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WESTCO BANCORP, INC. FIRST QUARTER EARNINGS REPORT

 WESTCHESTER, Ill., April 9 /PRNewswire/ -- Westco Bancorp, Inc. (NASDAQ: WCBI), the parent holding company of 1st Federal Savings of Westchester, today announced that net income for the three months ended March 31, 1993, totalled $915,039, or $0.42 per share, an increase of 217.3 percent over $288,382 for the comparable period in 1992. Earnings per share information is not meaningful for the comparable 1992 period, as 1st Federal completed a conversion from a federally chartered mutual savings and loan association to a stock savings and loan association in June 1992. Returns on average assets and average equity during the first quarter were 1.18 percent and 8.22 percent, respectively, compared to .42 percent and 4.79 percent in 1992's first quarter.
 Westco Bancorp's net interest income after provision for loan losses equalled $2.505 million for the three months ended March 31, 1993, compared to $1.518 million for the first quarter in 1992. Although no provision for loan losses was established in the first quarter in 1993, the figure for 1992 does reflect a $449,000 provision made in that quarter. The association's interest rate spread averaged 2.65 percent during the 1993 first quarter, compared to 2.47 percent during the 1992 first quarter.
 Non-interest income rose nearly 4 percent from the same quarter last year to $213,000 primarily as a result of an unrealized gain on an investment. Non-interest expenses increased 20 percent to $1.330 million from the first quarter in 1992. A significant portion of this increase was attributable to staffing costs, along with holding company expenses which did not exist in 1992.
 At March 31, 1993, total non-performing loans amounted to $412,000, or 0.22 percent of total loans. Non-performing loans at March 31, 1992, totalled $1.262 million, or 0.73 percent of total loans. During the first quarter of 1993, one property was acquired through foreclosure and was transferred to Real Estate Owned. Real Estate Owned at March 31, 1993, had a net asset value of $701,808.
 Total allowances for possible loan losses amounted to $885,000 or 214.7 percent on non-performing loans and 79.5 percent of non-performing assets at March 31, 1993.
 Stockholders' equity in Westco Bancorp, Inc. totalled $45.3 million at March 31, 1993. The number of common shares outstanding was 2,185,000 and the book value per common share was $20.73.
 1st Federal's Tangible, Core and Risk-based capital ratios at March 31, 1993, were 12.1 percent, 12.1 percent and 32.5 percent respectively, which substantially exceed all fully phased-in regulatory requirements. At March 31, 1993, 1st Federal Savings of Westchester's tangible and core capital stood at $35.7 million.
 WESTCO BANCORP, INC. AND SUBSIDIARIES
 Financial Highlights
 3/31/93 12/31/92 Percent
 (Unaudited) Change
 SELECTED FINANCIAL CONDITION DATA:
 Total assets $303,836,098 $310,698,592 -2.2
 Investment securities and
 interest bearing deposits 105,282,220 115,209,023 -8.6
 Loans receivable, net 191,134,988 188,756,692 +1.3
 Deposits 250,619,801 257,720,471 -2.8
 Total borrowings 1,558,857 1,624,571 -4.0
 Stockholders equity 45,286,248 44,242,825 +2.4
 SELECTED ASSET QUALITY RATIOS:
 Non-performing loans to
 loans receivable, net (In pcts.) .22 .41
 Non-performing assets to total assets .37 .33
 Allowance for loan losses
 to non-performing loans 214.72 115.48
 Allowance for loan losses
 to non-performing assets 79.47 90.07
 Three months ended March 31 1993 1992 PERCENT
 (Unaudited) CHANGE
 SELECTED OPERATIONS DATA:
 Net interest income $2,504,811 $1,966,582 + 27.4
 Provision for loan losses -- 448,716 -100.0
 Net interest income after
 provision for loan losses 2,504,811 1,517,866 + 65.0
 Non-interest income 212,700 204,879 + 3.8
 General and administrative
 expenses 1,330,172 1,108,063 + 20.0
 Income before income taxes 1,387,339 614,682 +125.7
 Income tax expense 472,300 326,300 + 44.7
 Net income $ 915,039 $ 288,382 +217.3
 Net income per common share
 outstanding .42 N/A
 SELECTED OPERATING RATIOS:
 Return on average assets (in pcts.) 1.18 .42
 Return on average equity 8.22 4.79
 Operating expenses to average assets 1.72 1.62
 Interest rate spread during the period 2.65 2.47
 Net interest margin 3.35 2.97
 Average interest-earning assets to
 Average interest-bearing liabilities 117.37 108.89
 -0- 4/9/93
 /CONTACT: David Burba, president of Westco Bancorp, Inc., 708-865-1100/
 (WCBI)


CO: Westco Bancorp, Inc. ST: Illinois IN: FIN SU: ERN

SM -- NY010 -- 4569 04/09/93 14:29 EDT
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