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PRIME BANCORP, INC. REPORTS THIRD QUARTER EARNINGS

 PRIME BANCORP, INC. REPORTS THIRD QUARTER EARNINGS
 PHILADELPHIA, Oct. 22 /PRNewswire/ -- Philadelphia-based Prime


Bancorp's (NASDAQ-NMS: PSAB) earnings rocketed to $1.24 million or 19.6 percent when compared to the same quarter in 1991.
 Earnings were fueled by a strong gain in net interest income from last year's comparable quarter of $3.62 million to $4.11 million or a growth of 13.6 percent. Operating expenses increased a modest 7.8 percent. Other income increased from $423,000 last year to $579,000 in this year's third quarter. The spread between net interest income and operating expenses increased to $1.9 million, bettering last quarter's already good numbers.
 Erwin T. Straw, president and chief executive officer, commented, "An already powerful net worth edged above 12 percent with Prime's return on assets at 1.36 percent for the quarter, among the highest in the nation." Also non-performing assets as a percentage of total assets dropped under 1 percent indicating the overall strength of Prime's balance sheet. Earnings per share on a fully diluted basis were $1.23 per share for the nine months ended Sept. 30, 1992. The book value per share was $16.52 based on total stockholders' equity of $43.9 million.
 Prime Bancorp, Inc.'s common stock is listed on the NASDAQ National Market System under the symbol "PSAB." Its price as of the close of business on Oct. 20, 1992, was $11.75. Prime Savings Bank fsb is a federally chartered savings bank with nine full-service offices located in Philadelphia, Bucks County and Montgomery County. The bank's deposits are insured by the Savings Association Insurance Fund (SAIF) as administered by the Federal Deposit Insurance Corporation (FDIC).
 PRIME BANCORP, INC.
 Consolidated Statements of Financial Condition
 (Unaudited)
 ? Sept. 30, 1992 Dec. 31, 1991
 Assets:
 Cash in banks $8,561,658 $3,216,514
 Interest-bearing deposits 17,255,525 24,970,016
 Cash and cash equivalents 25,817,183 28,186,530
 Investment securities 34,267,406 32,336,863
 Mortgage-backed securities 32,891,035 33,391,041
 Loans receivable, net 257,224,252 256,062,302
 Accrued interest receivable:
 Loans 2,423,526 2,278,780
 Mortgage-backed securities 313,814 311,720
 Investments and other 359,937 411,124
 Real estate owned 568,582 585,800
 Land acquired for development and
 resale 1,043,300 1,209,111
 Property and equipment 7,720,766 6,343,285
 Other assets 2,697,814 2,993,151
 Total assets 365,327,615 364,109,707
 Liabilities and Stockholders' Equity:
 Liabilities:
 Deposits $310,152,606 $294,840,178
 Advances from Federal Home Loan
 Bank of Pittsburgh 5,900,000 11,900,000
 Other borrowed money 375,995 10,910,610
 Advance payments by borrowers for
 taxes and insurance 495,163 1,831,821
 Other liabilities 4,436,100 3,302,176
 Total liabilities 321,359,864 322,784,785
 Stockholders' equity:
 Serial preferred, $1 par value;
 5 million shares authorized and
 unissued --- ---
 Common stock, $1 par value;
 10 million shares authorized;
 2,799,134 and 2,765,826
 shares issued respectively 2,799,134 2,765,826
 Additional paid-in capital 13,026,251 12,868,038
 Retained earnings substantially
 restricted 28,982,913 26,506,382
 Treasury stock (138,290
 shares at cost) (815,324) (815,324)
 Less unrealized loss on marketable
 equity securities (25,223) ---
 Total stockholders' equity 43,967,751 41,324,922
 Total liabilities and stockholders'
 equity 365,327,615 364,109,707
 Consolidated Statements of Operations
 (Unaudited)
 Three months ended Sept. 30 1992 1991
 Interest income:
 Loans receivable $6,502,455 $6,843,947
 Mortgage-backed securities 649,354 901,351
 Investment securities 426,280 543,384
 Interest-bearing deposits 158,060 169,808
 Total interest income 7,736,149 8,458,490
