UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

**FORM 10-Q**

| **[X]**QUARTERLY REPORT UNDER SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934**For the quarterly period ended March 31, 2007**[  ]**TRANSITION REPORT UNDER SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934**For the transition period from __________ to __________**Commission file number 000-1330039**
**AMERICAN BANCORP OF NEW JERSEY, INC.**(Exact name of registrant as specified in its charter)
**New Jersey**(State or other jurisdictionof incorporation or organization)**55-0897507**(I.R.S. EmployerIdentification Number)
**365 Broad Street, Bloomfield, New Jersey 07003**(Address of Principal Executive Offices)

**(973) 748-3600**(Registrant's telephone number, including area code)

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

Yes [ X ] No [  ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of "accelerated filer and largeaccelerated filer" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer [ ]   Accelerated filer [ X ]   Non-accelerated filer [ ]

As of May 2, 2007, there were 12,753,147 outstanding shares of the Registrant's Common Stock.
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**AMERICAN BANCORP OF NEW JERSEY, INC.**

**Table of Contents**
**PART I - FINANCIAL INFORMATION (UNAUDITED)**Item 1.Financial Statements3Notes to Financial Statements9Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations14Item 3.Quantitative and Qualitative Disclosures About Market Risk34Item 4.Controls and Procedures39**PART II - OTHER INFORMATION**Item 1.Legal Proceedings40Item 1A.Risk Factors40Item 2.Unregistered Sales of Equity Securities and Use of Proceeds40Item 3.Defaults Upon Senior Securities40Item 4.Submission of Matters to a Vote of Securities Holders41Item 5.Other Information41Item 6.Exhibits41**FORM 10-Q SIGNATURE PAGE**42**CERTIFICATIONS**2NEXT PAGE
**ITEM 1. FINANCIAL STATEMENTS**

**American Bancorp of New Jersey, Inc.Statements of Financial Condition(in thousands, except share data)(unaudited)**
March 31,2007September 30,2006**ASSETS**Cash and cash equivalents    Cash and due from banks$  6,184$  6,671    Interest-bearing deposits7,297494    Federal Funds Sold19,300-        Total cash and cash equivalents32,7817,165Securities available-for-sale57,34074,523Securities held-to-maturity (fair value: March 31, 2007-$9,571September 30, 2006 - $10,423)9,63210,547Loans held for sale417-Loans receivable, net of allowance for loan losses (March 31, 2007 -$2,366,September 30, 2006 -$2,123)422,889398,624Premises and equipment9,1926,523Federal Home Loan Bank stock, at cost2,7523,356Cash surrender value of life insurance12,9578,747Accrued interest receivable2,1131,979Other assets4,2302,855Total assets$554,303$514,319**LIABILITIES AND EQUITY**Deposits    Non-interest-bearing$ 31,783$ 23,545    Interest-bearing364,389303,602        Total deposits396,172327,147Advance payments by borrowers for taxes and insurance2,7582,466Federal Home Loan Bank advances42,64456,075Accrued expenses and other liabilities3,8743,770        Total liabilities$445,448$389,458Commitments and contingent liabilitiesEquity    Preferred stock, $.10 par value, 10,000,000 shares authorized    at March 31, 2007 and September 30, 2006;--    Common stock, $.10 par value, 20,000,000 shares authorized,    14,527,953 and 14,527,953 shares issued    at March 31, 2007 and September 30, 2006;    12,753,147 and 14,163,220 outstanding    at March 31, 2007 and September 30, 2006;1,4531,453    Additional paid in capital112,706111,780    Unearned ESOP shares(8,324)(8,549)    Retained earnings25,08925,438    Treasury Stock; 1,774,806 and 364,733 shares    at March 31, 2007 and September 30, 2006.(21,517)(4,380)    Accumulated other comprehensive loss(552)(881)        Total equity108,855124,861        Total liabilities and equity$554,303$514,319
See accompanying notes to unaudited consolidated financial statements
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**American Bancorp of New Jersey, Inc.Statements of Income(in thousands, except share data)(unaudited)**
**Six Months EndedMarch 31,****Three Months EndedMarch 31,****2007****2006****2007****2006**Interest and dividend income  Loan, including fees$11,906$ 9,538$ 6,127$ 4,847  Securities1,6081,9097671,132  Federal funds sold and other353872265260    Total interest income13,86712,3197,1596,239Interest expense  NOW and money market1,067400829206  Savings1,3971,055685551  Certificates of deposit3,9422,7282,0451,381  Federal Home Loan Bank advances1,2351,291543635    Total interest expense7,6415,4744,1022,773Net interest income6,2266,8453,0573,466Provision for loan losses243246193159Net interest income after provision for loan losses5,9836,5992,8643,307Noninterest income  Deposit service fees and charges335366175183  Income from cash surrender value of life insurance21015512680  Gain on sale of loans128106  Loss on sales of securities available-for-sale(11)(271)(11)-  Other9714055103    Total noninterest income643398355372Noninterest expense  Salaries and employee benefits4,0923,0872,1271,689  Occupancy and equipment462405246206  Data processing358341183169  Advertising and marketing1661254773  Professional and consulting203255102137  Legal831084023  Other549488277267    Total noninterest expense5,9134,8093,0222,564Income before provision for income taxes7132,1881971,115Provision for income taxes23483747427Net income$   479$ 1,351$   150$   688Comprehensive income (loss)$   808$ 1,085$   303$   309Earnings per share:  Basic$  0.04$  0.10$  0.01$  0.05  Diluted$  0.04$  0.10$  0.01$  0.05
See accompanying notes to unaudited consolidated financial statements
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**American Bancorp of New Jersey, Inc.Statements of Stockholders' EquitySix months ended March 31, 2006(in thousands)(unaudited)**
CommonStockAdditionalPaid-InCapitalUnearnedESOPSharesUnearnedRSPSharesRetainedEarningsAccumulatedOtherComprehensiveLossAmountReclassifiedOn ESOPSharesTotalEquityCompre-hensiveIncome(Loss)Balance atSeptember 30, 2005$  555$  17,242$ (1,064)$ (1,212)$ 25,417$  (959)$  (473)$ 39,506Transfer of Unearned RSP  to APIC due to adoption of  FAS 123R-(1,212)-1,212----Issuance and exchange of  common stock, net of  issuance costs86296,661(7,935)----89,588MHC capital infusion from  merger-98-----98RSP share purchases-(1,601)-----(1,601)RSP shares earned131131Stock options earned-126-----126ESOP shares earned-47225----272Cash dividends paid -   $0.04 per share----(1,048)--(1,048)Reclassification due to  elimination of  repurchase obligation------473473Comprehensive income  Net income----1,351--1,351  Change in unrealized    gain on securities    available-for-sale, net    of taxes-----(266)-(266)      Total comprehensive              income$ 1,085Balance at  March 31, 2006$ 1,417$ 111,492$ (8,774)$          -$ 25,720$ (1,225)$          -$ 128,630
See accompanying notes to unaudited consolidated financial statements
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**American Bancorp of New Jersey, Inc.Statements of Stockholders' EquitySix months ended March 31, 2007(in thousands)(unaudited)**
CommonStockAdditionalPaid-InCapitalUnearnedESOPSharesRetainedEarningsAccumulatedOtherComprehensiveIncomeTreasury StockTotalEquityCompre-hensiveIncome(Loss)Balance at  September 30, 2006$ 1,453$ 111,780$ (8,549)$ 25,438$ (881)$ (4,380)$ 124,861RSP stock grants-(76)---76-RSP shares earned-629----629Treasury share purchases-----(17,213)(17,213)Stock options earned281----281ESOP shares earned-92225---317Cash dividends paid -   $0.04 per share---(958)--(958)Cumulative effect of adoption of SAB 108---130--130Comprehensive income    Net income---479--479    Change in unrealized      gain on securities      available-for-sale, net      of taxes----329-329      Total comprehensive        income$ 808Balance at  March 31, 2007$ 1,453$ 112,706$ (8,324)$ 25,089$ (552)$ (21,517)$ 108,855
See accompanying notes to unaudited consolidated financial statements
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American Bancorp of New Jersey, Inc.Statements of Cash Flows(in thousands)(unaudited)
Six Months EndedMarch 31,20072006**Cash flows from operating activities**    Net Income$     479$   1,351    Adjustments to reconcile net income to net cash    provided by operating activities        Depreciation and amortization167170        Net amortization of premiums and discounts(5)(28)        Losses on sales of securities available-for-sale11271        ESOP compensation expense317272        RSP compensation expense629131        SOP compensation expense281126        Provision for loan losses243246        Increase in cash surrender value of life insurance(210)(155)        Gain on sale of loans(12)(8)        Proceeds from sales of loans2,4792,999        Origination of loans held for sale(2,884)(3,130)        Decrease (increase) in accrued interest receivable(134)(401)        Decrease (increase) in other assets(1,209)255        Change in deferred income taxes(362)(62)        Increase (decrease) in other liabilities235(105)            Net cash provided by operating activities251,932**Cash flows from investing activities**    Net increase in loans receivable(24,508)(31,219)    Purchases of securities held-to-maturity-(4,935)    Principal paydowns on securities held-to-maturity906862    Purchases of securities available-for-sale(4,990)(52,606)    Sales of securities available-for-sale3,2279,750    Maturities of securities available-for-sale11,0002,000    Principal paydowns on securities available-for-sale8,4739,666    Purchase of Federal Home Loan Bank stock(1,971)(93)    Redemption of Federal Home Loan Bank stock2,57591    Purchase of bank-owned life insurance(4,000)(920)    Purchase of premises and equipment(2,836)(305)        Net cash used in investing activities(12,124)(67,709)**Cash flows from financing activities**Net increase in deposits69,025(11,735)Stock subscriptions held for parent received (refunded or applied)-(115,201)Net change in advance payments by borrowers for taxes and insurance292137Repayment of Federal Home Loan Bank of New York advances(3,031)(2,029)Net change in Federal Home Loan Bank of New York overnight  lines of credit(10,400)700Cash dividends paid(958)(1,048)MHC Capital infusion-98RSP and treasury share purchases(17,213)(1,601)Net proceeds from stock issuance-89,588Net cash provided by (used in) financing activities37,715(41,091)Net change in cash and cash equivalents25,616(106,868)Cash and cash equivalents at beginning of year7,165125,773**Cash and cash equivalents at end of year**$ 32,781$ 18,905
**(Continued)**
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**American Bancorp of New Jersey, Inc.Statements of Cash Flows(in thousands)(unaudited)**
Six Months EndedMarch 31,20072006Supplemental cash flow information:    Cash paid during the period for        Interest$ 7,741$ 5,475        Income taxes, net of refunds803981Supplemental disclosures of non-cash financing transaction:    Transfer of stock subscriptions received and deposits to capital-89,588    Cumulative effect of adoption of SAB 108130-
See accompanying notes to unaudited financial statements
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**American Bancorp of New Jersey, Inc.Notes To Unaudited Financial Statements(in thousands)**

Note 1 - Basis of Presentation

American Bancorp of New Jersey, Inc. (the "Company") is a New Jersey chartered corporation organized in May 2005 that was formed for the purpose of acquiring all of the capitalstock of American Bank of New Jersey (the "Bank"), which was previously owned by ASB Holding Company ("ASBH"). ASBH was a federally chartered corporation organized in June 2003 that was formed forthe purpose of acquiring all of the capital stock of the Bank, which was previously owned by American Savings, MHC (the "MHC"), a federally chartered mutual holding company. The Bank had previouslyconverted from a mutual to a stock savings bank in a mutual holding company reorganization in 1999 in which no stock was issued to any person other than the MHC.

