fees,  other
fees, and gains on sales of assets, decreased $5.3 million, or 23.6 percent, for
the three  months  ended March 31, 2000,  compared  with 1999.  The decrease was
primarily  attributable  to a first  quarter 1999 gain on the sale of the credit
card portfolio of $5.9 million.


                                       15
<PAGE>


Noninterest Expense

Noninterest expense categories for the three month periods ended March 31, 2000,
and 1999 are shown in the following table:

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
(In millions)                                           Three months ended Mar. 31,
--------------------------------------------------------------------------------------------
                                                                            Percent
                                                      2000        1999        Change
--------------------------------------------------------------------------------------------
<S>                                                 <C>          <C>            <C>
  Salaries                                          $ 88.0       $ 80.3         9.5  %
  Pension and other employee benefits                 30.3         30.0         0.8
  Furniture and equipment                             25.4         22.5        13.4
  Occupancy, net                                      22.1         19.8        11.6
  Communications                                       9.5          9.6        (1.1)
  Amortization of goodwill and other intangibles       9.0          5.9        53.3
  Advertising and public relations                     6.1          5.5        11.1
  Other                                               38.4         31.8        20.7
--------------------------------------------------------------------------------------------
Total noninterest expense                          $ 228.8      $ 205.4        11.4  %
============================================================================================

</TABLE>

Salaries increased $7.7 million, or 9.5 percent, for the quarter ended March 31,
2000,  compared to the same  quarter in 1999.  In  addition to the annual  merit
increases, salaries rose approximately $4.4 million from acquisitions. Partially
offsetting  these increases was the benefit of the fourth quarter 1999 corporate
realignment which resulted in a reduction of approximately 260 employees.  There
were 9,185 full-time  equivalent  employees at March 31, 2000, compared to 8,670
the same period a year ago. The  increase is primarily a result of  acquisitions
(NMBT Corp.,  Prime Bancorp and Meeker Sharkey Financial Group) partially offset
by the decline due to the corporate realignment.

Furniture and equipment  expenses increased $2.9 million,  or 13.4 percent,  for
the quarter ended March 31, 2000,  compared with the same quarter in 1999.  This
increase  was  primarily  due to the  recent  bank  acquisitions,  increases  in
equipment  maintenance,  increased  amortization  expense  relating to mainframe
application software, and increased computer equipment expenses.

Occupancy expense increased $2.3 million, or 11.6 percent, for the quarter ended
March 31, 2000, compared with the same quarter in 1999. The increase was largely
a result of recent bank acquisitions.

Amortization  of  goodwill  and  intangibles  increased  $3.1  million,  or 53.3
percent,  for the three months ended March 31, 2000, compared to the same period
a year ago. The increase was due to the purchase  acquisitions of Prime Bancorp,
New Canaan Bank & Trust Company, and Meeker Sharkey Financial Group.

Other  expenses  increased $6.6 million,  or 20.7 percent,  for the three months
ended March 31, 2000,  compared with the same quarter in 1999. This was a result
of increased consultant fees, increased second mortgage servicing fees resulting
from home equity  purchases,  and an increase in  commissions  due to  increased
sales of insurance and retail investment products. Recent bank acquisitions also
contributed  to  the  increase.  Included  in  other  expenses  were  legal  and
professional  fees of $9.4  million,  for the three month period ended March 31,
2000, compared to $9.7 million for the same quarter in 1999.

The effective  income tax rate was 33.8 percent for the three months ended March
31, 2000, compared with 34.6 percent for the same quarter in 1999.


                                       16

<PAGE>
LINES OF BUSINESS

For management purposes, Summit Bancorp is segmented into the following lines of
business: Retail Banking, Corporate Banking and The Private Bank. Activities not
included in these lines are reflected in Other.  The lines have been  structured
according to the customer groups served. Financial performance of business lines
is monitored with an internal profitability measurement system. Line of business
information  is based on  management  accounting  practices  that conform to and
support the current management structure and is not necessarily  comparable with
similar  information  from any other financial  institution.  The  profitability
measurement  system uses  internal  management  accounting  policies that ensure
business line results reflect the underlying economics of each business line and
are compiled on a consistent basis.

