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THE FIRST SAVINGS BANK REPORTS SECOND QUARTER EARNINGS

 THE FIRST SAVINGS BANK REPORTS SECOND QUARTER EARNINGS
 GREENVILLE, S.C., Jan. 21 /PRNewswire/ -- The First Savings Bank, FSB, (NASDAQ-NMS: FTSC), today reported second quarter earnings of $2.8 million or $.52 per share, up from $2.6 million or $.50 per share for the same period last year.
 Earnings for the fiscal year-to-date amounted to $4.3 million or $.80 per share, which equaled the $4.3 million or $.82 per share for the comparable six-month period in fiscal 1991. As a precautionary move, an additional $1.0 million was set aside during the quarter in loan reserves for possible losses resulting from the continuing decline in economic activity.
 "Considering the general state of the economy, we are pleased with our performance for the quarter and year-to-date," stated Luther C. Boliek, president and chief executive officer.
 Allowance for loan losses totaled $11.2 million at Dec. 31, 1991, compared to $8.0 million at Dec. 31, 1990. Non-performing assets were $64.9 million at Dec. 31, 1991.
 Net interest income was $13.0 million for the quarter and $25.8 million for the first six months compared to $13.3 million and $27.2 million last year, respectively. The slight decrease in interest income was the result of a decline in the earnings base due to management's plan to control asset growth. During the quarter, The First sold $286.8 million of mortgage loan servicing rights for an after tax gain of $2.0 million compared to the sale of $231.5 million last year for a net gain of $1.6 million.
 Led by an extremely high volume of refinance mortgage activity as a result of the current low interest rates, combined consumer, commercial and mortgage lending totaled $232.7 million for the quarter; this compares to $181.8 million last year. Total loan volume was $474.7 million for the first six months compared to $396.7 million for the first six months in fiscal 1991.
 During the quarter, H. Ray Davis, chairman of the board and chief executive officer, advanced the date of his pending retirement from June 30, 1992 to Jan. 1, 1992. He will remain as chairman and Luther C. Boliek has now assumed the responsibilities of chief executive officer.
 "Other significant events which occurred during the quarter were the opening of our new regional office in Rock Hill and the completion of the sale of our full service branch and three supermarket banking centers in Myrtle Beach to Carolina First Savings Bank, a subsidiary of Carolina First Corporation," added Boliek.
 At quarter end, stockholders' equity was $108.8 million or $20.58 book value per share and tangible net worth (less goodwill) was $78.2 million or $14.80 book value per share. With assets of $2.0 billion, The First is now the largest financial institution headquartered and controlled in South Carolina.
 The common stock of The First is traded on the NASAQ market under the official symbol "FTSC."
 THE FIRST SAVINGS BANK, FSB
 Operating Results
 (in thousands except per share data)
 Three Months Ended Six Months Ended
 1991 1990 1991 1990
 Interest income $ 42,682 52,623 87,240 107,448
 Interest expense 29,716 39,360 61,417 80,286
 Net interest
 income 12,966 13,263 25,823 27,162
 Provision for loan
 losses 2,852 1,993 5,097 3,709
 Net interest income
 after provision for
 loan losses 10,114 11,270 20,726 23,453
 Other income 11,226 9,378 18,395 14,994
 Other expenses 15,530 15,518 30,434 30,071
 Earnings before
 income tax expense 5,810 5,130 8,687 8,376
 Income tax expense 3,006 2,538 4,370 4,103
 Net earnings(A) $ 2,804 2,592 4,317 4,273
 Net earnings per
 share(A) $ .52 .50 .80 .82
 Weighted average
 shares out-
 standing(A) 5,393 5,197 5,388 5,183
 Weighted average
 rates and yields:
 Total interest-
 earning assets 9.09 pct. 10.16 9.25 10.21
 Total interest-
 bearing liabilities 6.30 7.46 6.49 7.52
 Net spread 2.79 pct. 2.70 2.76 2.69
 Return on average
 assets .55 pct. .46 .42 .37
 Return on average
 equity 10.45 pct. 10.52 8.13 8.77
 FINANCIAL CONDITION HIGHLIGHTS
 (in thousands except per share data)
 As of As of
 Dec. 31, 1991 June 30, 1991
 Total assets $2,019,885 2,076,388
 Loans receivable, net 1,757,657 1,755,344
 Allowance for loan losses 11,179 10,594
 Loans serviced for others 1,372,390 1,383,735
 Investment securities 64,152 117,485
 Non-performing assets 64,850 48,402
 Deposits 1,587,113 1,641,912
 Stockholders' equity 108,757 104,134
 Book value per share 20.58 19.90
 (A) All per share and share amounts have been adjusted to reflect the issuance of the 10 percent stock dividend during February 1991.
 -0- 1/21/92
 /CONTACT: Fred Gilmer, Jr., Senior Vice President, Shareholder and Public Relations, The First Savings Bank, FSB, 803-255-3672/
 (FTSC) CO: The First Savings Bank, FSB ST: South Carolina IN: FIN SU: ERN


CM-JZ -- CH003 -- 1747 01/21/92 11:06 EST
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