On October 3, 2003, ASB Holding Company, the predecessor of American Bancorp of New Jersey, Inc., completed a minority stock offering and sold 1,666,350 shares of common stock in asubscription offering at $10 per share and received proceeds of $16,060,000 net of offering costs of $603,000. ASBH contributed $9,616,000 or approximately 60% of the net proceeds to the Bank in theform of a capital contribution. ASBH loaned $1,333,080 to the Bank's employee stock ownership plan and the ESOP used those funds to acquire 133,308 shares of common stock at $10 per share.

After the sale of the stock, the MHC held 70%, or 3,888,150 shares, of the outstanding stock of ASBH with the remaining 30% or, 1,666,350 shares, held by persons other than theMHC. ASBH held 100% of the Bank's outstanding common stock.

On October 5, 2005, the Company completed a second step conversion in which the 3,888,150 shares of ASB Holding Company held by American Savings, MHC were converted and sold in a subscriptionoffering. Through this transaction, ASB Holding Company ceased to exist and was supplanted by American Bancorp of New Jersey as the holding company for the Bank. A total of 9,918,750 shares of commonstock were sold in the offering at $10 per share through which the Company received proceeds of $97,524,302 net of offering costs of $1,663,198. The Company contributed $48,762,151 or approximately50% of the net proceeds to the Bank in the form of a capital contribution. The Company loaned $7,935,000 to the Bank's ESOP which used those funds to acquire 793,500 shares of common stock at $10 pershare.
As part of the conversion, each of the 1,666,350 outstanding shares of ASB Holding Company held by public shareholders was exchanged for 2.55102 of the Company's shares. Thisexchange resulted in an additional 4,250,719 shares of American Bancorp of New Jersey, Inc. being issued for a total of 14,169,469 outstanding shares.

The accompanying unaudited consolidated financial statements include the accounts of American Bancorp of New Jersey, Inc. and its wholly owned subsidiaries, American Bank of NewJersey and ASB Investment Corp. (the "Investment Corp.") as of March 31, 2007 and September 30, 2006 and for the three and six months ended March 31, 2007 and March 31, 2006. Significant intercompanyaccounts and transactions have been eliminated in consolidation. References in this Quarterly Report on Form 10-Q to the Company generally refer to the Company and the Bank, unless the contextindicates otherwise. References to "we," "us," or "our" refer to the Bank or Company, or both, as the context indicates.

The primary business of the Company is the ownership of the Bank and the Investment Corp. The Bank provides a full range of banking services to individual and corporate customerslocated primarily in the New Jersey and New York metropolitan area. The Bank is subject to competition from 9NEXT PAGE
other financial institutions and to the regulations of certain federal and state agenciesand undergoes periodic examinations by those regulatory authorities. The Investment Corp. was organized for the purpose of selling insurance and investment products, including annuities, to customersof the Bank and the general public, with initial activities limited to the sale of fixed rate annuities. The Investment Corp. has had limited activity to date.

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America forinterim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and notes required by accounting principlesgenerally accepted in the United States of America for complete financial statements. These interim statements should be read in conjunction with the consolidated financial statements and notesincluded in the Annual Report on Form 10-K. The March 31, 2007 balance sheet presented herein has been derived from the audited financial statements included in the consolidated financial statementsand notes included in the Annual Report on Form 10-K filed with the Securities and Exchange Commission, but does not include all disclosures required by accounting principles generally accepted inthe United States of America.

To prepare financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions based onavailable information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and future results could differ. The allowance for loanlosses, prepayment speeds on mortgage -backed securities, and status of contingencies are particularly subject to change.

Interim statements are subject to possible adjustment in connection with the annual audit of the Company for the year ended September 30, 2007. In the opinion of management of theCompany, the accompanying unaudited interim consolidated financial statements reflect all of the adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of theconsolidated financial position and consolidated results of operations for the periods presented.

The results of operations for the three and six months ended March 31, 2007 are not necessarily indicative of the results to be expected for the full year or any otherperiod.

Note 2 - Earnings Per Share (EPS)

Amounts reported as basic earnings per share of common stock reflect earnings available to common stockholders for the period divided by the weighted average number of commonshares outstanding during the period less unearned ESOP and restricted stock plan shares. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue commonstock (such as stock awards and options) were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Diluted EPS iscomputed by dividing income by the weighted-average number of shares outstanding for the period plus common-equivalent shares computed using the treasury stock method.
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The factors used in the earnings per share computation follow.
Six Months EndedMarch 31,Three Months EndedMarch 31,2007200620072006Basic    Net income$             479$        1,351$             150$             688Weighted average common sharesoutstanding11,957,80513,141,30211,582,98613,126,422    Basic earnings per common share$           0.04$           0.10$           0.01$           0.05Diluted    Net income$             479$      1,351$             150$             688Weighted average common shares outstanding for basic earnings per common share11,957,80513,141,30211,582,98613,126,422Add: Dilutive effects of assumed exercises of stock options165,94486,410163,74766,732Add: Dilutive effects of full vesting of stock awards38,57133,85534,15233,045Average shares and dilutive potential common shares12,162,32013,261,56711,780,88513,226,199Diluted earnings per common share$            0.04$            0.10$            0.01$            0.05
Note 3 - Other Stock-Based Compensation

At March 31, 2007, all available shares and options available under the 2005 Restricted Stock Plan, 2005 Stock Option Plan and the 2006 Equity Incentive Plan had been awarded toparticipants.
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A summary of the activity in the Company's stock option plans for the six months ended March 31, 2007 and 2006 is as follows.
For the six months endedMarch 31, 2007March 31, 2006SharesWeightedAverageExercisePriceSharesWeightedAverageExercisePriceOutstanding at beginning of period1,397,854$ 9.23694,315$ 6.81Granted19,09411.87--Exercised----Forfeited or expired--(19,094)$ 6.80Outstanding at end of period1,416,948$ 9.26675,221$ 6.81Options exercisable at period end263,827$ 6.80128,790$ 6.80Weighted average remainingcontractual life7.8 years8.8 years
A summary of the status of the Company's nonvested restricted stock plan shares as of March 31, 2007 and 2006 and changes during the six months ended March 31, 2007 and 2006 are asfollows.
For the three months endedMarch 31, 2007March 31, 2006SharesWeightedAverageGrantDate FairValueSharesWeightedAverageGrantDate FairValueOutstanding at beginning of period520,126$ 10.04208,295$ 6.81Granted6,24911.87--Vested(37,909)6.80(37,908)6.80Forfeited or expired--(6,249)6.80Outstanding at end of period488,466$ 10.31164,138$ 6.81
Note 4 - Recent Accounting Pronouncements

In July 2006, the FASB released Interpretation No. 48, "Accounting for Uncertainty in Income Taxes." This Interpretation revises the recognition tests for tax positions taken intax returns such that a tax benefit is recorded only when it is more likely than not that the tax position will be allowed upon examination by taxing authorities. The amount of such a tax benefit torecord is the largest amount that is more likely than not to be allowed. Any reduction in deferred tax assets or increase in tax liabilities upon 12NEXT PAGE
adoption will correspondingly reduce retainedearnings. The Company has not yet determined the effect of adopting this Interpretation, which is effective for it on October 1, 2007.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157 "Fair Value Measurements" ("SFAS No. 157"), which defines fair value, establishes a frameworkfor measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. SFAS No. 157 is effective for financial statements issued for fiscal yearsbeginning after November 15, 2007. The adoption of SFAS No. 157 is not expected to have a material impact on the Company's consolidated financial statements.

In February 2007, the FASB issued Statement of Financial Accounting Standards No. 159 "The Fair Value Option for Financial Assets and Financial Liabilities" ("SFAS No. 159"), SFASNo. 159 permits entities to choose to measure certain financial assets and financial liabilities at fair value. The objective is to improve financial reporting by providing entities with theopportunity to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently without having to apply complex hedge accounting provisions. SFAS No. 159 iseffective for financial statements issued for fiscal years beginning after November 15, 2007. The Company has not yet determined the effect of adopting SFAS No. 159, which is effective for it onOctober 1, 2008, but may be adopted as early as October 1, 2007.
13NEXT PAGE**ITEM 2.**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**
**Forward-Looking Statements**

This report contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, asamended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of1995 as amended and is including this statement for purposes of these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies,and expectations of the Company, are generally identifiable by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project," or similar expressions. The Company's ability topredict results or the actual effect of future plans or strategies is inherently uncertain. Factors that could have a material adverse affect on the operations and future prospects of the Company andits wholly-owned subsidiaries include, but are not limited to, changes in: interest rates; general economic conditions; legislative/regulatory provisions; monetary and fiscal policies of the U.S.Government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of the loan or investment portfolios; demand for loan products; deposit flows;competition; and demand for financial services in the Company's market area. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should notbe placed on such statements.

**Business Strategy**

Our business strategy has been to operate as a well-capitalized independent financial institution dedicated to providing convenient access and quality service at competitive prices. During recentyears, we have experienced significant loan and deposit growth. Our current strategy seeks to continue that growth while we evolve from a traditional thrift institution into a full service, communitybank. The highlights of our business strategy include the following:
**Grow and diversify the deposit mix by emphasizing non-maturity account relationships acquired through de novo branching andexisting deposit growth. Our current business plan calls for us to open up to five de novo branches over approximately the next three to five years.**
Toward that end, we opened our newest deposit branch in Verona, Jersey during the first quarter of the current fiscal year. Our contiguous growth is expected tocontinue in fiscal 2007 with the opening of full service deposit branches in two communities adjacent to that of our headquarters in Bloomfield, New Jersey. We expect to open our Nutley, New Jerseybranch in May 2007 followed by our Clifton, New Jersey branch prior to the end of fiscal 2007.
- **Grow and diversify the loan mix by increasing commercial loan origination volume while increasing the balance of such loans asa percentage of total assets.**  In support of our loan growth and diversification objectives, we have expanded our commercial lending staff which has, in turn, resulted in significant growth in the associatedloans. For the six months ended March 31, 2007, our commercial loans, including multi-family, nonresidential real estate, construction and business loans, grew $30.5 million, or 31.7%, from $96.2million to $126.7 million. This increase has resulted in commercial loans growing from 24.1% to 30.0% of loans receivable, net over that same six month period.   14 NEXT PAGE        **Grow and diversify noninterest income through supplemental deposit and lending related services andstrategies.**
Toward this end, we have expanded our loan sale capabilities to include selling loans on a servicing released basis. Doing so has enabled the Bank to generate greater income perloan sold than had been recorded when loans were sold on a servicing retained basis. Additional enhancements to noninterest income are expected to arise as the Bank grows its branch network andexpands its menu of business-related deposit services.
- **Continue to implement or enhance alternative delivery channels for the origination and servicing of loan and depositproducts.**  In support of this objective, we recently completed a significant overhaul of our Internet website which serves as a portal through which our customers access a growing menu ofonline services. While enhancing our online services for retail customers, we are concurrently addressing the growth in business demand for such services. Toward that end, we have expanded ourbusiness online banking product and service offering to now include remote check deposit and online cash management services for business  **Broaden and strengthen customer relationships by bolstering cross marketing strategies and tactics with a focus on multipleaccount/service relationships.**
We expect to continue our de novo branch deposit gathering strategy by which premium interest rates are paid on non-maturity, transaction accounts for a period of time to initiallyattract customers and funds. During this initial period, we will continue to cross market other products and services to promote multiple account/service relationships and the retention of long termcustomers and core deposits. We continue to make similar cross marketing efforts to enhance and expand our relationships with customers within the existing branches.
**Utilize capital markets tools to effectively manage capital and enhance shareholder value.**
Toward that end, on March 28, 2007 the Company announced the completion of the repurchase of ten percent of its outstanding shares in accordance with its share repurchase planannounced in October 2006. A second share repurchase plan by which an additional five percent of its shares would be repurchased by the Company was announced on April 30, 2007.

