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VIRGINIA FIRST SAVINGS BANK, F.S.B. ANNOUNCES EARNINGS

 PETERSBURG, Va., Jan. 21 /PRNewswire/ -- Virginia First Savings Bank, F.S.B. (NASDAQ: VFSB) today announced net earnings of $668,000 or $.24 per share on a fully diluted basis for its second fiscal quarter ended Dec. 31, 1992, compared to $526,000 or $.20 per share for the quarter ended Dec. 31, 1991. Net earnings for the first six months of the fiscal year ending June 30, 1993 were $2,253,000 or $.83 per share, compared to $1,047,000 or $.40 per share for the same period in the previous fiscal year.
 William A. Patton, chairman of Virginia First Savings Bank, noted that "The net earnings for the second fiscal quarter represented a 0.50 percent return on average total assets and an 8.65 percent return on average equity, while earnings for the first two quarters of the fiscal year represented a 0.85 percent return on average total assets and a 14.89 percent return on average equity. Also, the $2,253,000 of net earnings for the first six months of the current fiscal year exceed the $2,009,000 of net earnings for the entire previous fiscal year."
 Both total interest income and total interest expense during the quarter ended Dec. 31, 1992 were lower than for the same period in the previous fiscal year, due to the generally lower yields and rates prevailing in the marketplace. However, the net interest income of $4,572,000 for the quarter was 40.8 percent higher than the $3,248,000 for the same period in the previous fiscal year. According to Patton, "The improved net interest margin performance is due to the continuing maturity and repricing of retail deposits and other interest-bearing liabilities together with attractive yields provided through Virginia First's construction and retail lending divisions."
 Also, the net amount of mortgage loans serviced for others increased by $143.5 million to $586.7 million during the second fiscal quarter. For the six-month period ended Dec. 31, 1992, the net amount of mortgage loan servicing for others increased by $166.9 million, notwithstanding the sale of approximately $45.5 million of mortgage servicing rights, at a pre-tax gain of $623,236, during the first fiscal quarter. Virginia First serviced $419.8 million of mortgages for others as of June 30, 1992 and $212.1 million as of Dec. 31, 1991.
 Management continued the posture of providing reserves where appropriate to mitigate the potential impact of future credit or market losses. Additional reserves or writedowns totaling $485,000 during the second fiscal quarter and $1,860,000 for the six-month period ended Dec. 31, 1992 were taken to reduce the carrying value of assets affected by the substantial level of mortgage prepayments occurring in the present interest rate environment or as additions to general loss reserves.
 Total assets were $526,557,000 at Dec. 31, 1992, or 10.1 percent more than the $478,132,000 on the same date last year. Deposit liabilities were $455,320,000, or 27.9 percent more than the $355,924,000 one year ago. The increases in both total assets and deposit liabilities during the 12 months ended Dec. 31, 1992 are attributed to the acquisition of six retail branches in March 1992.
 At Dec. 31, 1992 stockholders' equity was $30,269,000 or $11.05 per share on a fully diluted basis. Virginia First exceeds all of the regulatory capital requirements, as shown in the chart below.
 Virginia First presently operates 22 full service retail branches in central and western Virginia and 12 mortgage production offices in the states of Virginia and Maryland.
 VIRGINIA FIRST SAVINGS BANK
 SELECTED FINANCIAL DATA
 (Dollars in Thousands Except Per Share Data)
 Three Months Ended Six Months Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Operating data:
 Total Interest
 Income $10,199 $10,325 $20,469 $20,842
 Total Interest
 Expense 5,627 7,077 11,502 14,595
 Net Interest
 Income 4,572 3,248 8,967 6,247
 Provision for Loan
 Losses 235 729 530 1,144
 Other Income (Loss) 1,886 1,403 4,588 2,029
 Other Expenses 5,555 3,396 10,772 6,085
 Net Earnings 668 526 2,253 1,047
 Earnings Per Share .24 .20 .83 .40
 Selected ratios:
 Earnings on Average
 Assets 0.50 pct. 0.44 pct. 0.85 pct. 0.43 pct.
 Earnings on Average
 Equity 8.65 pct. 7.41 pct. 14.89 pct. 7.87 pct.
 Average Equity/
 Average Assets 5.76 pct. 5.89 pct. 5.70 pct. 5.47 pct.
 Dec. 31, June 30, Dec. 31,
 1992 1992 1991
 Balance Sheet Data:
 Total Assets $526,557 $518,020 $478,132
 Loans Receivable 437,018 415,515 391,820
 Mortgage-Backed
 Securities 14,331 16,604 11,199
 Deposits 455,320 451,674 355,924
 Borrowed Funds 36,402 33,022 90,209
 Stockholders' Equity 30,269 28,103 27,140
 Book Value Per Share 11.05 10.71 10.34
 Other Data:
 Full Service Branch
 Offices 22 22 17
 Mortgage Loan Offices 12 12 11
 Mortgage Loans Serviced
 for Others $586,688 $419,792 $212,107
 Capital Ratios
 Dec. 31, 1992
 (Dollars in Thousands)
 OTS Requirement Actual as of Dec. 31, 1992
 As Pct. Dollar As Pct. Dollar Excess
 of Assets Amount of Assets Amount Over
 Requirement
 Tangible
 Capital 1.50 pct. $ 7,851 5.13 pct. $26,838 $18,987
 Core
 Capital 3.00 pct. 15,728 5.69 pct. 29,807 14,079
 Risk-Based
 Capital 7.20 pct. 25,150 9.61 pct. 33,564 8,414
 -0- 1/21/93
 /CONTACT: Paul W. Walk, Jr., Senior Vice President, Virginia First Savings Bank, 804-733-0333, or 804-748-5847/
 (VFSB)


CO: Virginia First Savings Bank ST: Virginia IN: FIN SU: ERN

MM -- CH007 -- 7375 01/21/93 11:42 EST
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Date:Jan 21, 1993
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