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FMS FINANCIAL CORPORATION ANNOUNCES EARNINGS

 FMS FINANCIAL CORPORATION ANNOUNCES EARNINGS
 BURLINGTON, N.J., Nov. 1 /PRNewswire/ -- FMS Financial Corporation


(NASDAQ: FMCO) today reported net income of $189,000 or $.15 per share for the three months ended Sept. 30, 1991, as compared to a net loss of $211,000 for the comparable period in 1990.
 Earnings for the nine months ended Sept. 30, 1991, were $342,000 or $.27 per share.
 Net interest income before provision for loan losses for the three and nine months ended Sept. 30, 1991, amounted to $2.5 million and $6.9 million, respectively, as compared to $2.2 million and $6.5 million in the respective periods in 1990.
 Provisions for loan losses for the third quarter of 1991 were $577,000, resulting in year-to-date provisions of $769,000. Provisions in 1990 for the three and nine months ended Sept. 30, amounted to $147,000 and $1,083,000, respectively. Non performing loans at Sept. 30, 1991, amounted to $3.7 million as compared to $2.8 million at Dec. 31, 1990.
 In the third quarter of 1991, other income was $505,000 compared with a net loss of $263,000 for the same period in 1990. Most notably during the quarter ended Sept. 30, 1991, the corporation recorded gains of $371,000 on the sale of mortgage-backed securities and losses of $434,000 on land held for development.
 Total operating expenses for the three and nine months ended Sept. 30, 1991, were $1.8 million and $5.4 million, respectively, as compared with $2 million and $5.9 million in their respective periods in 1990. Total operating expense to total average assets at Sept. 30, 1991, was 1.91 percent compared with 2.1 percent for the same period in 1990.
 Total assets of the corporation at Sept. 30, 1991, were $382.2 million as compared to total assets at Dec. 31, 1990, of $364.8 million. Deposits increased to $351.0 million at Sept. 30, 1991, from $339.3 million at Dec. 31, 1990. Book value per share at Sept. 30, 1991, was $15.22 compared to $14.97 at Dec. 31, 1990.
 In October, the corporation purchased two branch offices with deposits totaling $20.3 million from the Resolution Trust Corporation. With the acquisition of the two banking facilities, total assets of the corporation will increase to approximately $400 million. Craig Yates, president of FMS Financial Corporation and Farmers' & Mechanics' Savings bank, said, "We consider this an important addition to our branch system. We now have nine offices in Burlington County. Our goal is to be the Hometown Bank' and this fits in with that plan."
 FMS Financial Corporation is the holding company for Farmers' and Mechanics' Savings Bank S.L.A., headquartered in Burlington Township. At Sept. 30, 1991, the bank meets all current capital requirements with core and tangible capital of 4.33 percent and risk-based capital of 9.03 percent.
 FMS FINANCIAL CORPORATION AND SUBSIDIARY
 Consolidated Statement of Financial Condition
 Sept. 30, Dec. 31,
 1991 1990
 (Unaudited)
 ASSETS
 Cash and amounts due
 from depository institutions $7,458,987 $7,961,793
 Interest-bearing deposits 736,586 569,821
 Federal funds sold 8,013,000 7,462,000
 Investment securities, net 46,658,194 21,022,715
 Investment securities
 held for sale, net 2,005,313 10,915,271
 Loans receivable, net 235,982,412 246,228,216
 Loans held for sale, net 2,072,235 3,336,851
 Mortgage-backed securities 56,361,699 45,267,603
 Mortgage backed securities held
 for sale, net 1,890,325 ---
 Accrued interest receivable:
 Loans 1,487,397 1,395,217
 Mortgage-backed securities 649,670 661,661
 Investments 780,635 576,708
 FHLB stock, at cost 2,625,200 2,623,900
 Real estate held for development 4,290,708 5,045,576
 Real estate owned, net 2,969,478 3,229,895
 Office properties and equipment 6,499,237 6,740,380
 Deferred income taxes 152,905 557,675
 Prepaid expenses and other assets 1,594,587 1,240,782
 TOTAL ASSETS $382,228,568 $364,836,064
 LIABILITIES AND STOCKHOLDERS' EQUITY
 LIABILITIES
 Deposits $350,972,922 $339,266,278
 Advances from FHLB 2,000,000 ---
 Other borrowings 4,000,000 ---
 Guarantee of ESOP debt 527,849 527,849
 Advances for taxes and insurance 2,269,932 1,581,046
 Accrued interest payable 973,424 1,485,558
 Accounts payable and
 accrued expenses 1,889,629 2,777,796
 TOTAL LIABILITIES $362,633,756 $345,638,527
 STOCKHOLDERS' EQUITY
 Common stock - $.10 par value
 10,000,000 shares authorized;
 1,287,000 shares issued and
 outstanding $128,700 $128,700
 Paid-in capital in excess of par 8,433,221 8,433,221
 Guarantee of ESOP debt (472,850) (527,846)
 Retained earnings - substantially
 restricted 11,505,741 11,163,462
 Total stockholders' equity $19,594,812 $19,197,537
 Total liabilities and
 stockholders' equity $382,228,568 $364,836,064
 FMS FINANCIAL CORPORATION AND SUBSIDIARY
 Consolidated Statements of Income (000s)
 Periods ended Three months Nine months
 Sept. 30 1991 1990 1991 1990
 Interest income:
 Interest on:
 Loans $6,054 $6,329 $18,234 $18,737
 Mortgage-backed securities 1,330 1,068 3,761 3,247
 Investments 969 939 2,781 2,868
 Total interest income 8,353 8,336 24,776 24,852
 Interest expense:
 Interest on deposits 5,843 6,006 17,877 17,849
 Interest on borrowed money 27 111 46 470
 Total interest expense 5,870 6,117 17,923 18,319
 Net interest income before
 provision for loan losses 2,483 2,219 6,853 6,533
 Provision for loan losses 577 147 769 1,083
 Net interest income 1,906 2,072 6,084 5,450
 Other income:
 Loan servicing 82 114 240 247
 Gain (loss) from:
 Sale of mortgage-backed
 securities 371 --- 371 ---
 Sale of investments securities 30 --- 640 (549)
 Sale of loans 68 (19) 193 (48)
 Sale of fixed assets 12 --- (113) 2
 Land held for development (434) --- (1,202) (243)
 REO Operations (29) --- (315) ---
 Mark-market on debt security --- (686) --- (686)
 Fee income from annuities 10 80 151 292
 Checking account fees 87 74 245 170
 Other income 308 174 415 266
 Total other income 505 (263) 625 (549)
 Operating expenses:
 Salaries and employee benefits 894 1,027 2,715 3,100
 Occupancy and equipment 330 319 995 928
 Purchased services 145 135 339 351
 Professional fees 94 62 246 167
 Federal insurance premium 194 183 570 522
 Advertising 18 66 64 165
 Other 160 211 526 634
 Total operating expenses 1,835 2,003 5,455 5,867
 Income (loss) before income
 taxes 576 (194) 1,254 (966)
 Income taxes 387 17 912 95
 Net income (loss) 189 (211) 342 (1,061)
 /delval/
 -0- 11/1/91
 /CONTACT: David L. Gordon, chief financial officer of FMS Financial, 609-386-2400/
 (FMCO) CO: FMS Financial Corporation ST: New Jersey IN: FIN SU: ERN JS-CC -- PH036 -- 0373 11/01/91 16:22 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Date:Nov 1, 1991
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