We expect that a number of the strategies outlined above will continue to have a detrimental impact on near term earnings. This impact is exacerbated by current market conditionsexemplified by the inverted yield curve. Notwithstanding the near term earnings consequences, we expect to continue to execute these growth and diversification strategies designed to enhance futureearnings and their resiliency toward the goal of enhancing shareholder value.

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**Executive Summary**

The Company's results of operations depend primarily on its net interest income. Net interest income is the difference between the interest income we earn on our interest-earningassets and the interest we pay on our interest-bearing liabilities. It is a function of the average balances of loans and investments versus deposits and borrowed funds outstanding in any one periodand the yields earned on those loans and investments and the cost of those deposits and borrowed funds. Our loans consist primarily of residential mortgage loans, comprising first and secondmortgages and home equity lines of credit, and commercial loans, comprising multi-family and nonresidential real estate mortgage loans, construction loans and business loans. Our investmentsprimarily include residential mortgage-related securities and U.S. Agency debentures. Our interest-bearing liabilities consist primarily of retail deposits and borrowings from the Federal Home LoanBank of New York.

During the first six months of fiscal 2007, the Company's net interest spread declined 31 basis points to 1.49% in comparison to 1.80% for all of fiscal 2006, as increases in theyield on earning assets lagged the continued increases in the Company's cost of interest-bearing liabilities. This decline was primarily attributable to increases in the cost of retail deposits whichoutpaced the improved yields on loans. Contributing to this increase in the cost of deposits was the impact of higher promotional interest rates paid on new deposit accounts at the Bank's Veronabranch which opened during the quarter ended December 31, 2006. However, a significant portion of that increase continued to be attributable to upward pressure on overall deposit interest rates inthe highly competitive markets serviced by the Bank whose effects were exacerbated by the inverted yield curve.

The factors resulting in the compression of the Company's net interest spread also impacted the Company's net interest margin. However, the effects of that compression weresomewhat diminished by the continued favorable impact on net interest income resulting from the additional earning assets funded by the significant level of capital held by the Company. As a result,the Company's net interest margin decreased by 23 basis points from 2.73% for fiscal 2006 to 2.50% for the first six months of fiscal 2007.

Our results of operations are also affected by our provision for loan losses. Provisions for specific nonperforming assets and historical losses based on net charge-offs continue to be nominal dueto a history of low charge-offs and the relative stability of nonperforming asset balances. Non-performing loans as a percentage of total assets decreased from 0.41% at September 30, 2006 to 0.25% atMarch 31, 2007. For the six months ended March 31, 2007, the Company recorded net loan loss provision expense of $243,000. Net loan loss provision as a percentage of average assets increased by onebasis point to 0.10% for the first six months of fiscal 2007 from 0.09% for fiscal 2006. The expense for the six month period ended March 31, 2007 reflected the reversal of an $86,000 loss reserveagainst a previously impaired loan participation. Management's review conducted as of December 31, 2006 concluded that, based upon the loan's consistent payment history and the improved financialperformance of the underlying commercial property, the loan was no longer impaired resulting in the reversal of the prior impairment reserve. The loan's classification was also upgraded from doubtfulto substandard. Excluding this adjustment, the Bank's provision expense totaled $329,000 for the six months ended March 31, 2007. This adjusted amount reflects those loan loss provisions thatcontinue to be made primarily in connection with the overall growth in portfolio loans.

Our results of operations also depend on our noninterest income and noninterest expense. Noninterest income includes deposit service fees and charges, income on the cash surrender value of lifeinsurance, gains on sales of loans and securities, gains on sales of other real estate owned and loan related fees and charges. Excluding gains and losses on sale of assets, annualized noninterestincome as a percentage of average assets totaled 0.25% for the six months ended March 31, 2007 which is consistent with that reported for all of fiscal 2006.

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Gains and losses on sale of assets, excluded in the comparison above, typically result from the Company selling long term, fixed rate mortgage loan originations into the secondary market forinterest rate risk management purposes. Demand for such loans typically fluctuates with market interest rates. As interest rates rise, market demand for long term, fixed rate mortgage loansdiminishes in favor of hybrid ARMs which the Company has historically retained in its portfolio rather than selling into the secondary market. Consequently, the gains and losses on sale of loansreported by the Company will fluctuate with market conditions. Additionally, such gains and losses may also reflect the impact of infrequent investment security sales for asset/liability managementpurposes. This was the case in fiscal 2006 when the Company realized a $271,000 loss on sale of an underperforming investment security. For the first six months of fiscal 2007, the gains and losseson asset sales have substantially offset one another.

Noninterest expense includes salaries and employee benefits, occupancy and equipment expenses, data processing and other general and administrative expenses. Generally, operating costs haveincreased from those reported for fiscal 2006. A significant portion of this increase is attributable to additional personnel costs associated with executing the Company's business plan which callsfor further branching and increased strategic focus on commercial lending. Benefit costs, in particular, have also increased as we granted shares and options under the equity incentive plan approvedby shareholders during fiscal 2006. In the aggregate, annualized noninterest expense as a percentage of average assets totaled 2.26% for the six months ended March 31, 2007 - an increase of 18 basispoints from 2.08% for all of fiscal 2006.

Management expects occupancy and equipment expense to increase in future periods as we continue to implement our de novo branching strategy to expand our branch office network. Our currentbusiness plan targets the opening of up to five de novo branches over a three to five year timeframe. Toward that end, we opened our newest deposit branch in Verona, New Jersey during the firstquarter of the current fiscal year with branch growth expected to continue with the opening of full service deposit branches in Nutley and Clifton, New Jersey over the remainder of fiscal 2007. Costsfor land purchases or leases and branch construction costs for these and other future branches will impact earnings going forward. The expenses associated with opening new offices, in addition to thepersonnel and operating costs that we will have once these offices are open, are expected to significantly increase noninterest expenses.

The Company also expects compensation and occupancy expense to increase in future periods as additional lending staff is added to support the Bank's commercial loan growth and diversificationstrategies. Implementation of these strategies will likely result in the need to augment the office space available for our lending and administrative operations in order to add the personnel calledfor by our growth plans. Toward that end, the Bank has entered into a land lease agreement through which it plans to relocate the Bank's Bloomfield branch site. This relocation will significantlyupgrade and modernize the Bloomfield branch facility supporting the Company's deposit growth and customer service enhancement objectives. The relocation will also support expansion of theadministrative and lending office space within the Company's existing headquarters facility where the branch is currently located.

Finally, management expects the costs associated with the Sarbanes-Oxley Act of 2002 (the "Act") to continue throughout the remainder of fiscal 2007, albeit at a comparatively lower level thanthat recorded in fiscal 2006 - the first year of compliance with Section 404 of the Act. In particular, management expects the cost of the Company's outsourced internal audit services and, to alesser extent, that of its external auditors, to be reduced as the Company transitions from building and implementing its Sarbanes Oxley compliance program to managing and maintaining it.

In total, our annualized return on average assets decreased 24 basis points to 0.18% for the six months ended March 31, 2007 from 0.42% for all of fiscal 2006, while annualized return on averageequity decreased 85 basis points to 0.83% from 1.68% for the same comparative periods.

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Our net interest margin may continue to be adversely affected throughout several possible interest rate environments. The risks presented by movements in interest rates is addressed more fullyunder Item 3. Quantitative and Qualitative Disclosures About Market Risk found later in this report. Additionally, our results of operations may also be affected significantly by other economic andcompetitive conditions in our market area as well as changes in applicable laws, regulations or governmental policies. Furthermore, because our lending activity is concentrated in loans secured byreal estate located in New Jersey and the New York metropolitan area, downturns in the regional economy could have a negative impact on our earnings.

**Comparison of Financial Condition at March 31, 2007 and September 30, 2006**

Our total assets increased by $40.0 million, or 7.8%, to $554.3 million at March 31, 2007 from $514.3 million at September 30, 2006. The increase reflected net growth in cash andcash equivalents, loans receivable, net, premises and equipment and the cash surrender value of life insurance partially offset by decreases in securities available for sale and securities held tomaturity.

Cash and cash equivalents increased by $25.6 million, or 357.5%, to $32.8 million at March 31, 2007 from $7.2 million at September 30, 2006. The increase in cash and cashequivalents was largely attributable to the accumulation of short term, interest bearing investments which resulted from the net cash inflows associated with deposit growth over that same period.Such funds are expected to remain invested in cash and cash equivalents or short term investment securities until reinvested into loans.

Securities classified as available-for-sale decreased $17.1 million, or 23.1%, to $57.3 million at March 31, 2007 from $74.5 million at September 30, 2006. Additionally, securitiesheld to maturity decreased approximately $915,000, or 8.7% to $9.6 million at March 31, 2007 from $10.5 million at September 30, 2006. The net decline in investment balances reflects the Company'scontinued strategy of utilizing most cash flows from the investment securities portfolio to fund a portion of its growth in commercial real estate and business loans and repay maturingborrowings.

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The following table compares the composition of the Company's investment securities portfolio by security type as a percentage of total assets at March 31, 2007 and September 30,2006. Amounts reported exclude unrealized gains and losses on the available for sale portfolio.

Match 31, 2007September 30, 2006Type of SecuritiesAmountPercent ofTotal AssetsAmountPercent ofTotal Assets(Dollars in thousands)Fixed rate MBS$ 12,9682.34%$ 14,4062.80%ARM MBS17,3573.1323,7734.62Fixed rate CMO28,3255.1132,9306.40Floating rate CMO2,2040.402,3690.46Fixed rate agency debentures6,9911.2612,9892.53Total$ 67,84512.24%$ 86,46716.81%
Assuming no change in interest rates, the estimated average life of the investment securities portfolio was 2.03years and 2.37 years, respectively, at March31, 2007 and September 30, 2006. Assuming a hypothetical immediate and permanent increase in interest rates of 300 basis points, the estimated average life of the portfolio would have extended to2.42 years and 2.83 years at March 31, 2007 and September 30, 2006, respectively.

Loans receivable, net increased by $24.3 million, or 6.1%, to $422.9 million at March 31, 2007 from $398.6 million at September 30, 2006. The growth was comprised of net increasesin commercial loans totaling $30.5 million or 31.7%. Such loans include multi-family, nonresidential real estate, construction and business loans. The increase in loans receivable, net also includednet increases in home equity loans and home equity lines of credit totaling $1.6 million. Offsetting the growth in these categories was a $7.6 million decrease in the balance of 1-4 family firstmortgages and net increases to the allowance for loan losses totaling $243,000.

