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EARNINGS AND GROWTH ON THE RISE FOR F&M BANCORPORATION

 KAUKAUNA, Wis., Oct. 15 /PRNewswire/ -- F&M Bancorporation (NASDAQ-NMS: FMBK) has announced an increase in year to date earnings of 25.60 percent, as well as an increase in total assets of 9.01 percent over one year ago. Also the acquisition of Park Ridge Bancshares Inc., in Stevens Point, Wis., was completed on Sept. 23, 1993.
 Gail E. Janssen, president and chairman of the board for F&M Bancorporation, stated, "We try to focus on the individual needs of our customers, realizing that these needs differ across the state. This concept has continually been a benefit to our customers and has helped our earnings climb."
 The year to date earnings are up 25.60 percent to $4,228,556 for 1993, versus the $3,366,644 for the first nine months of 1992 (before recognizing the effects of an accounting change in 1992). Net income per share has risen to $1.23 per share for 1993, a 14.95 percent increase over the $1.07 per share for the same time in 1992. The 1992 cumulative effect of change in accounting principle on recognition of income taxes amounted to $423,633, bringing total income in 1992 to $3,790,277 or $1.20 per share. All financial data has been restated to reflect the acquisition of Park Ridge Bancshares, using the pooling of interests method of accounting.
 In the third quarter of this year, net income for F&M Bancorporation rose to $1,525,094 as compared to the $1,134,880 earned in the third quarter of 1992.
 On a per share basis, net income was $0.39 in the third quarter, as compared to $0.36 for the same time in 1992, showing an 8.33 percent increase.
 F&M Bancorporation executed a public stock offering of 683,100 shares of its common stock during the second quarter of 1993. F&M Bancorporation stock is traded on the NASDAQ, and can be found under the symbol "FMBK."
 Total assets as of Sept. 30, 1993, were $521 million compared to $477 million one year earlier, an increase of 9.01 percent. Shareholders' equity increased to $51,008,602, a 45.66 percent increase over the $35,019,118 at Sept. 30, 1992. On a per share basis, book value was $13.19 on Sept. 30, 1993, compared to $11.08 per share a year earlier.
 Return on average equity for the first nine months of 1993 was 14.10 percent as compared to 14.38 percent for the same time in 1992. Return on average assets for the first nine months of 1993 was 1.12 percent, as compared to 0.95 percent in the first nine months of 1992. The 1992 numbers are before recognizing the effects of the accounting change.
 In March of this year, the board of directors of F&M Bancorporation declared a two-for-one stock split in the form of a 100 percent stock dividend. F&M also declared a regular cash dividend of $0.09 per share for the third quarter of 1993. This is a 28.6 percent increase over the $0.07 dividend declared in the third quarter of 1992.
 Park Ridge Bancshares, Inc. had one full service bank located in Stevens Point, Wis. Formerly known as the Bank of Park Ridge, the bank's name has been changed to F&M Bank -- Portage County. The local board of directors for the bank will continue in their active role. In addition, F&M's community banking strategy will allow the bank to maintain and enhance its community image, along with pricing and structuring products to compete in the Stevens Point market.
 Along with F&M's growth into the Stevens Point market, the company has expanded into the Green Bay, Wis., area. F&M will begin construction of a new Green Bay office during the fourth quarter, and a temporary full service office is already open for business on Webster Avenue in Green Bay. In addition, F&M Bancorporation has previously announced their planned affiliation with First National Financial Corporation, Inc., and with Pulaski Bancshares, Inc.
 Janssen said, "We expect that with this expansion, we will make a strong impact on these new markets. Through our community banking philosophy, we plan to provide the people in these markets with quality financial service that fits their lifestyles."
 With the completion of their pending acquisitions, F&M Bancorporation well serve customers at 38 locations throughout Wisconsin, with assets of over $700 million.
