Form 10-Q


       QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934
                  FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1998
                         COMMISSION FILE NUMBER 0-27686


                               1st Bergen Bancor
              -----------------------------------------------------
              (Exact name of registrant as specific in its charter)


             New Jersey                             22-3409845
   ------------------------------        -------------------------------
   State or other jurisdiction of        IRS Employer Identification No.
   Incorporation or Organization 


                   250 Valley Boulevard, Wood-Ridge, NJ 07075
                   ------------------------------------------
                     Address of Principal Executive Offices


                                 (201) 939-340
                           --------------------------
                           Registrant's Telephone No.


                                 Not Applicable
       -------------------------------------------------------------------
       Former Name, Address, and Fiscal year, if changed since last report


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

                        Yes ( X )              No (   ) 
                            ----                  -----

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


                 Class                       Outstanding at March 31, 1998
             ------------                    ------------------------------
             Common Stock                           2,729,435 shares


<PAGE>



                       1st Bergen Bancorp and Subsidiaries
                 Consolidated Statements of Financial Condition
                                   (Unaudited)
                             (Dollars in Thousands)

<TABLE>
<CAPTION>

                                                                     March 31,   December 31,
                                                                       1998          1997
                                                                     ---------    ---------
<S>                                                                  <C>          <C> 

Assets:
   Cash and due from banks .......................................   $  12,240    $   3,199
   Interest-bearing deposits in other banks ......................           3            0
                                                                     ---------    ---------
 Total cash and cash equivalents .................................   $  12,243    $   3,199

   Investment securities held to maturity ........................   $  43,513    $  46,903
   Investment securities available for sale ......................      63,044       41,090
   Mortgage-backed securities held to maturity ...................      47,209       52,458
   Mortgage-backed Securities available for sale .................      11,687       10,444
   Loans receivable, net .........................................     128,899      127,818
   Premises and equipment ........................................       3,053        3,019
   Real estate owned .............................................         118          118
   FHLB stock ....................................................       2,617        1,627
   Accrued interest and dividends receivable .....................       2,100        2,094
   Deferred income taxes .........................................       1,283        1,187
   Other assets ..................................................         316          388
                                                                     ---------    ---------

Total Assets .....................................................   $ 316,082    $ 290,345
                                                                     =========    =========

Liabilities and Stockholders' Equity

Liabilities:
      Deposits ...................................................   $ 223,953    $ 217,426
      FHLB Borrowings ............................................      52,334       31,334
      Escrow .....................................................       1,037          986
      Accrued income taxes .......................................         674          507
      Other liabilities ..........................................       1,126          822
                                                                     ---------    ---------
Total Liabilities ................................................   $ 279,124    $ 251,075
                                                                     =========    =========

Stockholders' Equity:
  Preferred Stock - authorized 2,000,000 shares;
   issued and outstanding - none .................................        --           --
  Common Stock - no par value; authorized 6,000,000 shares
   issued 3,174,000 shares and outstanding 2,729,435
   and 2,864,535 shares in 1998 and 1997 .........................        --           --
  Additional paid-in-capital .....................................      30,816       30,765
  Retained earnings - substantially restricted ...................      17,994       17,614
  Accumulated other comprehensive income -
   Net unrealized loss on securities
    available for sale, net of tax ...............................        (819)        (580)
  Unallocated common stock held by the ESOP ......................      (2,338)      (2,381)
  Unamortized common stock held by the RRP (107,578 shares in 1998
    and 112,864 shares in 1997) ..................................      (1,479)      (1,552)
  Treasury stock at cost (444,565 shares
   in 1998 and 309,465 shares in 1997) ...........................      (7,216)      (4,596)
                                                                     ---------    ---------

Total Stockholders' Equity .......................................   $  36,958    $  39,270

Total Liabilities and Stockholders' Equity .......................   $ 316,082    $ 290,345
                                                                     =========    =========


      See accompanying notes to unaudited consolidated financial statements

</TABLE>
<PAGE>



                       1st Bergen Bancorp and Subsidiaries
                  Consolidated Statements of Income (Unaudited)
                             (Dollars in thousands)