The following two tables compare the composition of the Company's loan portfolio by loan type as a percentage of total assets at March 31, 2007 with that of September 30, 2006.Amounts reported exclude allowance for loan losses and net deferred origination costs.
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The table below generally defines loan type by loan maturity and/or repricing characteristics:
Match 31, 2007September 30, 2006Type of LoansAmountPercent ofTotal AssetsAmountPercent ofTotal Assets(Dollars in thousands)Construction$ 24,0104.33%$ 16,2383.16%1/1 and 3/3 ARMs8,7851.585,8351.133/1 and 5/1 ARMs139,11425.10140,12427.245/5 and 10/10 ARMs43,9807.9343,7708.517/1 and 10/1 ARMs2,8640.522,0610.4015 year fixed or less125,70222.68111,72521.72Greater than 15 year fixed51,9099.3653,98410.50Prime-indexed HELOC19,6713.5519,1223.72Consumer6950.137200.14Business7,8851.426,0681.18Total$ 424,61576.60%$ 399,64777.70%
At March 31, 2007 and September 30, 2006, respectively, the balance of one-to-four family mortgage loans included $21.8 million and $20.0 million of thirty year adjustable rateloans with initial fixed interest rate periods of three to five years during which time monthly loan payments comprise interest only. After the initial period, the monthly payments on such loans areadjusted to reflect the collection of both interest and principal over the loan's remaining term to maturity.

The table below generally defines loan type by collateral or purpose:
Match 31, 2007September 30, 2006Type of LoansAmountPercent ofTotal AssetsAmountPercent ofTotal Assets(Dollars in thousands)Construction$ 24,0104.33%$ 16,2383.16%1-4 family mortgage277,36550.04283,46955.11Multifamily (5+) mortgage33,0535.9635,0886.82Nonresidential mortgage58,59110.5738,4087.47Land4,2220.765340.101-4 family HELOC19,6713.5519,1223.72Consumer6950.137200.14Business7,0081.266,0681.18Total$ 424,61576.60%$ 399,64777.70%
Total deposits increased by $69.0 million, or 21.1%, to $396.2 million at March 31, 2007 from $327.1 million at September 30, 2006. This increase was primarily attributable to the opening ofthe Bank's newest deposit branch located in Verona, New Jersey. The Bank celebrated the Verona branch grand opening on December 2, 2006 with balances at that branch totaling $55.8 million at March31, 2007. In total, noninterest bearing checking accounts increased approximately $8.2 million or 35.0% while interest bearing checking accounts, including a promotional, high yield money marketaccount offered in association with the Bank's new Verona branch, grew $57.2 million or 182.1%. For that same period, time deposits grew $10.8 million or 6.6% while savings deposit balances declined$7.3 million or 6.8%. The 
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decline in savings account balances was due largely to the disintermediation of such balances into higher yielding accounts.

At March 31, 2007, the Bank held approximately $5.5 million of municipal deposits, representing a reduction of approximately $11.4 million from $16.9 million at September 30, 2006. The outflow ofmunicipal deposits included the closing of one municipal account relationship whose balances at September 30, 2006 totaled approximately $11.8 million.

The following table compares the composition of the Company's deposit portfolio by category as a percentage of total assets at March 31, 2007 with that of September 30,2006.
Match 31, 2007September 30, 2006Deposit categoryAmountPercent ofTotal AssetsAmountPercent ofTotal Assets(Dollars in thousands)Money market checking$ 71,74912.94%$ 20,4743.98%Noninterest bearing checking31,7835.7323,5454.58Interest bearing checking16,9163.0510,9552.13Money market savings11,4932.0713,3962.60Other savings88,23315.9293,61218.20Certificates of deposit175,99831.76165,16532.12Total$ 396.17271.47%$ 327,14763.61%
The following table compares the composition of the Company's deposit portfolio by branch as a percentage of total assets at March 31, 2007 with that of September 30,2006.
Match 31, 2007September 30, 2006Deposit categoryAmountPercent ofTotal AssetsAmountPercent ofTotal Assets(Dollars in thousands)Bloomfield$ 232,51341.94%$ 227,36944.21%Cedar Grove107,86419.4699,77819.40Verona55,79510.07--Total$ 396,17271.47%$ 327,14763.61%
FHLB advances decreased $13.4 million, or 24.0%, to $42.6 million at March 31, 2007 from $56.1 million at September 30, 2006. The reduction was primarily attributable to therepayment of maturing FHLB advances totaling $3.0 million and the repayment of overnight borrowings totaling $10.4 million.
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The following table compares the composition of the Company's borrowing portfolio by remaining term to maturity as a percentage of total assets at March 31, 2007 with that ofSeptember 30, 2006. Scheduled principal payments on amortizing borrowings are reported as maturities.
Match 31, 2007September 30, 2006Remaining TermAmountPercent ofTotal AssetsAmountPercent ofTotal Assets(Dollars in thousands)Overnight$          --%$ 10,4002.02%One year or less6,0641.098,0631.57One to two years14,0672.5412,0652.36Two to three years7,5131.367,5471.47Three to four years6,0001.086,0001.16Four to five years6,0001.086,0001.16More than five years3,0000.546,0001.16Total$ 42,6447.69%$ 56,07510.90%
Equity decreased $16.0 million, or 12.8% to $108.9 million at March 31, 2007 from $124.9 million at September 30, 2006. The decrease was primarily due to the Company'srepurchase of its shares in accordance with its repurchase plan announced in October 2006. The reported decrease in equity was primarily attributable to a $17.1 million increase in Treasury stockresulting from the Company's share repurchases through March 31, 2007.

**Comparison of Operating Results for the Three Months Ended March 31, 2007 and March 31, 2006**

**General.** Net income for the three months ended March 31, 2007 was $150,000, a decrease of $538,000, or 78.2% from the quarter ended March 31, 2006.The decrease in net income resulted from a decrease in net interest income, an increase in the provision for loan losses and an increase in noninterest expense partially offset by an increase innoninterest income and a decrease in the provision for income taxes.

**Interest Income.** Total interest income increased 14.7% or $920,000 to $7.2 million for the quarter ended March 31, 2007 from $6.2 million for thequarter ended March 31, 2006. For those same comparative quarters, the average yield on interest-earning assets increased 61 basis points to 5.64% from 5.03% while the average balance ofinterest-earning assets increased $11.9 million or 2.4% to $508.2 million from $496.3 million.

Interest income on loans increased $1.3 million or 26.4%, to $6.1 million for the quarter ended March 31, 2007 from $4.8 million for the quarter ended March 31,2006. This increase was due, in part, to a $55.4 million increase in the average balance of loans receivable to $415.5 million for the quarter ended March 31, 2007 from $360.2 million for the quarterMarch 31, 2006. In addition, the average yield on loans increased 51 basis points to 5.89% from 5.38% for those same comparative periods. The increase in the average balance and yields of loansreceivable was primarily attributable to the Company's strategic emphasis on commercial lending.

The rise in interest income on loans was partially offset by lower interest income on securities, which decreased $365,000 or 32.2% to $767,000 for the quarterended March 31, 2007 from $1.1 million for the quarter ended March 31, 2006. The decrease was due largely to a $36.3 million decline in the average balance of investment securities to $73.8 millionfor the quarter ended March 31, 2007 from $110.1 million for the quarter ended March 31, 2006. The impact on interest income of that decline in average balance 22NEXT PAGE
was modestly offset by a 4 basis pointincrease in the average yield on securities which grew to 4.10% from 4.06% for the same comparative periods.

Further, interest and dividend income on federal funds sold, other interest-bearing deposits and FHLB stock increased $5,000 to $265,000 for the quarter ended March31, 2007 from $260,000 for the quarter ended March 31, 2006. The increase in interest income was attributable, in part, to a 179 basis point increase in the average yield on these assets whichincreased to 6.06% from 4.27%. The impact on interest income from the higher yields on these assets was substantially offset by a decline of $6.8 million in the average balance of these assets to$17.5 million for the quarter ended March 31, 2007 from $24.3 million for the quarter ended March 31, 2006. The average balances reported and used for yield calculations reflect, where appropriate,the reduction for outstanding checks issued against such accounts. This has the effect of increasing the reported yield on such assets.

**Interest Expense.** Total interest expense increased by $1.3 million or 47.9% to $4.1 million for the quarter ended March 31, 2007 from $2.8 millionfor the quarter ended March 31, 2006. For those same comparative periods, the average cost of interest-bearing liabilities increased 106 basis points from 3.13% to 4.19%, while the average balance ofinterest-bearing liabilities increased $37.4 million or 10.6% to $391.6 million for the quarter ended March 31, 2007 from $354.1 million for the quarter ended March 31, 2006.

Interest expense on deposits increased $1.4 million or 66.5% to $3.6 million for the quarter ended March 31, 2007 from $2.1 million for the quarter ended March 31,2006. This increase was due largely to growth in the average balance of interest bearing deposits which grew $47.1 million to $348.5 million for the quarter ended March 31, 2007 from $301.4 millionfor the quarter ended March 31, 2006. The reported net growth in average interest-bearing deposits comprised $34.5 million and $20.3 million of growth in the average balance of interest-bearingchecking accounts and certificates of deposit, respectively. Offsetting this growth was a net decline in the average balance of savings accounts totaling $7.7 million.

The growth in the average balance of interest bearing deposits for the quarter ended March 31, 2007 was primarily attributable to the Bank's newest branch inVerona, New Jersey whose deposit balances grew to $55.8 million at March 31, 2007 since opening in first quarter of fiscal 2007. At March 31, 2007, approximately $52.4 million of Verona's depositswere held in interest bearing accounts while $3.4 million were held in noninterest bearing accounts.

The growth in deposits at the Verona branch, coupled with higher promotional interest rates paid on those deposits, contributed significantly to the reportedincrease in deposit interest expense. However, a portion of this increase was also attributable to continued upward pressure on deposit interest rates in the other highly competitive markets servicedby the Bank.

In total, the average cost of interest-bearing deposits increased 124 basis points to 4.08% for the quarter ended March 31, 2007 from 2.84% for the quarter endedMarch 31, 2006. The components of this increase include a 240 basis point increase in the average cost of interest-bearing checking accounts, a 111 basis point increase in the average cost ofcertificates of deposit, and a 68 basis point increase in the average cost of savings accounts.

Interest expense on FHLB advances decreased $92,000 to $543,000 for the quarter ended March 31, 2007 from $635,000 for the quarter ended March 31, 2006. Thisdecrease was due, in part, to a $9.7 million decrease in the average balance of advances to $43.0 million for the quarter ended March 31, 2007 from $52.7 million for the quarter ended March 31,2006.The impact on interest expense from the lower average balances reported were offset, in part, by a 23 basis point increase in the average cost of advances to 5.05% for the quarter ended March 31,2007 from 4.82% for the quarter ended March 31, 2006. The higher average cost for the current quarter was primarily attributable to the repayment of term advances 23NEXT PAGE
since the close of the earliercomparative quarter whose total weighted average cost was below that of the average outstanding advances during the quarter ended March 31, 2007.

**Net Interest Income.** Net interest income decreased by $409,000 or 11.8%, to $3.1 million for the quarter ended March 31, 2007 from $3.5 million forthe quarter ended March 31, 2006. The Company's net interest rate spread declined 46 basis points from 1.90% to 1.44% for the same comparative periods, while the net interest margin decreased 38basis points from 2.79% to 2.41%.