Net income includes revenues and expenses directly  associated with each line in
addition to allocations of revenue earned and expenses incurred by support units
such as operations and technology.  Centrally  provided  corporate  services and
general  overhead are  allocated  on a per-unit  cost basis or on an "ability to
pay" basis related to each particular  business lines  contribution to income. A
matched maturity funds transfer pricing methodology is employed to assign a cost
of funds to the earning  assets,  as well as a value of funds to the liabilities
of each  business  line.  The  provision  for loan losses is allocated  based on
management's assessment of the historical net charge off ratio for each business
segment.  Income taxes are allocated based upon the  consolidated  effective tax
rates,  after  consideration  of  certain  permanent  differences  that  may  be
allocated to a specific line of business.

The table  below  summarizes  results by lines of  business  as if operated on a
stand-alone  basis for the first quarter of 2000 and 1999.  Certain prior period
information has been restated to conform with the current period presentation.

<TABLE>
<CAPTION>
Results of Operations
Quarter Ended Mar 31,             Retail Banking   Corporate Banking  The Private Bank       Other         Consolidated
                                -----------------------------------------------------------------------------------------
(In millions)                      2000     1999     2000     1999      2000     1999    2000     1999     2000     1999
                                -----------------------------------------------------------------------------------------
<S>                                <C>      <C>       <C>      <C>      <C>      <C>      <C>      <C>     <C>      <C>
Net interest income                $211     $199      $77      $67      $15      $14      $33      $25     $336     $305
Provision for loan losses             8       10       12        6       --       --       --       --       20       16
                                -----------------------------------------------------------------------------------------
 Net interest income after
  provision for loan losses         203      189       65       61       15       14       33       25      316      289
Noninterest income                   49       55       15       12       38       30       --        1      102       98
Noninterest expense                 140      133       42       34       36       31       11        7      229      205
                                -----------------------------------------------------------------------------------------
 Income before taxes                112      111       38       39       17       13       22       19      189      182
Federal and state income taxes       39       39       12       13        6        4        7        7       64       63
                                -----------------------------------------------------------------------------------------
Net income                          $73      $72      $26      $26      $11       $9      $15      $12     $125     $119
                                =========================================================================================

Selected Average Balances:
Securities                       $   --      $55      $10    $  --      $15      $10  $11,149  $10,129  $11,174  $10,194
Loans                            12,462   11,827    9,500    8,106    1,474    1,234       --       --   23,436   21,167
Assets                           12,834   12,190    9,500    8,090    1,578    1,322   12,948   11,555   36,860   33,157
Deposits                         21,683   19,990    1,145    1,004      835      735      916    1,122   24,579   22,851

</TABLE>

Retail Banking

Retail  Banking  sells and  delivers  retail  banking  products  and services to
individuals  and  small  businesses   through  more  than  400  traditional  and
approximately 80 supermarket branches in New Jersey,  eastern Pennsylvania,  and
Connecticut.  In addition to traditional banking services, Retail Banking offers
its  customers  an  expanding   array  of  24-hour  banking   services   through
approximately 600 automated teller machines,  telephone banking centers, and the
Internet.  It also  includes a broad  selection  of small  business and consumer
loans, deposit products,  and a complete range of full-service  mortgage banking
activities.


                                       17
<PAGE>
Average loans for the quarter ended March 31, 2000,  increased $635 million,  or
5.4 percent, to $12.5 billion from the same period in 1999, primarily related to
home equity loan  purchases and  increases in home equity  credit  lines.  Total
average  deposits for the first quarter of 2000 increased to $21.7  billion,  up
$1.7 billion from a year ago.  This increase was  attributable  to the growth in
the Summit Navigator Account.  Net interest income for the quarter increased $12
million,  or 6.0 percent,  over last year,  primarily  due to loan  growth.  The
decrease in noninterest income of $6 million is primarily attributable to a $5.9
million gain on the sale of the credit card  portfolio  in the first  quarter of
last year.  Noninterest  expenses for the quarter  increased $7 million,  or 5.3
percent,  over  last  year,  primary  due  to  salaries,   other  expenses,  and
acquisitions.  Net income for the  quarter  was $73  million,  an increase of $1
million or 1.4 percent, from the prior year.