                                                             Three Months Ended
                                                                 March 31,
                                                             ------------------
                                                               1998     1997
                                                             -------   -------- 


INTEREST INCOME
 Interest on loans .......................................   $ 2,571   $ 2,561
 Interest on investment securities held to maturity ......       791       581
 Interest on investment securities available for sale ....       741       300
 Interest on mortgage-backed securities held to maturity .       841       810
 Interest on mortgage-backed securities available for sale       171        43
 Interest on FHLB deposits ...............................        79       103
 FHLB stock dividends ....................................        34        24
                                                             -------   -------

Total interest income ....................................   $ 5,228   $ 4,422

INTEREST EXPENSE
 Deposits ................................................   $ 2,429   $ 2,213
 FHLB Borrowings .........................................       524         0
                                                             -------   -------

Total interest expense ...................................   $ 2,953   $ 2,213

NET INTEREST INCOME ......................................     2,275     2,209

Provision for loan losses ................................        75       175
                                                             -------   -------

NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES ..........................................   $ 2,200   $ 2,034

NON-INTEREST INCOME:
 Loan fees and service charges ...........................   $    47   $    44
 Other income ............................................        43        23
                                                             -------   -------

 Total other income ......................................        90        67

NON-INTEREST EXPENSE:
 Compensation and employee benefits ......................   $   895   $   712
 Occupancy expense .......................................        78        72
 Equipment ...............................................       137       112
 Advertising .............................................        63        52
 Federal deposit insurance premiums ......................        35        35
 Net (gain) loss from real estate owned ..................         3        (9)
 Insurance and bond premiums .............................        30        34
 Other ...................................................       273       300
                                                             -------   -------

 Total non-interest expense ..............................   $ 1,514   $ 1,308

 Income before income taxes ..............................       776       793
 Federal and state tax expense ...........................       257       289
                                                             -------   -------
 Net Income ..............................................   $   519   $   504
                                                             =======   =======
 Earnings per share - Basic ..............................      0.22      0.18
 Earnings per share - Diluted ............................      0.21      0.18


      See accompanying notes to unaudited consolidated financial statements


<PAGE>


                       1st Bergen Bancorp and Subsidiaries
                Consolidated Statements of Cash Flows (Unaudited)
               For the Three Months Ended March 31, 1998, and 1997
                                 (In Thousands)

<TABLE>
<CAPTION>

                                                                               March 31
                                                                          --------------------
                                                                            1998        1997
                                                                          --------    --------
<S>                                                                       <C>        <C> 
Cash Flows from operating activities:
Net Income ............................................................   $    519    $    504
Adjustments to reconcile net income to net cash provided
  by operating activities
    Provision for loan loss ...........................................         75         175
    Net gain on sales of real estate owned ............................       --           (49)
    Depreciation of premises and equipment ............................         61          52
    Amortization of RRP shares ........................................         73        --
    Allocation of ESOP shares .........................................         84        --
    Net accretion of premiums and amortization of discounts ...........         (8)         12
    Net (decrease) increase in deferred loan fees .....................        (28)         10
    (Increase) decrease in interest and dividends receivable ..........         (6)        184
    Decrease (increase) in other assets ...............................         72         (38)
    Increase in other liabilities .....................................        304          52
    Increase (decrease) in deferred income taxes ......................       (117)         50
    Increase in income taxes payable ..................................        167         289
                                                                          --------    --------
    Net cash provided by operating activities .........................   $  1,196    $  1,241

Cash Flows from investing activities:
    Net decrease in loans receivable ..................................   $  3,360    $  1,656
    Purchases of investment securities held to maturity ...............    (12,000)       --
    Purchases of investment securities available for sale .............    (22,000)       --
    Proceeds from sales of real estate owned ..........................       --           436
    Purchases of mortgage-backed securities available for sale ........     (2,024)       --
    Investment securities held to maturity called .....................     15,000        --
    Principle payments on investment securities held to maturity ......        404          83
    Principle payments on mortgage-backed securities held to maturity .      5,243       2,867
    Purchase of loans .................................................     (4,488)       --
    Principle payments on mortgage-backed securities available for sale        619           2
    Purchases of premises and equipment ...............................        (95)       (402)
    Purchases of FHLB-NY stock ........................................       (990)       (140)
      Net cash used in investing activities ...........................   $(16,971)   $  4,502

