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ST. PAUL BANCORP ANNOUNCES $15.7 MILLION INCREASE IN STOCKHOLDERS' EQUITY DUE TO IMPLEMENTATION OF FASB NO. 109

 ST. PAUL BANCORP ANNOUNCES $15.7 MILLION INCREASE IN
 STOCKHOLDERS' EQUITY DUE TO IMPLEMENTATION OF FASB NO. 109
 CHICAGO, Feb. 20 /PRNewswire/ -- St. Paul Bancorp, Inc. (NASDAQ: SPBC) announced today that it will be favorably impacted by the recently issued Financial Accounting Standards Board (FASB) Statement No. 109, "Accounting for Income Taxes."
 Statement No. 109, which provides new guidelines for the calculation of income taxes, will enable the company to record an aggregate $15.7 million tax benefit on its general valuation allowances which previously was not permitted. The benefit will increase the stockholders' equity (capital) of the company from the previously reported $237.2 million to $252.9 million. Book value per share will increase from $19.70 to $21.01 as of Dec. 31, 1991.
 After reviewing its tax liability and new guidance from FASB No. 109, the company has elected to adopt the new guidance as of Dec. 31, 1991, and to restate its net income and earnings per share for fiscal years 1987 through 1991 to more properly reflect the results of its operations for those periods. As a result of the restatement, both prior and future results will reflect a more normal effective tax rate. Below are "as restated" and "as previously reported" net income and earnings per share data for the fiscal years 1987 through 1991 resulting from the adoption of FASB No. 109.
 St. Paul Bancorp, Inc. is the holding company for St. Paul Federal Bank For Savings, the third largest Illinois-based thrift institution. St. Paul Federal operates 37 retail banking offices throughout metropolitan Chicago and, through its subsidiaries, offers discount brokerage, insurance and real estate development services.
 ST. PAUL BANCORP, INC.
 Net Income ($000) Earnings Per Share($000)
 As As Previously As As Previously
 Fiscal Year Restated Reported Restated Reported
 1991 $27,192 $25,132 $2.26 $2.09
 1990 8,400 (4,000) 0.70 (0.33)
 1989 10,635 10,645 0.86 .87
 1988 22,491 22,041 1.88 1.84
 1987 20,615 20,215 1.73 1.70
 -0- 2/20/92
 /CONTACT: Robert N. Parke, 312-804-2360, or Susan H. Fisher, 312-804-2284, both for St. Paul Bancorp/
 (SPBC) CO: St. Paul Bancorp, Inc. ST: Illinois IN: FIN SU: ERN


CK -- NY004 -- 0801 02/20/92 09:15 EST
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Publication:PR Newswire
Date:Feb 20, 1992
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