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AMERIFED REPORTS FIRST QUARTER EARNINGS OF $2.5 MILLION

 JOLIET, Ill., Jan. 19 /PRNewswire/ -- AmeriFed Financial Corp., (NASDAQ: AFFC) the holding company of AmeriFed Federal Savings Bank, today announced net income of $2.5 million, or $0.73 per share, for the first quarter ended Dec. 31, 1992 (the company's fiscal year ends Sept. 30), compared to $1.5 million, or $0.46 per share, for the quarter ended Dec. 31, 1991. Robert B. Breidert, president and chief executive officer, commented on the results, saying, "Our first quarter earnings show the impact of the wide difference between short-term and long-term rates as well as the value of our local franchise. While our interest rate spread widened to 3.25 percent compared to 2.64 percent a year ago, our spread will likely narrow if the difference in market rates narrows. Nonetheless, because we believe our core earnings potential continues to grow, the board increased the regular quarterly dividend from $0.125 to $0.15 per share."
 Net interest income for the quarter was $8.2 million compared to $6.6 million for the quarter ended Dec. 31, 1991. Even though average interest earning assets were $35.7 million higher compared to 12 months ago, interest income decreased to $17.1 million for December 1992 quarter compared to $18.8 for the 1991 quarter. The decrease is mostly due to a decline in the average yield on interest earning assets to 7.88 percent from 9.04 percent for the quarter ended Dec. 31, 1991. Also contributing to the decrease in interest income was a 4 percent decrease in average loans receivable since Dec. 31, 1991.
 Interest expense also decreased from $12.2 million for the quarter ended Dec. 31, 1991 to $8.9 million for the quarter ended Dec. 31, 1992. Again reflecting falling interest rates, the average cost of funds decreased to 4.63 percent from 6.40 percent.
 Non-interest expenses decreased to a more typical level for AmeriFed at 2.01 percent of average assets compared to 2.12 percent for the quarter ended Dec. 31, 1991. Non-interest income was unchanged as increasing income from service charges was offset by reduced income from the sale of newly originated loans.
 Asset quality continued to be better than the national averages as reflected by a 0.30 percent ratio of non-performing loans and real estate owned to total assets as of Dec. 31, 1992, as well as very low net charge-offs to total loans. Allowance for loan losses currently stands at $4.1 million or 180 percent of non-performing loans and .87 percent of loans outstanding.
 The consolidated capital of the company at Dec. 31, 1992, stands at $87.6 million (9.85 percent of total assets) or $27.20 per share. Consolidated tangible capital represents 9.22 percent of total assets or $25.46 per share.
 The company has adopted SFAS No. 109, "Accounting for Income Taxes," retroactively to Sept. 30, 1990. The effects of adopting SFAS No. 109 were not material; therefore, no adjustments were recorded in the financial statements for prior periods.
 AmeriFed Federal Savings Bank, which converted to a stock company in October 1991, has ten branches in and around Will County, one of the suburban collar counties adjacent to Chicago. AmeriFed Financial Corp. stock is quoted on the NASDAQ National Market System under the symbol "AFFC."
 To receive the latest information about AmeriFed Financial Corp. via FAX, at no cost, dial 1-800-PRO-INFO, code 013.
 AMERIFED FINANCIAL CORP.
 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
 (In Thousands)
 12/31/92 9/30/92
 ASSETS:
 Cash and amounts due from depository
 institutions $ 13,062 $ 10,826
 Interest-bearing deposits 26,391 49,433
 Federal funds sold 1,000 1,000
 TOTAL CASH AND CASH EQUIVALENTS 40,453 61,259
 Investment securities
 (Market value:
 12/92-$69,210; 9/92-$51,347) 68,594 50,328
 Mortgage-backed securities
 (Market value:
 12/92-$282,656; 9/92-$287,458) 281,538 281,335
 Loans receivable
 (net of allowance
 for possible loan losses:
 12/92-$4,133; 9/92-$3,618 471,513 478,638
 Federal Home Loan Bank stock-at cost 5,321 5,252
 Real estate owned-net 344 278
 Office properties and equipment-net 8,452 8,446
 Accrued interest receivable 6,084 6,330
 Prepaid expenses and other assets 1,419 1,329
 Deposit base intangibles-net 917 1,006
 Excess of cost over fair value
 of net assets acquired-net 4,695 4,826
 TOTAL ASSETS $ 889,330 $ 899,027
 LIABILITIES AND STOCKHOLDERS' EQUITY:
 Deposits $ 762,989 $ 781,409
 Advances from the
 Federal Home Loan Bank 20,000 20,000
 Advance payments by borrowers
 for taxes and insurance 7,901 2,973
 Accrued interest payable 1,103 2,475
 ESOP loan obligation 1,852 1,932
 Income taxes payable 1,282 709
 Deferred income taxes 1,707 1,560
 Dividends payable 483 403
 Other liabilities 4,433 2,126
 TOTAL LIABILITIES 801,750 813,587
 COMMITMENTS AND CONTINGENCIES
 STOCKHOLDERS' EQUITY:
 Preferred stock, $.01 par value, 1,500,000
 shares authorized Common stock,
 $.01 per value, 6,000,000 shares
 authorized, 3,220,000 shares
 issued and outstanding 32 32
 Additional paid-in capital 30,019 30,000
 Retained earnings-substantially
 restricted 60,373 58,397
 Stock held for BRP (992) (1,057)
 Guaranteed ESOP loan obligation (1,852) (1,932)
 TOTAL STOCKHOLDERS' EQUITY 87,580 85,440
 TOTAL LIABILITIES AND
 STOCKHOLDERS' EQUITY $ 889,330 $ 899,027
 -0- 1/19/93 R
 /CONTACT: Joan Shain, Investor Relations of AmeriFed, 815-727-0370; or at Financial Relations Board, Gary Strong or Nick Farina, 312-266-7800/
 /FIRST AND FINAL ADD TO FOLLOW/
 (AFFC)


CO: AmeriFed Financial Corp. ST: Illinois IN: FIN SU: ERN

LR -- NY082R -- 6496 01/19/93 15:37 EST
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Date:Jan 19, 1993
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