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F&M FINANCIAL SERVICES ANNOUNCES FIRST QUARTER EARNINGS

 F&M FINANCIAL SERVICES ANNOUNCES FIRST QUARTER EARNINGS
 MENOMONEE FALLS, Wis., April 15 /PRNewswire/ -- F&M Financial


Services Corp. (NASDAQ: FMFS) today announced that net income for the first quarter of 1992 was $1.5 million, up 25 percent compared to $1.2 million for the same period in 1991.
 Primary net income per share was 49 cents for the first quarter of 1992, compared to 40 cents for the first quarter of 1991.
 "Our continued emphasis on the basics of banking resulted in higher earnings for the quarter," said Richard P. Klug, chairman, president and chief executive officer of F&M. "Stricter management of the loan portfolios contributed to the increase in the net interest income while income related to the sales of mortgages in the secondary market added to the increase in noninterest income."
 Total assets were $676 million at March 31, 1992, compared to $678 million at March 31, 1991. Total deposits were $600 million at the end of the first quarter, up from $594 million for the same period in 1991. Total loans declined 5.6 percent to $441 million from the March 31, 1991, level. Loan loss reserves at March 31, 1992, were 2.84 percent of total loans outstanding, up from 1.35 percent at March 31, 1991, and 2.71 percent at Dec. 31, 1991. Nonperforming loans were $10.6 million at the end of the 1992 first quarter, as compared to $12.0 million and $11.0 million at March 31, 1991, and Dec. 31, 1991, respectively. Shareholders' equity was $34.7 million compared to $33.1 million at Dec. 31, 1991.
 Klug added, "We look forward to our affiliation with Associated Banc-Corp which should be completed next month (May, 1992). We're anxious to market our combined services and products to an expanded statewide network of service outlets." Following the merger, the combined Associated organization would have 75 offices throughout Wisconsin and northern Illinois and nearly $3.0 billion in assets.
 F&M Financial Services Corp. is a diversified multibank holding company headquartered in Menomonee Falls, Wis., with 34 banking locations throughout the state. F&M also provides insurance, trust, leasing and real estate brokerage services through its nonbank subsidiaries: F&M Insurance Services, Ltd.; F&M Trust Company, Inc.; Leasenu Inc., a full-line leasing company; and F&M Realty, Inc.
 F&M FINANCIAL SERVICES FINANCIAL HIGHLIGHTS
 Three Months Ended
 3/31/92 3/31/91 Percent
 OPERATING RESULTS (b) Change
 Interest income $14,423 $16,202 (10.98)
 Interest expense 7,302 9,599 (23.93)
 Net interest income 7,121 6,603 7.84
 Provision for loan losses 242 393 (38.42)
 Noninterest income 1,596 1,372 16.33
 Noninterest expense 6,366 5,872 8.41
 Net income 1,474 1,193 23.55
 Net income per share (Primary) .49 .40 20.00
 Net Income per share (Fully Diluted) .45 .40 12.50
 Dividends per share $ .088 $ .088 -
 Six Months Ended
 3/31/92 3/31/91 Percent
 FINANCIAL POSITION (b) Change
 Assets $675,813 $677,960 (0.32)
 Investment Securities 123,627 108,014 14.45
 Loans 440,934 466,994 (5.58)
 Allowance for loan losses 12,543 6,304 98.97
 Nonperforming loans (e) 10,641 12,031 (11.55)
 Deposits 599,614 594,303 .89
 Shareholders' equity 34,658 44,301 (21.77)
 Shareholders' equity per share $ 11.49 $ 14.80 (22.36)
 OTHER FINANCIAL INFORMATION
 FOR THREE MONTHS ENDED (ANNUALIZED)
 Return on average equity, percent 17.34 10.87 59.52
 Return on average assets, percent .86 .69 24.64
 Weighted average shares 3,011,640 2,992,850 .63
 AT MARCH 31
 Primary capital as a percent
 of total assets 7.34 8.13 (9.71)
 Allowance for loan losses as a
 percent of loans 2.84 1.35 110.37
 Nonperforming loans as a percent
 of loans (e) 2.41 2.58 (6.59)
 Number of employees (FTE) 426 432 (1.39)
 Number of banking offices 34 34 -
 HISTORICAL QUARTERLY FINANCIAL SUMMARY (b)
 YTD ON
 SHARE- YTD AVERAGE
 HOLDERS' AVERAGE ASSETS NET(d)
 QUARTER ENDED ASSETS EQUITY ASSETS (ANNUALIZED) INCOME
 March 31, 1992 $675,813 $34,658 $682,551 .86 Pct. $1,474
 Dec. 31, 1991 710,069 33,124 694,944 NM(a) (13,049)
 Sept. 30, 1991 706,974 46,347 692,955 .72 Pct. 1,402
 June 30, 1991 697,555 45,185 688,806 .67 1,127
 March 31, 1991 677,960 44,301 692,896 .69 1,183
 Dec. 31, 1990 737,584 43,372 676,007 .45 574
 Sept. 30, 1990 689,338 43,020 667,811 .50 1,108
 June 30, 1990 666,984 41,967 661,021 .42 383
 PER SHARE
 Fully
 Primary Diluted
 net(d) net(d) Dividend STOCK PRICE
 income income (d) RANGE (c)
 (loss) (loss) (histor- Book
 ical) Value Low High
 March 31, 1992 $.49 $ .45 $.088 $11.49 $18.88 $26.00
 Dec. 31, 1991 (4.35) (4.35) .088 11.04 18.50 20.00
 Sept. 30, 1991 .46 .46 .088 15.47 12.50 21.75
 June 30, 1991 .38 .38 .088 15.09 10.00 14.00
 March 31, 1991 .40 .40 .088 14.80 8.50 12.50
 Dec. 31, 1990 .19 .19 .088 14.49 9.00 11.00
 Sept.30, 1990 .37 .37 .088 14.40 9.13 14.50
 June 30, 1990 .13 .13 .088 14.12 13.50 15.25
 (a) Not meaningful ratio due to the corporation's consolidated
 1991 net loss.
 (b) Amounts in thousands except per share data and percentage
 data.
 (c) High and low sales prices in the NASDAQ National Market
 System as reported by NASDAQ (adjusted for stock split).
 (d) Figures represent quarterly information.
 (e) In this context, nonperforming loans are defined as
 nonaccrual loans and loans 90 days or more past due and
 renegotiated loans.
 -0- 4/15/92
 /CONTACT: David Loomis, 414-253-2400, or Mary Magyar, 414-253-2313, both of F&M Financial Services Corp./
 (FMFS) CO: F&M Financial Services Corp. ST: Wisconsin IN: FIN SU: ERN


KH -- MN009 -- 8825 04/15/92 15:11 EDT
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