 Interest expense:
 Deposits 3,495,499 4,414,365
 Short-term borrowings 38,402 172,573
 Long-term borrowings 91,636 253,938
 Total interest expense 3,625,537 4,840,876
 Net interest income 4,110,612 3,617,614
 Provision for loan losses 400,000 250,000
 Net interest income after
 provision for loan losses 3,710,612 3,367,614
 Other income (expenses):
 Fees and service charges 79,964 140,809
 Loss on sale of loans (26,966) (23,640)
 Gain on sale of mortgage-backed
 securities 148,050 13,815
 Gain on sale of investment securities 56,019 ---
 Gain on sale of land acquired for
 development and resale --- 31,997
 Gain on sale of REO 35,123 ---
 Other 287,188 260,003
 Total other income 579,378 422,984
 Other expenses:
 Salaries and employee benefits 1,096,721 956,450
 Occupancy and equipment 356,176 305,749
 Data processing 60,824 92,388
 Federal insurance premiums 168,733 159,205
 Other 526,793 535,313
 Total other expenses 2,209,247 2,049,105
 Income before income taxes 2,080,743 1,741,493
 Income taxes 839,958 704,041
 Net income 1,240,785 1,037,452
 Earnings per share:
 Primary $.47 $.39
 Fully diluted .44 .39
 Weighted average number of shares
 outstanding:
 Primary 2,660,627 2,627,536
 Fully diluted 2,800,170 2,627,536
 Dividends declared per share $.13 $.09
 Consolidated Statements of Operations
 (Unaudited)
 Nine months ended Sept. 30 1992 1991
 Interest income:
 Loans receivable $19,675,662 $20,633,843
 Mortgage-backed securities 1,938,103 2,383,532
 Investment securities 1,348,393 1,414,963
 Interest bearing deposits 558,199 813,388
 Total interest income 23,520,357 25,245,726
 Interest expense:
 Deposits 11,073,749 13,796,849
 Short-term borrowings 232,383 643,922
 Long-term borrowings 366,704 566,535
 Total interest expense 11,672,836 15,007,306
 Net interest income 11,847,521 10,238,420
 Provision for loan losses 900,000 1,020,000
 Net interest income after
 provision for loan losses 10,947,521 9,218,420
 Other income (expenses):
 Loan fees and service charges 398,276 448,796
 Loss on sale of loans (66,194) (70,921)
 Gain on sale of mortgage-backed
 securities 148,050 13,815
 Gain on sale of investment securities 59,977 ---
 Gain on sale of land acquired for
 development and resale --- 177,879
 Loss on sale of REO (62,976) ---
 Other 859,984 1,266,436
 Total other income 1,337,117 1,836,005
 Other expenses:
 Salaries and employee benefits 3,213,229 2,779,429
 Occupancy and equipment 975,351 897,714
 Data processing 318,964 282,952
 Federal insurance premiums 491,900 463,033
 Other 1,512,320 1,898,783
 Total other expenses 6,511,854 6,321,911
 Income before income taxes 5,772,784 4,732,514
 Income taxes 2,342,013 1,705,572
 Net income 3,430,771 3,026,942
 Earnings per share:
 Primary $1.30 $1.15
 Fully diluted 1.23 1.15
 Weighted average number of shares
 outstanding:
 Primary 2,639,913 2,627,536
 Fully diluted 2,781,079 2,627,536
 Dividends declared per share $.36 $.26
 Financial Highlights (A)
 Periods ended Three months Nine months
 Sept. 30 1992 1991 1992 1991
 Dividends per common share $.13 $.09 $.36 $.25
 Interest rate spread (pct.) 4.45 3.71 4.18 3.53
 Net yield on interest-earning
 assets (pct.) 4.77 4.21 4.58 4.03
 Return on average assets (pct.) 1.36 1.15 1.25 1.15
 Return on average equity (pct.) 11.41 10.33 10.73 10.25
 Equity to assets (pct.) 12.04 11.31 12.04 11.31
 Ratio of interest bearing
 assets to interest bearing
 liabilities 1.08x 1.09x 1.08x 1.09x
 Book value per share $16.52 $15.44 $16.52 $15.44
 Number of shares
 outstanding 2,660,844 2,627,536 2,660,844 2,627,536
 (A) certain ratios have been annualized.
 /delval/
 -0- 10/22/92
 /CONTACT: Erwin T. Straw of Prime Bancorp, 215-742-5300/
 (PSAB) CO: Prime Bancorp, Inc. ST: Pennsylvania IN: FIN SU: ERN


JS-MP -- PH028 -- 3685 10/22/92 13:55 EDT
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