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BFS BANKORP REPORTS SECOND-QUARTER RESULTS

 BFS BANKORP REPORTS SECOND-QUARTER RESULTS
 NEW YORK, May 15 /PRNewswire/ -- BFS Bankorp, Inc. (NASDAQ: BFSI),


the parent holding company for Bankers Federal Savings FSB, today announced a loss of ($3.10) per share for its second quarter ended March 31, 1992, compared to a loss of (14 cents) per share in the same quarter last year.
 This quarter's loss was greatly impacted by a further addition of $5.05 million, or $3.64 per share, to the provision for loan losses associated with the bank's non-performing loans.
 James A. Randall, president and chief executive officer of BFS Bankorp, Inc., commented: "As a result of the recent Office of Thrift Supervision examination, the bank has made a significant addition to its loan loss provision. This addition has caused the bank's risk-based capital to fall to 6.72 percent of risk-weighted assets, which is below the 7.2 percent OTS requirement. However, the bank continues to exceed both tangible and core capital requirements. Since the bank no longer meets the OTS risk-based capital requirement, the bank has submitted a capital plan to the OTS."
 Randall also noted: "The board of directors and senior management remain confident about the bank's income-generating capacity and in the bank's ability to earn its way back into compliance. Net interest income for this quarter was $2,986,000 vs. $2,117,000 in the same quarter last year. This improvement was primarily caused by a decrease in interest expense associated with deposits in combination with the pricing of the bank's multifamily loans which places a floor on the loan interest rate."
 Randall also noted: "The bank's non-performing assets have remained stable for the past four quarters and are now showing some signs of improvement. While the protracted length of the foreclosure process has not decreased, the bank sold four of its six REO properties during this quarter. Based upon the current level of loan loss reserves and the bank's progress in stabilizing non-performing assets, the bank expects to significantly reduce its future quarterly provisions for loan losses. As such, the bank expects its profitability to show improvement in succeeding quarters, particularly so if the level of non-performing assets declines faster than projected."
 BFS Bankorp, Inc., is the parent holding company of Bankers Federal Savings FSB, a SAIF-insured savings bank headquartered in New York. As of March 31, 1992, the company has total assets of $481,936,000, deposits of $361,463,000 and stockholders' equity of $18,234,000.
 BFS BANKORP, INC. AND SUBSIDIARIES
 Consolidated Statements of Financial Condition
 (Unaudited, Dollars in thousands)
 3/31/92 9/30/91
 ASSETS
 Cash and due from banks $ 8,766 $ 6,922
 Federal funds and interest bearing deposits 12,000 4,500
 Investment securities, net (estimated market
 value of $10,520 and $13,701 at March 31,
 1992, and Sept. 30, 1991, respectively) 10,521 13,660
 Mortgage-backed securities, net (estimated
 market value of $110,157 and $44,823 at
 March 31, 1992, and Sept. 30, 1991,
 respectively) 99,477 45,895
 Loans:
 First mortgage loans 323,473 376,413
 Other loans 2,136 2,114
 Total 325,609 378,527
 Allowance for loan losses (5,861) (3,701)
 Loans, net 319,748 374,826
 Premises and equipment, net 2,748 2,831
 Real estate acquired through foreclosure
 and in-substance foreclosures 21,911 21,826
 Accrued interest receivable 4,307 4,502
 Other assets 2,458 2,306
 Total assets $481,936 $477,268
 LIABILITIES
 Deposits $361,463 $354,793
 Borrowed funds 60,637 60,694
 Collateralized mortgage obligations (CMO) 27,985 29,498
 Mortgagors' escrow payments 9,679 6,798
 Accrued expenses and other liabilities 3,938 2,789
 Total liabilities 463,702 454,572
 STOCKHOLDERS' EQUITY
 Preferred stock, $.01 par value,
 2 million shares authorized, none issued -- --
 Common stock, $.01 par value, 6 million
 shares authorized; 1,448,401 issued and
 outstanding at March 31, 1992 and
 Sept. 30, 1991 14 14
 Additional paid-in capital 8,374 8,374
 Retained earnings, substantially restricted 10,586 15,142
