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DOLLAR BANK REPORTS EARNINGS

 DOLLAR BANK REPORTS EARNINGS
 PITTSBURGH, Dec. 20 /PRNewswire/ -- Dollar Bank today announced


earnings for fiscal 1991 of $11.2 million.
 This represented an increase of $24.7 million over last year.
 The primary reasons for the increase in overall earnings were higher net interest income, up by $6.5 million or 9 percent, higher fee income, up by $1.1 million or 15 percent, and lower provisions for losses and general reserves, down $9.7 million or 41 percent. Tangible operating income increased by $1.7 million, or 21 percent.
 Included in earnings were $8.5 million in amortization and other reductions of goodwill. Thus, tangible capital was increased by $19.7 million over the course of the fiscal year.
 Jeffrey Morrow, a senior vice president of Dollar Bank, said, "This was obviously a good year for Dollar Bank, and income for fiscal 1992 is also projected to be good."
 DOLLAR BANK
 (All $'s in thousands)
 As of Dollar Pct. As a percentage
 11/30/91 11/30/90 change change of total assets
 (pct.) 11/30/91 11/30/90
 (pct.)
 Loans:
 Residential
 mortgages $692,423 $722,402 $(29,979) (4.15) 30.47 30.53
 Other real
 estate
 loans 345,925 383,338 (37,413) (9.76) 15.22 16.20
 Commercial
 loans 218,173 205,873 12,300 5.97 9.60 8.70
 Consumer
 loans 249,361 245,537 3,824 1.56 10.97 10.38
 Loans bef.
 reserves 1,505,882 1,557,150 (51,268) (3.29) 66.26 65.81
 General
 loan loss
 reserves (21,087) (21,527) 440 (2.04) (0.93) (0.91)
 Loans(net)1,484,795 1,535,623 (50,828) (3.31) 65.33 64.90
 Cash and
 short-term
 obli-
 gations 294,253 103,752 190,501 183.61 12.95 4.38
 Mortgage
 related
 securities 274,119 464,484(190,365) (40.98) 12.06 19.63
 Other long-
 term invest-
 ments 63,166 111,844 (48,678) (43.52) 2.78 4.73
 Bank premises
 and equip-
 ment 24,357 22,819 1,538 6.74 1.07 0.96
 Other real
 estate
 owned 44,195 23,905 20,290 84.88 1.94 1.01
 Interest
 receivable
 & other
 assets 28,529 36,073 (7,544) (20.91) 1.26 1.52
 Goodwill 59,259 67,766 (8,507) (12.55) 2.61 2.86
 Total
 assets 2,272,673 2,366,266 (93,593) (3.96) 100.00 100.00
 Deposits:
 Checking &
 NOW 193,434 168,392 25,042 14.07 8.51 7.12
 Savings 670,593 639,857 30,736 4.80 29.51 27.04
 Certificates
 and IRA/
 Keogh 1,104,191 1,219,333(115,142) (9.44) 48.59 51.53
 Total
 deposits 1,968,218 2,027,582 (59,364) (2.93) 86.60 85.69
 Borrowings 54,974 92,287 (37,313) (40.43) 2.42 3.90
 Mortgage
 escrow 9,525 9,280 245 2.64 0.42 0.39
 Interest
 payable and
 other
 liabilities 28,888 34,562 (5,674) (16.42) 1.27 1.46
 Pfd. stock of
 subsidiary 75,000 75,000 0 0.00 3.30 3.17
 Total liabil-
 ities 2,136,605 2,238,711 (102,106) (4.56) 94.01 94.61
 Subordinated
 notes 17,700 20,400 (2,700) (13.24) 0.78 0.86
 Retained
 earnings 118,368 107,155 11,213 10.46 5.21 4.53
 Total
 capital 136,068 127,555 8,513 6.67 5.99 5.39
 Total
 liabilities
 and
 capital 2,272,673 2,366,266 (93,593) (3.96) 100.00 100.00
 Consolidated Statement of Earnings
 (All $'s in thousands)
 For the year Dollar Percent As a percentage of
 ending change change interest revenue(pct.)
 11/30/91 11/30/90 (pct.) 11/30/91 11/30/90
 Interest
 rev. $202,930 $222,115 $(19,185) (8.64) 100.00 100.00
 Interest
 exp. (128,933)(154,573) 25,640 (16.59) (63.54) (69.59)
 Net int.
 inc. bef.
 prov. 73,997 67,542 6,455 9.56 36.46 30.41
 Regular
 prov. for
 loan
 losses (13,880) (8,616) (5,264) 61.10 (6.84) (3.88)
 Net int.
 income 60,117 58,926 1,191 2.02 29.62 26.53
 Fee & other
 income 8,393 7,264 1,129 15.54 4.14 3.27
 Operating
 exps. (58,718) (58,140) (578) 0.99 (28.94) (26.18)
 Tangible
 operating
 income 9,792 8,050 1,742 21.64 4.83 3.62
 Net gain on
 disposition of
 assets 10,234 1,738 8,496
 Increase in
 general loan
 loss reserves 0 (15,000) 15,000
 Inc. taxes cur-
 rent and de-
 ferred (2,030) (150) (1,880)
 Goodwill
 amorti-
 zation (6,783) (8,107) 1,324
 Net inc. 11,213 (13,469) 24,682
 Note:
 tangible
 income 19,720 (5,362) 25,082
 Analysis of capital as of 11/30/91
 (All $'s in thousands)
 Capital Assets Actual Required Excess
 ratio ratio capital
 (pct.) (pct.)
 Generally accepted
 accounting
 principles $118,368 $2,272,673 5.21 N/A
 Less goodwill
 and other
 items 59,259 59,259
 Tangible
 standard 59,109 2,213,414 2.67 1.50 25,908
 Plus qualifying
 goodwill at
 1.5 pct. 33,201 0
 Core standard 92,310 2,213,414 4.17 3.00 25,908
 Plus general loan
 loss reserves 21,087 21,087
 Plus qualifying
 subordinated
 notes 15,000 0
 Less other
 deductions 311 706,727
 Risk based
 standard 128,086 1,527,774 8.38 7.20 18,086
 -0- 12/20/91
 /CONTACT: Jeffrey Morrow, senior vice president of Dollar Bank, 412-261-8146, or 412-741-7444/ CO: Dollar Bank ST: Pennsylvania IN: FIN SU: ERN


DM -- PG014 -- 4588 12/20/91 17:45 EST
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Date:Dec 20, 1991
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