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JOHNSTOWN SAVINGS BANK ANNOUNCES 1991 EARNINGS

 JOHNSTOWN SAVINGS BANK ANNOUNCES 1991 EARNINGS
 JOHNSTOWN, Pa., Jan. 30 /PRNewswire/ -- Johnstown Savings Bank,


FSB (NASDAQ: JSBK) today announced consolidated earnings of $1,611,266 or $0.83 per share for the year ended Dec. 31, 1991, as compared to earnings of $823,136 or $0.42 per share for the year ended Dec. 31, 1990.
 For the three months ended Dec. 31, 1991, the bank posted consolidated earnings of $447,365 or $0.23 per share, an increase of $146,626 or 48.8 percent, as compared to earnings of $300,739 or $0.16 per share for the same three-month period in 1990. The bank's book value per share increased from $10.40 at Dec. 31, 1990, to $11.23 at Dec. 31, 1991.
 The bank reported total assets of $293.6 million at Dec. 31, 1991, as compared to $278.6 million at Dec. 31, 1990. The bank's capital-to-assets ratio improved from 7.2 percent at Dec. 31, 1990, to 7.4 percent at Dec. 31, 1991, and continues to be well in excess of regulatory requirements.
 Patrick J. Coyne, president and chief executive officer, reported that Johnstown Savings Bank recorded its eighth consecutive quarter of increasing profitability since December 1989. He stated that the bank made significant improvements in its operations during 1991. These improvements were partially reflected in the 95.7 percent increase in operating profits in 1991 as compared with 1990. Coyne stated that the substantial improvement in operating results during the past year was gratifying, but he emphasized the greater importance of progress made in the bank's ongoing operational "turnaround." He noted significant progress in the implementation of initiatives during the past year that are expected to have a positive effect on the long-term profitability of the bank. He cited improvements in overall asset quality, reductions in core operating expenses, and strengthened customer relations as examples of the qualitative improvements the bank made during 1991.
 Coyne stated that improvements in the bank's loan portfolio quality remained management's top priority during the past year and will continue to be the focus of management's efforts in 1992. Non-accrual loans, restructured loans and real estate owned decreased by $900,000 or 5.4 percent, from $16.6 million at Dec. 31, 1990, to $15.7 million at Dec. 31, 1991. The bank's allowance for loan losses at Dec. 31, 1991, and Dec. 31, 1990, stood at $3.0 million or 1.8 percent and $3.9 million or 2.2 percent, respectively, of the total loan portfolio, excluding mortgage-backed securities. The bank also carried valuation allowances of $1.2 million at Dec. 31, 1991, for additional losses on real estate acquired through foreclosure as compared with valuation allowances of $1.3 million at Dec. 31, 1990. Total real estate acquired via foreclosure, net of applicable reserves, decreased $100,000 or 1.6 percent, from $6.3 million at Dec. 31, 1990, to $6.2 million at Dec. 31, 1991.
 The bank increased its provision for losses associated with real estate acquired by foreclosure from $643,000 for the year ended Dec. 31, 1990, to $1.4 million for the same period in 1991. In addition, the bank increased its loan loss provision from $294,000 in 1990 to $867,000 in 1991. Coyne stated that these increases were an integral part of the bank's strategy to strengthen the quality of its loan portfolio and were necessitated by continued weakness in national real estate markets.
 Coyne discussed the bank's substantially increased 1991 earnings which were achieved despite the $1.3 million increase in provisions for loan losses and losses relating to real estate acquired by foreclosure. He stated that the increased earnings during the past year were largely due to improved net interest margins, gains on the restructuring of employee benefit programs, gains on the sale of newly originated residential loans and related loan servicing, and reduced core operating expenses. Looking forward to 1992, Coyne stated that continued national economic difficulties and weaknesses in national real estate markets are areas of concern for most financial institutions, including Johnstown Savings Bank. He further stated that these concerns dictate that the bank's management remain committed to enhancing future operating results and building stockholder value through improvements in overall asset quality. He noted that further restructuring of the bank's balance sheet may be required to position the bank for maximum future profitability and growth.
 Johnstown Savings Bank is a federally chartered, FDIC-insured savings bank which conducts its business through five offices in the Greater Johnstown area and through its wholly owned subsidiary, Standard Mortgage Corporation of Georgia, located in Atlanta.
 JOHNSTOWN SAVINGS BANK, FSB
 Summary of Operating Results
 Period Ended Quarter Year
 Dec. 31 1991 1990 1991 1990
 Net income $447,365 $300,739 $1,611,266 $823,136
 Earnings per share $0.23 $0.16 $0.83 $0.42
 Total assets -- -- 293,623,000 278,571,000
 /delval/
 -0- 1/30/92
 /CONTACT: Patrick J. Coyne, president & CEO, or Walter F. Rusnak, senior vice president & CFO, of Johnstown Savings Bank, 814-535-8900/
 (JSBK) CO: Johnstown Savings Bank, FSB ST: Pennsylvania IN: FIN SU: ERN


DM -- PG004 -- 5167 01/30/92 10:51 EST
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Date:Jan 30, 1992
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