 F&M Bancorporation, Inc. & Subsidiaries
 Percent
 Financial Highlights (Unaudited) 1993 1992 Change
 Operating Results (3 months)
 Net income $1,525,094 $1,134,880 34.38
 Net income per share(A) .39 .36 8.33
 Dividends per share(A) .09 .07 28.57
 Operating Results (9 months)
 Net income before cumulative
 effect of change in
 accounting principle $4,228,556 $3,366,644 25.60
 Net income per share before
 cumulative effect of change in
 accounting principle(A) 1.23 1.07 14.95
 Dividends per share(A) .27 .204 32.35
 Financial Condition
 Assets $520,503,238 $477,464,573 9.01
 Deposits 449,602,213 419,240,134 7.24
 Loans (net) 345,121,734 311,488,584 10.80
 Shareholders' equity 51,008,602 35,019,118 45.66
 Book value per share 13.19 11.08 19.04
 Financial Measures (9 months)
 Return on average equity
 before change in
 accounting principle (pct) 14.10 14.38
 Return on average equity
 after change in
 accounting principle (pct) 14.10 16.19
 Return on average assets
 before change in
 accounting principle (pct) 1.12 .95
 Return on average assets
 after change in
 accounting principle (pct) 1.12 1.07
 Market vs. book value (pct) 136.47 128.61
 Price earnings ratio 10.98 9.50
 Net interest margin (pct) 4.97 4.87
 (A) -- Earnings and dividends per share are restated to reflect the 10 percent stock dividend paid to shareholders on March 26, 1992 and the two-for-one stock split paid to shareholders on March 19, 1993.
 NOTE: All financial data has been restated to reflect the acquisition of Park Ridge Bancshares, Inc. using the pooling of interests method of accounting.
 F&M Bancorporation, Inc. and Subsidiaries
 Consolidated Statements of Income
 (Unaudited)
 Three months ended
 Sept. 30,
 1993 1992
 INTEREST INCOME
 Interest and fees on loans $7,707,240 $7,619,479
 Interest on investment securities
 Taxable 959,248 1,308,517
 Exempt from federal tax 644,384 660,044
 Other interest income 152,541 63,976
 Interest on trading account securities --- 767
 Total interest income 9,463,413 9,652,783
 INTEREST EXPENSE
 Interest on deposits 3,708,839 4,213,297
 Interest on short-term borrowings 53,630 51,619
 Interest on other borrowings 124,422 155,761
 Total interest expense 3,886,891 4,420,677
 Net interest income 5,576,522 5,232,106
 Provision for loan losses 238,500 259,600
 Net interest income after
 provision for loan losses 5,338,022 4,972,506
 Other income
 Service charges on deposit accounts 392,238 366,355
 Other operating income 381,571 290,949
 Trading account (4,595) 3,800
 Security gains 109,159 69,192
 Total 878,373 730,296
 Other expenses
 Salaries and employee benefits 2,225,476 1,969,629
 Other operating expenses 1,840,050 1,925,191
 Total 4,065,526 3,894,820
 Income before income taxes and
 cumulative effect of change in
 accounting principle 2,150,869 1,807,982
 Income taxes 625,775 673,102
 Income before cumulative effect
 of change in accounting principle 1,525,094 1,134,880
 Change in accounting principle --- ---
 NET INCOME $1,525,094 $1,134,880
 Earnings per share before
 extraordinary items .39 .36
 Earnings per share after
 extraordinary items .39 .36
 Nine months ended
 Sept. 30,
 1993 1992
 INTEREST INCOME
 Interest and fees on loans $22,412,037 $22,988,618
 Interest on investment securities
 Taxable 3,321,646 4,213,234
 Exempt from federal tax 1,881,193 1,895,381
 Other interest income 281,417 266,775
 Interest on trading account securities 4,246 767
 Total interest income 27,900,539 29,364,775
 INTEREST EXPENSE
 Interest on deposits 11,161,626 13,629,090
 Interest on short-term borrowings 171,714 201,376
 Interest on other borrowings 394,329 533,211
 Total interest expense 11,727,669 14,363,677
 Net interest income 16,172,870 15,001,098
 Provision for loan losses 662,500 682,800
 Net interest income after
 provision for loan losses 15,510,370 14,318,298
 Other income
 Service charges on deposit accounts 1,123,001 1,054,871
 Other operating income 1,117,456 755,102
 Trading account (1,626) 3,800
 Security gains 273,650 135,934
 Total 2,512,481 1,949,707
