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PRIME BANCORP, INC. REPORTS RECORD EARNINGS

 PHILADELPHIA, Feb. 2 /PRNewswire/ -- Prime Bancorpm, Inc. (NASDAQ-NMS: PSAB) reported today record earnings of $4.70 million for the fiscal year ending Dec. 31, 1992.
 The 1992 earnings represented an increase of 15.6 percent over the $4.07 million posted during the 1991 calendar year. Similarly, earnings per share increased from $1.55 per share during 1991 to $1.78 per share during 1992.
 President and Chief Executive Officer Erwin T. Straw commented: "Record earnings during 1992 were augmented by major advances as back- office data and item processing were brought in-house. This will reduce and fix costs, completing our transformation to a commercial bank infrastructure. Additionally, we accomplished the merger and integration of a new bank into our system. This positions Prime for an even better future."
 Earnings in 1992 were driven by strong gains in net interest income which grew 13.2 percent from $14.08 million in 1991 to $15.94 million during 1992.


Expenses also grew but more slowly at 6.19 percent from $8.40 million in 1991 to $8.92 million for 1992. The provision for loan losses was $1.2 million during 1992 compared with $1.32 million during the 1991 calendar year. The modest decline of the provision reflects gradual improvements in the loan portfolio which parallel modest improvements in the local economy. Non-interest income moved from $2.36 million in 1991 to a more sustainable $2.06 million in 1992.
 Prime's key performance statistics all improved. ROA increased from 1.15 percent in 1991 to 1.28 percent during 1992. ROE increased from 10.23 percent to 10.93 percent for the same comparable period. At Dec. 31, 1992, the equity ratio stood at 11.39 percent. The loan loss allowance equaled 1.14 percent of net loans. Non-performing assets equaled $3.78 million representing .96 percent of assets.
 Prime Bancorp, Inc. is headquartered in Philadelphia. Prime Savings Bank, fsb is the corporation's primary subsidiary. The bank conducts business at 10 branch locations concentrated in Northeast Philadelphia, Lower Bucks County and Eastern Montgomery County. Prime Bancorp, Inc. had total assets of $393,164,872, total deposits of $338,006,095 and total net loans of $279,377,817 as of the close of business Dec. 31, 1992.
 PRIME BANCORP, INC.
 Financial Highlights(A)
 Periods ended Three months Six months
 Dec. 31 1992 1991 1992 1991
 Dividends per common share $.13 $.11 $.26 $.20
 Interest rate spread (pct.) 4.46 3.94 4.48 3.83
 Net yield on interest-earning
 assets (pct.) 4.75 4.44 4.80 4.33
 Return on average assets (pct.) 1.38 1.15 1.36 1.14
 Return on average equity (pct.) 11.47 10.16 11.45 10.25
 Equity to assets (pct.) 11.39 11.35 11.39 11.35
 Ratio of interest bearing
 assets to interest bearing
 liabilities 1.08x 1.09x 1.08x 1.09x
 Book value per share $16.76 $15.73 $16.76 $15.73
 Number of shares
 outstanding 2,669,998 2,627,536 2,669,998 2,627,536
 Twelve month ended Dec. 31 1992 1991
 Dividends per common share $.49 $.37
 Interest rate spread (pct.) 4.26 3.64
 Net yield on interest-earning
 assets (pct.) 4.64 4.14
 Return on average assets (pct.) 1.28 1.15
 Return on average equity (pct.) 10.93 10.23
 Equity to assets (pct.) 11.39 11.35
 Ratio of interest bearing assets
 to interest bearing liabilities 1.09x 1.09x
 Book value per share 16.76 15.73
 Number of shares outstanding 2,669,998 2,627,536
 (A) Certain ratios have been annualized.
