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ATLANFED BANCORP ANNOUNCES EARNINGS

 BALTIMORE, April 16 /PRNewswire/ -- Atlanfed Bancorp, Inc. (NASDAQ-NMS: AFED), Baltimore, announced record net income of $1,877,502 or $1.68 per share for the year ended March 31, 1993, as compared to $1,627,386 or $1.50 per share for the year ended March 31, 1992. This represents an increase of 15.4 percent over the preceding fiscal year. Total stockholders' equity increased to $20.0 million or $18.31 per share at March 31, 1993, as compared to $18.5 million or $17.03 per share at March 31, 1992. The company also issued its fourth stock dividend in June 1992 while paying 40 cents in cash dividends per share during fiscal year 1993. Cash dividends have been paid in each of the last 22 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 this second consecutive year of record earnings. The company's value to stockholders continues to steadily increase."
 ATLANFED BANCORP, INC.
 Increase
 March 31, 1993 March 31, 1992 (Decrease)
 Net Income $ 1,877,502 1,627,386 15.4 pct.
 Net Income Per Share $1.68 1.50(A) 12.0 pct.
 Stockholders' Equity $ 19,982,182 18,519,010 7.9 pct.
 Book Value Per Share $18.31 17.03(A) 7.5 pct.
 Dividends Per Share $0.40 0.35(A) 14.3 pct.
 Loans Receivable, Net $200,555,754 226,269,109 (11.4) pct.
 Savings Deposits $186,776,000 200,040,008 (6.6) pct.
 Total Assets $239,543,058 263,469,569 (9.1) pct.
 (A) Adjusted for fiscal year '93 15 percent stock dividend.
 The increase in current year net income is due primarily to improved core earnings of the company's main subsidiary, Atlantic Federal Savings Bank, which benefited from declining interest rates. Reduced provisions for loan losses also contributed to improved earnings.
 Atlantic Federal Savings Bank was founded in 1897 and currently operates 10 branch offices throughout the state of Maryland. Atlantic Home Mortgage Corporation, the bank's mortgage banking subsidiary, operates loan production offices in Towson, Pasadena, Elkton and Bel Air, Md.
 -0- 4/16/93
 /CONTACT: Michael P. Gavin, executive vice president, or Anthony R. Cole, vice president and controller, Atlanfed Bancorp, 410-938-8610/
 (AFED)


CO: Atlanfed Bancorp, Inc. ST: Maryland

IN: FIN SU: ERN

DC-IH -- DC009 -- 6687 04/16/93 11:07 EDT
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Date:Apr 16, 1993
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