 Other expenses
 Salaries and employee benefits 6,482,141 5,813,359
 Other operating expenses 5,512,614 5,659,466
 Total 11,994,755 11,472,825
 Income before income taxes and
 cumulative effect of change in
 accounting principle 6,028,096 4,795,180
 Income taxes 1,799,540 1,428,536
 Income before cumulative effect
 of change in accounting principle 4,228,556 3,366,644
 Change in accounting principle --- 423,633
 NET INCOME $4,228,556 $3,790,277
 Earnings per share before
 extraordinary items 1.23 1.07
 Earnings per share after
 extraordinary items 1.23 1.20
 F&M Bancorporation, Inc. and Subsidiaries
 Consolidated Balance Sheets
 (Unaudited)
 Sept. 30, Sept. 30,
 1993 1992
 Assets
 Cash and cash equivalents $ 28,414,121 $ 23,286,443
 Investment securities (approximate
 market value $124,785,012 and
 $120,932,558 respectively) 121,446,422 117,954,771
 Trading account securities --- ---
 Federal funds sold 1,166,000 1,653,000
 Loans 349,593,631 315,598,727
 Less: Allowance for loan losses (4,471,897) (4,110,143)
 Net loans 345,121,734 311,488,584
 Bank premises and equipment - net 12,350,215 10,570,318
 Other real estate 1,106,209 1,369,481
 Other assets 10,898,537 11,141,976
 Total $520,503,238 $477,464,573
 Liabilities and Shareholders' Equity
 Liabilities
 Deposits
 Non-interest bearing $ 56,180,866 $ 45,948,366
 Interest bearing 393,421,347 373,291,768
 Total deposits 449,602,213 419,240,134
 Short-term borrowings 5,908,737 5,395,293
 Other borrowings 9,099,733 12,681,483
 Accrued expenses and other
 liabilities 4,688,573 4,926,143
 Total liabilities 469,299,256 442,243,053
 Minority interest in subsidiaries 195,380 202,402
 Shareholders' Equity
 Common stock - $1 par value
 Authorized - 10,000,000 shares
 Issued - 3,877,642 3,877,642 ---
 3,175,444 --- 3,175,444
 Capital surplus 30,474,986 19,683,321
 Retained earnings 16,736,033 12,284,052
 Less-Common stock held in treasury
 at cost - 8,979 shares and
 13,914 shares, respectively (80,059) (123,699)
 Total shareholders' equity 51,008,602 35,019,118
 Total $520,503,238 $477,464,573
 HISTORICAL FINANCIAL DATA
 NINE MONTHS ENDED SEPT. 30
 1993 1992
 Average Assets $502,610,885 $475,169,844
 Average Equity 40,094,682 31,280,868
 Net Income Before Extraordinary Items 4,228,556 3,366,644
 Net Income After Extraordinary Items 4,228,556 3,790,277
 Shares Outstanding Sept. 30 (A) 3,868,663 3,161,530
 Average Shares Outstanding (B) 3,442,244 3,153,313
 Dividends Declared 870,900 605,090
 Loans 349,593,631 315,598,727
 Loan Loss Reserve 4,471,897 4,110,143
 Average Net Loans 329,650,255 305,129,970
 Equity Sept. 30 51,008,602 35,019,118
 Earnings Per Share (B)
 Before Extraordinary Items $1.23 $1.07
 After Extraordinary Items $1.23 $1.20
 Return on Average Assets
 Before Extraordinary Items (pct.) 1.12 0.95
 After Extraordinary Items (pct.) 1.12 1.07
 Return on Average Equity
 Before Extraordinary Items (pct.) 14.10 14.38
 After Extraordinary Items (pct.) 14.10 16.19
 Balance Sheet Leverage 12.50 15.20
 Average Equity to Average Assets (pct.) 7.98 6.58
 Average Net Loans to Average Assets (pct.) 65.59 64.21
 Average Net Loans Times Average Equity 8.20 9.80
 Loan Loss Reserve to Loans (pct.) 1.28 1.30
 Book Value Per Share $13.19 $11.08
 Dividends Declared Per Share $ 0.270 $ 0.204
 Percent Dividend Payout (pct.) 20.60 16.00
 Net Interest Margin (pct.) 4.97 4.87
 (A) -- Shares outstanding at Sept. 30 less treasury stock outstanding.
 (B) -- Restated to reflect 10 percent stock dividend paid to shareholders on March 26, 1992, and the two-for-one stock split paid to shareholders on March 19, 1993.
 NOTE: All financial data has been restated to reflect the acquisition of Park Ridge Bancshares, Inc. using the pooling of interests method of accounting.
 -0- 10/15/93
 /CONTACT: Linda K. Seefeldt, vice president, marketing, of F&M Bancorporation, 414-766-1717/
 (FMBK)


CO: F&M Bancorporation ST: Wisconsin IN: FIN SU: ERN

AR-BM -- CL005 -- 2673 10/15/93 10:52 EDT
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