Corporate Banking

Corporate  Banking  provides  a full  array of  commercial  financial  services,
including asset-based lending,  international trade services, equipment leasing,
real estate financing, private placement, mezzanine financing, aircraft lending,
correspondent  banking,  treasury services,  and structured finance.  Demand and
interest-bearing  deposit  accounts and services are provided through the branch
network.

Total average loans for the quarter ended March 31, 2000, were $9.5 billion,  an
increase  of $1.4  billion,  or 17.2  percent,  over  the  same  period  in 1999
primarily in asset-based,  aircraft,  media,  specialized industries lending and
commercial  mortgages.  Net  interest  income  for  the  first  quarter  of 2000
increased  $10 million,  or 14.9  percent,  from 1999,  driven  primarily by the
increase in average  loans.  Partially  offsetting  the loan  increase  was a $6
million,  or 100.0 percent,  increase in the provision for loan losses. This was
attributed  to the  increase  in the  level of  charge  offs  and  loan  growth.
Noninterest  income for the quarter ended March 31, 2000,  increased $3 million,
or 25.0 percent,  from the prior year due to an increase in loan and deposit fee
income as well as  additional  capital  market fee income.  Noninterest  expense
increased $8 million  over the prior year to $42 million due to higher  salaries
and benefits expense. Net income remained unchanged at $26 million.

The Private Bank

The Private Bank provides  personal credit services;  professional  services for
lawyers,  accountants  and their firms;  and business loans and lines of credit.
This segment also  includes  investment  services  which provide a full range of
trust,  administrative,  and custodial services to individuals and institutions,
in addition to investment products and discount brokerage. In addition, the line
markets a wide  variety of insurance  products  for the  personal and  corporate
marketplace.

Noninterest  income  increased $8 million,  or 26.7 percent,  from first quarter
1999.  This was primarily due to a $1.9  million,  or 15.5 percent,  increase in
trust income and a $2.5 million, or 25.4 percent,  increase in retail investment
fees.  The growth in retail  investment  fees were  primarily  due to  increased
brokerage fees  resulting from higher trading  volumes as well as increased fees
from sales of third party mutual fund and annuity  products.  In  addition,  the
acquisition of the Meeker Sharkey  Financial Group  contributed  $2.3 million of
insurance income for the quarter.  The $5 million, or 16.1 percent,  increase in
expenses  is due  to  increases  in  salaries  and  commissions  related  to the
increased sale of trust, retail investment,  and insurance products.  Net income
for the quarter was $11 million,  up $2 million,  or 22.2  percent,  from a year
ago.


Other

Other includes the treasury  function which is responsible for managing interest
rate risk and the  investment  portfolios.  In  addition,  certain  revenues and
expenses not  considered  allocable to a line of business are  reflected in this
area.

Net interest income increased $8 million, or 32.0 percent,  from 1999, primarily
due to growth in the securities portfolio. Securities averaged $11.1 billion for
the first  quarter of 2000, up $1.0  billion,  or 10.1  percent,  from the prior
year.  Net income was up for the quarter $3  million,  or 25.0  percent,  to $15
million when compared to the same quarter the prior year.


