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THE WASHINGTON SAVINGS BANK, FSB REPORTS FOURTH QUARTER AND ANNUAL RESULTS

 THE WASHINGTON SAVINGS BANK, FSB
 REPORTS FOURTH QUARTER AND ANNUAL RESULTS
 WALDORF, Md., Oct. 16 /PRNewswire/ -- The Washington Savings Bank, FSB (NASDAQ: WSBX) today announced financial highlights for its three and 12 months ended July 31, 1992.
 WSBX is a federally chartered, federally insured savings bank, with principal executive offices in Waldorf.
 During the course of the fiscal year end audit, WSBX's independent public accountants discovered that WSBX's repurchases of its common stock under a plan approved by the OTS constituted a taxable event for WSBX, thereby requiring additional income tax provisions in the respective quarters. As a result, the amounts previously reported as net earnings and primary earnings per common share for the first, second and third quarters of fiscal 1992 have been adjusted from $179,000 or $.06 per share, to $130,000 or $.04 per share; from $200,000 or $.07 per share, to $22,000 or $.01 per share; and, from $298,000 or $.10 per share, to $226,000 or $.08 per share, respectively.
 THE WASHINGTON SAVINGS BANK, FSB
 Three months ended July 31 1992 1991
 Net interest income after
 provision for loan losses $1,233,000 $845,000
 Other income 388,000 259,000
 General & administrative expenses 1,049,000 832,000
 Net earnings 339,000 159,000
 Earnings per share (A) $.12 $.06
 Average primary shares
 outstanding (A) 2,816,290 2,968,332
 Assets $204,235,000 $192,414,000
 Deposits 190,259,000 178,950,000
 Total stockholders' equity 12,050,000 11,959,000
 Book value per share (A) $4.50 $4.10
 12 months ended July 31 1992 1991
 Net interest income after
 provision for loan losses $4,343,000 $3,207,000
 Other income 1,258,000 821,000
 General & administrative expenses 3,845,000 3,565,000
 Net earnings 717,000 479,000
 Per share (A) $.25 $.16
 Average primary shares
 outstanding (A) 2,923,243 2,985,362
 (A) All average shares outstanding and related per-share amounts have been adjusted to give retroactive effect to the higher number of shares outstanding as a result of a 3-for-2 stock split effected by way of a 50 percent stock dividend issued on Dec. 16, 1991, to record holders as of Dec. 2.
 -0- 10/16/92
 /CONTACT: Sherrie L. Kubala, senior vp of Washington Savings Bank, 301-843-7200/
 (WSBX) CO: The Washington Savings Bank, FSB ST: Maryland IN: FIN SU: ERN


MK-JS -- PH009 -- 0857 10/16/92 10:25 EDT
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Publication:PR Newswire
Date:Oct 16, 1992
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