Cash Flows from financing activities:
    Net increase in deposits ..........................................   $  6,527    $  4,591
    Purchase of treasury stock ........................................     (2,620)       --
    Net increase in advances by borrowers (taxes & insurance) .........         51          39
    Net increase in borrowings ........................................     21,000        --
    Dividends paid ....................................................       (139)        (95)
                                                                          --------    --------
      Net cash provided by financing activities .......................     24,819       4,535
    Net increase in cash and cash equivalents .........................      9,044      10,278
Cash and cash equivalents at the beginning of the period ..............      3,199       7,731
                                                                          --------    --------
Cash and cash equivalents at the end of the period ....................   $ 12,243    $ 18,009
                                                                          ========    ========

Supplemental disclosures of cash flow information:
    Cash  paid  during  the period for:
      Interest ........................................................      2,728       2,227
      Income taxes ....................................................        150        --
    Non-cash investing  and  financing activities:
      Transfer of loans to real estate owned ..........................   $   --      $     76

</TABLE>

      See accompanying notes to unaudited consolidated financial statements


<PAGE>



                       1ST BERGEN BANCORP AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


1. Basis of Financial Statement Presentation

The  Consolidated  Financial  Statements  include  the  accounts  of 1st  Bergen
Bancorp,  (the "Company") and its wholly owned  subsidiary  South Bergen Savings
Bank (the "Bank") and the Bank's wholly owned  subsidiary South Bergen Financial
Services, Inc. All significant  intercompany balances and transactions have been
eliminated in consolidation.  The Bank provides a full range of banking services
to individuals and corporate  customers  through its branch system consisting of
offices  in  Bergen,  Morris  and  Passaic  Counties.  The  Bank is  subject  to
competition from other financial  institutions and to the regulations of certain
regulatory  agencies and undergoes  periodic  examinations  by those  regulatory
authorities.

The accompanying  unaudited consolidated financial statements have been prepared
in accordance with generally accepted accounting principles ("GAAP") for interim
financial  information and in conformity with the  instructions to Form 10-Q and
Article 10 of Regulation S-X for the Company and its subsidiary.

In the  opinion  of  management,  all  adjustments  (consisting  of only  normal
recurring  adjustments)  necessary to present  fairly the  financial  condition,
results  of  operations,  and  changes  in cash  flows  have  been  made for the
three-month  period  ended March 31,  1998.  The results of  operations  for the
three-month  period  ended March 31, 1998,  are not  necessarily  indicative  of
results that may be expected for the entire year ending December 31, 1998.

2. Organization of the Holding Company and conversion to stock form of ownership

On November 28, 1995, the Company was organized for the purpose of acquiring all
of the capital stock of the Bank to be issued in the Bank's  conversion from the
mutual to stock form of ownership.  On March 29, 1996, the Company  completed an
initial public offering.  The offering  resulted in the sale of 3,174,000 shares
of common stock without par value of the Company ("Common Stock"), including the
sale of 253,920 shares to the Bank's tax qualified Employee Stock Ownership Plan
(the "ESOP").

In connection  with the  conversion  from a mutual to a capital stock form,  the
Company established the ESOP for the benefit of the employees of the Company and
the Bank. The ESOP purchased  253,920  shares,  or 8% of the total stock sold in
the subscription, for $2,539,200 which was financed by a loan from the Company.

The ESOP was effective upon completion of the conversion. Full time employees of
the  Company  or the Bank who have been  credited  with at least  1000  hours of
service  during a twelve  month  period and who have  attained the age of 21 are
eligible  to  participate  in the  ESOP.  The  loan to the ESOP  will be  repaid
principally  from the  Bank's  discretionary  contributions  to the ESOP  over a
period of ten years,  and the  collateral  for the loan will be the Common Stock
purchased by the ESOP that has not been committed to be released.

