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FMS FINANCIAL CORPORATION ANNOUNCES EARNINGS

 FMS FINANCIAL CORPORATION ANNOUNCES EARNINGS
 BURLINGTON, N.J., July 17 /PRNewswire/ -- FMS Financial Corporation


(NASDAQ: FMCO) today reported net income of $614,000 or $.48 per share for the quarter ended June 30, 1992, as compared to a net loss of $140,000 or $.11 loss per share for the same period in 1991.
 Earnings for the six months ended June 30, 1992, were $853,000 or $.66 per share, as compared to net income of $153,000 or $.12 per share for the previous year.
 Net interest income before provision for loan losses for the three and six months ended June 30, 1992, amounted to $3.3 million and $6.3 million, respectively, as compared to $2.3 million and $4.4 million for their respective periods in 1991.
 Provisions for loan losses for the second quarter of 1992 were $126,000, resulting in year-to-date provisions of $502,000. Provisions in 1991 for the three and six months ended June 30 amounted to $66,000 and $192,000, respectively. Non-performing loans at June 30, 1992, amounted to $4.1 million as compared to $3.4 million at Dec. 31, 1991. The ratio of non-performing loans to total loans at June 30, 1992, was 1.7 percent. The corporation holds $2.2 million in loan reserves at June 30, 1992, representing 55.5 percent of non-performing loans and .95 percent of total loans.
 In the second quarter of 1992, other income was a net loss of $101,000 compared with a net loss of $197,000 for the same period in 1991. In the quarter ended June 30, 1992, the corporation recorded writedowns on land held for development of $350,000 and losses from REO operations of $67,000. For the six months ended June 30, 1992, other income was a loss of $76,000 compared with income of $119,000 for the six months ended June 30, 1991.
 Total operating expenses for the three and six months ending June 30, 1992, were $2.1 million and $4.2 million, respectively, as compared with $1.9 million and $3.6 million in their respective periods in 1991. The increase in operating expenses are primarily due to operating two additional offices acquired in October 1991, and the costs of increased customer service and longer hours.
 Total assets of the corporation at June 30, 1992, were $403.3 million as compared to total assets at Dec. 31, 1991, of $397.6 million. Deposits increased to $367.8 million at June 30, 1992, from $360.9 million at Dec. 31, 1991. Book value per share at June 30, 1992, was $16.05, up from $15.36 at Dec. 31, 1991. At June 30, 1992, the bank's core and tangible capital ratio was 4.5 percent and its risk- based capital ratio was 9.89 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
 June 30, Dec. 31,
 1992 1991
 (Unaudited)
 ASSETS:
 Cash and amounts due
 from depository institutions $3,656,656 $5,101,904
 Interest-bearing deposits 1,527,764 466,230
 Federal funds sold 2,740,000 4,691,000
 Total cash and cash equivalents 7,924,420 10,259,134
 Investment securities 19,748,322 13,890,666
 Investment securities
 held for sale, net 2,188,931 12,097,955
 Loans receivable, net 232,344,202 230,514,625
 Loans held for sale, net 84,237 2,807,119
 Mortgage-backed securities 120,377,740 107,631,951
 Accrued interest receivable:
 Loans 1,354,753 1,295,113
 Mortgage-backed securities 1,107,076 1,161,531
 Investments 342,683 288,891
 FHLB stock, at cost 3,081,600 2,625,200
 Real estate held for development 2,946,402 3,116,431
 Real estate owned, net 3,923,420 3,747,223
 Office properties and equipment 6,526,735 6,477,164
 Deferred income taxes 614,219 684,589
 Prepaid expenses and other assets 709,794 1,044,561
 TOTAL ASSETS $403,274,534 $397,642,153
 LIABILITIES AND STOCKHOLDERS' EQUITY:
 LIABILITIES:
 Deposits $367,756,804 $360,897,006
 Advances from FHLB 6,000,000 12,000,000
 Repurchase agreements 4,000,000 ---
 Guarantee of ESOP debt 425,910 456,368
 Advances for taxes and insurance 2,264,097 2,249,636
 Accrued interest payable 623,260 826,160
 Accounts payable and
 accrued expenses 1,551,820 1,444,151
 TOTAL LIABILITIES $382,621,891 $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 (425,910) (456,368)
 Retained earnings - substantially
 restricted 12,540,232 11,686,879
 Total stockholders' equity $20,652,643 $19,768,832
 Total liabilities and
 stockholders' equity $403,274,534 $397,642,153
 FMS FINANCIAL CORPORATION AND SUBSIDIARY
 Consolidated Statement of Operations
 (Unaudited; in thousands)
 Periods ended Three months Six months
 June 30 1992 1991 1992 1991
 Interest and dividend income:
 Interest and dividends on:
 Loans $5,408 $6,078 $10,944 $12,180
 Mortgage-backed securities 2,208 1,512 4,289 2,758
 Investments 413 701 930 1,485
 Total interest and
 dividend income 8,029 8,291 16,163 16,423
 Interest expense:
 Interest on deposits 4,685 5,997 9,660 12,034
 Interest on borrowed money 75 9 170 19
 Total interest expense 4,760 6,006 9,830 12,053
 Net interest and dividend
 income before provision
 for loan losses 3,269 2,285 6,333 4,370
 Provision for loan losses 126 66 502 192
 Net interest and
 dividend income 3,143 2,219 5,831 4,178
 Other income:
 Loan servicing 83 77 170 158
 Gain on sale of investment
 securities 0 525 9 610
 Gain on sale of loans 37 23 190 125
 Loss on sale of fixed assets (2) (125) (2) (125)
 Writedown on land held
 for development (350) (638) (700) (768)
 Real Estate Owned
 operations, net (67) (256) (122) (286)
 Fee income from annuities 0 62 0 141
 Checking account fees 130 83 261 158
 Other income 68 52 118 106
 Total other income (101) (197) (76) 119
 Operating expenses:
 Salaries and employee benefits 1,043 918 2,117 1,820
 Occupancy and equipment 326 336 641 665
 Purchased services 241 142 519 233
 Professional fees 65 77 125 152
 Federal insurance premium 207 188 402 375
 Advertising 24 25 46 46
 Other 156 180 376 327
 Total operating expenses 2,062 1,866 4,226 3,618
 Income before income taxes 980 156 1,529 679
 Income taxes 366 296 676 526
 Net income (loss) 614 (140) 853 153
 Earnings (loss) per
 common share $.48 $(.11) $.66 $.12
 /delval/
 -0- 7/17/92
 /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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