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WOMEN'S FEDERAL SAVINGS BANK 1991 EARNINGS RISE 26 PERCENT; MORTGAGE LOAN ORIGINATIONS INCREASE 53 PERCENT

 WOMEN'S FEDERAL SAVINGS BANK 1991 EARNINGS RISE 26 PERCENT;
 MORTGAGE LOAN ORIGINATIONS INCREASE 53 PERCENT
 CLEVELAND, Feb. 3 /PRNewswire/ -- Women's Federal Savings Bank today announced results for the fiscal year ended Dec. 31, 1991. Net income for the year was $6,767,000, or $2.99 per share as compared to $5,356,000, or $2.37 per share, for the fiscal year ended Dec. 31, 1990. This represents a 26 percent increase from 1990 earnings.
 Net income for the three months ended Dec. 31, 1991 was $2,031,000, or $.89 per share, the bank's 33rd consecutive profitable quarter. Earnings for the fourth quarter of fiscal 1990 was $2,025,000, or $.90 per share. Fourth-quarter 1990 earnings on sale of properties exceeded 1991 gains for the same period by $.15 per share.
 "Our 1991 earnings performance, which represents one of the best years in our history, was significantly impacted by the continued improvement in the spread between the rate earned on our investments and those paid on our liabilities," said President Lawrence F. Guzowski.
 "Although savings rates dropped dramatically throughout the year, our core deposits grew by $19,300,000," added Guzowski.
 Loan activity was also brisk during the past 12 months, as lending rates dropped to their lowest level in more than 14 years. Mortgage loan originations in 1991 totaled $92 million, a 53 percent increase over 1990.
 Women's Federal Savings Bank is one of Cuyahoga County's leading financial institutions, with 11 branches throughout Greater Cleveland.
 WOMEN'S FEDERAL SAVINGS BANK
 CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
 Three Months Ended
 Dec. 31
 (In thousands except per share amounts) 1991 1990
 Interest Income
 Loans:
 Real Estate Loans and
 mortgage-backed securities $15,433 $15,584
 Other loans 280 275
 Investments:
 Investment securities 1,636 1,524
 Investments required by law 90 127
 Total $17,439 $17,510
 Interest Expense
 Savings deposits $10,401 $12,326
 Borrowed money 248 300
 Total $10,649 $12,626
 Net Interest Income $6,790 $4,884
 Provisions for Loan, Losses,
 Net of Recoveries $ 89 $ 4
 Net Interest Income After
 Provision for loan losses $6,701 $4,880
 Noninterest Income
 Loan fees $ 279 $ 288
 Gain on sale of property 123 638
 Other 397 352
 Total $ 799 $1,278
 Noninterest Expense
 General and administrative $3,836 $3,513
 Amortization of excess costs
 over net assets required 576 602
 Other 83 18
 Total $4,495 $4,133
 Income Before Income Tax and
 Extraordinary Credit $3,005 $2,025
 Provisions for Income Taxes 974 431
 Income before Extraordinary Credit $2,031 $1,594
 Extraordinary Credit - Utilization of
 Net Operating Loss Carryforward 0 431
 Net Income $2,031 $2,025
 Per Share Amounts
 Income before extraordinary credit $ .89 $ .71
 Net Income $ .89 $ .90
 Twelve Months Ended
 Dec. 31
 (In thousands except per share amounts) 1991 1990
 Interest Income
 Loans:
 Real Estate Loans and
 mortgage-backed securities $61,770 $62,499
 Other loans 1,108 1,053
 Investments:
 Investment securities 6,575 5,693
 Investments required by law 409 501
 Total $69,862 $69,746
 Interest Expense
 Savings deposits $45,283 $49,720
 Borrowed money 1,144 1,537
 Total $46,427 $51,257
 Net Interest Income $23,435 $18,489
 Provisions for Loan, Losses,
 Net of Recoveries $ 195 $ 22
 Net Interest Income After
 Provision for loan losses $23,240 $18,467
 Noninterest Income
 Loan fees $1,335 $1,264
 Gain on sale of property 125 647
 Other 1,576 1,456
 Total $3,036 $3,367

 Noninterest Expense
 General and administrative $14,599 $13,949
 Amortization of excess costs
 over net assets required 2,305 2,408
 Other 184 121
 Total $17,088 $16,478
 Income Before Income Tax and
 Extraordinary Credit $9,188 $5,356
 Provisions for Income Taxes 2,991 1,470
 Income before Extraordinary Credit $6,197 $3,886
 Extraordinary Credit - Utilization of
 Net Operating Loss Carryforward 570 1,470
 Net Income $6,767 $5,356
 Per Share Amounts
 Income before extraordinary credit $2.74 $1.72
 Net Income $2.99 $2.37
 Women's Federal Savings Bank
 Consolidated Balance Sheets (unaudited)
 (In thousands) Dec. 31 Dec. 31
 1991 1990
 Assets
 Interest earning assets:
 Loans:
 Real estate loans and mortgage
 backed securities $598,969 $599,398
 Consumer loans 9,905 8,662
 Investments:
 Investments securities $101,748 $ 78,236
 Investments required by law 6,574 6,720
 Total interest earning assets $717,196 $693,016
 Property and equipment $ 2,901 $ 3,459
 Real estate owned 2,575 2,565
 Property held for sale by subsidiary 86 86
 Cash and cash equivalents 12,587 10,413
 Excess of cost over net
 assets acquired 36,604 40,145
 Other assets 10,181 9,002
 Total assets $782,130 $758,686
 Liabilities and stockholders' equity
 Liabilities:
 Savings deposits $685,266 $664,146
 Borrowed money 21,380 22,832
 Accrued expenses and other liabilities 10,326 10,629
 Total liabilities $716,972 $697,607
 Stockholders' equity
 Voting common stock $ 12 $ 12
 Nonvoting stock 11 11
 Additional paid-in capital 37,043 37,015
 Retained earnings 28,092 24,041
 Total stockholders' equity $ 65,158 $ 61,079
 Total liabilities and
 stockholders' equity $782,130 $758,686
 -0- 2/3/92
 /CONTACT: Lawrence F. Guzowski, president of Women's Federal Savings, 216-687-8200 or John D. Kerezy, APR, of FitzSimons Public Relations, 216-241-5656, for Women's Federal Savings/ CO: Women's Federal Savings ST: Ohio IN: FIN SU: ERN


KK -- CL009 -- 6290 02/03/92 15:25 EST
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