                                       18
<PAGE>
LIQUIDITY

Liquidity is the ability to support asset growth while  satisfying the borrowing
needs and deposit withdrawal  requirements of customers.  Traditional sources of
liquidity  include asset maturities,  asset  repayments,  and deposit growth. In
addition,  borrowed funds  represent  another major source of funding.  The bank
subsidiaries have established  borrowing  relationships  with the FHLB and other
correspondent banks which further support and enhance liquidity. Summit Bank, NJ
and Summit  Bank,  PA  executed a  distribution  agreement,  in  November  1998,
providing  for the  possible  issuance  of senior  and  subordinated  notes to a
maximum of $3.75 billion on an underwritten  or agency basis.  Through March 31,
2000, no funds have been drawn from this source.

Liquidity is also important at the Parent  Corporation in order to provide funds
for operations and to pay dividends to  shareholders.  Parent  Corporation  cash
requirements  are met primarily  through  management fees and dividends from its
subsidiaries  and the  issuance  of short  and  long-term  debt.  The  amount of
dividends  that can be assessed to the bank  subsidiaries  is subject to certain
regulatory restrictions. Lines of credit are available at the Parent Corporation
to support  commercial  paper  borrowings  and for general  corporate  purposes.
Interest on these lines of credit  approximates  the prime  lending  rate at the
time of borrowing.  Unused lines amounted to $33.0 million at March 31, 2000. On
July 2,  1999,  a  shelf  registration  statement  providing  for  the  possible
issuance,  from time to time, of senior and  subordinated  debt  securities  and
preferred  stock to a maximum of $1.0  billion  was  declared  effective  by the
Securities and Exchange  Commission.  Terms of the securities will be set at the
time of issuance. As of March 31, 2000, none of this debt or preferred stock had
been issued.

Liquidity  management  includes  monitoring current and projected cash flows, as
well as economic forecasts for the industry. A liquidity  contingency plan is in
place which is designed to effectively  manage potential  liquidity concerns due
to changes in interest rates, credit markets, or other external risks.

The  Consolidated  Statements  of Cash Flows  present the change in cash and due
from banks from operating,  investing and financing activities. During the first
three months of 2000, net cash provided by operating  activities  totaled $201.8
million.  Contributing  to net cash  provided by operating  activities  were the
results of  operations,  plus noncash  expenses,  and proceeds from the sales of
mortgages held for sale.  Partially  offsetting the  contributions  to operating
cash were  funds used to  originate  mortgage  loans  held for sale and  noncash
revenues.

Net cash used in investing activities totaled $1.3 billion. For the three months
ended March 31, 2000,  net cash used in  transactions  involving the  investment
portfolios totaled $654.8 million, while the loan portfolio used net cash $594.5
million.

Scheduled  maturities and anticipated  principal repayments of the available for
sale and held to maturity  securities  portfolios will  approximate $1.3 billion
throughout  the  balance  of 2000.  In  addition,  all or part of the  remaining
securities  available  for sale  could  be sold,  providing  another  source  of
liquidity.  These  sources  can also be used to meet the  funding  needs  during
periods of loan growth.

Net cash provided by financing activities totaled $1.1 billion. During the first
three months of 2000,  other borrowed funds and long-term debt increased  $601.7
million and deposits  increased  $523.2 million.  These increases were partially
offset by the payment of common stock dividends.

LOOKING AHEAD

This report contains  certain  forward-looking  statements,  either expressed or
implied,  which are  provided  to assist  the reader to  understand  anticipated
future financial performance.  These forward-looking  statements involve certain
risks, uncertainties, estimates and assumptions made by management.

One of Summit  Bancorp's  primary  objectives is to achieve  balanced  asset and
revenue  growth,  and at the same time expand market  presence and diversify the
line of financial products. However, it is recognized that objectives, no matter
how focused,  are subject to factors  beyond the control of Summit Bancorp which
can impede our ability to achieve these goals.

