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POUGHKEEPSIE SAVINGS BANK REPORTS THIRD QUARTER RESULTS

 POUGHKEEPSIE SAVINGS BANK REPORTS THIRD QUARTER RESULTS
 POUGHKEEPSIE, N.Y., Oct. 23 /PRNewswire -- Poughkeepsie Savings


Bank, FSB (NASDAQ: PKPS) today reported a net loss of $2.6 million, or $0.71 per share, for the quarter ended Sept. 30, 1992, compared with a net loss of $3.0 million, or $0.82 per share, for the same period of 1991. For the first nine months of 1992, a net loss of $8.5 million, or $2.33 per share, is reported compared with $11.0 million, or $3.04 per share, for the first nine months of 1991.
 Total assets at Sept. 30, 1992, were $911.7 million, reflecting managed reductions from the levels of $925.9 million at June 30, 1992, and $1.1 billion at Dec. 31, 1991. The "core" and "tangible" capital ratio was 2.21 percent at Sept. 30, 1992, and the "total risk-based" capital ratio was 4.43 percent on the same date.
 Commenting on the results for the third quarter of 1992, Joseph B. Tockarshewsky, chairman, president and chief executive officer, said, "Results were adversely affected by the costs associated with a high level of real estate owned and by the effects of lower interest rates on the bank's earning assets. On a positive note, the bank's wholly-owned mortgage banking subsidiary, Market Street Mortgage Corporation, had very strong operating results. In addition, the bank paid off in late September and early October two borrowings made prior to 1992 at high interest rates. We are cautiously optimistic that these debt paydowns as well as the previously announced sales of Market Street Mortgage and the South Carolina banking division will improve the bank's financial condition in the fourth quarter."
 Non-performing assets, net of reserves, at Sept. 30, 1992, which include loans delinquent 90 days or more, non-accrual loans, loans in foreclosure, other real estate owned and investments in joint ventures, totaled $81.1 million, or 8.9 percent of total assets. The amounts reported at the prior quarter-end (June 30, 1992) were $85.2 million, or 8.9 percent of total assets. The level of net non-performers decreased from last quarter because of write-downs and net cash received in the third quarter and because of the sale of one owned commercial real estate property.
 Net interest income was $2.7 million and $4.6 million for the third quarter of 1992 and 1991, respectively. Interest rate margins were 1.32 percent and 1.61 percent for the same periods, respectively. Non-performing assets continue to have adverse effects on margins. In addition, the reducing level of interest rates on earning assets is again outpacing the reduction in costs of deposits and borrowings. In September 1992, a term borrowing of $25 million with an interest rate of 8.0 percent was repaid at maturity and on Oct. 1, 1992, the 10.5 percent mortgage-backed bond in the amount of $31.7 million was repaid.
 Other income for the third quarter of 1992 was $4.5 million compared with $4.0 million in the comparable quarter of 1991. This increase is attributable to improved revenues at Market Street Mortgage Corporation.
 Operating expenses were $9.1 million for the third quarter ended Sept. 30, 1992, compared with $10.5 million in the third quarter of 1991. These savings are due to expense reduction efforts at the bank and lower net costs related to other real estate owned. Excluding such costs for other real estate owned, operating expenses were reduced 12.4 percent from the level of last year's third quarter.
 The bank's "core" and "risk-based" capital ratios are below current requirements. The bank has filed a capital plan with its regulators and has responded to requests from them for additional information. Such plan has not yet been approved.
 Poughkeepsie Savings Bank is a community banking institution whose principal market is the Mid-Hudson Valley region of New York, where it operates seven branches. Market Street Mortgage Corporation, its Tampa-based mortgage banking subsidiary, has loan production offices in Florida, North Carolina, Georgia, Virginia and Maryland. The bank's deposits are insured by the Federal Deposit Insurance Corporation.
 POUGHKEEPSIE SAVINGS BANK, FSB
 (Dollars in thousands, except per share data)
 Condensed Consolidated Statement of Condition
 September December
 1992 1991
 (Unaudited)
 ASSETS:
 Cash & investments $105,436 $ 78,072
 Total loans and mortgage-backed
 securities 719,759 958,541
 Less allowance for loan losses (21,339) (22,377)
 Net 698,420 936,164
 Other real estate & joint ventures 75,171 84,969
 Other assets 32,652 44,164
 Total assets $911,679 $1,143,369
 LIABILITIES AND STOCKHOLDERS' EQUITY:
 Savings accounts $160,408 $ 100,196
 Time deposits 300,961 436,634
 Money market deposits 68,714 80,770
 Demand deposits 41,195 44,092
 Total due depositors 571,278 661,692
 Borrowings 283,165 409,757
 Other liabilities 37,131 44,313
 Total liabilities 891,574 1,115,762
 Stockholders' equity 20,105 27,607
 Total liabilities & stockholders' equity $911,679 $1,143,369
 Book value per share $5.52 $7.60
 Condensed Consolidated Statement of Operations
 (Unaudited)
 Periods ended Three Months Nine Months
 Sept. 30 1992 1991 1992 1991
 Interest income $15,418 $25,727 $51,910 $83,108
 Interest expense 12,715 21,108 42,665 67,356
 Net interest income 2,703 4,619 9,245 15,752
 Provision for loan losses 675 1,098 3,600 5,158
 Net interest income after
 provision 2,028 3,521 5,645 10,594
 Net securities gains -- -- -- 476
 Loss on redemption of bonds
 payable -- -- -- (932)
 Net gain (loss) on sale of
 mortgage loans/mortgage-backed
 securities 523 19 4,371 (243)
 Prepayment penalty-FHLB
 advances -- -- (633) --
 Gain on sale of servicing 1,688 1,457 4,651 3,991
 Loan servicing income 1,238 1,391 3,808 4,158
 Other income 1,056 l,108 2,867 3,296
 Total other income 4,505 3,975 15,064 10,746
 Net cost of operation of other
 real estate & joint ventures 1,592 1,934 5,283 4,492
 Other operating expenses 7,505 8,533 23,893 27,811
 Total operating expenses 9,097 10,467 29,176 32,303
 Net loss $(2,564) $(2,971) $(8,467) $(10,963)
 Net loss per share $(0.71) $(0.82) $(2.33) $(3.04)
 Interest rate spread (pct) 1.68 1.71 1.62 1.91
 Interest rate margin (pct) 1.32 1.61 1.40 1.78
 -0- 10/23/92
 /CONTACT: Robert J. Hughes, executive vice president and chief financial officer of Poughkeepsie Savings Bank, 914-431-6386/
 (PKPS) CO: Poughkeepsie Savings Bank, FSB ST: New York IN: FIN SU: ERN


GK-EE -- NY062 -- 4319 10/23/92 16:26 EDT
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Date:Oct 23, 1992
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