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METROPOLITAN FEDERAL REPORTS 124-PERCENT IMPROVEMENT IN THIRD-QUARTER EARNINGS

 SEATTLE, Jan. 20 /PRNewswire/ -- Metropolitan Federal Savings and Loan Association of Seattle (NASDAQ: MSEA) has just completed its 10th consecutive quarter of higher earnings. Net income improved to $1,582,000 for the three months ended Dec. 31, 1992, compared to $707,000 for the same quarter a year ago, a 124-percent gain for the quarter. Income per share increased to 48 cents for the quarter ended Dec. 31, 1992, from 38 cents for the same period a year ago, representing a 26-percent increase.
 Earnings for the first nine months of fiscal year 1993 ending Dec. 31, 1992, total $4.3 million, compared to $1.8 million for the first nine months of fiscal year 1992, an improvement of 137 percent. Earnings per share increased to $1.32 for the first nine months of fiscal 1993, from 97 cents for the same period a year ago, representing a 36-percent increase.
 Earnings-per-share figures have been adjusted to reflect the issuance of 1,380,000 additional shares in February and March of 1992, which resulted in approximately $12.6 million of net proceeds.
 Metropolitan's annualized return on equity was 16.8 percent for the quarter ended Dec. 31, 1992, compared to 14.1 percent for the quarter ended Dec. 31, 1991. Return on assets was 1.30 percent for the most recent quarter, compared to 0.80 percent for the quarter ended Dec. 31, 1991.
 Patrick F. Patrick, president and chief executive officer, announced today, "We are especially pleased to report the $4.3 million earnings have been fueled by an improvement in net interest income to $3.6 million for the quarter ended Dec. 31, 1992, compared to $2.5 million for the same quarter a year earlier."


An increase in size as well as a larger percentage of earning assets is responsible for the improvement.
 Patrick continued, "The bank's return on equity of almost 17 percent and return on assets of 1.3 percent are both in the high-achieving range for the industry. We believe that the company's posture of maintaining a conservative balance sheet has served the shareholders well while providing safety for the customers of our various savings plans."
 Metropolitan's assets totalled $490 million at Dec. 31, 1992, compared to $380 million at March 31, 1992, and $342 million at Dec. 31, 1991. Capital totalled $38.2 million, or 7.80 percent of assets, at the end of December 1992, compared to $20.3 million, or 5.93 percent of assets, at Dec. 31, 1991. Metropolitan's book value per share was $11.70 at Dec. 31, 1992.
 Metropolitan Federal is an FDIC-insured, federally chartered savings and loan association organized in 1935 with seven branches in the greater Puget Sound area.
 METROPOLITAN FEDERAL SAVINGS AND LOAN ASSOCIATION OF SEATTLE
 AND SUBSIDIARY
 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