3. Net Income Per Share

The  Company  earned  $0.22 cents per share and $0.21 cents per share on a basic
and diluted  basis,  respectively,  for the quarter  ended March 31,  1998.  The
Company did not make any grants of stock  under the  Recognition  and  Retention
Plan ("RRP") and ESOP plans until the second quarter of 1997;  and  accordingly,
the  earnings  per share on a basic and  diluted  basis were $0.18 cents for the
quarter ended March 31, 1997.



<PAGE>



4. Non Performing Loans and the Allowance for Loan Losses

   Non-performing loans were as follows:

                                                        (Dollars in Thousands)

                                                        March 31,   December 31,
                                                          1998          1997
                                                        --------    -----------

 Loans delinquent 90 days or more
  and other non-performing loans ....................   $   2,228    $   2,057

 Loans delinquent 90 days or more and other
  non-performing loans as a percentage of           
  gross loans .......................................        1.68%        1.57%

    An  analysis  of the  allowance  for loan  losses  for the  three-month
    periods ended March 31, 1998, and 1997 follows:

                                                        (Dollars in Thousands)

                                                        March 31,     March 31,
                                                         1998           1997
                                                        ---------     ---------

Balance at the beginning of the period ..............    $3,061        $3,126

Provision charged to operations .....................        75            75

Charge-offs, net ....................................         0           196

Balance at end of period ............................    $3,136        $3,005
                                                         ======        ======

5. Recent Accounting Pronouncement

During  the first  quarter  of 1998,  the  Company  adopted  the  provisions  of
Statement of Financial  Accounting  Standards No. 130, "Reporting  Comprehensive
Income" (SFAS 130). SFAS 130 establishes  standards for reporting and display of
comprehensive income and its components (revenues,  expenses,  gains and losses)
in a full set of general purpose financial  statements.  This Statement requires
that all items that are required to be recognized under accounting  standards as
components of comprehensive  income be reported in a financial statement that is
displayed with the same prominence as other financial statements. This Statement
requires that an enterprise (a) classify items of other comprehensive  income by
their nature in a financial statement and (b) display the accumulated balance of
other  comprehensive  income  separately  from retained  earnings and additional
paid-in capital in the equity section of a statement of financial  position.  In
accordance  with the  provisions of SFAS 130 for interim period  reporting,  the
Company's total comprehensive  income for the three months ended March 31, 1998,
and 1997 was $280,000 and  $346,000.  The  difference  between the Company's net
income and total comprehensive income for these periods relates to the change in
the net  unrealized  (losses)  on  securities  available  for  sale  during  the
applicable period of time.



<PAGE>



Management Discussion and Analysis of Financial Condition
 and Results of Operations

Financial Condition

Overview

1st Bergen Bancorp,  the holding  company for South Bergen Savings Bank,  earned
net income for the first quarter ended March 31, 1998, of $519,000,  an increase
of $15,000, or 3.0%, over the $504,000 earned for the same period last year. The
$15,000 increase in earnings over the prior year is primarily  attributable to a
$66,000  increase in net interest income coupled with decreases in the provision
for loan losses and tax expense of $100,000 and $32,000 respectively,  partially
offset by an increase in non-interest expense of $206,000.

Assets and Liabilities

Total assets  increased  $25.7 million,  or 8.9%, to $316.1 million at March 31,
1998,  from  $290.3  million  at  December  31,  1997.  Part of this  growth was
attributable  to the Company's  borrowing an  additional  $12.0 million from the
Federal Home Loan Bank of New York (FHLBNY) at a special  advance  offering rate
in February.  These funds will be used to replace  higher priced  advances which
are due to mature and reprice at the end of April 1998.

