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SOCIETY FOR SAVINGS REPORTS 100 PERCENT INCREASE IN THIRD QUARTER EARNINGS

 SOCIETY FOR SAVINGS REPORTS 100 PERCENT INCREASE
 IN THIRD QUARTER EARNINGS
 HARTFORD, Conn., Oct. 22 /PRNewswire/ -- Society for Savings Bancorp, Inc., (NASDAQ: SOCS) ("Society" or "Bancorp") today announced third quarter net income, after extraordinary item, of $2.9 million or 21 cents per share compared to $1.4 million or 12 cents per share in the prior year. Included in the results for the third quarter 1992 was a $356,000 extraordinary gain from tax benefits associated with operating losses from prior year. Society reported its third consecutive profitable quarter along with higher capital ratios, increased net income and further reductions in non-performing asset levels.
 For the nine months ended Sept. 30, 1992, Society earned $6.4 million or 39 cents per share, after extraordinary item, compared to a net loss of $5.6 million or (47 cents) per share for the same prior year period. The operations of Fidelity Acceptance Corporation (FAC), Society's consumer financing subsidiary, figures significantly in the quarterly and year-to-date results. Also included in 1992 year-to-date earnings were a $536,000 gain from the sale of an equity interest in backup data processing operations and a $1.8 million extraordinary gain from tax benefits associated with operating losses from prior years.
 FAC earned an after-tax profit of $6.6 million for the third quarter 1992, an increase of $742,000 (12.6 percent) from $5.9 million in the prior year, and $18.7 million for the nine months ended Sept. 30, 1992, an increase of $3.6 million (23.7 percent) from $15.1 million for the nine months ended Sept. 30, 1991.
 Interest rate spread continued to show improvement from the second quarter 1992 due to further decreases in deposit rates. Interest rate spread was 4.22 percent for the third quarter and 3.65 percent for the last nine months versus 3.68 percent for the second quarter and 3.37 percent for the six months ended June 30, 1992. Interest rate spread was 3.07 percent and 2.80 percent for the third quarter and nine months ended Sept. 30, 1991. Similarly, net interest margin rose from 3.42 percent in the third quarter 1991 to 4.54 percent for the third quarter ended Sept. 30, 1992, an increase of 112 basis points. For the nine months ended Sept. 30, 1992, net interest margin rose from 3.21 percent to 4.02 percent, an increase of 81 basis points.
 As part of Society's primary business activity of residential lending in Connecticut, the Bank closed 374 mortgage loans for $54.4 million during the third quarter 1992 compared to 256 loans or $34.1 million in mortgage business in the third quarter 1991. Since January 1992, the Bank has closed a total of 1,418 mortgage loans in Connecticut for $197.9 million. This compares favorably with a total of 786 loans or $99.3 million closed during the nine months ended Sept. 30, 1991. These results include refinancing activity associated with the Bank's residential lending business.
 Leverage capital ratios for Bancorp were 5.93 percent, 5.62 percent and 6.14 percent for the third quarter 1992, second quarter 1992 and third quarter 1991, respectively. Leverage capital ratios for the Bank were 5.83 percent. 5.54 percent and 5.74 percent for the third quarter 1992, second quarter 1992 and third quarter 1991, respectively. Risk- based capital ratios for tier 1 capital were 9.16 percent and 8.92 percent, and total risk-based capital ratios were 11.60 percent and 11.10 percent at Sept. 30, 1992 and Sept. 30, 1991, respectively. All capital ratios were above regulatory minimums. In addition, the leverage capital requirement imposed under the FDIC Consent Order continued to be met.
 Total non-performing assets continued to decline from $182.0 million one year ago to $131.8 million at Sept. 30, 1992, for a decrease of $50.2 million (27.6 percent). Most significant among the changes in the various non-performing asset categories was a $46.1 million reduction in non-accrual loans, $45.4 million due to net loan charge-offs, offset by an $8.2 million increase in foreclosed and repossessed assets. Net charge-offs on loans held for investment during the third quarter 1992 were $7.6 million vs. $4.4 million for the prior year period. Net charge-offs on loans held for investment were $28.6 million and $38.9 million for the nine months ended Sept. 30, 1992 and 1991, respectively. Charge-offs are the result of ongoing evaluations of underlying loan collateral and the credit quality of borrowers.
