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NATIONAL COOPERATIVE BANK POSTS STABLE THIRD QUARTER EARNINGS

 NATIONAL COOPERATIVE BANK POSTS STABLE THIRD QUARTER EARNINGS
 WASHINGTON, Oct. 16 /PRNewswire/ -- The National Cooperative Bank, a leading lender to cooperatives nationwide, posted $4.6 million in profits for the nine-month period ending Sept. 30, 1992, unchanged compared to the same period a year ago.
 The year-to-year comparison of return on average assets showed a decrease for the nine-month period of 1992 to 1.16 percent, down from 1.26 percent for the same nine months of 1991.
 Net interest income increased by 7.6 percent or $1.1 million to $15.5 million for the nine months ended Sept. 30, 1992, mainly from profits earned by warehousing real estate loans, the bulk of which were sold in the first public sale of cooperative mortgage loans in July.
 The year-to-year comparison for non-interest income showed a decline of 17.0 percent to $3.0 million from $3.6 million for the first nine months of 1991. The decrease was primarily due to a writedown of other real estate owned.
 At the same time non-interest expense for the nine months ended Sept. 30, 1992, increased slightly by .03 percent to $11.6 million from $11.3 million for the same period last year. Non-interest expense as a percentage of average assets decreased to 2.95 percent from 3.08 percent for the nine month period ending Sept. 30, 1991.
 Management's strategy to build reserves resulted in an allowance for possible credit losses which increased 20.7 percent to $10.5 million from $8.7 million at Dec. 31, 1991. The average allowance for possible credit losses as a percentage of average loans outstanding grew from 1.93 percent to 2.08 percent.
 At Sept. 30, 1992, the portfolio of non-performing assets of $10.4 million improved, decreasing from $11.8 million at Dec. 31, 1991. Included in the non-performing assets were non-accrual loans of $4.0 million of which $3.5 million are current with their monthly principal and interest payments.
 "We were pleased with our financial performance in 1992 because we completed our first public sale of cooperative real estate loans and had built our allowance for possible credit losses to cover 100 percent of non-performing assets," said Charles H. Hackman, NCB Chief Financial Officer.
 National Cooperative Bank is a leading provider of financial services to cooperative enterprises in the United States. NCB and its subsidiaries provide mortgage banking, commercial lending, capital markets and depository services to cooperative enterprises. Headquarted in Washington, NCB also operates regional offices in Anchorage, Alaska; Minneapolis; New York; and Seattle, as well as a savings bank in Ohio.
 -0- 10/16/92
 /CONTACT: Jane DeMarines, 202-336-7651, or Louise M. Grant, 202-336-7652, both of National Cooperative Bank/ CO: National Cooperative Bank ST: District of Columbia IN: FIN SU: ERN


DC -- DC018 -- 1040 10/16/92 14:51 EDT
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Publication:PR Newswire
Date:Oct 16, 1992
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