 Common stock acquired for Employee Stock
 Ownership Plan (ESOP) (72) (129)
 Common stock acquired for Management
 Recognition Plan (MRP) (103) (140)
 Common stock in treasury, at cost;
 59,940 shares at March 31, 1992 and
 Sept. 30, 1991 (565) (565)
 Total stockholders' equity 18,234 22,696
 Total liabilities and stockholders' equity $481,936 $477,268
 BFS BANKORP, INC. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (Unaudited; dollars in thousands except per share data)
 Periods ended Three Months Six Months
 March 31 1992 1991 1992 1991
 Interest income:
 First mortgage loans $ 8,322 $ 8,775 $17,621 $18,459
 Mortgage-backed securities 1,269 911 2,128 1,816
 Federal funds and interest
 bearing deposits 91 297 214 920
 Investment securities 203 266 414 472
 Other loans 47 144 95 325
 Total interest income 9,932 10,393 20,472 21,992
 Interest expense:
 Deposits 4,842 6,198 10,131 12,594
 Borrowed funds 1,395 1,288 2,783 2,613
 Collateralized mortgage
 obligations 709 790 1,424 1,599
 Total interest expense 6,946 8,276 14,338 16,806
 Net interest income 2,986 2,117 6,134 5,186
 Provision for loan losses 5,051 450 6,101 900
 Net interest income after
 provision for loan losses (2,065) 1,667 33 4,286
 Other income:
 Gain on sale of assets 207 193 266 193
 Loan fees and service charges 279 170 404 425
 Other fees and service charges 254 324 504 517
 Loss from real estate operations (74) -- (158) (82)
 Other 1 36 4 47
 Total other income 667 723 1,020 1,100
 Other expenses:
 Compensation and benefits 1,200 1,188 2,426 2,237
 Marketing 40 28 64 52
 Occupancy and equipment 474 419 911 841
 Data processing service fees 127 160 253 261
 SAIF deposit insurance premiums 202 197 398 364
 Professional fees and services 135 165 262 279
 Loss on sale of foreclosed
 real estate 200 -- 200 --
 Other 516 230 1,043 559
 Total other expenses 2,894 2,387 5,557 4,593
 Income (loss) before provision
 for income tax expense (4,292) 3 (4,504) 793
 Provision for income
 tax expense 12 195 53 705
 Net income (loss) $(4,304) $ (192) $(4,557) $ 88
 Earnings (loss) per share $(3.10) $(0.14) $(3.28) $0.06
 BFS BANKORP, INC., AND SUBSIDIARIES
 Selected Financial Data
 (Unaudited)
 Periods ended Three Months Six Months
 March 31 1992 1991 1992 1991
 FINANCIAL RATIOS
 (in percent)
 Average yields:
 First mortgage loans 9.24 8.98 9.50 9.60
 Mortgage-backed securities 8.05 7.75 7.86 7.69
 Federal funds 3.87 6.81 4.26 7.61
 Investment securities 4.45 6.97 4.72 6.81
 Other loans 8.92 11.06 9.03 11.49
 Total interest-earning assets 8.77 8.74 9.00 9.25
 Average cost:
 Deposits 5.44 7.00 5.69 7.04
 Borrowed funds 9.00 9.38 9.05 9.41
 Collateralized mortgage
 obligations 9.15 9.32 9.08 9.31
 Total interest-bearing
 liabilities 6.18 7.47 6.39 7.51
 Interest rate spread 2.59 1.27 2.61 1.74
 Net interest margin 2.64 1.78 2.70 2.16
 Avg. interest-earning assets to avg.
 interest-bearing liabilities 102.51 106.03 102.36 105.96
 Return on average assets (0.89) (0.04) (0.95) 0.02
 Return on average common equity (19.77) (0.86) (20.49) 0.40
 Operating expenses as a percent of
 average assets 2.24 1.99 2.23 1.94
 Equity to asset ratio at March 31 3.78 4.65 3.78 4.65
 PER SHARE INFORMATION
 Earns. (loss) per common share $(3.10) $(0.14) $(3.28) $0.06
 Book value per share at March 31 13.13 16.09 13.13 16.09
 Number of shares outstanding,
 net at March 31 1,388,461 1,388,461 1,388,461 1,388,461
 LOAN INFORMATION ($000):
 Loan originations $16,786 $20,060 $32,582 $40,759
 Loan sales 10,992 4,122 16,419 4,122
 Loans serviced for others at
 March 31 119,342 66,416 119,342 66,416
 Non-performing assets as a
 percent of total assets
 at March 31 9.18 8.89 9.18 8.89
 ADJUSTABLE RATE ASSETS
 AT MARCH 31 ($000):
 First mortgage loans $278,803 $355,568 $278,803 $355,568
 Other loans, federal funds
 and investment securities 13,422 15,574 13,422 15,574
 Total adjustable rate assets as
 a percent of total interest-
 earning assets 63.40 78.02 63.40 78.02
 -0- 5/15/92
 /CONTACT: Kate Michalowski of BFS Bankorp, 212-227-4040/
 (BFSI) CO: BFS Bankorp Inc. ST: New York IN: FIN SU: ERN


GK-TK -- NY041 -- 0722 05/15/92 11:54 EDT
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