Cash and cash equivalents increased $9.0 million, or 282.7%, to $12.2 million as
of March 31, 1998, from $3.2 million at December 31, 1997. This increase was due
primarily  to  mortgage-backed  securities  repayments  of $5.9  million  and an
increase in deposits of $6.5 million,  or 3.0%,  to $224.0  million at March 31,
1998, from $217.4 million at December 31, 1997.  Funds from these repayments and
deposits were invested in short-term cash equivalents pending deployment.  These
funds  will be used to fund  loan  commitments  and  security  purchases.  Loans
receivable,  net increased $1.1 million, or 0.8%, to $128.9 million at March 31,
1998, from $127.8 million at December 31, 1997.  Mortgage-backed securities held
to maturity  decreased  $5.2  million,  or 10.0%,  to $47.2 million at March 31,
1998,  from $52.5 million at December 31, 1997. The decrease in  mortgage-backed
securities  held to  maturity  was  due to  normal  repayments.  Mortgage-backed
securities available for sale increased $1.2 million, or 11.9%, to $11.7 million
at March 31, 1998,  from $10.4 million at December 31, 1997.  The increase was a
result of purchases  of $2.0  million,  offset by an increase in the  unrealized
loss and normal repayments.

Investment securities held to maturity decreased $3.4 million, or 7.2%, to $43.5
million  at March 31,  1998,  from $46.9  million at  December  31,  1997.  This
decrease  was due to the  early  maturity  call of  securities  valued  at $15.0
million offset by the $12.0 million FHLBNY term deposit and principal paydowns.

Investment  securities  available for sale increased $22.0 million, or 53.4%, to
$63.0 million at March 31, 1998,  from $41.1 million at December 31, 1997.  This
increase was funded in part by the early  maturity of  securities in the held to
maturity portfolio and additional FHLBNY borrowings as the Company increased its
leverage program.

Stockholders' Equity

Stockholders'  equity decreased $2.3 million, or 5.9%, to $36.9 million at March
31, 1998, from $39.3 million at December 31, 1997. The decrease in stockholders'
equity was due  primarily to the  continued  repurchase by the Company of common
stock in connection with its third 5% buyback  program,  and the payment of cash
dividends in the amount of $139,000.  The market value of the shares repurchased
was $2.6 million, which was offset by first quarter income of $519,000.

Liquidity and Capital Resources

Liquidity  is a measure of a bank's  ability to fund  loans and  withdrawals  of
deposits in a cost-effective  manner.  The Company's  principal sources of funds
are deposits,  scheduled  amortization  and  prepayments  of loan  principal and
mortgage-backed  securities,  maturities  of  investment  securities  and  funds
provided by operations.  Liquidity is also available through borrowings from the
FHLBNY.



<PAGE>

While loan  repayments  and  maturing  investment  securities  are a  relatively
predictable source of funds, deposit flows,  prepayments and calls of investment
securities  and  prepayment  of  mortgage-backed  securities  are  influenced by
interest rates,  general economic conditions and competition in the marketplace.
At March 31, 1998,  total liquid assets,  consisting of cash,  interest  bearing
deposits in other banks,  investment securities and mortgage-backed  securities,
all with final maturities of five years or less, were $53.4 million, or 16.9% of
total assets.  This amount includes $40.4 million scheduled to mature within one
year,  which  represented  12.8% of total assets and 18.0% of total  deposits at
March 31, 1998.

At March 31, 1998,  the Company had  commitments to originate and purchase loans
totalling $1.6 million and $1.7 million, respectively,  outstanding unused lines
of credit of $5.3  million.  The Company is  committed to  maintaining  a strong
liquidity  position and anticipates  that it will have sufficient  funds to meet
its current funding commitments.  The Company does not have any balloon or other
payments due on any long-term  obligations or any off-balance  sheet items other
than the loan commitments and unused lines of credit noted above.

The Office of Thrift Supervision (OTS), which regulates  activities of the bank,
requires  that the Bank  meet  minimum  tangible,  core and  risk-based  capital
requirements. As of March 31, 1998, and December 31, 1997, the Bank exceeded all
regulatory capital  requirements.  The Bank's required and actual capital levels
as of March 31, 1998, and December 31, 1997, are as follows:

<TABLE>
<CAPTION>

                                                                                            To Be Well Capitalized
                                                                     For capital                 Under Prompt
                                            Actual                 Adequacy Purpose           Corrective Action
                                      --------------------       -------------------         ---------------------
                                      Amount         Ratio       Amount        Ratio         Amount          Ratio
                                      ------        ------       ------        -----         ------          -----
<S>                                  <C>             <C>         <C>            <C>         <C>               <C>

