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STRONGSVILLE SAVINGS ANNOUNCES RECORD YEAR-TO-DATE EARNINGS

 STRONGSVILLE, Ohio, Oct. 18 /PRNewswire/ -- The Strongsville Savings Bank (NASDAQ: SSBK) today reported net income of $1.6 million, or $1.66 per share for the third quarter of 1993. Earnings for the third quarter of 1992 were $1.6 million, or $1.70 per share. The third quarter earnings in 1992 were slightly greater than 1993 because the bank's loan sale volume was greater during the third quarter of 1992 which resulted in increased gains on loan sales. The bank earned $4.1 million or $4.36 per share during the nine months ended Sept. 30, 1993, an increase of 17.9 percent over net income of $3.5 million, or $3.69 per share for the same period in 1992. The increase in net income for the first nine months of 1993 over the same period of 1992 was due to an increase in the net yield on interest earning assets during the period and to greater loan sale volume. The bank's return on average assets remains strong at 1.99 percent for the third quarter of 1993 and 1.79 percent for the nine months ended Sept. 30, 1993. Similar strength is demonstrated by the bank's return on average equity of 26.04 percent and 24.13 percent for the quarter and nine months ended Sept. 30, 1993, respectively.
 On Oct. 12, 1993, The Strongsville Savings Bank successfully completed an $8.4 million initial public stock offering in which 322,000 shares of common stock were issued, including the underwriter's overallotment option. The third quarter and year-to-date results do not include the aforementioned stock offering. The bank plans to use the proceeds for general corporate purposes.
 Demand for mortgage loans remains strong with $50 million in new loans originated during the third quarter of 1993 and $122 million during the first nine months of 1993. The bank's low level of nonperforming assets, 0.13 percent of total assets at Sept. 30, 1993, and 0.15 percent of total assets at Dec. 31, 1993, illustrates the quality of the loan portfolio.
 The Strongsville Savings Bank is an Ohio-chartered, federally insured savings association whose principal business activities are conducted from its main office in Strongsville, Ohio, and its eight branch offices in Cuyahoga, Lorain and Medina counties. Principal market makers for The Strongsville Savings Bank's stock are McDonald & Company Securities, Inc., Roney & Co. and Mayer & Schweitzer, Inc.
 THE STRONGSVILLE SAVINGS BANK
 Selected Financial Information
 (Numbers in thousands except per share information)
 Consolidated Income Statement
 (Unaudited)
 Three Months Nine Months
 Ended Ended
 09/30/93 09/30/92 09/30/93 09/30/92
 Interest income $5,928 $5,992 $17,583 $17,665
 Interest expense 2,949 3,357 8,905 10,432
 Net interest income 2,979 2,635 8,678 7,233
 Provision for loan losses (9) 117 45 179
 Net interest income
 after provision 2,988 2,518 8,633 7,054
 Non-interest income
 Gain on sale of loans 585 752 1,642 1,231
 Other 282 500 792 1,008
 Total 867 1,252 2,434 2,239
 Non-interest expense
 Salaries and benefits 597 578 1,898 1,600
 Net occupancy and equip. 269 237 724 641
 Other 667 595 2,215 1,921
 Total 1,533 1,410 4,837 4,162
 Income before federal
 income taxes 2,322 2,360 6,230 5,131
 Federal income taxes 756 756 2,121 1,646
 Net income $1,566 $1,604 $4,109 $3,485
 Weighted number of
 shares outstanding 943,400 943,400 943,400 943,400
 Earnings per share $1.66 $1.70 $4.36 $3.69
 Dividends per share $0.14 $0.12 $0.40 $0.30
 Consolidated Balance Sheet
 (Unaudited)
 9/30/93 12/31/92 09/30/92
 Total Assets $317,394 $294,201 $287,663
 Loans-net of Allowance 194,793 212,640 207,322
 Allowance for Loan Losses 807 717 721
 Loans held for sale 21,522 4,264 7,289
 Cash and Investments 91,942 68,914 63,461
 Deposits 289,990 269,733 265,169
 Shareholders' Equity 24,712 20,980 20,078
 Shareholders' Equity per share $ 26.19 $ 22.24 $ 21.28
 Tangible Equity per share 24.87 20.79 19.56
 Shareholders' Equity to
 total assets (percent) 7.79 7.13 6.98
 Nonperforming assets to
 total assets (percent) 0.13 0.15 0.33
 Allowance for loan losses to
 nonperforming loans (percent) 259.98 252.06 95.15
 Selected Financial Ratios and Average Balance Sheet Items
 (Percentages are annualized and dollars are in thousands)
 (Unaudited)
 Three Months Ended Nine Months Ended
 09/30/93 09/30/92 09/30/93 09/30/92
 Return on average assets (pct) 1.99 2.26 1.79 1.69
 Return on average equity 26.04 33.05 24.13 25.17
 Yield on average interest-
 earning assets 7.77 8.75 7.90 8.90
 Cost on average interest-
 bearing liabilities 4.11 5.15 4.25 5.50
 Interest rate spread 3.66 3.60 3.65 3.40
 Net yield on interest-
 earning assets 3.90 3.85 3.90 3.64
 Average Assets $314,292 $283,650 $305,594 $274,548
 Average Loans-net (includes
 loans held for sale) 214,504 210,506 211,743 201,697
 Average Deposits 287,301 260,921 279,574 252,977
 Average Equity 24,064 19,420 22,711 18,461
 -0- 10/18/93
 /CONTACT: Thomas P. Perciak, president, CEO, or John F. Ziegler, vice president, CFO, of The Strongsville Savings Bank, 216-238-7311/
 (SSBK)


CO: The Strongsville Savings Bank ST: Ohio IN: FIN SU: ERN

KL-BR -- CL004 -- 3167 10/18/93 08:17 EDT
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Publication:PR Newswire
Date:Oct 18, 1993
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