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ST. PAUL REPORTS FIRST QUARTER NET INCOME OF $9.2 MILLION; BOARD DECLARES REGULAR QUARTERLY CASH DIVIDEND

 CHICAGO, April 8 /PRNewswire/ -- St. Paul Bancorp, Inc. (NASDAQ: SPBC), the holding company for Chicago-based St. Paul Federal Bank For Savings, today reported net income of $9.2 million, or $0.70 per share, for the three months ended March 31, 1993, equivalent to the $9.2 million, or $0.75 per share, reported for the first quarter of 1992.
 During the 1993 first quarter, the company recorded a 13 percent increase in net interest income and a 14 percent increase in commission and fee income. These improvements in the Bank's core earnings capacity reflect the operations of Elm Financial Services, Inc., since its acquisition on Feb. 23, 1993. A $990,000 reduction in gains on the sale of assets, as well as a $1.25 million increase in the company's provision for losses and REO, also impacted the 1993 first quarter results.
 Separately, the board of directors of St. Paul Bancorp today declared a regular quarterly cash dividend of $0.10 per share. The dividend will be paid May 11, 1993 to shareholders of record as of April 30, 1993.
 On an annualized basis, St. Paul Bancorp's returns on average assets and average equity for the quarter ended March 31, 1993 were 1.01 percent and 12.28, respectively. At the end of 1993 first quarter, St. Paul Federal Bank continued to exceed all regulatory capital requirements by a wide margin.
 Net interest income before the provision for loan losses was $30.7 million for the 1993 first quarter, an increase of 13.10 percent over the first quarter of 1992. The improvement was the result of an increase in the bank's net interest margin to 3.50 percent for the recent quarter, from 3.09 percent in the prior-year quarter. The bank's weighted average interest spread was 3.42 percent at March 31, 1993.
 Although other operating income declined slightly to $6.5 million in the 1993 first quarter, from $6.6 million in the year-ago period, the quality of those earnings improved. A 14.37 percent increase in other non-interest income, comprised of transaction and ATM fees and annuity and discount brokerage commissions, was more than offset by a $990,000 reduction in gains on the sale of assets.
 Non-interest expense rose 12.63 percent to $19.1 million, from $16.9 million in the 1992 first quarter. The company's annualized ratio of general and administrative expense to average assets was 2.09 percent and 1.86 for the quarters ended March 31, 1993 and 1992, respectively. The company attributed increased expenses, in part, to the addition of 11 branch offices since the 1992 first quarter.
 In keeping with its conservative approach to providing for potential losses, the Bank made a combined loan and real estate (REO) loss provision of $4.0 for the 1993 first quarter. This compares with provisions of $2.75 million for the first quarter of 1992 and $3.0 million for the three months ended Dec. 31, 1992. Non-performing assets, excluding troubled debt restructurings (TDRs), increased to $55.2 million or 1.43 percent of total assets at March 31, 1993, from $48.4 million or 1.38 percent of total assets at year-end 1992. Net charge-offs during the first quarter of 1993 were $3.3 million, virtually level with net charge-offs during the fourth quarter of 1992.
 At the end of the recent quarter, the accumulated provision for losses on loans and REO was $52.7 million or 2.07 percent of total loans and REO and 95.52 percent of non-performing assets. This compares with an accumulated provision for losses of $51.1 million or 2.19 percent of loans and REO and 105.53 percent of non-performing assets at year-end 1992.
 At March 31, 1993, total assets were $3.8 billion and loans, excluding mortgage-based securities, totaled $2.5 billion. Deposits totaled $3.3 billion, while stockholders' equity grew to $316.1 million, equivalent to 8.22 percent of total assets or $24.16 per common share.
 St. Paul Bancorp, Inc. is the holding company for St. Paul Federal Bank For Savings, the largest independent thrift institution headquartered in Illinois. St. Paul Federal operates 48 retail banking offices throughout metropolitan Chicago. St. Paul Federal provides discount brokerage, insurance and real estate development services through its subsidiaries.
 ST. PAUL BANCORP, INC.
 (Dollars in Thousands Except For Per Share Amounts)
 Period Ended Three Months 3/31/93 3/31/92
 Interest income $ 65,019 $ 74,607
 Interest expense 34,316 47,461
 Net interest income 30,703 27,146
 Provision for loan losses 4,000 1,700
 Net interest income after
 provision for loan losses 26,703 25,446
 Other operating income:
 Income from real estate
 operations 563 447
 Net gain on assets sold 165 1,155
 Net trading account gain (loss) 5 (48)
 Other non-interest income 5,810 5,080
 Total other operating income 6,543 6,634
 Other operating expenses 19,080 16,941
 Loss on foreclosed real estate (327) (859)
 Income before taxes 13,839 14,280
 Provision for taxes 4,596 5,034
 Net income $ 9,243 $ 9,246
 Shares outstanding 13,083,647 12,042,055
 Earnings per share:
 Primary $ 0.70 $ 0.75
 Fully diluted $ 0.70 $ 0.74
 Balance Sheet Highlights As Of 3/31/93 12/31/92
 Total assets $ 3,844,916 $ 3,500,260
 Loans receivable (A) 2,527,063 2,318,878
 Mortgage-backed securities (A) 674,172 643,941
 Investment securities
 (including FHLB stock) (A) 480,904 377,079
 Goodwill 1,974 2,377
 Deposits 3,288,610 2,985,124
 Borrowings 191,667 186,408
 Stockholders' equity 316,108 287,341
 Accumulated provision for
 loan and REO losses 52,681 51,085
 Nonperforming assets 55,154 48,408
 Book value per share $ 24.16 $ 23.61
 (A) Excludes assets held for sale.
 -0- 4/8/93
 /CONTACT: Robert N. Parke, 312-804-2360, or Susan H. Fisher, 312-804-2284, both of St. Paul Bancorp/
 (SPBC)


CO: St. Paul Bancorp, Inc. ST: Illinois IN: FIN SU: ERN

TS-TM -- NY008 -- 4095 04/08/93 09:18 EDT
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Date:Apr 8, 1993
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