 Since June 30, 1992, total non-performing assets have fallen $21.9 million (14.2 percent), largely duent one year earlier.
 The provision for loan losses was $6.5 million and $11.5 million for the third quarters ended Sept. 30, 1992 and 1991 respectively. For the nine months ended Sept. 30, 1992 and 1991, the total provision was $26.0 million and $56.0 million, respectively. The lower provision level is reflective of reductions in loan and non-performing assets due to restructuring plan efforts in 1991, charge-offs recorded on an ongoing basis and real estate foreclosures. At Sept. 30, 1992, the allowance for loan losses was $68.2 million and the foreclosed real estate reserve was $1.5 million.
 On Aug. 31, 1992, the board of directors of Society voted to approve an affiliation agreement and plan of reorganization which provides for the acquisition of Bancorp by Bank of Boston Corporation. The transaction will involve the tax-free exchange of .80 shares of Bank of Boston Corporation common stock for each share of Bancorp common stock and is expected to close in the first half of 1993. Bank of Boston Corporation had assets of $32 billion at June 30, 1992 and is a New England bank holding company with operating bank subsidiaries in Connecticut, Massachusetts, Maine and Vermont, as well as several Latin American nations.
 The due diligence phase of the acquisition has been completed; consummation of the acquisition remains subject to approval by Bancorp's shareholders, state and federal banking regulators, and other operational conditions.
 The state of Connecticut, FDIC and FRB have been conducting routine safety and soundness examinations of the bank for the quarter and year to-date periods ending June 30, 1992. It should be noted that these examinations have not been completes and that the bank has not received any final reports of examination from the regulators. Information received to date, however indicates that there should be no material adjustments to net income for the 1992 fiscal year as a result of the examinations.
 SOCIETY FOR SAVINGS BANCORP, INC.
 Financial Highlights
 (In thousands)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Earnings
 Net income (loss) $2,877 $1,381 $6,355 $(5,591)
 Tax-Equivalent interest
 fees and dividend income $65,503 $84,822 204,908 272,929
 Interest expense 37,033 57,824 125,085 190,730
 Tax-equivalent
 net interest income 28,470 26,998 79,823 82,199
 Tax equivalent adjustment 241 335 684 1,010
 Net interest income 28,229 26,663 79,139 81,189
 Provision for loan losses 6,459 11,484 25,966 56,014
 Net interest income after
 provision for loan losses 21,770 15,179 53,173 25,175
 Non-interest income
 Gains on securities 639 2,607 7,996 8,372
 Other 6,148 8,115 18,244 21,821
 Gain on sale of mortgage
 servicing rights --- --- --- 18,881
 Totals 6,787 10,722 26,240 49,074
 Non-interest Expense
 Staff 8,811 8,976 27,251 29,854
 Occupancy 2,109 2,675 6,641 8,302
 Equipment 1,690 1,643 5,274 5,098
 Restructuring charge --- --- --- 7,000
 Other 8,992 8,061 24,801 26,444
 Foreclosed real estate 3,341 2,387 7,059 4,156
 Totals 24,943 23,742 71,026 80,854
 Income (loss) before
 income taxes and
 extraordinary item 3,614 2,159 8,387 (6,605)
 Income taxes (benefit) 1,093 778 3,800 (1,014)
 Income (loss) before
 extraordinary item 2,521 1,381 4,587 (5,591)
 Extraordinary item 356 --- 1,768 ---
 Income (loss) after
 extraordinary item $2,877 $1,381 $6,355 $(5,591)
 Per Common Share Data
 Earnings (loss) before
 extraordinary item 21 cents 12 cents 39 cents (47 cents)
 Earnings (loss) after
 extraordinary item 24 cents 12 cents 54 cents (47 cents)
 Dividends declared --- --- --- 0.075
 Book value 13.26 17.46 13.26 17.46
 Avg. shares
 outstanding 11,867,000 11,913,000 11,861,000 11,914,000
 End of period shares
 outstanding 11,869,000 11,913,000 11,869,000 11,913,000
 SOCIETY FOR SAVINGS BANCORP, INC.