Factors that may cause actual results to differ from those results  expressed or
implied  include,  but are not limited to, the interest rate environment and the
overall  economy,  the  ability of  customers  to repay their  obligations,  the
adequacy of the  allowance  for loan  losses,  including  realizable  collateral
valuations,  charge offs and  recoveries,  the progress of integrating  acquired
financial   institutions,   competition  and  technological  changes.   Although
management has taken certain steps to mitigate any negative


                                       19
<PAGE>

effect of the above  mentioned  items,  significant  unfavorable  changes  could
severely   impact  the   assumptions   used  and  have  an  adverse   affect  on
profitability.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Due to the nature of Summit Bancorp's business, market risk is primarily limited
to its  exposure  to  interest  rate risk  which is the impact  that  changes in
interest  rates  would  have on future  earnings.  The  principal  objective  in
managing  interest  rate risk is to  maximize  net  interest  income  within the
acceptable  levels of risk  established  by policy.  This risk can be reduced by
various  strategies,  including  the  administration  of  liability  costs,  the
reinvestment  of asset  maturities  and the use of off-balance  sheet  financial
instruments.

Interest  rate  risk  is  monitored  through  the  use  of  simulation  modeling
techniques which apply alternative interest rate scenarios to periodic forecasts
of future  business  activity and  estimate  the related  impact to net interest
income.  The use of simulation  modeling  assists  management in its  continuing
efforts to achieve earnings growth in varying interest rate environments.

Key assumptions in the model include anticipated prepayments on mortgage-related
instruments,  contractual cash flows and maturities of all financial instruments
including   derivatives,   anticipated   future   business   activity,   deposit
sensitivity, and changes in market conditions.  Selected core deposit rates have
not been changed based on the results of analysis of historical rate movements.

These assumptions are inherently uncertain and, as a result, these models cannot
precisely  estimate the impact that higher or lower rate  environments will have
on net interest income. Actual results will differ from simulated results due to
the timing,  magnitude,  and frequency of interest rate changes, changes in cash
flow  patterns  and  market  conditions,  as well  as  changes  in  management's
strategies.

Based on the results of the  interest  simulation  model,  as of March 31, 2000,
Summit  Bancorp  would expect a decrease of  approximately  $87.4 million in net
interest income and an increase of  approximately  $73.6 million in net interest
income if interest rates increase or decrease by 100 basis points, respectively,
from  current  interest  rates  in  an  immediate  and  parallel  shock  over  a
twelve-month period. At December 31, 1999, Summit Bancorp expected a decrease of
$74.2  million in net  interest  income and an increase of $66.5  million in net
interest  income if interest  rates  increased or decreased by 100 basis points,
respectively. The interest simulation model does not include asset and liability
strategies  that  could be  deployed  to  mitigate  the impact of changes in the
interest rate environment.

Interest rate risk management efforts also involve the use of certain derivative
financial  instruments,  primarily  interest  rate  swaps,  for the  purpose  of
stabilizing  net interest  income in a changing  interest rate  environment.  At
March 31, 2000, the notional values of these instruments totaled $210.0 million.
These derivatives resulted in an increase in net interest income of $0.1 million
for the first three  months of 2000.  The cost to terminate  these  contracts at
March 31, 2000, would have been $0.8 million.

Summit Bancorp has limited risks associated with foreign currencies, commodities
or other marketable instruments.

PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS

Based upon advice of Summit's Legal Department, management does not believe that
the ultimate  disposition of the litigation discussed below will have a material
adverse effect on the financial position and results of operation of the company
and its subsidiaries, taken as a whole.

1.  Annette  Loatman on behalf of herself and all others  similarly  situated v.
United Jersey Bank,  U.S.  District Court for the District of New Jersey,  Civil
Action No. 95-5258 (JBS),  filed on October 4, 1995,  Robert M. Gundle,  III, on
behalf of himself and all others similarly situated v. Summit Bank, successor in
interest to United  Jersey  Bank,  U.S.  District  Court for the District of New
Jersey,  Civil Action No. 96-4477 (JBS),  filed on October 14, 1996, and Annette
Loatman, on behalf of herself and all others similarly situated v. United Jersey
Bank,  Superior Court of New Jersey,  Camden County,  Docket No. L-3527-96 ("the
State Action"),  filed April 24, 1996,  dismissed  without prejudice pending the
outcome of the federal  actions on December 9, 1996, and reinstated  October 15,
1997, with Robert M. Gundle, III as an additional named plaintiff.