**Provision for Loan Losses.** Using the allowance methodology described under Critical Accounting Policies found later in this discussion, theprovision for loan losses totaled $193,000 for the quarter ended March 31, 2007, representing an increase of $34,000 from the quarter ended March 31, 2006. The provision amount reflects the increasein loan loss provision generally attributable to the comparatively higher net growth in our commercial loan portfolio. Specifically, each period's comparative provision resulted largely from theincremental growth in the outstanding balance of the loans on which historical and environmental loss factors are applied. For the quarter ended March 31, 2007, outstanding loan balances, excludingthe allowance for loan loss and loans held for sale, increased $13.6 million to $425.3 million from $411.7 million at the prior quarter ended December 31, 2006. The growth was comprised of netincreases in commercial loans totaling $15.7 million. Such loans include multi-family, nonresidential real estate, construction and business loans. The increase in loans receivable, net also includednet increases in home equity loans and home equity lines of credit totaling $477,000. Offsetting the growth in these categories was a $2.6 million decrease inthe balance of 1-4 family first mortgages.

By comparison, for the three months ended March 31, 2006, total outstanding loan balances, excluding the allowance for loan loss and loans held for sale, grew by $17.9 million - anamount exceeding that of the current quarter. However, the growth was comprised of net increases in the outstanding balance of commercial loans, as defined above, of approximately $12.0 million -comparatively lower net growth on those loans on which the Bank applies relatively higher historical and environment loss factors. By contrast, loan growth in the earlier quarter included netincreases in one-to-four family mortgages totaling $4.6 million coupled with increases in home equity loans and home equity lines of credit of $1.3 million - loan types for which the Bank appliescomparatively lower historical and environmental loss factors.

In total, the allowance for loan losses as a percentage of gross loans outstanding was increased to 0.56% for the quarter ended March 31, 2007- an increase of 3 basis points from0.53% reported for the preceding quarter ended December 31, 2006. These ratios reflect allowance for loan loss balances of $2.4 million and $2.2 million, respectively. The overall increase in theratio of allowance to gross loans reported reflects the changing composition of the portfolio with greater strategic emphasis on loans with higher risk factors. The level of the allowance is based onestimates and the ultimate losses may vary from those estimates.

**Noninterest Income.** Noninterest income decreased $17,000 to $355,000 for the quarter ended March 31, 2007 from $372,000 for the quarter ended March 31, 2006. Thenet decrease was primarily attributable to comparatively lower collections of loan prepayment penalties of $58,000 and the recording of an $11,000 loss on sale of an available for sale securityduring the quarter ended March 31,2007 for which no such loss was recorded in the earlier comparative period. Offsetting these decreases was an increase of $46,000 in income from the cash surrendervalue of life insurance attributable to a combination of higher average balances and improved yields on those assets.

**Noninterest Expense.** Noninterest expense increased $458,000 to $3.0 million for the quarter ended March 31, 2007 from $2.6 million for the quarter ended March 31,2006. Significant components of this growth in operating costs include comparative increases to salaries and employee benefits of24NEXT PAGE
$438,000, increased occupancy and equipment costs of $40,000,increases in data processing costs of $14,000, increases in legal fees of $17,000, and increases in other noninterest expenses of $10,000. Offsetting these increases were decreases of $26,000 and$35,000 in advertising and marketing expenses and professional and consulting fees, respectively.

The $438,000 increase in salaries and employee benefits for the comparative quarters included increases of $91,000 to employee salaries and payroll taxes. Such increases wereprimarily attributable to additions to retail deposit staff associated with the Company's branching strategy and, to a lesser extent, additions to the Company's commercial lending support staff.Other noteworthy increases to salaries and employee benefits resulted from the implementation of the Company's 2006 Equity Incentive Plan approved by shareholders in May, 2006. Costs relating to theCompany's restricted stock and stock option plans increased by a total of $285,000 from the quarter ended March 31, 2006 to the same period in fiscal 2007. Additionally, ESOP costs increased $17,000due to an increase in share value. Finally, director compensation costs increased $67,000 due primarily to assumption changes utilized in retirement benefit expense accruals.

The reported increases in occupancy and equipment, data processing and other noninterest expense were primarily attributable to the start up and ongoing operation of the Bank'snewest branch in Verona, New Jersey. By contrast, the comparative decrease in advertising and marketing expenses reflects reduced expenditures during the current quarter in anticipation of the costsof forthcoming advertising and marketing campaigns associated with the Company's Nutley and Clifton branch openings later in the fiscal year.

The reported increase in legal fees was primarily attributable to the comparative timing of the Company's 2006 and 2007 annual shareholders' meeting and resulting recognition oflegal fees relating to matters addressed at those meetings. The Company's 2007 annual shareholders' meeting was held in January 2007 with legal costs relating thereto recognized during the currentquarter ended March 31, 2007. By contrast, the Company's 2006 annual meeting was held in May 2006 with most legal costs relating thereto recognized during the third fiscal quarter ended June 30,2006.

Finally, comparative decreases in professional and consulting fees were primarily the result of lower internal and external audit costs associated with the Sarbanes Oxley Act of2002 ("the Act") during the current quarter. The expense incurred in the earlier quarter ended March 31, 2006 included a portion of the first year costs associated with the development,implementation and audit of controls over financial statement reporting in accordance with Section 404 of the Act. The lower costs in the quarter ended March 31, 2007 reflect the reduced financialburden of maintaining and updating those controls as required to ensure ongoing compliance with the Act.

**Provision for Income Taxes**. The provision for income taxes decreased $380,000 for the quarter ended March 31, 2007 compared with the quarter ended March 31,2006.For those same comparative periods, the Company's effective tax rate was 23.6% and 38.3%, respectively. The net decrease in the effective tax rate was attributable, in part, to the comparativelyhigher interest income on investment securities held by the Bank's investment subsidiary, American Savings Investment Corporation ("ASIC"). ASIC is a wholly owned New Jersey investment subsidiaryformed in August 2004 by American Bank of New Jersey. The purpose of this subsidiary is to invest in stocks, bonds, notes and all types of equity, mortgages, debentures and other investmentsecurities. Interest income from this subsidiary is taxed by the state of New Jersey at an effective rate lower than the statutory corporate state income tax rate. Additionally, the Company alsorecorded comparatively higher levels of tax exempt income during the current quarter from the cash surrender value of bank owned life insurance. Offsetting a portion of these tax benefits was theimpact of comparatively higher non-deductible expenses associated with the ESOP attributable to increases in share value.
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Collectively, the greater dollar amounts of these tax related considerations were largely responsible for the comparatively lower effective income tax rate reported. However, thatlower rate was also influenced by the comparatively lower levels of pretax net income reported by the Company for the quarter ended March 31, 2007. The comparatively lower pretax net income reportedfor the current quarter results in the items discussed above having a proportionally greater net beneficial impact on the Company's reported effective tax rate.

**Comparison of Operating Results for the Six Months Ended March 31, 2007 and March 31, 2006**

**General.** Net income for the six months ended March 31, 2007 was $479,000, a decrease of $872,000, or 64.5% from the six months ended March 31,2006. The decrease in net income resulted from a decrease in net interest income and an increase in noninterest expense partially offset by a decrease in the provision for loan losses, an increase innoninterest income and a decrease in the provision for income taxes.

**Interest Income.** Total interest income increased 12.6% or $1.5 million to $13.9 million for the six months ended March 31, 2007 from $12.3 millionfor the six months ended March 31, 2006. For those same comparative quarters, the average yield on interest-earning assets increased 62 basis points to 5.56% from 4.94% while the average balance ofinterest-earning assets increased $137,000 to $499.0 million from $498.9 million.

Interest income on loans increased $2.4 million or 24.8%, to $11.9 million for the six months ended March 31, 2007 from $9.5 million for the six months ended March31, 2006. This increase was due, in part, to a $54.8 million increase in the average balance of loans receivable to $409.5 million for the six months ended March 31, 2007 from $354.7 million for thesix months ended March 31, 2006. In addition, the average yield on loans increased 44 basis points to 5.82% from 5.38% for those same comparative periods. The increase in the average balance andyield of loans receivable was primarily attributable to the Company's strategic emphasis on commercial lending.

The rise in interest income on loans was partially offset by lower interest income on securities, which decreased $301,000 or 15.8% to $1.6 million for the sixmonths ended March 31, 2007 from $1.9 million for the six months ended March 31, 2006. The decrease was due in part, to a $19.7 million decline in the average balance of investment securities to$77.3 million for the six months ended March 31, 2006 from $97.0 million for the six months ended March 31, 2006. The impact on interest income attributable to this decrease was partially offset by a23 basis point increase in the average yield on securities which grew to 4.10% from 3.87% for the same comparative periods. The increase in yield primarily resulted, in part, from the maturity andrepayment of lower yielding investment securities coupled with higher yields on newly purchased securities and existing adjustable rate securities in portfolio which have repriced upward inaccordance with the general movement of market interest rates.

Further, interest and dividend income on federal funds sold, other interest-bearing deposits and FHLB stock decreased $519,000 to $353,000 for the six months endedMarch 31, 2007 from $872,000 for the six months ended March 31, 2006. This decrease was due, in part, to a decline of $34.4 million in the average balance of these assets to $11.1 million for the sixmonths ended March 31, 2007 from $45.5 million for the six months ended March 31, 2006. The higher average balance in the earlier comparative period reflects the initial receipt of stock offeringproceeds from the closing of the Company's second step conversion which were subsequently deployed into other interest-earnings assets during the first quarter of fiscal 2006. The impact on interestincome attributable to this decline in average balance was partially offset by a 254 basis point rise in the average yield on these assets which increased to 6.37% from 3.83%. The average balancesreported and used for yield calculations reflect, where appropriate, the reduction for outstanding checks issued against such accounts. This has the effect of increasing the reported yield on suchassets.
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**Interest Expense.** Total interest expense increased by $2.2 million or 39.6% to $7.6 million for the six months ended March 31, 2007 from $5.5million for the six months ended March 31, 2006. For those same comparative periods, the average cost of interest-bearing liabilities increased 101 basis points from 3.06% to 4.07%, while the averagebalance of interest-bearing liabilities increased $17.8 million or 5.0% to $375.6 million for the six months ended March 31, 2007 from $357.8 million for the six months ended March 31,2006.

Interest expense on deposits increased $2.2 million or 53.2% to $6.4 million for the six months ended March 31, 2007 from $4.2 million for the six months endedMarch 31, 2006. This increase was due largely to growth in the average balance of interest-bearing deposits which grew $22.5 million to $327.1 million for the six months ended March 31, 2007 from$304.6 million for the six months ended March 31, 2006. The reported net growth in average interest-bearing deposits comprised $14.0 million and $17.5 million of growth in the average balance ofinterest-bearing checking accounts and certificates of deposit, respectively. Offsetting this growth was a net decline in the average balance of savings accounts totaling $9.0million.

The growth in the average balance of interest-bearing deposits for the six months ended March 31, 2007 was primarily attributable to the Bank's newest branch inVerona, New Jersey whose deposit balances grew to $55.8 million at March 31, 2007 since opening in first quarter of fiscal 2007. At March 31, 2007, approximately $52.3 of Verona's deposits were heldin interest bearing accounts while $3.4 million were held in noninterest-bearing accounts.

The growth in deposits at the Verona branch, coupled with higher promotional interest rates paid on those deposits, contributed significantly to the reportedincrease in deposit interest expense. However, a portion of this increase was also attributable to continued upward pressure on deposit interest rates in the other highly competitive markets servicedby the Bank.