 Consolidated Statements of Financial Condition
 (Unaudited)
 Dec. 31 1992 1991
 Assets:
 Cash in banks $9,229,332 $3,216,514
 Interest-bearing deposits 19,778,767 24,970,016
 Cash and cash equivalents 29,008,099 28,186,530
 Investment securities 26,764,084 32,336,863
 Mortgage-backed securities 39,777,881 33,391,041
 Loans receivable, net 279,377,817 256,062,302
 Loans held for sale 1,622,450 ---
 Accrued interest receivable:
 Loans 2,487,907 2,278,780
 Mortgage-backed securities 321,420 311,720
 Investments and other 254,036 411,124
 Real estate owned 478,803 585,800
 Land acquired for development and
 resale 1,000,246 1,209,111
 Property and equipment 8,189,490 6,343,285
 Other assets 3,882,639 2,993,151
 Total assets 393,164,872 364,109,707
 Liabilities and Stockholders' Equity:
 Liabilities:
 Deposits $338,006,095 $294,840,178
 Advances from Federal Home Loan
 Bank of Pittsburgh 5,900,000 11,900,000
 Other borrowed money 370,790 10,910,610
 Advance payments by borrowers for
 taxes and insurance 1,820,047 1,831,821
 Other liabilities 2,318,209 3,302,176
 Total liabilities 348,415,141 322,784,785
 Stockholders' equity:
 Serial preferred, $1 par value;
 5 million shares authorized and
 unissued --- ---
 Common stock, $1 par value;
 10 million shares authorized;
 2,808,288 and 2,765,826 shares
 issued, respectively 2,808,288 2,765,826
 Additional paid-in capital 13,069,732 12,868,038
 Retained earnings substantially
 restricted 29,797,517 26,506,382
 Treasury stock (138,290 shares
 at cost) (815,324) (815,324)
 Less unrealized loss on marketable
 equity securities (110,482) ---
 Total stockholders' equity 44,749,731 41,324,922
 Total liabilities and stockholders'
 equity 393,164,872 364,109,707
 Consolidated Statements of Operations
 (Unaudited)
 Three months ended Dec. 31 1992 1991
 Interest income:
 Loans receivable $6,270,481 $6,909,674
 Mortgage-backed securities 598,689 774,624
 Investment securities 382,178 511,775
 Interest-bearing deposits 115,085 215,842
 Total interest income 7,366,433 8,411,915
 Interest expense:
 Deposits 3,151,640 4,188,273
 Short-term borrowings 23,674 148,780
 Long-term borrowings 95,661 253,235
 Total interest expense 3,270,975 4,590,288
 Net interest income 4,095,458 3,821,627
 Provision for loan losses 300,000 300,000
 Net interest income after
 provision for loan losses 3,795,458 3,521,627
 Other income (expenses):
 Fees and service charges 374,748 154,982
 Loss on sale of loans (23,640) (23,641)
 Gain on sale of mortgage-backed
 securities --- 121,123
 Gain on sale of investment securities 77,848 2,504
 Gain on sale of land acquired for
 development and resale --- 4,826
 Loss on sale of real estate owned (8,367) ---
 Other 300,456 261,997
 Total other income 721,045 521,791
 Other expenses:
 Salaries and employee benefits 1,261,945 1,081,011
 Occupancy and equipment 358,272 331,909
 Data processing 3,946 106,772
 Federal insurance premiums 168,894 159,206
 Other 616,041 508,180
 Total other expenses 2,409,098 2,187,078
 Income before income taxes 2,107,405 1,856,340
 Income taxes 835,248 816,315
 Net income 1,272,157 1,040,025
 Earnings per share:
 Primary $.48 $.40
 Fully diluted .45 .40
 Weighted average number of shares
 outstanding:
 Primary 2,660,944 2,627,536
 Fully diluted 2,800,487 2,627,536
 Dividends declared per share $.13 $.11
 Six months ended Dec. 31 1992 1991
 Interest income:
 Loans receivable $12,772,936 $13,753,621
