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PRIME BANCORP REPORTS CALENDAR YEAR 1991 EARNINGS

 PRIME BANCORP REPORTS CALENDAR YEAR 1991 EARNINGS
 PHILADELPHIA, Feb. 4 /PRNewswire/ -- Prime Bancorp, Inc.


(NASDAQ-NMS: PSAB), the parent company of Prime Savings Bank, fsb, today reported earnings for their new fiscal year ended Dec. 31, 1991, of $4.1 million, a level 15.2 percent or $.5 million above 1990.
 Earnings for the quarter ended Dec. 31, 1991, were $1.0 million, up sharply 44.7 percent or $.3 million over the same quarter last year.
 Earnings growth was driven by strong gains in net interest income and non-interest income. Net interest income was $14.1 million for the calendar year, representing a $.8 million increase over the prior year. Non-interest income was $2.4 million, an increase of $.7 million over the prior period. Operating expenses increased by $1.0 million during the year, yet Prime's overhead ratio was 42.9 percent for the year.
 Prime's President and Chief Executive Officer Erwin T. Straw commented, "The sharp drop in interest rates during 1991 pressured Prime's net interest income. However, we were able to improve margins while at the same time better match interest rate risk positions. The bank is well positioned to take advantage of what I expect will be the beginning of an economic recovery during 1992. Our assets of $364.1 million are buttressed by an exceptionally solid capital level of $41.3 million equal to 11.35 percent of assets, and Prime's non- performing assets remain low at $3.3 million, well below 1 percent of assets."
 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 Feb. 3, 1992, was $12.125. Prime Bancorp, Inc. is headquartered in Philadelphia. Prime Savings Bank, fsb is a federally chartered savings bank which conducts operations in Philadelphia, Bucks and Montgomery counties through nine full-service offices. The bank's deposits are insured by the Savings Association Insurance Fund, a fund administered by the Federal Deposit Insurance Corporation.
 PRIME BANCORP, INC.
 Consolidated Statements of Financial Condition
 (Unaudited)
 Dec. 31 1991 1990
 Assets:
 Cash in banks $3,216,514 $3,582,814
 Interest-bearing deposits 24,970,016 19,388,541
 Cash and cash equivalents 28,186,530 22,971,355
 Investment securities 32,440,191 16,879,664
 Mortgage-backed securities 33,287,713 34,187,437
 Loans receivable, net 256,062,302 251,063,978
 Accrued interest receivable:
 Loans 2,278,780 2,218,610
 Mortgage-backed securities 311,720 221,918
 Investments and other 411,124 399,229
 Real estate owned 585,800 212,290
 Land acquired for development and
 resale 1,347,935 2,549,025
 Property and equipment 6,343,285 6,564,846
 Other assets 2,854,327 3,570,165
 Total assets 364,109,707 340,838,517
 Liabilities and Stockholders' Equity:
 Liabilities:
 Deposits $294,840,178 $280,739,388
 Advances from Federal Home Loan
 Bank of Pittsburgh 11,900,000 1,900,000
 Other borrowed money 10,910,610 14,825,748
 Advance payments by borrowers for
 taxes and insurance 1,831,821 1,788,621
 Other liabilities 3,302,176 3,372,899
 Total liabilities 322,784,785 302,626,656
 Stockholders' equity:
 Serial preferred, $1 par value;
 5 million shares authorized and
 unissued --- ---
 Common stock, $1 par value;
 10 million shares authorized;
 2,765,826 shares issued 2,765,826 2,765,826
 Additional paid-in capital 12,868,038 12,868,038
 Retained earnings substantially
 restricted 26,506,382 23,410,455
 Treasury stock (138,290
 shares at cost) (815,324) (815,324)
 Unrealized loss on marketable equity
 securities --- (17,134)
 Total stockholders' equity 41,324,922 38,211,861
 Total liabilities and stockholders'
 equity 364,109,707 340,838,517
 Consolidated Statements of Financial Condition
 (Unaudited)
 Dec. 31, 1991 June 30, 1991
 Assets:
 Cash in banks $3,216,514 $1,959,114
 Interest-bearing deposits 24,970,016 13,118,220
 Cash and cash equivalents 28,186,530 15,077,334
 Investment securities 32,440,191 33,584,024
 Mortgage-backed securities 33,287,713 46,452,653
 Loans receivable, net 256,062,302 251,814,076
 Accrued interest receivable:
 Loans 2,278,780 2,243,565
 Mortgage-backed securities 311,720 365,795
 Investments and other 411,124 428,369
 Real estate owned 585,800 613,546
 Land acquired for development and
 resale 1,347,935 1,324,248
 Property and equipment 6,343,285 6,377,162
 Other assets 2,854,327 3,441,247
 Total assets 364,109,707 361,722,019
 Liabilities and Stockholders' Equity:
 Liabilities:
 Deposits $294,840,178 $293,329,903
 Advances from Federal Home Loan
 Bank of Pittsburgh 11,900,000 11,900,000
 Other borrowed money 10,910,610 12,476,296
 Advance payments by borrowers for
 taxes and insurance 1,831,821 1,611,517
 Other liabilities 3,302,176 2,650,356
 Total liabilities 322,784,785 321,968,072
 Stockholders' equity:
 Serial preferred, $1 par value;
 5 million shares authorized and
 unissued --- ---
 Common stock, $1 par value;
 10 million shares authorized;
 2,765,826 shares issued 2,765,826 2,765,826
 Additional paid-in capital 12,868,038 12,868,038
