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PRIME BANCORP REPORTS FIRST QUARTER EARNINGS

 PRIME BANCORP REPORTS FIRST QUARTER EARNINGS
 PHILADELPHIA, April 16 /PRNewswire/ -- Prime Bancorp, Inc.


(NASDAQ-NMS: PSAB) today reported strong first quarter earnings of $1,058,000.
 Earnings were driven higher by a 17.7 percent increase in net interest income, which was $3,807,578 compared with $3,234,209 for the same quarter last year. Return on assets reached 1.17 percent for the quarter.
 President and Chief Executive Officer Erwin T. Straw commented, "Prime's fifth straight quarter of higher earnings places Prime on plan toward record 1992 earnings. Our income is sustained and supported by a balance sheet well structured for the 90s -- high capital levels, high liquidity, high loan valuation reserves, and low interest rate risk."
 Net interest income was pushed by better margins and higher volumes. Net interest margin reached 4.40 percent compared with 3.92 percent for the same quarter last year. Earning assets grew by 4.8 percent, from $330 million last year to $346 million this year. Management said it expects net interest income improvements to continue throughout 1992.
 Prime's loan loss allowance finished the quarter at $2,512,143 which equaled .97 percent of loans and 78.7 percent of non-performing loans. Last year at this time the reserves stood at $1,704,445 which was only .67 percent of loans and 56.2 percent of non-performing loans. Prime's overall 1.14 percent non-performing asset ratio compares very favorably to other banks.
 At March 31, 1992, total assets stood at $357 million while deposits grew to $303 million for the quarter. Stockholders' equity rose to $42,094,409 creating a book value of $16.02 per share for a price to book ratio of 75 percent. Prime's equity to assets ratio increased to 11.77 percent.
 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 April 15, 1992, was $12. 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 (SAIF), which is administered by the Federal Deposit Insurance Corporation (FDIC).
 PRIME BANCORP, INC.
 Consolidated Statements of Financial Condition
 (Unaudited)
 March 31, 1992 Dec. 31, 1991
 Assets:
 Cash in banks $1,733,046 $3,216,514
 Interest-bearing deposits 11,735,112 24,970,016
 Cash and cash equivalents 13,468,158 28,186,530
 Investment securities 32,834,884 32,336,863
 Mortgage-backed securities 38,754,429 33,391,041
 Loans receivable, net 258,510,936 256,062,302
 Accrued interest receivable:
 Loans 2,133,954 2,278,780
 Mortgage-backed securities 393,770 311,720
 Investments and other 443,740 411,124
 Real estate owned 873,521 585,800
 Land acquired for development
 and resale 1,240,163 1,209,111
 Property and equipment 6,660,897 6,343,285
 Other assets 2,389,440 2,993,151
 Total assets 357,703,892 364,109,707
 Liabilities and Stockholders' Equity:
 Liabilities:
 Deposits $302,753,782 $294,840,178
 Advances from Federal Home Loan
 Bank of Pittsburgh 1,900,000 11,900,000
 Other borrowed money 6,257,670 10,910,610
 Advance payments by borrowers for
 taxes and insurance 1,406,216 1,831,821
 Other liabilities 3,291,815 3,302,176
 Total liabilities 315,609,483 322,784,785
 Stockholders' equity:
 Serial preferred, $1 par value;
 5 million shares authorized and
 unissued -- --
 Common stock, $1 par value;
 10 million shares authorized;
 2,765,826 shares issued 2,765,826 2,765,826
 Additional paid-in capital 12,868,038 12,868,038
 Retained earnings substantially
 restricted 27,275,869 26,506,382
 Treasury stock (138,290 shares
 at cost) (815,324) (815,324)
 Total stockholders' equity 42,094,409 41,324,922
 Total liabilities and stockholders'
 equity 357,703,892 364,109,707
 Consolidated Statements of Operations
 (Unaudited)
 Three months ended March 31 1992 1991
 Interest income:
 Loans receivable $6,686,681 $6,940,547
 Mortgage-backed securities 637,832 692,835
 Investment securities 468,970 318,228
 Deposits 247,250 374,092
 Total interest income 8,040,733 8,325,702
 Interest expense:
 Deposits 3,897,976 4,766,011
 Short-term borrowings 99,672 264,668
 Long-term borrowings 235,507 60,814
 Total interest expense 4,233,155 5,091,493
 Net interest income 3,807,578 3,234,209
 Provision for loan losses 200,000 225,000
 Net interest income after
 provision for loan losses 3,607,578 3,009,209
 Other income (expenses):
 Loan fees and service charges 167,846 165,307
 Gain (loss) on sale of:
 Loans (15,588) (23,640)
 Loss on sale of real estate owned (98,099) ---
 Gain on sale of land acquired for
 development and resale --- 34,795
 Other 275,123 229,797
 Total other income (expenses) 329,282 406,259
 Other expenses:
 Salaries and employee benefits 1,057,245 854,280
 Occupancy and equipment 313,481 289,696
 Data processing 121,475 96,297
 Federal insurance premiums 161,629 151,914
 Other 485,321 496,315
 Total other expenses 2,139,151 1,888,502
 Income before income taxes 1,797,709 1,526,966
 Income taxes 739,193 537,643
 Net income 1,058,516 989,323
 Earnings per share (primary and
 fully diluted) $.40 $.38
 Weighted average number of shares
 outstanding 2,627,536 2,627,536
 Dividends declared per share $.11 $.08
 Financial Highlights (A)
 Three months ended March 31 1992 1991
 Dividends per common share $.11 $.08
 Interest rate spread (pct.) 3.93 3.41
 Net yield on interest-earning
 assets (pct.) 4.40 3.92
 Return on average assets (pct.) 1.17 1.13
 Return on average equity (pct.) 10.15 10.25
 Equity to assets (pct.) 11.77 10.89
 Ratio of interest bearing assets
 to interest bearing liabilities 1.10x 1.08x
 Book value per share $16.02 $14.84
 Number of shares outstanding 2,627,536 2,627,536
 (A) Certain ratios have been annualized.
 /delval/
 -0- 4/16/92
 /CONTACT: Erwin T. Straw, president and CEO of Prime Bancorp, 215-742-5300/
 (PSAB) CO: Prime Bancorp, Inc. ST: Pennsylvania IN: FIN SU: ERN


MK-JS -- PH013 -- 9249 04/16/92 11:40 EDT
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