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WOMEN'S FEDERAL REPORTS THIRD CONSECUTIVE RECORD QUARTER AS EARNINGS RISE 121 PERCENT

 WOMEN'S FEDERAL REPORTS THIRD CONSECUTIVE RECORD QUARTER AS
 EARNINGS RISE 121 PERCENT
 CLEVELAND, Oct. 28 /PRNewswire/ -- Women's Federal Savings Bank today announced that earnings for the third quarter of 1992 were the best quarterly performance in the bank's history. Net income for the period ending Sept. 30, 1992 was $3,739,000, or $1.65 per share. This represents an increase of 121 percent from the same period in 1991, when earnings were $1,688,000, or $.75 per share.
 This is the third consecutive quarter of record earnings for Women's Federal and the sixth straight quarter of improved earnings. It is also the bank's 36th consecutive profitable quarter.
 For the first nine months of 1992, earnings were $9,768,000, more than double last year's performance for the same period. With one quarter remaining in the year, 1992 already represents the most profitable year in the bank's history.
 "Our continued record earnings are due in large measure to the prevailing interest rate environment," said President Lawrence F. Guzowski. "As of the end of the quarter, the spread between the rate earned on investments and those paid on liabilities stood at 3.68 percent."
 Interest rates dropped to a 20-year low during the quarter. Loan originations grew to $107,400,000, a 43 percent increase from last year. Lower interest rates spurred substantial mortgage refinance activity. More than 60 percent of the loan applications processed this year were for homeowners seeking to refinance their existing home loans.
 Core deposits grew by $8,100,000 during the quarter. The bank's depositors continue to move into short-term investments as they remain uncertain regarding the future direction of interest rates.
 During the third quarter, Women's Federal Savings Bank and Charter One F.S.B. of Cleveland announced Charter One's intent to acquire Women's Federal. A definitive merger agreement was signed on Oct. 23, and approval from the Office of Thrift Supervision is anticipated by late 1992 or early 1993. Shareholders of both banks must also approve the transaction.
 Women's Federal Savings Bank is one of Cuyahoga County's leading financial institutions, with 11 branches throughout Greater Cleveland.
 CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
 (In thousands except Three Months Ended
 per share amount) September 30,
 1992 1991
 Interest Income:
 Loans:
 Real estate loans and
 mortgage-backed securities $14,841 $15,589
 Other loans 236 282
 Investments:
 Investment securities 2,365 1,487
 Investments required by law 67 105
 Total 17,509 17,463
 Interest Expense:
 Savings deposits 8,463 11,117
 Borrowed money 251 294
 Total 8,714 11,411
 NET INTEREST INCOME 8,795 6,052
 Provision for loan losses,
 net of recoveries 84 84
 NET INTEREST INCOME AFTER
 PROVISION FOR LOAN LOSSES 8,711 5,968
 Noninterest income:
 Loan fees 415 391
 Gain on sale of property 260 --
 Other 364 390
 Total 1,039 781
 Noninterest expense:
 General and administrative 3,798 3,642
 Amortization of excess costs
 over net assets acquired 557 576
 Other 33 39
 Total 4,388 4,257
 INCOME BEFORE INCOME TAX
 AND EXTRAORDINARY CREDIT 5,362 2,492
 Provision for Income Taxes 1,623 804
 INCOME BEFORE EXTRAORDINARY CREDIT 3,739 1,688
 Extraordinary credit-utilization of
 net operating loss carryforwards -- ---
 NET INCOME $3,739 $1,688
 Per share amounts:
 Income before extraordinary credit $1.65 $0.75
 Extraordinary credit --- ---
 NET INCOME $1.65 $0.75
 Dividends $0.35 $0.30
 (In thousands except Nine Months Ended
 per share amount) September 30,
 1992 1991
 Interest Income:
 Loans:
 Real estate loans and
 mortgage-backed securities $45,156 $46,337
 Other loans 724 828
 Investments:
 Investment securities 6,593 4,939
 Investments required by law 209 319
 Total 52,682 52,423
 Interest Expense:
 Savings deposits 27,141 34,882
 Borrowed money 749 896
 Total 27,890 35,778
 NET INTEREST INCOME 24,792 16,645
 Provision for loan losses,
 net of recoveries 530 106
 NET INTEREST INCOME AFTER
 PROVISION FOR LOAN LOSSES 24,262 16,539
 Noninterest income:
 Loan fees 1,176 1,056
 Gain on sale of property 574 ---
 Other 1,131 1,181
 Total 2,881 2,237
 Noninterest expense:
 General and administrative 11,137 10,763
 Amortization of excess costs
 over net assets acquired 1,672 1,729
 Other 177 101
 Total 12,986 12,593
 INCOME BEFORE INCOME TAX
 AND EXTRAORDINARY CREDIT 14,157 6,183
 Provision for Income Taxes 4,389 2,008
 INCOME BEFORE EXTRAORDINARY CREDIT 9,768 4,175
 Extraordinary credit-utilization of
 net operating loss carryforwards 0 570
 NET INCOME $9,768 $4,745
 Per share amounts:
 Income before extraordinary credit $4.31 $1.84
 Extraordinary credit --- .26
 NET INCOME $4.31 $2.10
 Dividends $1.00 $0.90
 CONSOLIDATED BALANCE
 SHEETS (Unaudited)
 Sept. 30, Dec. 31, Sept. 30,
 (In Thousands) 1992 1991 1991
 Assets
 Interest earnings assets:
 Loans:
 Real estate loans and
 mortgage-backed
 securities $571,461 $598,969 $612,029
 Consumer loans 9,560 9,905 9,476
 Investments:
 Investment securities 170,519 101,748 76,730
 Investment required by law 6,343 6,574 6,484
 TOTAL INTEREST EARNINGS
 ASSETS 757,883 717,196 704,719
 Property and equipment 3,082 2,901 2,998
 Real estate owned 1,710 2,575 2,624
 Property held for sale by
 subsidiary 86 86 86
 Cash and cash equivalents 11,945 12,587 9,110
 Excess of cost over net assets
 acquired 34,236 36,604 37,854
 Other assets 11,212 10,181 11,019
 Total $820,154 $782,130 $768,410
 Liabilities & Stockholders' Equity:
 Liabilities:
 Savings deposits $718,959 $685,266 $678,043
 Borrowed money 21,921 21,380 19,766
 Accrued expense and other
 liabilities 6,612 10,326 6,811
 TOTAL LIABILITIES 747,492 716,972 704,620
 Stockholders' equity:
 Voting common stock 12 12 12
 Nonvoting common stock 11 11 11
 Additional paid-in capital 37,043 37,043 37,018
 Retained earnings 35,596 28,092 26,749
 TOTAL STOCKHOLDERS' EQUITY 72,662 65,158 63,790
 Total $820,154 $782,130 $768,410
 -0- 10/28/92
 /CONTACT: Lawrence F. Guzowski, president of Women's Federal Savings Bank, 216-687-8200, or John D. Kerezy, APR, of FitzSimons Public Relations, 216-241-5656, for Women's Federal Savings Bank/ CO: Women's Federal Savings ST: Ohio IN: FIN SU: ERN


BM -- CL008 -- 6110 10/28/92 14:33 EST
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Date:Oct 28, 1992
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