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FMS FINANCIAL CORPORATION REPORTS RESULTS

 BURLINGTON, N.J., April 28 /PRNewswire/ -- FMS Financial Corporation (NASDAQ: FMCO), today reported net income of $930,000 or 72 cents per share for the quarter ended March 31, 1993, as compared to net income of $239,000 or 18 cents per share for the same period in 1992. Cumulative effects of changes in accounting principles reduced income by $40,000, reflecting a credit of $275,000 for changes in accounting for income taxes and a net charge of $315,000 related to cost of post retirement benefits.
 Net interest income before provision for loan losses was $3.8 million for the first quarter of 1993 as compared with $3.1 million for the same period in 1992. Total interest income declined slightly from $8.1 million in the first quarter of 1992 to $8.0 million in the current quarter of 1993. Total interest expense declined from $5.1 million to $4.3 million in the same periods.
 Provision for loan losses for the comparable quarters ended March 31, 1993 and 1992 were $314,000 and $376,000, respectively. Non performing loans at March 31, 1993 amounted to $4.4 million as compared to $4.6 million at Dec. 31, 1992. The current quarter had no writedowns on real estate held for development compared to a writedown of $350,000 in the previous years quarter.
 For the comparable quarters ended March 31, 1993 and 1992, total operating expense remained stable at $2.2 million. Craig W. Yates, president of FMS Financial Corporation and Farmers' & Mechanics' Savings Bank, S.L.A., said, "We are continuing to build on our retail banking franchise by increased customer service through extended office hours and convenient office locations while keeping a close watch on our operating expenses.
 Total assets of the corporation at March 31, 1993 were $438.3 million as compared with total assets at Dec. 31, 1992 of $432.1 million. Deposits increased from $402.2 million at Dec. 31, 1992 to $408.3 million at March 31, 1993. Book value per share was $17.50 at March 31, 1993 compared to $16.76 at Dec. 31, 1992. The bank continues to meet all regulatory capital requirements with the bank's core capital ratio at March 31, 1993 of 4.51 percent, tangible of 4.44 percent, and risk-based capital of 10.01 percent.
 FMS Financial Corporation is the holding company for Farmers' & Mechanics' Savings Bank, S.L.A., headquartered in Burlington Township, N.J. and operating ten retail branches throughout Burlington County.
 FMS FINANCIAL CORPORATION AND SUBSIDIARY
 Consolidated Statements of Operations
 Three months ended March 31 1993 1992
 (unaudited)
 Interest and dividend income:
 Interest and dividends on:
 Loans $5,630,444 $5,536,185
 Mortgage - backed securities 2,061,420 2,081,002
 Investments 361,485 517,272
 Total interest and dividend income 8,053,349 8,134,459
 Interest Expense:
 Interest on deposits 4,231,994 4,974,518
 Interest on borrowed money 26,956 94,654
 Total interest expense 4,258,950 5,069,172
 Net interest and dividend income
 before provision for loan losses 3,794,399 3,065,287
 Provision for loan losses 314,000 376,000
 Net interest and dividend income 3,480,399 2,689,287
 Other Income:
 Loan service charges and other fees 93,367 86,674
 Gain on sale or recovery of mark
 to market on investment securities
 held for sale 27,372 9,284
 Gain on sale of loans 23,598 152,809
 Writedown on Real Estate held
 for development 0 (350,000)
 Service charges on depositors' accounts 181,136 130,985
 Other income 58,396 49,831
 Total other income 383,869 79,583
 Operating Expenses:
 Salaries and employee benefits 1,115,405 1,073,691
 Occupancy and equipment 378,396 315,015
 Purchased services 217,654 277,815
 Professional fees 75,711 60,586
 Federal insurance premium 238,071 195,276
 Advertising 7,956 21,871
 Real Estate owned expenses 5,084 55,795
 Other 182,764 220,069
 Total operating expenses 2,221,041 2,220,118
 Income before income taxes
 and cumulative effect of change
 in accounting principles 1,643,227 548,752
 Income taxes 673,661 309,888
 Net income before cumulative
 effect of change in accounting
 principles 969,566 238,864
 Cumulative effect of change
 in accounting principles, net of tax (40,000) 0
 Net income 929,566 238,864
 Earnings per common share:
 Income before cumulative effect
 of change in accounting principles 0.75 0.18
 Cumulative effect of change in
 accounting principles, net of tax (0.03) 0.00
 Net income 0.72 0.18
 FMS FINANCIAL CORPORATION AND SUBSIDIARY
 Consolidated Statements of Financial Condition
 Period ended 3/31/93 12/31/92
 (Unaudited)
 Assets
 Cash and amounts due from depository
 institutions $4,915,746 $5,849,622
 Interest - bearing deposits 687,641 499,578
 Federal funds sold 505,000 1,963,000
 Short term funds 164,435 873,665
 Total cash and cash equivalents 6,292,822 9,185,865
 Investment securities 14,132,222 12,143,923
 Investment securities held
 for sale, net 5,348,199 9,252,718
 Loans receivable, net 259,446,873 254,988,649
 Loans held for sale, net 405,445 0
 Mortgage - backed securities 130,662,910 126,207,161
 Accrued interest receivable:
 Loans 1,442,420 1,358,277
 Mortgage - backed securities 1,063,833 1,056,494
 Investments 219,767 201,438
 FHLB stock, at cost 3,487,600 3,081,600
 Real Estate held for development 2,206,634 2,202,840
 Real Estate owned, net 1,940,275 1,714,583
 Office properties and equipment 8,643,161 8,456,903
 Deferred income taxes 1,219,920 739,856
 Prepaid expenses and other assets 1,786,953 1,481,775
 Total assets $438,299,034 $432,072,082
 Liabilities and Stockholders' Equity
 Liabilities
 Deposits $408,293,417 $402,172,054
 Advances from the Federal
 Home Loan Bank 1,500,000 1,500,000
 Guarantee of employee stock
 ownership plan debt 373,892 394,725
 Advances for taxes and insurance 2,021,902 1,956,368
 Accrued interest payable 418,194 424,848
 Accounts payable and accrued
 expenses 3,151,026 4,041,633
 Total liabilities 415,758,431 410,489,628
 Stockholders' Equity
 Common stock - $.10 par value 10 million
 shares authorized; 1,288,000 shares
 issued and outstanding 128,800 128,700
 Paid-in capital in excess of par 8,440,870 8,433,221
 Unrealized loss on marketable
 securities (23,600) (23,600)
 Guarantee of employee stock ownership
 plan debt (373,892) (394,725)
 Retained earnings - substantially
 restricted 14,368,425 13,438,858
 Total stockholders' equity 22,540,603 21,582,454
 -0- 4/28/93
 /CONTACT: David L. Gordon, chief financial officer of FMS Financial Corporation, 609-386-2400/
 (FMCO)


CO: FMS Financial Corporation ST: New Jersey IN: FIN SU: ERN

WB-OS -- NY048 -- 2018 04/28/93 12:17 EDT
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