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WESTCO BANCORP, INC. REPORTS FOURTH QUARTER EARNINGS

 ROSEMONT, Ill., Jan. 15 /PRNewswire/ -- Westco Bancorp, Inc. (NASDAQ: WCBI), the parent holding company of 1st Federal Savings of Westchester, today announced that net income for the 12 months ended Dec. 31, 1992 totalled $2.643 million compared to $2.366 million for the comparable period in 1991. Net income for the three months ended Dec. 31, 1992 totalled $767,774, or $.35 per share, compared to $615,573 for the comparable period in 1991. Earnings per share information is not meaningful for the comparable 1991 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 of 1992.
 Earnings for the year and for the fourth quarter reflect the adoption of SFAS No. 109 (Accounting for Income Taxes). Changing accounting methods in accordance with the statement was not required until the first quarter of 1993.
 Westco Bancorp's net interest income equalled $8.338 million after establishing provisions for possible future loan losses totalling $449,000 for the 12 months of 1992, compared to $7.064 million after establishing a provision of $188,500 for the same period in 1991. Net interest income for the three months ended Dec. 31, 1992 totalled $2.484 million compared to $1.910 million for the fourth quarter in 1991. Although no provision for loan losses was established in the fourth quarter in 1992, a provision of $25,100 was established in the comparable period in 1991. The association's interest rate spread averaged 2.79 percent during the 1992 fourth quarter, compared to 2.51 percent during the 1991 fourth quarter.
 At Dec. 31, 1992 total non-performing loans amounted to $801,000, or 0.41 percent of total loans. Non-performing loans at Dec. 31, 1991 totalled $1.031 million, or 0.57 percent of total loans. During the fourth quarter of 1992, one property was acquired through foreclosure and was transferred to real estate owned. This asset has a net asset value of $226,144.
 Total allowances for possible loan losses amounted to $925,500 or 115 percent of non-performing loans at Dec. 31, 1992. Provisions for possible loan losses are based upon management's ongoing assessment of the inherent risk in the association's mortgage loan portfolio as well as the then current and possible prospective economic and regulatory conditions. The provisions have not been related to any specific asset quality problems.
 Westco Bancorp, Inc.'s assets rose 14.9 percent to 310.8 million as of Dec. 31, 1992 from $270.5 million on Dec. 31, 1991. Total deposits also grew 6.9 percent to $257.7 million from $241.1 million at Dec. 31, 1991.
 Stockholders' equity in Westco Bancorp, Inc. totalled $44.2 million at Dec. 31, 1992. The number of common shares outstanding was 2,185,000 and the book value per common share was $20.25. On Oct. 15, 1992 Westco Bancorp, Inc. announced the approval of a stock repurchase plan under which the company could repurchase up to 115,000 (5 percent) of its then 2,300,000 outstanding shares. The repurchase plan was completed on Nov. 11, 1992.
 1st Federal's tangible, core and risk-based capital ratios at Dec. 31, 1992 were 11.52 percent, 11.52 percent, and 32.49 percent, respectively, which substantially exceed all fully phased-in regulatory requirements. At Dec. 31, 1992, 1st Federal Savings of Westchester's equity capital stood at $34.809 million and its tangible and core capital stood at $34.680 million.
 WESTCO BANCORP, INC.
 Selected Financial Information
 (Unaudited)
 12 months ended Dec. 31 1992 1991
 Financial Condition
 Total Assets $310,771,294 $270,532,417
 Loans Receivable, net 188,756,692 176,662,722
 Mortgage-backed Securities -- 1,377,677
 Cash, Cash Equivalents and
 Investment Securities 106,051,044 86,218,436
 Total Deposits 257,720,471 241,122,342
 Total Borrowing 1,624,571 --
 Total Stockholders' Equity 44,242,825 23,969,958
 12 months ended Dec. 31 1992 1991
 Operations
 Net Interest Income $ 8,786,492 $ 7,252,384
 Provision for Loan Losses 448,716 188,475
 Net Interest Income after
 Provision for Loan Losses 8,337,776 7,063,909
 Non-Interest Income 928,120 719,598
 Non-Interest Expense 4,955,898 4,192,159
 Income Tax Expense 1,667,008 1,225,700
 Net Income 2,642,990 2,365,648
 Three months ended Dec. 31 1992 1991
 Operations
 Net Interest Income $ 2,483,934 $ 1,934,827
 Provision for Loan Losses 0 25,100
 Net Interest Income after
 Provision for Loan Losses 2,483,934 1,909,727
 Non-Interest Income 271,336 177,368
 Non-Interest Expense 1,368,688 1,143,322
 Income Tax Expense 618,808 328,200
 Net Income 767,774 615,573
 WESTCO BANCORP, INC. AND SUBSIDIARIES
 Consolidated Statement of Financial Condition
 12/31/91 12/31/92
 Assets (Unaudited)
 Cash and amounts due from
 depository institutions $ 2,652,629 5,643,093
 Interest-bearing deposits 4,048,983 3,514,886
 Total cash and cash equivalents 6,701,612 9,157,979
 Investment securities held for investment
 (market value of $53,689,800 at
 Dec. 31, 1991 and $106,518,995 at
 Dec. 31, 1992) 53,079,229 106,051,044
 Investment securities held for sale
 (market value of $27,043,751 at
 Dec. 31,1991) 26,437,595 --
 Mortgage-backed securities
 (market value of $1,328,961 at
 Dec. 31,1991) 1,377,677 --
 Loans receivable 176,662,722 188,756,692
 Real estate owned -- 226,144
 Stock in Federal Home Loan
 Bank of Chicago 1,653,900 1,745,600
 Office properties and equipment-net 2,029,224 2,048,434
 Accrued interest receivable 1,494,844 1,366,139
 Prepaid expenses and other assets 1,095,614 1,419,262
 Total Assets 270,532,417 310,771,294
 Liabilities and Retained Earnings
 Deposits 241,122,342 257,720,471
 Borrowed funds -- 1,624,571
 Advance payments by
 borrowers for taxes
 and insurance 2,810,239 3,293,378
 Other liabilities 2,629,878 3,890,049
 Total Liabilities 246,562,459 266,528,469
 Stockholders' Equity:
 Common stock -- 23,000
 Additional paid-in capital -- 21,901,726
 Retained earnings 23,969,958 26,612,948
 Treasury stock -- (1,542,263)
 Common stock acquired by ESOP -- (1,624,571)
 Common stock awarded
 by Association
 Retention Plan -- (1,128,015)
 Total Stockholders' Equity 23,969,958 44,242,825
 Total Liability and
 Stockholders' Equity $ 270,532,417 $ 310,771,294
 WESTCO BANCORP, INC. AND SUBSIDIARIES
 Consolidated Statement of Income
 (Unaudited)
 Three months ended Dec. 31 1991 1992
 Interest Income:
 Interest on loans $ 4,508,390 $ 4,453,784
 Interest on mortgage-backed
 securities 21,770 --
 Interest on investment
 securities 1,195,849 1,195,231
 Interest on interest-bearing
 deposits 78,007 31,349
 Dividends on FHLB stock 26,014 23,804
 Total Interest Income 5,827,030 5,704,168
 Interest Expense:
 Interest on deposits 3,892,203 3,193,885
 Interest on borrowings -- 26,349
 Total Interest Expense 3,892,203 3,220,234
 Net interest income before
 provision for loan losses 1,934,827 2,483,934
 Provision for loan losses 25,100 --
 Net interest income after
 provision for loan losses 1,909,727 2,483,934
 Non-interest Income:
 Loan fees and service charges 39,592 98,648
 Commission income 64,546 70,989
 Gain (loss) on sale of securities 8,606 --
 Gain on sale of real estate owned -- --
 Other income 64,624 101,699
 Total Non-interest Income 177,368 271,336
 Non-interest Expense:
 Staffing costs 651,456 821,581
 Advertising 70,122 21,546
 Occupancy and equipment expenses 122,085 135,995
 Data processing 40,056 51,691
 Federal deposit insurance premiums 129,973 144,986
 Other 139,630 192,889
 Total Non-interest Expense 1,143,322 1,368,688
 Income before income taxes 943,773 1,386,582
 Provision for income taxes 328,200 264,545
 Income before cumulative

