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FMS FINANCIAL CORPORATION ANNOUNCES EARNINGS

 FMS FINANCIAL CORPORATION ANNOUNCES EARNINGS
 BURLINGTON, N.J., April 27 /PRNewswire/ -- FMS Financial Corporation


(NASDAQ: FMCO) today reported net income of $239,000 or $.18 per share for the quarter ended March 31, 1992, as compared to net income of $293,000 or $.23 per share for the same period in 1991.
 Net interest income before provision for loan losses was $3.1 million for the first quarter of 1992 as compared with $2.1 million for the same period in 1991.
 Provision for loan losses for the comparable quarters ended March 31, 1992 and 1991, were $376,000 and $126,000, respectively. Non- performing loans at March 31, 1992, amounted to $3.5 million as compared to $3.4 million at Dec. 31, 1991. The company took writedowns of $350,000 on land held for development in the current quarter compared with a writedown of $130,000 in the previous year's quarter.
 Total operating expenses for the first quarter of 1992 amounted to $2.2 million as compared to $1.8 million for the first quarter of 1991. The increase was primarily due to increases in salaries and benefits, purchased services, federal insurance premium, real estate owned and other expenses, partially offset by decreases in occupancy and equipment and professional fees.
 Craig W. Yates, president of FMS Financial Corporation and Farmers' & Mechanics' Savings Bank, S.L.A., said, "Banking operations continue to be very satisfactory. Deposits and net interest income have continued to increase, helping to offset the higher operating costs resulting from the two additional offices acquired in October 1991, and the costs of increased customer service and longer hours. We are the hometown bank in Burlington County and our customers really appreciate the extra service and good hours."
 Total assets of the corporation at March 31, 1992, were $398.8 million as compared with total assets at Dec. 31, 1991, of $397.6 million. Deposits increased from $360.9 million at Dec. 31, 1991, to $364.7 million at March 31, 1992. Book value per share was $15.54 at March 31, 1992, compared to $15.36 at Dec. 31, 1991. At March 31, 1992, the bank's core and tangible capital ratio was 4.39 percent and its risk-based capital ratio was $9.52 percent. The bank continues to meet all regulatory capital requirements.
 FMS Financial Corporation is the holding company for Farmers' & Mechanics' Savings Bank, S.L.A., headquartered in Burlington Township, N.J., and operating nine retail branches throughout Burlington County.
 FMS FINANCIAL CORPORATION AND SUBSIDIARY
 Consolidated Statement of Financial Condition
 March 31, Dec. 31,
 1992 1991
 (Unaudited)
 ASSETS
 Cash and amounts due
 from depository institutions $1,680,034 $5,101,904
 Interest-bearing deposits 529,089 466,230
 Federal funds sold 4,895,000 4,691,000
 Total cash and cash equivalents 7,104,123 10,259,134
 Investment securities 18,442,372 13,890,666
 Investment securities
 held for sale, net 2,165,150 12,097,955
 Loans receivable, net 227,204,975 230,514,625
 Loans held for sale, net 3,195,762 2,807,119
 Mortgage-backed securities 120,228,446 107,631,951
 Accrued interest receivable:
 Loans 1,335,503 1,295,113
 Mortgage-backed securities 1,120,804 1,161,531
 Investments 236,634 288,891
 FHLB stock, at cost 3,081,600 2,625,200
 Real estate held for development 2,932,951 3,116,431
 Real estate owned, net 3,862,944 3,747,223
 Office properties and equipment 6,419,965 6,477,164
 Deferred income taxes 718,043 684,589
 Prepaid expenses and other assets 737,887 1,044,561
 TOTAL ASSETS $398,787,159 $397,642,153
 LIABILITIES AND STOCKHOLDERS' EQUITY
 LIABILITIES
 Deposits $364,665,466 $360,897,006
 Advances from FHLB 3,000,000 12,000,000
 Repurchase agreements 6,110,000 ---
 Guarantee of ESOP debt 461,868 456,368
 Advances for taxes and insurance 2,221,302 2,249,636
 Accrued interest payable 638,158 826,160
 Accounts payable and
 accrued expenses 1,688,169 1,444,151
 TOTAL LIABILITIES $378,784,963 $377,873,321
 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
 Unrealized loss on marketable
 securities (23,600) (23,600)
 Guarantee of ESOP debt (461,868) (456,368)
 Retained earnings - substantially
 restricted 11,925,743 11,686,879
 Total stockholders' equity $20,002,196 $19,768,832
 Total liabilities and
 stockholders' equity $398,787,159 $397,642,153
 FMS FINANCIAL CORPORATION AND SUBSIDIARY
 Consolidated Statements of Income
 Three months ended March 31 1992 1991
 Interest and income:
 Interest and dividends on:
 Loans $5,536,185 $6,101,625
 Mortgage-backed securities 2,081,002 1,149,752
 Investments 517,272 880,990
 Total interest and dividend income 8,134,459 8,132,367
 Interest expense:
 Interest on deposits 4,974,598 6,037,090
 Interest on borrowed money 94,654 9,604
 Total interest expense 5,069,172 6,046,694
 Net interest and dividend income
 before provision for loan losses 3,065,287 2,085,673
 Provision for loan losses 376,000 126,000
 Net interest and dividend income 2,689,287 1,959,673
 Other income:
 Loan servicing 86,674 80,825
 Gain on sale of investments 9,284 85,039
 Gain on sale of loans 152,809 101,636
 Writedown on land held for development (350,000) (130,305)
 Fee income from annuities --- 79,038
 Checking account fees 130,985 75,005
 Other fees 49,831 54,514
 Total other income 79,583 345,752
 Operating expenses:
 Salaries and employee benefits 1,073,691 902,537
 Occupancy and equipment 315,015 328,738
 Purchased services 277,815 88,827
 Professional fees 60,586 75,472
 Federal insurance premium 195,276 187,626
 Advertising 21,946 21,250
 Real estate owned expenses 55,795 29,946
 Other 219,994 162,194
 Total operating expenses 2,220,118 1,796,590
 Income before income taxes 548,752 508,835
 Income taxes 309,888 229,203
 Net income $238,864 $279,632
 Earnings per common share $.18 $.22
 /delval/
 -0- 4/27/92
 /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


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