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/THIRD AND FINAL ADD -- NY040 -- MUTUAL SAVINGS BANK EARNINGS/

 MUTUAL SAVINGS BANK, F.S.B. AND SUBSIDIARY
 FINANCIAL HIGHLIGHTS
 (Dollars in thousands, except per share data)
 Year Ended
 Percent Dec. 31,
 1993 1992 Change 1992
 (unaudited)
 For the Three Months Ended June 30:
 Net interest income 2,811 2,232 25.9
 Net income 1,064 650 63.7
 Loans Originated:
 Residential real estate 180,089 96,967 85.7
 Return on average assets 0.52 pct 0.36 pct
 Return on average equity 10.26 pct 9.87 pct
 Per Common Share:
 Primary earnings 0.70 ---
 Fully diluted earnings (A) 0.70 ---
 (Unaudited) (Unaudited)
 For the Six Months Ended June 30:
 Net interest income 5,825 3,787 53.8 pct 8,117
 Net income 3,220 1,245 158.6 2,896
 Loans Originated:
 Residential real estate 241,451 150,841 60.1 354,222
 Return on average assets 0.81 pct 0.35 pct 0.40 pct
 Return on average equity 15.99 pct 9.54 pct 9.23 pct
 Per Common Share:
 Primary earnings 2.13 --- 1.11
 Fully diluted
 earnings (A) 2.12 --- 1.10
 General and administrative expenses to
 average assets 2.18 pct 2.26 pct 2.16 pct
 Net interest margin
 before hedge 2.96 pct 3.03 pct 2.99 pct
 Net interest margin
 after hedge 1.50 pct 1.10 pct 1.17 pct
 Loan loss reserves to
 non-performing assets 60.47 pct 46.78 pct 63.88 pct
 Non-performing assets
 to total assets 0.52 pct 0.82 pct 0.53 pct
 (Unaudited) (Unaudited)
 At June 30:
 Total assets 814,725 715,126 13.9 pct 754,628
 Loans receivable 270,787 244,736 10.6 235,513
 Deposits, net of
 deferred loss on
 hedge transactions 491,022 527,091 (6.8) 501,889
 Borrowings 253,717 148,321 71.1 192,184
 Stockholders' equity
 (B) 41,739 26,684 56.4 38,172
 Tangible equity 39,425 22,997 71.4 35,457
 Loans serviced for
 others 483,588 353,350 36.9 434,419
 Number of common
 shares outstanding 1,452,021 --- 1,437,500
 Book value at period
 end 28.75 --- 26.55
 Tangible book value at
 period end 27.15 --- 24.67
 Tangible capital to tangible assets
 (Required 1.50 pct) 4.85 pct 3.23 pct 4.72 pct
 Core capital to core assets
 (Required 3.00 pct) 5.14 pct 3.67 pct 5.08 pct
 Risk-based capital to risk-based assets
 (Required 8.00 pct) 13.98 pct 9.30 pct 13.77 pct
 (A) Earnings per share, assuming full dilution from exercise of stock options.
 (B) 1992 amount represents retained earnings only.
 -0- 7/14/93 AC NY040
 /PRNewswire -- July 14/
 /END OF THIRD AND FINAL ADD/
 (MSBK)


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

LG -- NY040C -- 1466 07/14/93 13:39 EDT
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Date:Jul 14, 1993
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