 effect of change in
 accounting principles 615,573 1,022,037
 Cumulative effect of
 change in accounting for
 income tax - 254,263
 Net Income $ 615,573 $ 767,774
 Net income per weighted average
 common share outstanding N/A $ .35
 Dividends declared per common share N/A N/A
 WESTCO BANCORP, INC.
 (Unaudited)
 12 months ended Dec. 31 1991 1992
 Interest Income:
 Interest on loans $ 17,720,746 $ 17,496,833
 Interest on mortgage-backed
 securities 94,657 46,984
 Interest on investment
 securities 4,732,513 5,018,846
 Interest on interest-bearing
 deposits 333,947 188,159
 Dividends on FHLB stock 103,629 91,773
 Total Interest Income 22,985,492 22,842,595
 Interest Expense:
 Interest on deposits 15,733,108 14,000,774
 Interest on borrowings -- 55,329
 Total Interest Expense 15,733,108 14,056,103
 Net interest income before
 provision for loan losses 7,252,384 8,786,492
 Provision for loan losses 188,475 448,716
 Net interest income after
 provision for loan losses 7,063,909 8,337,776
 Non-interest Income:
 Loan fees and service charges 158,915 288,018
 Commission income 325,368 350,077
 Gain (loss) on sale of securities -- (11,423)
 Gain on sale of real estate owned 5,904 9,414
 Other income 229,411 292,034
 Total Non-interest Income 719,598 928,120
 Non-interest Expense:
 Staffing costs 2,366,175 2,913,854
 Advertising 237,998 181,353
 Occupancy and equipment expenses 408,614 450,765
 Data processing 164,653 211,619
 Federal deposit insurance premiums 504,396 562,051
 Other 510,323 636,256
 Total Non-interest Expense 4,192,159 4,955,898
 Income before income taxes 3,591,348 4,309,998
 Provision for income taxes 1,225,700 1,412,745
 Income before cumulative
 effect of change in
 accounting principles 2,365,648 2,897,253
 Cumulative effect of
 change in accounting for
 income tax -- 254,263
 Net Income $ 2,365,648 $ 2,642,990
 Net income per weighted average
 common share outstanding N/A $1.16
 Dividends declared per common share N/A N/A
 -0- 1/15/93
 /CONTACT: Nick Raino, 708-692-6640, for Westco Bancorp/
 (WCBI)


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

SM -- NY072 -- 5622 01/15/93 21:15 EST
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