As of March 31, 1998:
---------------------
Tangible capital                     $31,488         10.1%       $4,717         1.5%         $4,717           1.5%
Core capital                         $31,488         10.1%       $9,434         3.0%        $15,723           5.0%
Tier 1 risk-based capital            $31,488         10.1%       $5,162         4.0%         $7,742           6.0%
Risk-based capital                   $33,111         25.7%      $10,323         8.0%        $12,904          10.0%


As of December 31, 1997:
-----------------------
Tangible capital                     $30,860         10.6%       $4,371         1.5%         $4,371           1.5%
Core capital                         $30,860         10.6%       $8,742         3.0%        $14,571           5.0%
Tier 1 risk-based capital            $30,860         24.9%       $4,949         4.0%         $7,423           6.0%
Risk-based capital                   $32,417         26.2%       $9,897         8.0%        $12,371          10.0%

</TABLE>


<PAGE>


Comparison of Operating Results for the three months ended March 31, 1998,
 and 1997

Net Income

For the three  months  ended March 31,  1998,  net income  increased  $15,000 to
$519,000 from  $504,000 for the same period last year.  The increase in earnings
is primarily  attributable to a $66,000 increase in net interest income, coupled
with  decreases in the provision for loan losses and tax expense of $100,000 and
$32,000 respectively, partially offset by an increase in non-interest expense of
$206,000

Interest Income

Interest on loans for the three months ended March 31, 1998,  was $2.6  million,
relatively  unchanged from the $2.6 million earned in the same period last year,
while the average balance of loans outstanding  increased $6.1 million, or 5.0%,
to $129.2 million at March 31, 1998,  from $123.1 million at March 31, 1997. The
average  yield  decreased to 7.96% at March 31, 1998,  from 8.32%,  for the same
period last year, reflecting current market rates of interest.

Interest on mortgage-backed  securities held to maturity  increased $31,000,  or
3.8%,  to $841,000 for the three months ended March 31, 1998,  from $810,000 for
the same  period in 1997.  The  increase  was due to an  increase in the average
yield  from  6.41%  to 6.69%  while  the  average  balance  remained  relatively
unchanged at $50.2 million.

Interest on investment securities held to maturity increased $210,000, or 36.1%,
to $791,000 for the three months  ended March 31,  1998,  from  $581,000 for the
same  period in 1997.  The  increase  was  primarily  due to an  increase in the
average  balance  of  securities  held to  maturity  during  the period to $45.3
million for the three months ended March 31,  1998,  from $33.1  million for the
same period in 1997.  This was  partially  offset with a decrease in the average
yield to 6.99% for the three  months  ended March 31,  1998,  from 7.02% for the
same period in 1997.

Interest  income on  mortgage-backed  securities  available  for sale  increased
$128,000,  or 297.7%,  to $171,000  for the three  months  ended March 31, 1998,
compared to $43,000 for the same period in 1997.  The increase was primarily due
to an increase in the average balance of mortgage-backed  securities outstanding
during the period to $10.4  million for the three  months  ended March 31, 1998,
from $2.8  million for the same period in the prior year.  This was coupled with
an increase in the average  yield to 6.58% for the three  months ended March 31,
1998, from 6.22% for the same period in 1997.

Interest income on investment  securities available for sale increased $441,000,
or 147.0%,  to $741,000 for the three  months ended March 31, 1998,  compared to
$300,000 for the same period in 1997. The increase was due to an increase in the
average  balance  outstanding  to $46.4 million for the three months ended March
31,  1998,  from $19.6  million for the same period  last year  coupled  with an
increase in the yield to 6.49% from 6.12%.

Interest Expense

Interest  expense  increased  $740,000,  or 33.4%, to $3.0 million for the three
month period ended March 31, 1998,  compared to $2.2 million for the same period
last year.  The  increase  was  primarily  due to the cost of borrowed  funds in
connection with the Company's leverage program.  The average balance of borrowed
funds was $35.8  million  for the three  months  ended March 31,  1998,  with an
average cost of 5.85%.  The Company had no borrowed  funds  outstanding  for the
same  period  last year.  The  average  balance of savings  deposits  was $220.0
million with a cost of 4.42% for the three months ended March 31, 1998, compared
to average  deposits  of $205.4  million and a cost of 4.31% for the same period
last year.  The  increase  in the average  deposits  of $14.6  million to $220.0
million  at March 31,  1998,  from  $205.3  million at March 31,  1997,  was due
primarily to new deposit  growth at the  Company's  Wanaque and  Montville,  New
Jersey, offices which were opened within the last 18 months.

