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BFS BANKORP REPORTS THIRD QUARTER RESULTS

 BFS BANKORP REPORTS THIRD QUARTER RESULTS
 NEW YORK, Aug. 3 /PRNewswire/ -- BFS Bankorp, Inc. (NASDAQ: BFSI),


the parent holding company for Bankers Federal Savings FSB, today announced earnings of $0.55 per share for its third quarter ending June 30, 1992, compared to a loss of ($0.18) per share in the same quarter last year.
 James A. Randall, president and chief executive officer of BFS Bankorp, Inc., commented: "The company's earnings performance this quarter is encouraging. Many factors have contributed to this improvement. Specifically net interest income increased from $3,169,000 last year to $3,695,000 this year, reflecting the structure of our loan portfolio and the general decline in interest rates. Interest rate spread is now 3.04 percent versus 2.23 percent last year and net interest margin is 3.21 percent versus 2.64 percent last year."
 Randall further noted: "At the same time, the bank's non-performing assets, while essentially flat over the last year, did increase $2.8 million from 9.18 percent of assets last quarter to 9.72 percent this quarter, primarily as a result of one loan. The bank has made a further addition of $902,000 to the provision for loan losses.
 Randall also noted: "The bank has submitted its capital plan to the Office of Thrift Supervision. This quarter's results are in line with the projections which the bank provided in that capital plan. As of June 30, 1992, the bank's risk-based capital ratio of 6.75 percent remains below the current 7.2 percent regulatory requirement.
 BFS Bankorp, Inc. is the parent holding company of Bankers Federal Savings, FSB, a SAIF-insured savings bank headquartered in New York. As of June 30, 1992, the company has total assets of $484,093,000, deposits of $358,105,000 and stockholders' equity of $19,040,000.
 BFS BANKORP, INC., AND SUBSIDIARIES
 Consolidated Statements of Financial Condition
 (Unaudited; dollars in thousands)
 6/30/92 9/30/91
 ASSETS:
 Cash and due from banks $ 9,752 $ 6,922
 Federal funds and interest-bearing
 deposits 7,000 4,500
 Investment securities, net (estimated
 market value of $11,605 and $13,701
 at June 30, 1992, and Sept. 30
 1991, respectively) 11,472 13,660
 Mortgage-backed securities held for
 investment, net (estimated market value of
 $43,082 and $44,823 at June 30, 1992, and
 Sept. 30, 1991, respectively) 41,203 45,895
 Mortgage-backed securities held for sale,
 net (estimated market value of $54,953
 at June 30, 1992) 52,106 --
 Loans:
 First mortgage loans 335,666 376,413
 Other loans 2,264 2,114
 Total 337,930 378,527
 Allowance for loan losses (6,197) (3,701)
 Loans, net 331,733 374,826
 Premises and equipment, net 2,669 2,831
 Real estate acquired through foreclosure
 and in-substance foreclosures 22,335 21,826
 Accrued interest receivable 4,275 4,502
 Other assets 1,548 2,306
 Total assets $484,093 $477,268
 LIABILITIES:
 Deposits $358,105 $354,793
 Borrowed funds 62,608 60,694
 Collateralized mortgage obligations (CMO) 27,202 29,498
 Mortgagors' escrow payments 13,545 6,798
 Accrued expenses and other liabilities 3,593 2,789
 Total liabilities 465,053 454,572
 Stockholders' equity:
 Preferred stock, $.01 par value, 2,000,000
 shares authorized, none issued -- --
 Common stock, $.01 par value, 6,000,000
 shares authorized; 1,448,401 issued and
 outstanding at June 30, 1992, and
 Sept. 30, 1991 14 14
 Additional paid-in capital 8,374 8,374
 Retained earnings, substantially restricted 11,344 15,142
 Common stock acquired for employee
 stock ownership plan (ESOP) (43) (129)
 Common stock acquired for management
 recognition plan (MRP) (84) (140)
 Common stock in treasury, at cost; 59,940
 shares at June 30, 1992, and Sept. 30, 1991 (565) (565)
 Total stockholders' equity 19,040 22,696
 Total liabilities and stockholders'
 equity $484,093 $477,268