In total, the average cost of interest-bearing deposits increased 117 basis points to 3.92% for the six months ended March 31, 2007 from 2.75% for the six monthsended March 31, 2006. The components of this increase include a 199 basis point increase in the average cost of interest-bearing checking accounts, a 106 basis point increase in the average cost ofcertificates of deposit, and an 82 basis point increase in the average cost of savings accounts.

Interest expense on FHLB advances decreased $56,000 to $1.2 million for the six months ended March 31, 2007 from $1.3 million for the six months ended March 31,2006. This decrease was due, in part, to a $4.7 million decrease in the average balance of advances to $48.5 million for the six months ended March 31, 2007 from $53.2 million for the six monthsended March 31, 2006. The impact on interest expense from the lower average balances reported were offset, in part, by a 24 basis point increase in the average cost of advances to 5.09% for the sixmonths ended March 31, 2007 from 4.85% for the six months ended March 31, 2006. The higher average cost for the current quarter was attributable, in part, to utilization of higher costing overnightadvances during the first fiscal quarter of 2007 for which substantially no such advances were drawn during the same period in 2006. Additionally, the higher average cost also resulted from therepayment of term advances since the close of the earlier comparative period whose total weighted average cost was below that of the average outstanding advances during the six months ended March 31,2007.

**Net Interest Income.** Net interest income decreased by $619,000 or 9.0%, to $6.2 million for the six months ended March 31, 2007 from $6.8 millionfor the six months ended March 31, 2006. The Company's net interest rate spread declined 39 basis points from 1.88% to 1.49% for the same comparative periods, while the net interest margin decreased24 basis points from 2.74% to 2.50%.
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**Provision for Loan Losses.** Using the allowance methodology described under Critical Accounting Policies found later in this discussion, theprovision for loan losses totaled $243,000 for the six months ended March 31, 2007, representing a decrease of $3,000 from the six months ended March 31, 2006. The provision expense for the sixmonths ended March 31, 2007 reflected the reversal of an $86,000 loss reserve against a previously impaired loan participation. Management's review of the loan conducted as of December 31, 2006concluded that, based upon the loan's consistent payment history and the improved financial performance of the underlying commercial property, the loan was no longer impaired resulting in thereversal of the prior impairment reserve. The loan's classification was also upgraded from doubtful to substandard. Excluding this adjustment, the Bank's provision expense totaled $329,000 for thesix months ended March 31, 2007. This adjusted provision amount reflects the increase in loan loss provision generally attributable to the comparatively higher net growth in our commercial loanportfolio. Specifically, each period's comparative provision resulted largely from the incremental growth in the outstanding balance of the loans on which historical and environmental loss factorsare applied. For the six months ended March 31, 2007, outstanding loan balances, excluding the allowance for loan loss and loans held for sale, increased $24.5 million to $425.3 million from $400.7million at September 30, 2006. The growth was comprised of net increases in commercial loans totaling $30.5 million. Such loans include multi-family, nonresidential real estate, construction andbusiness loans. The increase in loans receivable net also included net increases in home equity loans and home equity lines of credit totaling $1.6 million. Offsetting the growth in these categorieswas a $7.6 million decrease in the balance of 1-4 family first mortgages.

By comparison, for the six months ended March 31, 2006, total outstanding loan balances, excluding the allowance for loan loss and loans held for sale, grew by$31.2 million - an amount exceeding that of the current six month period. However, the growth was comprised of net increases in the outstanding balance of commercial loans, as defined above, ofapproximately $18.6 million - comparatively lower net growth on those loans on which the Bank applies relatively higher historical and environment loss factors. By contrast, loan growth in theearlier period included net increases in one-to-four family mortgages totaling $8.2 million coupled with increases in home equity loans and home equity lines of credit of $4.4 million - loan typesfor which the Bank applies comparatively lower historical and environmental loss factors.

In total, the allowance for loan losses as a percentage of gross loans outstanding was increased to 0.56% at March 31, 2007- an increase of 3 basis points from0.53% reported for the prior year ended September 30, 2006. These ratios reflect allowance for loan loss balances of $2.4 million and $2.1 million, respectively. The overall increase in the ratio ofallowance to gross loans reported reflects the changing composition of the portfolio with greater strategic emphasis on loans with higher risk factors. The level of the allowance is based onestimates and the ultimate losses may vary from those estimates.

**Noninterest Income.** Noninterest income increased $245,000 to $643,000 for the six months ended March 31, 2007 from $398,000 for the six monthsended March 31, 2006. The net increase was attributable, in large part, to a comparative decrease in losses on sale of investment securities totaling $260,000. The losses reported in the prior periodincluded a $271,000 loss on sale of an underperforming investment security. The Company also reported an increase of $55,000 in income from the cash surrender value of life insurance attributable toa combination of higher average balances and improved yields on those assets. Offsetting these increases in noninterest income were comparative reductions in deposit service fees and charges of$31,000 attributable to comparatively lower receipts of uncollected and insufficient funds charges on transaction accounts. Additionally, loan-related fees and charges decreased approximately $48,000resulting from comparatively lower loan prepayment penalties of $73,000 offset by increases of $25,000 to loan servicing fees and other loan fees and charges.

**Noninterest Expense.** Noninterest expense increased $1.1 million to $5.9 million for the six months ended March 31, 2007 from $4.8 million for thesix months ended March 31, 2006. Significant 28NEXT PAGE
components of this growth in operating costs include comparative increases to salaries and employee benefits of $1.0 million, increased occupancy andequipment costs of $57,000, increases in data processing costs of $17,000, increases in advertising and marketing costs of $42,000 and increases to other noninterest expenses of $61,000. Offsettingthese increases were decreases of $25,000 and $52,000 in legal costs and professional and consulting fees, respectively.

The $1.0 million increase in salaries and employee benefits for the comparative period quarters includes increases of $238,000 to employee salaries and payrolltaxes. Such increases were primarily attributable to additions to retail deposit staff associated with the Company's branching strategy and, to a lesser extent, additions to the Company's commerciallending support staff. Other noteworthy increases to salaries and employee benefits resulted from the implementation of the Company's 2006 Equity Incentive Plan approved by shareholders in May, 2006.Costs relating to the Company's restricted stock and stock option plans increased by a total of $553,000 from the six months ended March 31, 2006 to the same period in fiscal 2007. Additionally, ESOPcosts increased $46,000 due to an increase in share value while director compensation costs increased $58,000 due primarily to assumption changes utilized in retirement benefit expense accruals.Finally, the variance for the comparative six month periods reflects the reversal of $131,000 of profit sharing expense recorded in the earlier comparative period resulting from the discontinuationof that benefit plan.

The reported increases in occupancy and equipment, data processing, advertising and marketing, and other non interest expense were primarily attributable to thestart up and ongoing operation of the Bank's newest branch in Verona, New Jersey.

The reported decrease in legal fees was primarily attributable to comparatively lower utilization of legal services during the current six month period. The earliercomparative period included expenses for legal services resulting from the completion of the Company's second step conversion for which similar expenses were not incurred during the current six monthperiod. Legal expenses during the earlier comparative period included those relating to the modification of the Bank's employee benefit plans, including the Bank's 401k and ESOP, as well as thedevelopment of the 2006 Equity Incentive Plan.

Finally, comparative decreases in professional and consulting fees were primarily the result of lower internal and external audit costs associated with the SarbanesOxley Act of 2002 during the current period. The expense incurred for the six months ended March 31, 2006 included a portion of the first year costs associated with the development, implementationand audit of controls over financial statement reporting in accordance with Section 404 of the Act. The lower costs in the six months ended March 31, 2007 reflect the reduced financial burden ofmaintaining and updating those controls as required to ensure ongoing compliance with the Act.

**Provision for Income Taxes**. The provision for income taxes decreased $603,000 for the six months ended March 31, 2007 compared with the six monthsended March 31, 2006. For those same comparative periods, the Company's effective tax rate was 32.9% and 38.3%, respectively.  The netdecrease in the effective tax rate was attributable, in part, to the comparatively higher interest income on investment securities held by the Bank's investment subsidiary, American SavingsInvestment Corporation. Additionally, the Company also recorded comparatively higher levels of tax exempt income during the current quarter from the cash surrender value of bank owned life insurance.Offsetting a portion of these tax benefits was the impact of comparatively higher non-deductible expenses associated with the ESOP attributable to increases in share value.

Collectively, the greater dollar amounts of these tax related considerations were largely responsible for the comparatively lower effective income tax ratereported. However, that lower rate was also influenced by the comparatively lower levels of pre tax net income reported by the Company for the six months ended March 31, 2007. The comparatively lowerpretax net income reported for the current 29NEXT PAGE
period results in the items discussed above having a proportionally greater net beneficial impact on the Company's reported effective taxrate.

**Critical Accounting Policies**

Various elements of our accounting policies, by their nature, are inherently subject to estimation techniques, valuation assumptions and other subjectiveassessments. The following is a description of our critical accounting policy and an explanation of the methods and assumptions underlying its application.

**Allowance for Loan Losses.** Our policy with respect to the methodologies used to determine the allowance for loan losses is our most critical accounting policy.This policy is important to the presentation of our financial condition and results of operations, and it involves a higher degree of complexity and requires management to make difficult andsubjective judgments, which often require assumptions or estimates about highly uncertain matters. The use of different judgments, assumptions, and estimates could result in material differences inour results of operations or financial condition.

In evaluating the level of the allowance for loan losses, management considers the Company's historical loss experience as well as various "environmental factors" including thetypes of loans and the amount of loans in the loan portfolio, adverse situations that may affect the borrower's ability to repay, estimated value of any underlying collateral, industry conditioninformation, and prevailing economic conditions. Large groups of smaller balance homogeneous loans, such as residential real estate and home equity and consumer loans, are evaluated in the aggregateusing historical loss factors adjusted for current economic conditions. Large balance and/or more complex loans, such as multi-family, nonresidential real estate and construction loans, are evaluatedindividually for impairment. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision, as more information becomes available or as projectedevents change.

Management assesses the allowance for loan losses quarterly. While management uses available information to recognize losses on loans, future loan loss provisions may be necessarybased on changes in economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the allowance for loan losses and may require the Bankto recognize additional provisions based on their judgment of information available to them at the time of their examination. The allowance for loan losses in the periods presented was maintained ata level that represented management's best estimate of losses in the loan portfolio to the extent they were both probable and reasonable to estimate.

Application of the Bank's loan loss methodology outlined above results, in part, in historical and environmental loss factors being applied to the outstanding balance ofhomogeneous groups of loans to estimate probable credit losses. Both historical and environmental loss factors are reviewed and updated quarterly, where appropriate, as part of management'sassessment of the allowance for loan losses.

