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WOMEN'S FEDERAL SAVINGS BANK REPORTS RECORD QUARTER AS EARNINGS RISE 102 PERCENT, LOAN ORIGINATIONS INCREASE 212 PERCENT

 WOMEN'S FEDERAL SAVINGS BANK REPORTS RECORD QUARTER AS EARNINGS
 RISE 102 PERCENT, LOAN ORIGINATIONS INCREASE 212 PERCENT
 CLEVELAND, April 13 /PRNewswire/ -- Women's Federal Savings Bank today announced earnings for the first quarter of 1992 that are the highest in the history of the financial institution. Net income for the quarter ending March 31, 1992, was $2,784,000 or $1.23 per share. This represents an increase of 102 percent from the same period in 1991, when earnings were $1,376,000 or $0.61 per share.
 In addition to establishing an all-time high for quarterly earnings, the first-quarter 1992 marked the bank's thirty-fourth consecutive profitable quarter. "Our record earnings resulted from a widening of the spread between the rate earned on investments and those paid on our liabilities," said President Lawrence F. Guzowski. "Additionally, 16 cents per share of earnings came from the recording of unamortized deferred loan fees on early pay off of mortgages."
 Women's Federal experienced increases in both loan activity and core deposit growth in the period. Mortgage loan activity established a record, with over $65,000,000 in loan applications taken during the first three months of 1992, the best first quarter in bank history. There was also a significant increase in loan origination volume with $26,800,000 in mortgages closed, a 212 percent increase over the comparable quarter of 1991.
 Core deposits rose by $10,000,000, a 52 percent improvement over first quarter 1991 deposits. Depositor uncertainty regarding the future direction of interest rates led to considerable growth in the bank's shorter term deposit products.
 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
 March 31
 (In thousands except per share amount) 1992 1991
 Interest Income:
 Loans:
 Real Estate Loans and
 mortgage-backed securities $15,264 $15,288
 Other loans 250 271
 Investments:
 Investment securities 2,014 1,606
 Investments required by law 84 108
 Total $17,612 $17,273
 Interest Expense
 Savings deposits $9,695 $12,099
 Borrowed money 248 299
 Total $9,943 $12,398
 Net Interest Income $7,669 $4,875
 Provisions for Loan, Losses,
 Net of Recoveries $ 79 $ 4
 Net Interest Income After
 Provision for loan losses $7,590 $4,871
 Non-interest Income:
 Loan fees $ 340 $ 279
 Other 407 406
 Total $ 747 $ 685
 Non-interest Expense:
 General and administrative $3,667 $3,576
 Amortization of excess costs
 over net assets acquired 557 576
 Other 57 28
 Total $4,281 $4,180
 Income Before Income Tax and
 Extraordinary Credit $4,056 $1,376
 Provision for Income Taxes 1,272 467
 Income before Extraordinary Credit $2,784 $ 909
 Extraordinary Credit - Utilization of
 Net Operating Loss Carryforwards 0 467
 Net Income $2,784 $1,376
 Per Share Amounts:
 Income before extraordinary credit $1.23 $ .40
 Net Income $1.23 $ .61
 Women's Federal Savings Bank
 CONSOLIDATED BALANCE SHEETS (Unaudited)
 (In thousands) March 31 Dec. 31 March 31
 1992 1991 1991
 Assets
 Interest earnings assets:
 Loans:
 Real estate loans and
 mortgage-backed
 securities $585,313 $598,969 $593,109
 Consumer loans 9,582 9,905 8,686
 Investments:
 Investment securities $136,015 $101,748 $87,494
 Investment required by
 law 6,134 6,574 6,164
 Total interest earning
 assets $737,044 $717,196 $695,453
 Property and equipment $ 3,009 $ 2,901 3,120
 Real estate owned 2,564 2,575 2,411
 Property held for sale by
 subsidiary 86 86 100
 Cash and cash equivalents 10,651 12,587 10,467
 Excess of cost over net
 assets acquired 36,047 36,604 39,569
 Other assets 11,115 10,181 11,423
 Total assets $800,516 $782,130 $762,543
 Liabilities and stockholders' equity
 Liabilities:
 Savings deposits $702,727 $685,266 $672,840
 Borrowed money 22,408 21,380 17,327
 Accrued expense and other
 liabilities 8,119 10,326 10,597
 Total liabilities $733,254 $716,972 $700,764
 Stockholders' equity:
 Voting common stock $ 12 $ 12 $ 12
 Nonvoting common stock 11 11 11
 Additional paid-in capital 37,043 37,043 37,018
 Retained earnings 30,196 28,092 24,738
 Total stockholders'
 equity $ 67,262 $ 65,158 $61,779
 Total liabilities &
 stockholders'
 equity $800,516 $782,130 $762,543
 -0- 4/13/92
 /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


LC -- CL011 -- 7788 04/13/92 13:02 EDT
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