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F.F.O. FINANCIAL GROUP REPORTS THIRD QUARTER PROFIT AND YEAR TO DATE RESULTS

          F.F.O. FINANCIAL GROUP REPORTS THIRD QUARTER PROFIT
                       AND YEAR TO DATE RESULTS
    ST. CLOUD, Fla., Nov. 6 /PRNewswire/ -- F.F.O. Financial Group, Inc. (NASDAQ: FFFG), a Florida-based unitary savings and loan holding company, today announced net income of $3,900 (or $.002 per share) for the third quarter ended Sept. 30, 1991, compared to a net loss of $3.8 million (or $1.76 per share) for the same period in 1990. For the first nine months of 1991, the company reported a net loss of $293,900 (or $.13 per share), compared to a net loss of $3.1 million (or $1.41 per share) for the nine months ended Sept. 30, 1990.
    The company's continuing efforts to reduce overhead expenses resulted in a $41,700 or 1.1 percent decrease in operating expenses during the three months ended Sept. 30, 1991, and a decrease of $341,000 or 2.9 percent during the nine months ended Sept. 30, 1991, compared to the corresponding periods in 1990.  In addition, the company's non-interest income increased $39,200 or 2.4 percent during the three months ended Sept. 30, 1991, and increased $110,900 or 2.6 percent during the nine months ended Sept. 30, 1991, compared to the same periods in 1990.
    However, third quarter results for 1991 reflect the continuing impact of the company's nonperforming assets.  Such assets amounted to $44.7 million, net at Sept. 30, 1991, compared to $40.8 million, net at Dec. 31, 1990, which represented 11.26 percent and 9.49 percent of total assets at such respective dates.
    Total stockholders' equity as of Sept. 30, 1991 was $17.9 million or $8.22 per share.  Shares outstanding at the end of the period totaled 2,180,000, and total assets were $397.3 million.
    The company's primary subsidiary, First Federal Savings and Loan Association of Osceola County ("First Federal"), currently operates 12 full-service branches in Central Florida.
    As of Sept. 30, 1991, First Federal returned to compliance with all current regulatory capital requirements applicable to federal thrift institutions.  First Federal's risk-based capital as a percentage of adjusted risk-weighted assets was 7.26 percent at Sept. 30, 1991, compared to 6.7 percent at Dec. 31, 1990, and 6.8 percent at March 31, 1991 and June 30, 1991.  The minimum risk-based capital requirement was 7.2 percent at each of those dates, and increases to 8.0 percent at Dec. 31, 1992.  First Federal increased its risk-based capital ratio primarily through the sale of $25.0 million of business loans by its SBA lending subsidiary, Gulf American SBL, Inc.  James B. Davis, president and chairman of the board of the company, said he was pleased that First Federal has returned to full capital compliance.
                     F.F.O. FINANCIAL GROUP, INC.
                    CONSOLIDATED INCOME STATEMENTS
                              (Unaudited)
                         Three Months Ended      Nine Months Ended
                             Sept. 30,                Sept. 30,
                         1991        1990          1991        1990
    Interest Income  $ 8,297,770  $ 9,215,296  $26,349,918  $31,552,444
    Interest Expense   6,041,922    7,233,649   19,037,590   22,503,220
    Net Interest
     Income            2,255,848    1,981,647    7,312,328    9,049,224
    Provision for
     Loan Losses         171,652    5,676,026      905,479    6,353,940
    Net Interest
     Income (Loss)
     After Provision
     for Loan
     Losses            2,084,196   (3,694,379)   6,406,849    2,695,284
    Other Income       1,675,168    1,635,940    4,398,801    4,287,951
    Other Expenses     3,761,136    3,802,799   11,360,222   11,701,237
    Income (Loss)
     Before Income
     Taxes                (1,772)  (5,861,238)    (554,572)  (4,718,002)
    Income Taxes
     (Benefit)            (5,690)  (2,027,061)    (260,681)  (1,637,874)
    Net Income (Loss) $    3,918  $(3,834,177) $  (293,891) $(3,080,128)
    Earnings (Loss)
     Per Share       $     0.002  $     (1.76) $     (0.13) $     (1.41)
    Weighted
     Average Shares
     Outstanding       2,180,000    2,180,000    2,180,000    2,180,000
    -0-                     11/5/91
    /CONTACT:  Phyllis A. Elam, chief financial officer of F.F.O. Financial Group, Inc., 407-892-1200, ext. 4421/
    (FFFG) CO:  F.F.O. Financial Group, Inc. ST:  Florida IN:  FIN SU:  ERN AW-MR -- FL001 -- 1623 11/06/91 10:58 EST
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Date:Nov 6, 1991
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