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SECOND NATIONAL REPORTS 1991 AUDITED RESULTS

 SECOND NATIONAL REPORTS 1991 AUDITED RESULTS
 SALISBURY, Md., March 20 /PRNewswire/ -- Second National Federal


Savings Bank (NASDAQ: SNFS) reported a fourth quarter loss of $20.2 million or $2.74 per share. The loss is primarily attributable to a fourth quarter addition to loan loss reserves of $21.1 million which follows a $29.7 million addition to reserves reported in the third quarter of 1991. The 1991 fourth quarter results compare with a 1990 fourth quarter loss of $6.0 million or 80 cents per share.
 For the year ended Dec. 31, 1991, Second National reported a loss of $41.6 million or $5.65 per share, compared with a net loss of $19.4 million or $2.64 per share for the year 1990. The company's level of non-performing assets increased to $238 million at year-end, from $201 million at Sept. 30, 1991, and $148.1 million at Dec. 31, 1990. Loan reserves rose to $49.2 million at year-end, compared to $43.6 million at Sept. 30, 1991, and $25.7 million at Dec. 31, 1990.
 The company added a total of $54.9 million to loan reserves in 1991 resulting in Dec. 31, 1991, tangible, core and risk-based capital levels of $5.7-, $7.2- and $14.1-million, respectively. As reported on Feb. 6, 1992, the company successfully achieved a favorable restructuring of subordinated notes held by an institutional investor. That restructuring, which will be reflected during the first quarter of 1992, increased tangible capital by $14.6 million, core capital by $14.6 million, and risk-based capital by $27.9 million.
 "While we were disappointed by the increase in the level of non- performing assets during 1991, we have been encouraged by the improved outlook for residential real estate and the increase in profit margins attributable to the general decline in market interest rates," stated Henry A. Berliner, president and chief executive officer.
 "The beginning of an economic recovery, which has been accompanied by signs that inflationary pressure is under control, will create a favorable climate to assist in our efforts to reduce non-performing assets during 1992. In December of 1991, we established certain benchmarks for the liquidation or restructuring of non-performing assets, the reduction of our cost of funds, and the origination of residential mortgage loans. We expect to meet or exceed these benchmarks during 1992," added Berliner.
 Second National is a $1.7 billion financial institution with offices in Maryland, Delaware, Pennsylvania, Virginia and the District of Columbia.
 -0- 3/20/92
 /CONTACT: Henry A. Berliner Jr., president and CEO, 301-266-9200 or 800-888-5100, or William T. Russell, III, chief financial officer, 301-749-8415 or 800-284-2628, both of Second National Federal Savings Bank/
 (SNFS) CO: Second National Federal Savings Bank ST: Maryland IN: FIN SU: ERN


MK -- DC023 -- 0234 03/20/92 16:45 EST
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Publication:PR Newswire
Date:Mar 20, 1992
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