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FLEET MORTGAGE GROUP REPORTS NET INCOME OF $109.1 MILLION FOR 1992

 COLUMBIA, S.C., Jan. 21 /PRNewswire/ -- Fleet Mortgage Group (NYSE: FLG) today reported net income of $109.1 million for the year ending December 31, 1992, it was announced by Andrew D. Woodward, Jr., chairman, president and chief executive officer. This compares to $76.9 million for the previous year.
 Earnings per share were $.96 from Fleet Mortgage Group's initial public offering on August 7, 1992 through December 31, 1992. On a pro forma basis, if the public offering had been closed on January 1, 1992, the company would have reported earnings per share of $2.20 for 1992. The pro forma calculation uses the earnings for the full twelve month period and the weighted average number of shares outstanding from August 7, 1992 through December 31, 1992.
 "Last year's performance was exceptionally strong as we set records for both earnings and production," Woodward said.
 During the fourth quarter of 1992, Fleet Mortgage had net income of $27.8 million, or $.56 per share. This compares to $20.8 million, during the fourth quarter of 1991. Net loan servicing revenue, which was affected by accelerated loan prepayments in the mortgage servicing portfolio was $51.8 million in the fourth quarter of 1992 as compared with $55.3 million in the same quarter of 1991 as a result of loan prepayments reaching their highest level of the year during the fourth quarter of 1992. This resulted in an accelerated amortization on capitalized excess servicing fees of $8 million. Mortgage production revenue was $57.4 millon, up 158 percent from last year's fourth quarter. Fleet Mortgage Group produced $6.2 billion in residential mortgage loans for the fourth quarter of 1992, compared to $2.7 billion during the fourth quarter of 1991.
 In the fourth quarter of 1992, Fleet Mortgage Group had a post tax gain of $4.3 million from the sale of servicing rights. This compares to a $3.8 million post tax gain in the fourth quarter of 1991.
 Woodward said the company's mortgage servicing portfolio totalled $63.0 billion at December 31, 1992, compared to $58.1 billion at the end of last year, an increase of 8 percent.
 Fleet Mortgage Group's 1992 performance reflected record residential loan production of $19.5 billion, up 73 percent from last year's comparable figure of $11.2 billion. For the 1992 twelve month period, mortgage production revenue totalled $176.0 million, a 164 percent increase over 1991, while mortgage servicing revenue totalled $233.1 million, up $16.0 million.
 Fleet Mortgage Group sold 9,545,000 shares of common stock in a public offering on August 7, 1992. The remaining 40 million shares, representing approximately 81 percent of the company's outstanding common stock, are owned by Fleet Financial Group (NYSE: FLT).
 Fleet Mortgage Group, headquartered in Columbia, S.C., is a leading originator and servicer of mortgage loans. Its subsidiaries originate mortgage loans through 91 branches located in 37 states and acquire new mortgage loans from other lenders through an extensive correspondent network.
 FLEET MORTGAGE GROUP, INC.
 Statements of Earnings
 For the Quarter and Year ended December 31, 1992
 (in thousands, except per share amounts)
 Fourth Quarter Year
 1992 1991 1992 1991
 Net Loan Servicing Revenue $51,822 $55,306 $233,113 $217,100
 Mortgage Production Revenue 57,418 22,214 176,024 66,565
 Net Interest Income 13,748 11,878 61,036 38,281
 Gain on Sale of Servicing 7,222 6,334 15,707 37,234
 Other 6,225 9,235 24,563 20,215
 Total Revenues 136,435 104,967 510,443 379,395
 Operating Expenses 64,809 45,923 229,255 158,271
 Amortization of Purchased
 Mortgage Servicing Rights 27,229 24,294 102,316 92,750
 Total Expenses 92,038 70,217 331,571 251,021
 Earnings Before Taxes 44,397 34,750 178,872 128,374
 Taxes 16,644 13,903 69,799 51,517
 Net Earnings $ 27,753 $ 20,847 $109,073 $ 76,857
 Net Earnings Per Share(A) $ .56 $ .96
 Weighted Average Shares
 Outstanding (A) 49,545 49,545
 (A) For the period August 7 through December 31, 1992. Fleet Mortgage Group's initial public offering was on August 7, 1992.
 Financial Highlights
 Fourth Quarter Year
 1992 1991 1992 1991
 Loan Production ($ billions)
 Retail 2.7 0.9 7.9 3.1
 Wholesale 3.5 1.8 11.6 8.1
 Total 6.2 2.7 19.5 11.2
 Dec. 31,
 1992 1991
 Servicing Portfolio ($ billions) 63.0 58.1
 Number of Loans Serviced (thousands) 1,035 1,001
 Delinquency Ratio (30 days and over) 6.4 pct. 7.1 pct.
 Foreclosure .7 .8
 Total Delinquency Ratio 7.1 pct. 7.9 pct.
 -0- 1/21/93
 /CONTACT: Charles T. Conway, Jr., Director, Corporate Communications, Fleet Mortgage Group, 803-929-7910/
 (FLG FLT)


CO: Fleet Mortgage Group, Inc. ST: South Carolina IN: FIN SU: ERN

CM-JM -- CH010 -- 7530 01/21/93 15:03 EST
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