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FIRST FINANCIAL CORPORATION OF WESTERN MARYLAND ANNOUNCES THIRD QUARTER RESULTS

 FIRST FINANCIAL CORPORATION OF WESTERN MARYLAND
 ANNOUNCES THIRD QUARTER RESULTS
 CUMBERLAND, Md., May 13 /PRNewswire/ -- First Financial Corporation of Western Maryland, Inc. (NASDAQ: FFWM), the holding company for First Federal Savings Bank of Western Maryland, today announced that net income for its third quarter ended March 31, 1992, was $625,382. For the nine months ended March 31, 1992, net income was $2,548,618. Approximately $990,000 of this amount, net of related income taxes, resulted from the sale in October 1991 of a below investment grade security that was written off at June 30, 1991. If this income were deducted from the March 31, 1992, figure, the resulting net income would be $1,558,618. The bank continues to add to its loan loss reserves on a regular basis.
 In comparison, net income for the quarter ended March 31, 1991, totaled $361,816 while the total for the nine months ended March 31, 1991, was $682,152. Those totals include charges of approximately $284,000 and $975,000, respectively, net of related income taxes, relating to provisions for loss on below investment grade securities. If the charges were added back, the resulting net income would be approximately $646,000 and $1,657,000, respectively.
 Net income per share for that portion of the three and nine month periods ended March 31, 1992, for which First Financial has been a stock corporation, i.e., Feb. 10, 1992, through March 31, 1992, was approximately 26 cents per share. Pro forma net income per share for the three and nine months ended March 31, 1992, was 47 cents and $2.02, respectively, assuming net proceeds of the sale of common stock in the conversion were received and invested beginning July 1, 1991, and Jan. 1, 1992, at net effective yields of 8.95 percent and 8.16 percent, respectively (approximate weighted average yield on all interest earning assets).
 Total assets increased to $344.3 million at March 31, 1992, an increase of 4.0 percent over the balance at June 30, 1991. Total deposits declined to $306.8 million from $309.5 million while loans receivable declined 5.9 percent to $233.7 million at March 31, 1992. Mortgage-backed securities increased 65.2 percent to $52.7 million at the end of the period while interest-bearing deposits rose $14.8 million to $25.6 million. At March 31, 1992, cash and investment securities totaled $40.1 million, equal to 11.6 percent of assets.
 At March 31, 1992, the bank's capital ratios exceeded all current and fully phased-in regulatory capital requirements with 9.2 percent tangible, 9.2 percent core and 16.7 risk-based capital, respectively, compared to regulatory requirements of 1.5 percent, 3.0 percent and 7.2 percent (8 percent on Dec. 31, 1992).
 On Feb. 10, 1992, First Financial Corporation of Western Maryland and its subsidiary, First Federal Savings Bank, completed the bank's conversion from mutual to stock form with the issuance of 1,380,000 shares of stock.
 First Federal Savings Bank of Western Maryland operates 11 offices in Allegany, Garrett and Washington Counties in Maryland.
 -0- 5/13/92
 /CONTACT: Janet Kemmet of the First Financial Corporation of Western Maryland, 301-724-3363/
 (FFWM) CO: First Financial Corporation of Western Maryland ST: Maryland IN: FIN SU:


KD-MH -- DC016 -- 9704 05/13/92 12:54 EDT
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Publication:PR Newswire
Date:May 13, 1992
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