                                       20
<PAGE>

         Last  reported on Form 10-K for the period ended  December 31, 1999. On
March 14, 2000, plaintiffs filed Notice of Appeal to the Appellate Division from
the trial court's February 4, 2000,  summary  judgment,  dismissing their common
law claims.  On March 30,  2000,  the Bank filed Notice of Cross Appeal from the
trial court's earlier decisions granting class certification, denying the Bank's
motion to decertify the class,  and extending  dissemination of the class notice
to borrowers of banks other than UJB South.


ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS.

Not applicable.


ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

 Not applicable.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

The annual  meeting of the  shareholders  of Summit  Bancorp  was held April 14,
2000.  The  following  is a brief  description  of each  matter  voted on at the
meeting.

PROPOSAL 1 - ELECTION OF DIRECTORS

The following directors were nominated for election to the Board of Directors as
Class I Directors for a three-year  term:  James C. Brady,  T. J. Dermot Dunphy,
Thomas H.  Hamilton,  Francis J. Mertz,  T. Joseph Semrod and Douglas G. Watson.
Arthur J.  Kania was  nominated  for  election  as a Class  III  Director  for a
two-year term.

PROPOSAL 2 - INDEPENDENT ACCOUNTANTS

Shareholders were presented with a proposal to ratify the selection of KPMG LLP,
independent  certified public accountants,  to audit the consolidated  financial
statements of Summit Bancorp.  and its subsidiaries for the year ending December
31, 2000.

The results of the voting at the annual meeting were as follows:

                                     SHARES

PROPOSAL                             FOR                        WITHHELD
-----------------------------------------------------------------------------
1 - Election of Directors
     James C. Brady               140,072,481                  6,185,691
     T.J. Dermot Dunphy           138,596,717                  7,661,455
     Thomas H. Hamilton           140,016,697                  6,241,475
     Arthur J. Kania              140,280,609                  5,977,563
     Francis J. Mertz             138,599,969                  7,658,203
     T. Joseph Semrod             138,070,863                  8,187,309
     Douglas G. Watson            125,068,550                 21,189,622

                                     FOR             AGAINST        ABSTAIN
-----------------------------------------------------------------------------
2 - Independent Accountants       141,743,902       2,785,382      1,728,888

ITEM 5. OTHER INFORMATION.

Not applicable.



                                       21
<PAGE>

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.

(a)      Exhibits

          * (10) F. Management Incentive Plan, effective January 1, 1999.

          * (10) I. (iv) Release, Covenant Not to Sue, Non-Disclosure and
          Non-Solicitation Agreement between Robert G. Cox and Summit Bancorp
          dated as of April 18, 2000.

          (27) Summit Bancorp. Financial Data Schedule - March 31, 2000.

          * Management contract or compensatory plan or arrangement.

(b)       Reports on Form 8-K
          Not applicable.

























                                       22
<PAGE>


                                    SIGNATURE



     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
     Registrant  has duly  caused  this report to be signed on its behalf by the
     undersigned thereunto duly authorized.




                                   SUMMIT BANCORP
                                   Registrant



       DATE: May 12, 2000 by:           /s/ PAUL V. STAHLIN
                                        -------------------
                                        PAUL V. STAHLIN
                                        Senior Vice President, Comptroller
                                        and Principal Accounting Officer
                                        (Duly Authorized Officer)



























                                       23
<PAGE>


                                  EXHIBIT INDEX


     Exhibit No.                  Description


       (10)          * F. Management Incentive Plan, effective January 1, 1999.

       (10)          * I.  (iv) Release, Covenant Not To Sue, Non-Disclosure and
                       Non-Solicitation Agreement between Robert G. Cox and
                       Summit Bancorp dated as of April 18, 2000.

       (27)          Summit Bancorp. Financial Data Schedule - March 31, 2000.

           * Management contract or compensatory plan or arrangement.





















                                       24