 Mortgage-backed securities 1,248,043 1,675,975
 Investment securities 808,458 1,055,159
 Interest-bearing deposits 273,145 385,650
 Total interest income 15,102,582 16,870,405
 Interest expense:
 Deposits 6,647,139 8,602,638
 Short-term borrowings 62,076 321,353
 Long-term borrowings 187,297 507,173
 Total interest expense 6,896,512 9,431,164
 Net interest income 8,206,070 7,439,241
 Provision for loan losses 700,000 550,000
 Net interest income after
 provision for loan losses 7,506,070 6,889,241
 Other income (expenses):
 Fees and service charges 454,712 295,791
 Loss on sale of loans (50,606) (47,281)
 Gain on sale of mortgage-backed
 securities 148,050 134,938
 Gain on sale of investment securities 133,867 2,504
 Gain on sale of land acquired for
 development and resale --- 36,823
 Gain on sale of real estate owned 26,756 ---
 Other 587,644 522,000
 Total other income 1,300,423 944,775
 Other expenses:
 Salaries and employee benefits 2,358,666 2,037,461
 Occupancy and equipment 714,448 637,658
 Data processing 64,770 199,160
 Federal insurance premiums 337,627 318,411
 Other 1,142,834 1,043,493
 Total other expenses 4,618,345 4,236,183
 Income before income taxes 4,188,148 3,597,833
 Income taxes 1,675,206 1,520,356
 Net income 2,512,942 2,077,477
 Earnings per share:
 Primary $.94 $.79
 Fully diluted .90 .79
 Weighted average number of shares
 outstanding:
 Primary 2,660,785 2,627,536
 Fully diluted 2,805,519 2,627,536
 Dividends declared per share $.26 $.20
 12 months ended Dec. 31 1992 1991
 Interest income:
 Loans receivable $25,946,143 $27,565,663
 Mortgage-backed securities 2,536,792 3,158,158
 Investment securities 1,730,571 1,926,737
 Interest-bearing deposits 673,284 1,029,230
 Total interest income 30,886,790 33,679,788
 Interest expense:
 Deposits 14,225,389 17,985,122
 Short-term borrowings 256,057 792,702
 Long-term borrowings 462,365 819,770
 Total interest expense 14,943,811 19,597,594
 Net interest income 15,942,979 14,082,194
 Provision for loan losses 1,200,000 1,320,000
 Net interest income after
 provision for loan losses 14,742,979 12,762,194
 Other income (expenses):
 Fees and service charges 773,024 603,778
 Loss on sale of loans (89,834) (94,561)
 Gain on sale of
 mortgage-backed securities 148,050 134,938
 Gain on sale of investment securities 137,825 2,504
 Gain on sale of land acquired for
 development and resale --- 182,705
 Loss on sale of real estate owned (71,343) ---
 Other 1,160,440 1,528,927
 Total other income 2,058,162 2,358,291
 Other expenses:
 Salaries and employee benefits 4,475,174 3,860,440
 Occupancy and equipment 1,333,623 1,229,623
 Data processing 322,910 389,724
 Federal insurance premiums 660,884 622,239
 Other 2,128,361 2,298,997
 Total other expenses 8,920,952 8,401,023
 Income before income taxes 7,880,189 6,719,462
 Income taxes 3,177,261 2,652,494
 Net income 4,702,928 4,066,968
 Earnings per share:
 Primary $1.78 $1.55
 Fully diluted $1.69 $1.55
 Weighted average number of shares
 outstanding:
 Primary 2,645,199 2,627,536
 Fully diluted 2,788,618 2,627,536
 Dividends declared per share $.49 $.37
 /delval/
 -0- 2/2/93
 /CONTACT: Erwin T. Straw, president and chief executive officer of Prime Bancorp, 215-742-5300/
 (PSAB)


CO: Prime Bancorp, Inc. ST: Pennsylvania IN: FIN SU: ERN

MJ-CC -- PH020 -- 1956 02/02/93 14:05 EST
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