Provision for Loan Losses

The  provision  for loan losses was $75,000 for the three months ended March 31,
1998,  compared to $175,000  for the same period last year.  The decrease in the
provision reflects a leveling off of the non-performing  loans, more modest loan
growth in the current  quarter and the amount of the existing  reserve  balance.
Non-performing loans, defined as non-accrual loans and accruing loans delinquent
90 days or more were $2.2 million, or 1.67% of gross loans at


<PAGE>


March 31, 1998, an increase of $100,000, or 4.87%, from $2.1 million at December
31, 1997. Real estate owned remained unchanged at 118,000 at March 31, 1998, and
December 31, 1997. Management is continuing its efforts to sell these properties
and reinvest the proceeds in interest-bearing assets. At March 31, 1998, and
December 31, 1997, the allowance for loan losses was $3.1 million. The Company's
ratio of non-performing assets to total assets was .74% at March 31, 1998 and
 .75% at December 31, 1997. The Company's ratio of nonperforming loans to total
assets was .70% at March 31, 1998, and .71% at December 31, 1997.

Non-Interest Income and Non-Interest Expense

Non-interest income increased $23,000, or 34.3%, to $90,000 for the three months
ended March 31,1998, compared to $67,000 for the same period last year. The
increase was primarily due to an increase in NOW account service charges and an
increase in safe deposit box rental fees. Non-interest expense increased
$206,000, or 15.7%, to $1.5 million for the three months ended March 31, 1998,
from $1.3 million for the same period last year. The increase was primarily due
to an increase in compensation and employee benefit expense of $183,000. The
increase in compensation and employee benefit expense is due to the addition of
staff at the Company's two new retail offices in Passaic and Morris counties,
New Jersey, and the amortization of stock based benefit plans. All other expense
categories were relatively unchanged in 1998 as compared to 1997, except for an
increase of $25,000 in equipment expense due to the new branch openings.

Income Tax Expense

Income tax expense decreased $32,000, or 11.1%, to $257,000 for the three months
ended March 31, 1998, from $289,000 for the same period in 1997.

Quantitative and Qualitative Disclosures about Market Risk

During the first quarter of 1998, there were no significant changes in the
Company's assessment of market risk as reported in Item 7A of the Company's Form
10-K.


<PAGE>



                           PART II. OTHER INFORMATION


Item 1.  Legal Proceedings.

         There are  various  claims  and  lawsuits  in which the  Registrant  is
         periodically  involved incidental to the Registrant's  business. In the
         opinion of  management,  no material  loss is expected from any of such
         pending claims and lawsuits.

Item 2.  Changes in Securities.

         Not applicable

Item 3.  Defaults Upon Senior Securities.

         Not applicable

Item 4.  Submission of Matters to a Vote of Security Holders

         On April 28, 1998, the Company held its Annual Meeting. At the meeting,
         Richard R. Masch and Bernard Leung were elected as directors,  each for
         a three-year term.

Item 5.  Other Information.

         None

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

         (a)  Exhibits

         (27) Financial Data Schedule

         (b)  Reports of Form 8-K


         The Registrant filed a current report on February 19, 1998,  announcing
         the Registrant's earnings for the quarter ending December 31, 1997.

         The Registrant filed a current report on February 24, 1998,  announcing
         the payment of a cash dividend.


<PAGE>



                                   SIGNATURES

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


                                            1ST BERGEN BANCORP


                                         /s/ WILLIAM M. BRICKMAN
                                        -----------------------------
                                   By:      William M. Brickman
                                            President and Chief Executive
                                             Officer


                                         /s/ ALBERT E. GOSSWEILER
                                        -----------------------------
                                   By:      Albert E. Gossweiler
                                            Executive Vice President and 
                                             Chief Financial Officer