 Retained earnings substantially
 restricted 26,506,382 24,954,412
 Treasury stock (138,290
 shares at cost) (815,324) (815,324)
 Unrealized loss on marketable equity
 securities --- (19,005)
 Total stockholders' equity 41,324,922 39,753,947
 Total liabilities and stockholders'
 equity 364,109,707 361,722,019
 Consolidated Statements of Operations
 (Unaudited)
 Three months ended Dec. 31 1991 1990
 Interest income:
 Loans receivable $6,909,674 $7,446,882
 Mortgage-backed securities 774,624 451,436
 Investment securities 511,775 234,835
 Deposits 215,842 431,817
 Total interest income 8,411,915 8,564,970
 Interest expense:
 Deposits 4,188,273 4,874,763
 Short-term borrowings 148,780 383,923
 Long-term borrowings 253,235 49,135
 Total interest expense 4,590,288 5,307,821
 Net interest income 3,821,627 3,257,149
 Provision for loan losses 300,000 520,000
 Net interest income after
 provision for loan losses 3,521,627 2,737,149
 Other income (expenses):
 Loan fees and service charges 154,982 132,392
 Gain (loss) on sale of:
 Loans (23,641) (23,640)
 Mortgage-backed securities 121,123 ---
 Investments 2,504 ---
 Gain on sale of land acquired for
 development and resale 4,826 2,910
 Other 261,997 240,578
 Total other income (expenses) 521,791 352,240
 Other expenses:
 Salaries and employee benefits 1,081,011 989,994
 Occupancy and equipment 331,909 304,539
 Data processing 106,772 101,126
 Federal insurance premiums 159,206 132,492
 Other 508,180 417,636
 Total other expenses 2,187,078 1,945,787
 Income before income taxes 1,856,340 1,143,602
 Income taxes 816,315 424,952
 Net income 1,040,025 718,650
 Earnings per share (primary and
 fully diluted) $.40 $.27
 Weighted average number of shares
 outstanding 2,627,536 2,627,536
 Dividends declared per share $.11 $.08
 Consolidated Statements of Operations
 (Unaudited)
 Six months ended Dec. 31 1991 1990
 Interest income:
 Loans receivable $13,753,621 $15,195,170
 Mortgage-backed securities 1,675,975 916,551
 Investment securities 1,055,159 410,924
 Deposits 385,650 649,041
 Total interest income 16,870,405 17,171,686
 Interest expense:
 Deposits 8,602,638 9,718,428
 Short-term borrowings 321,353 752,370
 Long-term borrowings 507,173 98,374
 Total interest expense 9,431,164 10,569,172
 Net interest income 7,439,241 6,602,514
 Provision for loan losses 550,000 1,003,000
 Net interest income after
 provision for loan losses 6,889,241 5,599,514
 Other income (expenses):
 Loan fees and service charges 295,791 284,131
 Gain (loss) on sale of:
 Loans (47,281) 66,627
 Mortgage-backed securities 134,938 ---
 Investments 2,504 ---
 Gain on sale of land acquired for
 development and resale 36,823 53,163
 Other 522,000 428,349
 Total other income (expenses) 944,775 832,270
 Other expenses:
 Salaries and employee benefits 2,037,461 1,869,451
 Occupancy and equipment 637,658 596,607
 Data processing 199,160 192,165
 Federal insurance premiums 318,411 264,984
 Other 1,043,493 821,371
 Total other expenses 4,236,183 3,744,578
 Income before income taxes 3,597,833 2,687,206
 Income taxes 1,520,356 1,014,187
 Net income 2,077,477 1,673,019
 Earnings per share (primary and
 fully diluted) $.79 $.63
 Weighted average number of shares
 outstanding 2,627,536 2,641,040
 Dividends declared per share $.20 $.15
 Consolidated Statements of Operations
 (Unaudited)
 Year ended Dec. 31 1991 1990
 Interest income:
 Loans receivable $27,565,663 $30,684,222
 Mortgage-backed securities 3,158,158 1,908,780
 Investment securities 1,926,737 659,466
 Deposits 1,029,230 976,341
 Total interest income 33,679,788 34,228,809
 Interest expense:
 Deposits 17,985,122 19,542,005
 Short-term borrowings 792,702 1,232,559
 Long-term borrowings 819,770 195,057
 Total interest expense 19,597,594 20,969,621
 Net interest income 14,082,194 13,259,188
 Provision for loan losses 1,320,000 1,382,117
 Net interest income after
 provision for loan losses 12,762,194 11,877,071
 Other income (expenses):
 Loan fees and service charges 603,778 602,917
 Gain (loss) on sale of:
 Loans (94,561) 11,535
 Mortgage-backed securities 134,938 11,635
 Investments 2,504 105,632
 Gain on sale of land acquired for
 development and resale 182,705 119,374
 Gain on sale of REO --- 3,734
 Other 1,528,927 779,754
 Total other income (expenses) 2,358,291 1,634,581
 Other expenses:
 Salaries and employee benefits 3,860,440 3,723,949
 Occupancy and equipment 1,229,623 1,149,993
 Data processing 389,724 386,321
 Federal insurance premiums 622,239 532,346
 Other 2,298,997 1,615,367
 Total other expenses 8,401,023 7,407,976
 Income before income taxes 6,719,462 6,103,676
 Income taxes 2,652,494 2,572,629
 Net income 4,066,968 3,531,047
 Earnings per share (primary and
 fully diluted) $1.55 $1.31
 Weighted average number of shares
 outstanding 2,627,536 2,700,496
 Dividends declared per share $.37 $.29
 /delval/
 -0- 2/4/92
 /CONTACT: Erwin T. Straw, president and CEO of Prime Bancorp, 215-742-5300/
 (PSAB) CO: Prime Bancorp, Inc. ST: Pennsylvania IN: FIN SU: ERN


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