During fiscal 2007, changes to environmental factors used in the Bank's allowance for loan loss calculations generally reflected the Company's increased strategic focus oncommercial lending. Such changes were made during the first fiscal quarter of 2007. Environmental factors applied to the outstanding balance of commercial loans reflected the changes to overalllending policies, procedures and practices associated with that strategic emphasis, the increased volume of commercial loans in relation to total loan originations, changes in credit concentrationreflecting larger loan balances to borrowers and concerns about potential changes in regional real estate values. However, the impact of these increases were largely offset by reductions inenvironmental factors attributable to the experience, ability, and depth of lending management and staff both of which were enhanced through expanded staffing during the prior fiscal year. Nosignificant changes to environmental factors used in the Bank's loss provision calculations had been made during fiscal 2006.
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Management generally expects provisions for loan losses to continue to increase as a result of the net growth in loans called for in the Company's business plan. Specifically, ourbusiness strategy calls for increased strategic emphasis in commercial lending. The loss factors used in the Bank's allowance for loan loss calculations are generally higher for such loans comparedwith those applied to one-to-four family mortgage loans. Consequently, management expects the net growth in commercial loans called for in the Company's strategic business plan to result in requiredloss provisions that exceed those recorded in prior years when comparatively greater strategic emphasis had been placed on growth in 1-4 family mortgage loans.

**Liquidity and Commitments**

We are required to have enough investments that qualify as liquid assets in order to maintain sufficient liquidity to ensure a safe and sound operation. Liquidity may increase ordecrease depending upon the availability of funds and comparative yields on investments in relation to the return on loans. Historically, we have maintained liquid assets above levels believed to beadequate to meet the requirements of normal operations, including potential deposit outflows. Cash flow projections are regularly reviewed and updated to assure that adequate liquidity ismaintained.

The Bank's short term liquidity, represented by cash and cash equivalents, is a product of its operating, investing and financing activities. The Bank's primary sources of fundsare deposits, amortization, prepayments and maturities of outstanding loans and mortgage-backed securities, maturities of investment securities and other short-term investments and funds providedfrom operations. While scheduled payments from the amortization of loans and mortgage-backed securities and maturing investment securities and short-term investments are relatively predictablesources of funds, deposit flows and loan prepayments are greatly influenced by the level of market interest rates, economic conditions, and competition. In addition, the Bank invests excess funds inshort-term interest-earning assets, which provide liquidity to meet lending requirements. The Bank also generates cash through borrowings. The Bank utilizes Federal Home Loan Bank advances toleverage its capital base by providing funds for its lending activities, and to enhance its interest rate risk management.

Liquidity management is both a daily and long-term function of business management. Excess liquidity is generally invested in short-term investments such as overnight deposits orU.S. Agency securities. On a longer-term basis, the Bank maintains a strategy of investing in various loan products and in securities collateralized by loans. The Bank uses its sources of fundsprimarily to meet its ongoing commitments, to pay maturing certificates of deposit and savings withdrawals, to fund loan commitments and to maintain its portfolio of mortgage-backed securities andinvestment securities. At March 31, 2007, the total approved loan origination commitments outstanding amounted to $17.3 million. At the same date, unused lines of credit were $25.9 million andundisbursed construction loans in process were $22.4 million.

Certificates of deposit scheduled to mature in one year or less at March 31, 2007, totaled $149.6 million. Management's policy is to maintain deposit rates at levels that arecompetitive with other local financial institutions. Based on the competitive rates and on historical experience, management believes that a significant portion of maturing deposits will remain withthe Bank. Additionally, at March 31, 2007 the Bank has $6.1 million of borrowings from the Federal Home Loan Bank of New York ("FHLB") maturing in less than one year. Repayment of such advancesincreases the Bank's unused borrowing capacity from the FHLB which totaled $91.9 million at March 31, 2007. In calculating our borrowing capacity, the Bank utilizes the FHLB's guideline, whichgenerally limits advances secured by residential mortgage collateral to 25% of the Bank's total assets.
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The following tables disclose our contractual obligations and commercial commitments as of March 31, 2007. Scheduled principal payments on amortizing borrowings are reported asmaturities.
TotalLess Than1 Year1-3 Years4-5 YearsAfter5 Years(In thousands)Time Deposits$ 175,998$149,595$ 14,101$ 3,068$ 9,234FHLB advances(1)42,6446,06421,58012,0003,000Total$ 218,642$155,659$ 35,681$ 15,068$ 12,234_______________________________________     (1)At March 31, 2007, the total collateralized borrowing limit was $134.5 million, of which we had $42.6 million outstanding.TotalAmountsCommittedLess Than1 Year1-3 Years4-5 YearsOver5 Years(In thousands)Lines of credit(1)$ 25,918$ 3,373$ 309$ 680$ 21,556Land lease - Bloomfield2,407692772771,784Building lease - Nutley1,546841841841,094Construction loans in  process(1)22,36614,3897,977--Other commitments to  extend credit(1)17,29117,291---Total$ 69,528$ 35,206$ 8,747$ 1,141$ 24,434_______________________________________     (1)Represents amounts committed to customers.
As noted in the table above, the Bank has entered into a land lease agreement through which it is committed to pay $2,407,079 over a 15 year term. This commitment relates to therelocation of the Bank's Bloomfield branch site. Such relocation will significantly upgrade and modernize the Bloomfield branch facility supporting the Company's deposit growth and customer serviceenhancement objectives. The relocation will also support expansion of the administrative and lending office space within the Company's existing headquarters facility where the branch is currentlylocated. This commitment is contingent upon the fulfillment of certain conditions outlined in the lease contract.

The Bank has also entered into a building lease agreement through which it is committed to pay $1,546,317 over a 15 year term. This commitment relates to the Bank's forthcomingbranch location in Nutley, New Jersey which is expected to open in May, 2007.

Finally, the Bank issued a standby letter of credit on behalf of a Bank customer in the amount of $250,000 during the quarter ended March 31, 2007. The standby letter of credit,which represents a contingent liability to the Bank, expires in August, 2007.
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**Regulatory Capital**

Consistent with its goals to operate a sound and profitable financial organization, American Bank of New Jersey actively seeks to maintain its classification as a "wellcapitalized" institution in accordance with regulatory standards. The Bank's total equity was $83.6 million at March 31, 2007, or 15.54% of total assets on that date. As of March 31, 2007, the Bankexceeded all capital requirements of the Office of Thrift Supervision. The Bank's regulatory capital ratios at March 31, 2007 were as follows: Core capital, 15.62%; Tier I risk-based capital, 25.01%;and total Risk-based capital, 25.72%. The regulatory capital requirements to be considered well capitalized are 5.0%, 6.0% and 10.0%, respectively.

**Impact of Inflation**

The consolidated financial statements presented herein have been prepared in accordance with accounting principles generally accepted in the United States of America. Theseprinciples require the measurement of financial position and operating results in terms of historical dollars, without considering changes in the relative purchasing power of money over time due toinflation.

Our primary assets and liabilities are monetary in nature. As a result, interest rates have a more significant impact on our performance than the effects of general levels ofinflation. Interest rates, however, do not necessarily move in the same direction or with the same magnitude as the price of goods and services, since such prices are affected by inflation. In aperiod of rapidly rising interest rates, the liquidity and maturity structure of our assets and liabilities are critical to the maintenance of acceptable performance levels.

The principal effect of inflation, as distinct from levels of interest rates, on earnings is in the area of noninterest expense. Such expense items as employee compensation,employee benefits and occupancy and equipment costs may be subject to increases as a result of inflation. An additional effect of inflation is the possible increase in the dollar value of thecollateral securing loans that we have made. We are unable to determine the extent, if any, to which properties securing our loans have appreciated in dollar value due to inflation.

**Recent Accounting Pronouncements**

See Note 4 - Recent Accounting Pronouncements within the Notes to Unaudited Financial Statements included in this report.
33NEXT PAGE**ITEM 3.**QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**
**Qualitative Analysis.** Because the income on the majority of our assets and the cost of the majority of our liabilities are sensitive to changes in interest rates,a significant form of market risk for us is interest rate risk, or changes in interest rates. Notwithstanding the unpredictability of future interest rates, we expect that changes in interest ratesmay have a significant, adverse impact on our net interest income.

Our ability to make a profit largely depends on our net interest income, which could be negatively affected by changes in interest rates. Net interest income is the differencebetween:
The interest income we earn on our interest-earning assets such as loans and securities; and
- The interest expense we pay on our interest-bearing liabilities such as deposits and amounts we borrow.   
The rates we earn on our assets and the rates we pay on our liabilities are generally fixed for a contractual period of time. We, like many savings institutions, have liabilitiesthat generally have shorter contractual maturities than our assets. This imbalance can create significant earnings volatility, because market interest rates change over time. In a period of risinginterest rates, the interest income earned on our assets may not increase as rapidly as the interest paid on our liabilities. In a period of declining interest rates the interest income earned on ourassets may decrease more rapidly, due to accelerated prepayments, than the interest paid on our liabilities.

The prepayment characteristics of our loans and mortgage-backed and related securities are greatly influenced by movements in market interest rates. For example, a reduction ininterest rates results in increased prepayments of loans and mortgage-backed and related securities, as borrowers refinance their debt in order to reduce their borrowing cost. This causesreinvestment risk, because we are generally not able to reinvest prepayment proceeds at rates that are comparable to the rates we previously earned on the prepaid loans or securities. By contrast,increases in interest rates reduce the incentive for borrowers to refinance their debt. In such cases, prepayments on loans and mortgage-backed and related securities may decrease thereby extendingthe average lives of such assets and reducing the cash flows that are available to be reinvested by the Company at higher interest rates.

Tables presenting the composition and allocation of the Company's interest-earning assets and interest-costing liabilities from an interest rate risk perspective are set forth inthe preceding section of this report titled "Comparison of Financial Condition at March 31, 2007 and September 30, 2006." These tables present the Company's investment securities, loans, deposits,and borrowings by categories that reflect the interest rate risk characteristics of the underlying assets or liabilities. Shown as a percentage of total assets, the comparative data presents changesin the interest rate risk characteristics of the Company's balance sheet.

Our net interest margin may be adversely affected throughout several possible interest rate environments. Foremost, the continued inversion of the yield curve, by which shorterterm market interest rates exceed those of longer term rates, could trigger further increases in the Bank's cost of interest-bearing liabilities that continue to outpace its yield on earning assetscausing further net interest spread compression. As noted in the Executive Summary discussion earlier, such compression occurred during the six months ended March 31, 2007 when our net interestspread shrank 31 basis points to 1.49% from 1.80% for the fiscal year ended September 30, 2006. During that time, the continued growth in the Company's commercial lending activities contributedsignificantly to improved yields on earning assets, which increased 44 basis points from 5.12% to 5.56%. However, these improved yields were more than offset by increases in the cost ofinterest-bearing liabilities which grew by 75 basis points from 3.32% to 4.07%. Contributing to this increase in the cost of interest-bearing liabilities was the impact of higher 34NEXT PAGE
promotional interestrates paid on new deposit accounts at the Bank's Verona branch. However, a significant portion of this increase was attributable to continued upward pressure on deposit interest rates which generallyreflect movements in shorter term market interest rates.

Depending upon the movement of market interest rates, our earnings may continue to be impacted by an "earnings squeeze" in the future. For example, we are vulnerable to an increasein interest rates because the majority of our loan portfolio consists of longer-term, fixed rate loans and adjustable rate mortgages, most of which are fixed rate for an initial period of time. AtMarch 31, 2007, excluding allowance for loan losses and net deferred origination costs and including loans held for sale, loans totaled $424.6 million comprising 76.60% of total assets. Of thoseloans, fixed rate mortgages totaled $177.6 million or 32.0% of total assets while ARMs totaled $194.7 million or 35.1% of total assets. In a rising rate environment, our cost of funds may increasemore rapidly than the interest earned on our loan portfolio and investment securities portfolio because our primary source of funds is deposits with substantially greater repricing sensitivity thanthat of our loans and investment securities. Having interest-bearing liabilities that reprice more frequently than interest-earning assets is detrimental during periods of rising interest rates andcould cause our net interest rate spread to shrink because the increase in the rates we would earn on our securities and loan portfolios would be less than the increase in the rates we would pay ondeposits and borrowings.