 BFS BANKORP, INC., AND SUBSIDIARIES
 Consolidated Statements of Operations
 (Unaudited; dollars in thousands except per share data)
 Periods ended Three Months Nine Months
 June 30 1992 1991 1992 1991
 Interest income:
 First mortgage loans $ 7,506 $ 9,736 $ 25,127 $ 28,195
 Mortgage-backed securities 2,095 901 4,223 2,717
 Federal funds and
 interest-bearing deposits 93 325 307 1,245
 Investment securities 280 253 693 725
 Other loans 41 78 136 403
 Total interest income 10,015 11,293 30,486 33,285
 Interest expense:
 Deposits 4,293 6,037 14,424 18,632
 Borrowed funds 1,350 1,311 4,132 3,924
 Collateralized mortgage
 obligations 677 776 2,102 2,375
 Total interest expense 6,320 8,124 20,658 24,931
 Net interest income 3,695 3,169 9,828 8,354
 Provision for loan losses 902 1,050 7,003 1,950
 Net interest income after
 provision for loan losses 2,793 2,119 2,825 6,404
 Other income:
 Gain on sale of assets 29 173 295 365
 Loan fees & service charges 333 253 737 678
 Other fees & service charges 285 236 789 754
 Loss from real estate
 operations (36) -- (194) (82)
 Other 1 -- 4 45
 Total other income 612 662 1,631 1,760
 Other expenses:
 Compensation and benefits 1,286 1,234 3,713 3,471
 Marketing 29 50 93 103
 Occupancy and equipment 472 412 1,383 1,251
 Data processing service fees 124 118 376 379
 SAIF deposit insurance
 premiums 204 198 602 562
 Professional fees & services 130 141 392 420
 Loss on sale of foreclosed
 real estate -- -- 200 --
 Other 382 302 1,425 860
 Total other expenses 2,627 2,455 8,184 7,046
 Income (loss) before
 provision for income
 tax expense 778 326 (3,728) 1,118
 Provision for income
 tax expense 19 570 71 1,274
 Net income (loss) 759 (244) (3,799) (156)
 Earnings (loss) per share $0.55 ($0.18) ($2.74) ($0.11)
 BFS BANKORP, INC., AND SUBSIDIARIES
 Selected Financial Data
 (Unaudited)
 Periods ended Three Months Nine Months
 June 30 1992 1991 1992 1991
 FINANCIAL RATIOS (in percent)
 Average yields:
 First mortgage loans 9.09 9.93 9.37 9.71
 Mortgage-backed securities 8.31 7.61 8.07 7.66
 Federal funds 3.59 6.23 4.04 7.19
 Investment securities 5.66 6.14 5.06 6.56
 Other loans 7.47 9.09 8.49 10.93
 Total interest-earning
 assets 8.69 9.41 8.93 9.30
 Average cost:
 Deposits 4.79 6.68 5.39 6.92
 Borrowed funds 9.15 9.03 9.08 9.28
 Collateralized mortgage
 obligations 9.01 9.35 9.06 9.45
 Total interest-bearing
 liabilities 5.65 7.18 6.14 7.41
 Interest rate spread 3.04 2.23 2.79 1.89
 Net interest margin 3.21 2.64 2.87 2.32
 Average interest-earning
 assets to average interest-
 bearing liabilities 102.57 105.87 101.37 105.93
 Return on average assets 0.63 (0.20) (1.05) (0.04)
 Return on average common
 equity 16.16 (4.33) (24.02) (0.94)
 Operating expenses as a
 percent of average assets 2.18 2.01 2.21 1.97
 Equity to asset ratio
 at June 30 3.93 4.49 3.93 4.49
 PER SHARE INFORMATION
 Earnings (loss) per
 common share $0.55 ($0.18) ($2.74) ($0.32)
 Book value per share
 at June 30 $13.71 $15.95 $13.71 $15.95
 Number of shares
 outstanding, net
 at June 30 1,388,461 1,388,461 1,388,461 1,388,461
 LOAN INFORMATION (dollars
 in thousands)
 Loan originations $ 20,944 $ 7,990 $ 53,526 $ 48,824
 Loan sales $ 3,786 $ 3,138 $ 20,205 $ 3,312
 Loans serviced for others
 at June 30 $119,356 $ 65,387 $119,356 $ 65,387
 Non-performing assets as
 a percent of total
 assets at June 30 9.72 9.70 9.72 9.70
 ADJUSTABLE RATE ASSETS AT JUNE 30
 (dollars in thousands)
 First mortgage loans $290,358 $337,804 $290,358 $337,804
 Other loans, Federal
 funds and investment
 securities $ 8,445 $ 31,404 $ 8,445 $ 31,404
 Total adjustable rate
 assets as a percent
 of total interest-
 earning assets 64.40 79.14 64.40 79.14
 -0- 8/3/92
 /CONTACT: James Randall, president and CEO of BFS Bankorp, 212-227-4040/
 (BFSI) CO: BFS Bankorp, Inc. ST: New York IN: FIN SU: ERN


GK-TR -- NY019 -- 6087 08/03/92 11:19 EDT
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