 Financial Highlights
 (In thousands)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Average Balances-(a)
 Loans, net $1,616,821 $2,130,188 $1,644,373 $2,362,719
 Investments, net 831,562 1,026,697 932,250 1,001,127
 Earning assets, net 2,448,383 3,156,885 2,576,623 3,363,846
 Total assets, net 2,613,268 3,346,403 2,731,217 3,514,489
 Deposits 1,756,499 2,431,880 1,945,340 2,545,038
 Short-term debt 29,555 65,262 22,475 81,730
 Long-term debt and
 capital notes 617,891 557,720 539,965 627,154
 Interest-bearing
 liabilities 2,385,051 3,033,593 2,498,303 3,231,859
 Shareholders' equity 156,043 207,606 153,609 209,487
 NOTE: (a)-Includes assets held for sale
 End of Period Balances
 Loans, gross
 Accruing-(b) 1,613,500 1,568,778
 Nonaccruing and
 restructuring-(b) 48,853 85,127
 Total loans 1,662,353 1,653,905
 Allowance for
 loan losses (68,192) (52,478)
 Foreclosed real estate,
 gross-(b) 68,350 20,081
 Valuation allowance-FRE (1,454) ---
 Restructuring assets held
 for sale --- 263,793
 Valuation allowance-AHFS --- (14,230)
 Total assets 2,570,323 3,261,002
 Shareholders' equity 157,421 208,004
 Tier I capital 155,614 199,656
 Total risk-based capital 196,981 248,588
 NOTE: (b)-Excludes assets held for sale
 Ratios
 Leverage capital ratio-
 Bancorp 5.93 pct 6.14 pct N/A N/A
 Leverage capital ratio-
 bank 5.83 pct 5.74 pct N/A N/A
 Risk-adjusted capital
 ratios (consolidated)
 (End of period)
 Tier I --- --- 9.16 pct 8.92 pct
 Total capital --- --- 11.60 pct 11.10 pct
 Net interest margin
 (tax equivalent
 basis) 4.54 pct 3.42 pct 4.02 pct 3.21 pct
 Net interest spread 4.22 pct 3.07 pct 3.65 pct 2.80 pct
 SOCIETY FOR SAVINGS BANCORP, INC.
 Financial Highlights
 (in Thousands)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Asset Quality
 Nonperforming assets:
 Nonaccrual loans $46,860 $92,922
 Restructured loans --- 4,172
 Foreclosed and
 repossessed assets 68,380 60,211
 Accruing loans past
 due 90 days or more 14,575 18,994
 Performing non-
 performing loans 1,993 5,662
 Total nonperforming
 assets 131,808 $181,961
 Other Financial Information:
 Net charge-off:
 Loans held for
 investment 7,633 4,382 28,597 38,919
 Net-charge offs to
 average loans held
 for investment
 (annualized) 1.81 pct 0.81 pct 2.22 pct 2.16 pct
 Net charges to
 restructuring reserves
 -- assets held for sale N/A (1,246) N/A 56,345
 Nonperforming loans +
 repossessed assets to
 loans + repossessed assets 7.62 pct 9.40 pct
 Allowance for loan losses
 to loans outstanding-(c) 4.10 pct 3.17 pct
 Allowance for loan
 losses to annualized
 net charge-offs 223.35 pct 299.40 pct 178.84 pct 101.13 pct
 Allowance for
 loan losses to
 non-performing loans 107.51 pct 43.10 pct
 Allowance for loan losses and
 foreclosed real estate to
 nonperforming assets 52.84 pct 28.84 pct
 NOTE: (c) Excludes assets held for sale during 1991 and their related valuation allowance.
 -0- 10/22/92
 /CONTACT: Albert E. Fiacre, Jr., executive vice president and chief financial officer of Society for Savings, 203-727-5420/
 (SOCS) CO: Society for Savings ST: Connecticut IN: FIN SU: ERN


DH -- NE005 -- 3493 10/22/92 11:13 EDT
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