Notwithstanding the risks presented by the current yield curve or those resulting from further increases to short term interest rates, a significant decrease in market interestrates could, by contrast, trigger a new wave of loan refinancing that could result in the margin compression experienced in prior years when rates fell to their historical lows.

The Bank also faces the risk of continued disintermediation of our deposits into higher cost accounts. Like many banks, we were successful in growing non-maturity deposits in prioryears while interest rates had decreased to their historical lows. However, our ability to retain such deposits at a reasonable cost, while a highly competitive marketplace adjusts its pricingstrategies to an environment of rising interest rates, continues to be rigorously challenged. Additional increases in market interest rates, particularly shorter term interest rates, could result infurther inversion of the yield curve. Such an event could exacerbate net interest spread compression by triggering increases in deposit costs resulting from higher rates paid to retain deposits - arisk compounded by the continued disintermediation of those deposits into higher cost accounts.
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**Quantitative Aspects of Market Risk.** The following table presents American Bank of New Jersey's net portfolio value as of December 31, 2006 - the latest date forwhich information is available. The net portfolio value was calculated by the Office of Thrift Supervision, based on information provided by the Bank.
Net Portfolio ValueNet PortfolioValue as % ofPresent Value of AssetsBoardEstablished LimitsChanges inRates$ Amount$ Change% ChangeNetPortfolioValueRatioBasisPointChangeNetPortfolioValueRatioBasisPointChange(Dollars in thousands)+300bp65,532-26,801-29%13.68%-430bp5.00%-450bp+200bp75,022-17,310-19%15.29%-269bp6.00%-300bp+100bp84,107-8,226-9%16.74%-124bp7.00%-150bp0bp92,33317.98%8.00%-100bp97,9525,619+6%18.75%+77bp7.00%-150bp-200bp99,9007,567+8%18.92%+94bp6.00%-300bp
Future interest rates or their effect on net portfolio value or net interest income are not predictable. Computations of prospective effects of hypothetical interest rate changesare based on numerous assumptions, including relative levels of market interest rates, prepayments, and deposit run-offs, and should not be relied upon as indicative of actual results. Certainshortcomings are inherent in this type of computation. Although certain assets and liabilities may have similar maturity or periods of repricing, they may react at different times and in differentdegrees to changes in the market interest rates. The interest rate on certain types of assets and liabilities such as demand deposits and savings accounts, may fluctuate in advance of changes inmarket interest rates, while rates on other types of assets and liabilities may lag behind changes in market interest rates. Certain assets such as adjustable rate mortgages generally have features,which restrict changes in interest rates on a short-term basis and over the life of the asset. In the event of a change in interest rates, prepayments and early withdrawal levels could deviatesignificantly from those assumed in making calculations set forth above. Additionally, an increased credit risk may result as the ability of many borrowers to service their debt may decrease in theevent of an interest rate increase.

**Strategies for the Management of Interest Rate Risk and Market Risk.** The Board of Directors has established an Asset/Liability Management Committee which isresponsible for monitoring interest rate risk. The committee comprises the Bank's Chief Executive Officer, the Bank's President and Chief Operating Officer, the Bank's Senior Vice President and ChiefFinancial Officer, the Bank's Senior Vice President and Chief Lending Officer, the Bank's Senior Vice President Commercial Real Estate, the Bank's VP Branch Administration and the Bank's VicePresident and Controller. Management conducts regular, informal meetings, generally on a weekly basis, to address the day-to-day management of the assets and liabilities of the Bank, including reviewof the Bank's short term liquidity position; loan and deposit pricing and production volumes and alternative funding sources; current investments; average lives, durations and repricing frequenciesof loans and securities; and a variety of other asset and liability management topics. The committee generally meets quarterly to formally review such matters. The results of the committee'squarterly review are reported to the full Board, which makes adjustments to the Bank's interest rate risk policy and strategies, as it considers necessary and appropriate.
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The qualitative and quantitative interest rate analysis presented above indicate that various foreseeable movements in market interest rates may have an adverse effect our netinterest margin and earnings. The growth and diversification strategies outlined in the Company's current business plan are designed not only to enhance to earnings, but also to better support theresiliency of those earnings throughout various movements in interest rates. Toward that end, implementation of the Company's business plan over time is expected to result in a better matching of therepricing characteristics of its interest earnings assets and interest bearing liabilities. Specific business plan strategies to achieve this objective include:
(1)Open up to five de novo branches over the next three to five years with an emphasis on growth in non-maturity deposits;(2)Attract and retain lower cost business transaction accounts by expanding and enhancing business deposit services including online cash management and remote deposit captureservices;(3)Attract and retain lower cost personal checking and savings accounts through expanded and enhanced cross selling efforts and modified ATM surcharge policies,(4)Originate and retain commercial loans with terms that increase overall loan portfolio repricing frequency and cash flows while reducing call risk through prepaymentcompensation provisions.(5)Originate and retain 1-4 family home equity loans and variable rate lines of credit to increase loan portfolio repricing frequency and cash flows.(6)Originate both fixed and adjustable rate 1-4 family first mortgage loans eligible for sale in the secondary market and, if warranted, sell such loans on either a servicingretained or servicing released basis. The strategy reduces the balance of longer duration and/or non-prepayment protected loans while enhancing non interest income.
With regard to this last strategy, the Bank currently expects to continue the sale of longer-term, fixed rate loan originations into the secondary market while evaluating greateruse of the secondary markets for selling other conforming and non-conforming 1-4 family mortgage loan originations. For the six months ended March 31, 2007, we sold a total of $2.5 million of loansto the Federal National Mortgage Association and Countrywide Home Loans, Inc.which resulted in gains on sales of mortgage loans held for sale of $12,000. Because we offerborrowers the option to lock in their interest rate prior to closing their mortgage loans, we may be exposed to market risk on the loans we sell into the secondary market. Once a loan's rate islocked, the price at which we can sell the loan will vary with movements in market interest rates. To manage that risk, we may take forward commitments to sell loans at a fixed price. At March 31,2007, the Bank had nine outstanding contracts to sell $3.3 million of long term, fixed rate mortgage loans into the secondary market. Loans sold under contracts drawn in the future may generateadditional gains or losses on sale of mortgage loans in subsequent periods.

In addition to the strategies noted above, we may utilize other strategies aimed at improving the matching of interest-earning asset maturities to interest-bearing liabilitymaturities. Such strategies may include:
(1)Purchase short to intermediate term securities and maintain a securities portfolio that provides a stable cash flow, thereby providing investable funds in varying interest ratecycles.(2)Lengthen the maturities of our liabilities through utilization of FHLB advances and other wholesale funding alternatives;37NEXT PAGE
Finally, in the past, the Company has occasionally prepaid FHLB advances which had resulted in the recognition of prepayment penalties. Although no such prepayments were transactedin fiscal 2005 or fiscal 2006, we may evaluate the costs and benefits of prepaying additional borrowings or other balance sheet restructuring transactions, which may result in additional one-timecharges to earnings to further improve the Bank's net interest spread and margin and enhance future earnings.
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**ITEM 4.   CONTROLS AND PROCEDURES**
(a)Evaluation of disclosure controls and procedures: An evaluation of the Company's disclosure controls and procedures (as defined in Section 13(a)-15(e) of the SecuritiesExchange Act of 1934 ("the Act") was carried out under the supervision and with the participation of the Company's Chief Executive Officer, Chief Financial Officer and several other members of theCompany's senior management. Based on such evaluation, the Company's Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures in effect asof the end of the period covered by this quarterly report are effective in ensuring that the information required to be disclosed by the Company in the reports it files or submits under the Act is(i) accumulated and communicated to the Company's management (including the Chief Executive Officer and Chief Financial Officer) in a timely manner, and (ii) recorded, processed, summarized andreported within the time periods specified in the Securities and Exchange Commission rules and forms.(b)Changes in internal controls: In the quarter ended March 31, 2007, there was no change in the Company's internal control over financial reporting that has materially affected,or is reasonably likely to materially affect, the Company's internal control over financial reporting.39NEXT PAGE
**PART II -- OTHER INFORMATION**

**ITEM 1.  LEGAL PROCEEDINGS**

At March 31, 2007, the Company and its subsidiaries were not involved in any pending proceedings other than the legal proceedings occurring in the ordinary course of business. Suchlegal proceedings in the aggregate are believed by management to be immaterial to the Company's financial condition and results of operations.

**ITEM 1A.  RISK FACTORS**

There have been no material changes to the factors disclosed in Item 1A., Risk Factors, in our Annual Report on Form 10-K for the year ended September 30, 2006.

**ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

The following table summarizes our share repurchase activity during the three months ended March 31, 2007 and additional information regarding our share repurchaseprogram.
**Period****(a) Total NumberOf Shares (orUnits) Purchased****(b)Average PricePaid per Share(or Unit)****(c) Total Numberof Shares (orUnits) Purchasedas Part Of PubliclyAnnounced Plansor Programs****(d) Maximum Number(or Approximate DollarValue) of Shares (orUnits) that May Yet BePurchased UnderPlans or Programs**Repurchases for the MonthJanuary 1 - January 31, 2007February 1 - February 28, 2007March 1 - March 31, 2007Total repurchases6,097145,000203,225354,322$11.77$11.89$11.74$11.806,097145,000203,225354,322348,225203,2250(1)(2)
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(1) As of March 31, 2007, the Company had completed its repurchase of the 1,416,322 shares under the Company's 10% repurchase plan announced in October,2006.(2) On April 30, 2007, the Company announced a subsequent share repurchase plan by which 5% or 637,657 of the Company's outstanding shares would berepurchased.

**ITEM 3.  DEFAULTS UPON SENIOR SECURITIES**

None
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**ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS**

At the Company's Annual Stockholder's Meeting (the Meeting) held on February 27, 2007 all the nominees for director proposed by the Company were elected. The votes cast for eachnominee were as follows:
ForWithheldRobert A. Gaccione11,239,916778,329James H. Ward, III11,624,099394,146
Directors whose terms of office as a director continued after the meeting are: Joseph Kliminski, Fred G. Kowal, H. Joseph North, Stanley Obal, W. George Parker, and VincentRospond.

At the Meeting, the shareholders also ratified the appointment of Crowe Chizek and Company LLC as independent auditors for the fiscal year ending September 30, 2007. The votes castfor and against and the number of abstentions were as follows:
ForAgainstAbstain11,959,71238,34320,190
**ITEM 5.  OTHER INFORMATION**

None

**ITEM 6.  EXHIBITS**

(a) Exhibits
31.1Certification of Chief Executive Officer Pursuant to Rule 13a-14a and 15d-14a.31.2Certification of Chief Financial Officer Pursuant to Rule 13a-14a and 15d-14a.32Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.41NEXT PAGE
SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
American Bancorp of New Jersey, Inc.  (Registrant)Date: May 9, 2007/s/ Joseph KliminskiJoseph KliminskiChief Executive OfficerDate:  May 9, 2007/s/ Eric B. HeyerEric B. HeyerSenior Vice President and Chief Financial Officer******** |
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