 (In thousands, except per-share data)
 Dec. 31, 1992 March 31, 1992
 (unaudited)
 ASSETS
 Cash and due from banks $ 677 $ 188
 Interest-bearing deposits 2,763 4,300
 Securities held for investment
 (market value of $20,824 and
 $18,982) 20,685 18,671
 Mortgage-backed securities
 (market value of $149,124 and
 $42,283) 148,532 42,690
 Loans 285,948 293,453
 Accrued interest receivable 2,764 2,692
 Real estate owned 15,070 8,876
 Federal Home Loan Bank stock,
 at cost 7,925 3,725
 Premises and equipment, net 4,418 4,825
 Prepaid expenses and other assets 997 900
 Total assets $489,779 $380,320
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Deposits $300,128 $269,476
 Advances from FHLB 141,500 70,300
 Other borrowings 4,620 --
 Federal Income Taxes
 Current 560 --
 Deferred 313 --
 Other liabilities 4,459 6,722
 Total liabilities 451,580 346,498
 Preferred stock, 10,000,000 shares
 authorized; no shares issued
 Common stock $1.00 par value
 40,000,000 shares authorized;
 3,264,080 and 3,255,583 shares
 issued and outstanding 3,264 3,256
 Additional paid-in capital 22,795 22,737
 Retained earnings 12,140 7,829
 Total stockholders' equity 38,199 33,822
 Total liabilities and
 stockholders' equity $489,779 $380,320
 METROPOLITAN FEDERAL SAVINGS AND LOAN ASSOCIATION AND SUBSIDIARY
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited, in thousands, except per-share data)
 Three Months Nine Months
 Ended Dec. 31: 1992 1991 1992 1991
 Interest Income:
 Loans receivable $5,986 $7,284 $18,881 $22,663
 Mortgage-backed securities 2,238 -- 5,183 --
 Investment securities 317 382 1,021 1,187
 Other 326 319 643 912
 Total 8,867 7,985 25,728 24,762
 Interest Expense:
 Deposits 3,362 4,811 10,512 15,359
 Borrowings 1,833 595 4,619 1,853
 Total 5,195 5,406 15,131 17,212
 Net interest income 3,672 2,579 10,597 7,550
 Provision for (recovery of)
 loan losses 193 75 554 (327)
 Net interest income after
 provision for (recovery of)
 loan losses 3,479 2,504 10,043 7,877
 Other Income (loss):
 Net loss on sale or write-down
 of real estate (700) (20) (900) (777)
 Collection of deferred assets 617 -- 1,253 --
 Other 438 -- 933 --
 Total 355 (20) 1,286 (777)
 Other Expense:
 Compensation and fringe
 benefits 829 800 2,517 2,486
 Occupancy 273 241 787 746
 Savings Associations Insurance
 Fund Premiums 151 172 464 534
 Advertising 120 93 280 281
 Net loss (income) on real
 estate operations (125) 89 214 12
 Other 548 368 1,639 1,183
 Total 1,796 1,763 5,901 5,242
 Income before federal income
 taxes 2,038 721 5,428 1,858
 Federal Income Tax Expense
 Current 143 14 803 37
 Deferred 313 -- 313 --
 Total 456 14 1,116 37
 Net income $1,582 $ 707 $ 4,312 $ 1,821
 Net income per share $ 0.48 $ 0.38 $ 1.32 $ 0.97
 Weighted average number
 of shares outstanding 3,263,591 1,875,583 3,259,636 1,875,195
 Yield on interest-earning
 assets (percents) 7.69 9.52 8.05 9.65
 Rate on interest-bearing
 liabilities (percents) 4.70 6.59 4.98 6.82
 Net interest margin
 (percents) 3.02 2.93 3.17 2.80
 Return on average equity
 (percents) 16.83 14.11 15.92 12.52
 Return on average assets
 (percents) 1.30 0.80 1.29 0.68
 METROPOLITAN FEDERAL SAVINGS AND LOAN ASSOCIATION AND SUBSIDIARY
 ADDITIONAL INFORMATION
 (Unaudited, in thousands, except per-share data)
 Dec. 31, Sept. 30, June 30, March 31,
 1992 1992 1992 1992
 Stockholders' equity
 per share $ 11.70 $ 11.22 $ 10.80 $ 10.39
 Stockholders' equity to
 total assets (percents) 7.80 7.60 8.03 8.89
 Regulatory Capital Ratios:
 Tangible (percents) 7.79 7.59 8.02 8.88
 Core (percents) 7.79 7.59 8.02 8.88
 Risk-based (percents) 14.37 12.94 13.40 13.34
 Non-accrual loans $11,884 $ 8,004 $ 8,758 $ 2,698
 Loan loss reserves $ 5,960 $ 6,029 $ 5,825 $ 5,665
 -0- 1/20/93
 /CONTACT: Suzanne Tessaro of Metropolitan Federal Savings and Loan Association, 206-654-7826/
 (MSEA)


CO: Metropolitan Federal Savings and Loan Association ST: Washington IN: FIN SU: ERN

SW-LM -- SE001 -- 6727 01/20/93 08:45 EST
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