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ATLANFED'S EARNINGS INCREASE 56 PERCENT

 ATLANFED'S EARNINGS INCREASE 56 PERCENT
 BALTIMORE, April 24 /PRNewswire/ -- Atlanfed Bancorp, Inc.


(NASDAQ-NMS: AFED), announced record net income of $1,627,386, or $1.72 per share, for the year ended March 31, 1992, as compared to a restated $1,037,804, or $1.10 per share, for the year ended March 31, 1991. This represents an increase of 56.8 percent over the preceding fiscal year. Total stockholders' equity increased to $18.5 million, or $19.59 per share, at March 31, 1992, as compared to a restated $17.3 million, or $18.27 per share, at March 31, 1991. Savings deposits increased by nearly $28 million due primarily to the acquisition of three branch offices from the Resolution Trust Corporation during the year. The company also issued its third 10 percent stock dividend in June 1991 while paying 40 cents in cash dividends per share during fiscal year 1992. Cash dividends have been paid in each of the last 18 consecutive quarters and total dividends paid have increased each year.
 Commenting on the announcement, Richard E. Funke, chairman and president stated: "We are extremely pleased to announce these record earnings, particularly since they relate directly to key elements of operations, bank core earnings and subsidiary performance. The increase in the value of the company for the stockholders is significant."
 Core earnings of the company's primary subsidiary, Atlantic Federal Savings Bank, improved as a result of declining interest rates during fiscal year 1992. Rates on interest bearing liabilities declined more quickly than rates on interest earning assets, effectively increasing net interest income to the bank. The bank continues to concentrate on less risky home lending with approximately 90 percent of the loan portfolio represented by local residential mortgages, which are predominantly adjustable rate loans. The bank also remained well in excess of fully phased in capital requirements at March 31, 1992.
 Other subsidiaries of the company, Atlantic Home Mortgage Corporation, Atlanfed Service Corporation and Mid-Atlantic Title Company, all were profitable and achieved improved earnings during fiscal year 1992.
 Retained income and net income as of and for the year ended March 31, 1991, have been restated from amounts previously reported for the adoption of Financial Accounting Standard No. 109, "Accounting For Income Taxes." The adoption resulted in a decrease in retained income as of March 31, 1991, of $219,000 and an increase in reported income for 1991 of $85,000 (9 cents per share).
 ATLANFED BANCORP INC.
 March 31, March 31, Increase
 1992 1991 (percent)
 Net Income $ 1,627,386 1,037,804(B) 56.8
 Net Income
 Per Share $ 1.72 1.10(A)(B) 56.4
 Stockholders'
 Equity $ 18,519,010 17,269,729(B) 7.2
 Book Value
 Per Share $ 19.59 18.27(A)(B) 7.2
 Dividends
 Per Share $ 0.40 0.36(A) 11.1
 Loans Receivable,
 Net $226,269,109 209,853,636 7.8
 Savings Deposits $200,040,008 172,114,204 16.2
 Total Assets $263,369,569 238,870,087(B) 10.3
 (A) Adjusted for fiscal year '92 10 percent stock dividend.
 (B) Adjusted for change in accounting method.
 Atlantic Federal Savings Bank was founded in 1897 and currently operates 11 branch offices throughout the state of Maryland. Atlantic Home Mortgage Corporation operates loan production offices in Towson, Pasadena, Elkton and Bel Air, Md.
 -0- 4/24/92
 /CONTACT: Richard E. Funke, chairman of the board and president, or Michael P. Gavin, executive vice president, Atlanfed Bancorp, 410-938-8610/
 (AFED) CO: Atlanfed Bancorp, Inc. ST: Maryland IN: FIN SU: ERN


TW -- DC006 -- 2378 04/24/92 11:04 EDT
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Date:Apr 24, 1992
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