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RS FINANCIAL CORP. ANNOUNCES EARNINGS FOR FOURTH QUARTER AND YEAR

 RS FINANCIAL CORP. ANNOUNCES EARNINGS FOR FOURTH QUARTER AND YEAR
 RALEIGH, N.C., Feb. 13 /PRNewswire/ -- RS Financial Corp. (NASDAQ-NMS: RFBK), a holding company whose only subsidiary is Raleigh Federal Savings Bank, today announced earnings for the quarter and year ended Dec. 31, 1991. Consolidated net income for the year was $2,857,000, or $0.90 per share, as compared to a loss of $1,104,000 or $0.33 per share, for 1990.
 For the fourth quarter of 1991, net income was $660,000, or $0.21 per share, compared with a loss of $2,070,000 or $0.61 per share, for the fourth quarter of 1990. The loss in the fourth quarter of 1990 resulted from a $3.0 million addition to the provision for loan losses. Raleigh Federal added $450,000 to its provision for loan losses in the fourth quarter of 1991.
 At Dec. 31, 1991, nonperforming assets (loans over 90 days delinquent, real estate acquired through foreclosure and other problem assets) totaled $32.8 million, representing an increase of $682,000, or 2.1 percent over the $32.1 million in nonperforming assets at Sept. 30, 1991. Raleigh Federal's 1991 provision for loan losses was $1.9 million, as compared to the $6.3 million provided in 1990.
 Commenting on the earnings release, Stanley E. Wright, President and Chief Executive Officer of RS Financial, said, "Although the company continues to have a relatively high level of nonperforming assets, we are encouraged by the improvement in core earnings in 1991 and the slowdown in the growth of nonperforming assets. Reductions in the level of interest rates over the past year have had a positive impact on Raleigh Federal's net interest margin. Also, we continue to show improvement in the reduction of noninterest expenses."
 Wright continued, "The economy in the major market areas we serve is showing early signs of recovery. We are looking forward to 1992 with cautious optimism and are poised to benefit from an improvement in the residential real estate market."
 At the end of 1991, RS Financial had total consolidated assets of $774 million, total deposits of $671 million and total shareholders' equity of $64.9 million, or 8.4 percent of assets. Through its subsidiary, Raleigh Federal Savings Bank, RS Financial operates 33 offices in 20 cities and towns. RS Financial Corp. common stock is traded on the NASDAQ National Market System and is listed under the symbol RFBK.
 -0- 2/13/92
 /CONTACT: Stanley E. Wright, President and Chief Executive Officer, or Rex D. Williams, Executive Vice President and Chief Financial Officer, 919-833-7511, both of RS Financial Corp./
 (RFBK) CO: RS Financial Corp.; Raleigh Federal Savings Bank ST: North Carolina IN: FIN SU: ERN


JZ -- CH004 -- 9987 02/13/92 17:25 EST
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Publication:PR Newswire
Date:Feb 13, 1992
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