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/SECOND ADD -- NY040 -- MUTUAL SAVINGS BANK EARNINGS/

 MUTUAL SAVINGS BANK, f.s.b. AND SUBSIDIARY
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (unaudited)
 Periods ended Three Months Six Months
 June 30 1993 1992 1993 1992
 INTEREST INCOME:
 Interest and fees
 on loans $5,171,985 $5,904,993 $10,234,898 $2,144,155
 Interest on mortgage-
 backed securities 6,640,175 6,101,053 13,332,113 10,892,195
 Interest on
 investment
 securities 652,123 1,728,016 1,338,540 4,304,473
 Other interest
 income 507,964 374,458 1,060,833 742,800
 Total Interest
 Income 12,972,247 14,108,520 25,966,384 28,083,623
 INTEREST EXPENSE:
 Interest on
 deposits 7,982,475 8,751,038 16,126,390 18,010,961
 Interest on
 short-term
 borrowings 2,179,245 3,125,215 4,014,665 6,285,977
 Total Interest
 Expense 10,161,720 11,876,253 20,141,055 24,296,938
 Net Interest
 Income 2,810,527 2,232,267 5,825,329 3,786,685
 PROVISION FOR
 LOAN LOSSES --- --- --- ---
 Net Interest Income
 After Provision For
 Loan Losses 2,810,527 2,232,267 5,825,329 3,786,685
 OTHER INCOME (LOSS):
 Gains on loans sold 1,350,093 813,124 1,848,183 1,524,913
 Servicing income
 and other fees 740,341 673,000 1,484,072 1,331,352
 Net loss on sale of
 premises and equipment
 and real estate owned (73,493) (23,460) (86,860) (32,234)
 Net gain on sale of
 investment and common
 stock securities 225,293 (545,250) 1,983,734 (76,353)
 Net gain on sale of
 mortgage-backed
 securities 653,598 1,403,382 653,598 3,976,944
 Other, net 263,585 127,751 421,216 181,378
 Total Other Income 3,159,417 2,448,547 6,303,943 6,906,000
 OTHER EXPENSES:
 Salaries and employee
 benefits 1,803,422 1,479,119 3,447,714 3,034,430
 Occupancy, equipment
 and supplies 844,272 811,775 1,631,007 1,599,676
 Federal insurance
 premiums 246,493 291,378 582,376 585,344
 Amortization of excess
 of cost over net
 assets acquired 200,720 205,750 401,440 411,502
 Non-recurring
 charges --- --- --- 918,471
 Other 1,695,136 1,209,560 3,028,406 2,864,855
 Total Other Expense 4,790,043 3,997,582 9,090,943 9,414,278
 Income Before Income
 Tax Expense, Extraordinary
 Item and Cumulative
 Effect of Change in
 Accounting Principle 1,179,901 683,232 3,038,329 1,278,407
 Income tax expense 116,270 420,000 654,320 898,000
 Income Before
 Extraordinary Item and
 Cumulative Effect of
 Change in Accounting
 Principle 1,063,631 263,232 2,384,009 380,407
 Extraordinary Item-
 utilization of net
 operating loss
 carryforwards --- 387,000 --- 865,000
 Cumulative Effect of
 Change in Accounting
 Principle-income taxes --- --- 836,400 ---
 NET INCOME $1,063,631 $650,232 $3,220,409 $1,245,407
 EARNINGS PER SHARE: (A)
 Primary Earnings Per Share:
 Income Before Extraordinary
 Item and Cumulative Effect
 of Change in Accounting
 Principle 0.70 --- 1.58 ---
 Cumulative Effect of Change
 in Accounting Principle-
 income taxes --- --- 0.55 ---
 Primary Earnings Per
 Share 0.70 --- 2.13 ---
 Fully Diluted Earnings
 Per Share:
 Income Before Extraordinary
 Item and Cumulative Effect
 Of Change In Accounting
 Principle 0.70 --- 1.57 ---
 Cumulative Effect of Change
 in Accounting Principle-
 Income Taxes --- --- 0.55 ---
 Fully Diluted Earnings
 Per Share 0.70 --- 2.12 ---
 (A) Conversion to stock ownership July 16, 1992.
 -0- 7/14/93 AB NY040
 /PRNewswire -- July 14/
 /THIRD AND FINAL ADD -- TABLE -- TO FOLLOW/
 (MSBK)


CO: Mutual Savings Bank ST: Michigan IN: FIN SU: ERN

LG -- NY040B -- 1438 07/14/93 12:59 EDT
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Date:Jul 14, 1993
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