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F.F.O. FINANCIAL GROUP, INC. REPORTS FOURTH QUARTER AND YEAR END RESULTS

 ST. CLOUD, Fla., April 20 /PRNewswire/ -- F.F.O. Financial Group, Inc. (NASDAQ: FFFG), a Florida-based unitary savings and loan holding company, today reported a net loss for the year ended Dec. 31, 1992, of $4.6 million, or $2.11 per share, following a restatement of the company's previously issued 1991 financial statements. The restatement resulted in an increase to the 1991 provision for loan losses of $5.3 million (which amount was previously included in the company's results of operations for the six months ended June 30, 1992) and a decrease in the provision for income taxes of $335,000. The previously reported net income for the year ended Dec. 31, 1991 of $48,000 will be restated as a net loss of $4.9 million or $2.24 per share.
 For the fourth quarter ended Dec. 31, 1992, the company reported a net profit of $44,000, or $0.02 per share. This compares to a net loss, as restated, of $5.9 million, or $2.70 per share, for the fourth quarter ended Dec. 31, 1991.
 The company's net interest income increased $1.7 million or 18.1 percent during the year ended Dec. 31, 1992, compared to fiscal 1991.
 In addition, the company's continuing efforts to reduce overhead expenses resulted in a decrease in operating expenses of $1.5 million or 9.6 percent during the year ended Dec. 31, 1992, compared to the year ended Dec. 31, 1991.
 The results of operations for 1992 also reflect the continuing impact of the company's nonperforming assets. Such assets amounted to $44.7 million, net of reserves, at Dec. 31, 1992, compared to $39.7 million, net of reserves, at Dec. 31, 1991, as restated, which represented 14.5 percent and 10.8 percent of total assets at such respective dates. Reserves for possible losses on loans and REO totaled $10.2 million and $11.2 million at Dec. 31, 1992 and 1991, respectively.
 Total stockholders' equity as of Dec. 31, 1992 was $8.7 million or $4.00 per share and was $13.3 million or $6.11 per share at Dec. 31, 1991. Shares outstanding at each of the periods totaled 2,180,000.
 Total assets were $308.9 million at Dec. 31, 1992, compared to $367.9 million at Dec. 31, 1991, as restated, reflecting the sales of loans and other assets accomplished during the year.
 The company's primary subsidiary, First Federal Savings and Loan Association of Osceola County ("First Federal"), did not meet two of the three current regulatory capital requirements applicable to federal thrift institutions as of Dec. 31, 1992. First Federal's tangible and core capital as a percentage of adjusted assets was 2.82 percent at Dec. 31, 1992, compared to the regulatory requirement of 1.5 percent for tangible capital and 3.0 percent for core capital. First Federal's risk-based capital as a percentage of adjusted risk-weighted assets was 5.43 percent at Dec. 31, 1992, compared to the required ratio of 8.0 percent.
 First Federal currently operates 12 full-service branches in Central Florida. As previously reported, First Federal entered into an agreement on March 15, 1993 to sell the deposits of its two Orange County branches (located in Winter Garden and Ocoee) to SunBank, N.A. The sale is subject to regulatory approval.
 F.F.O. FINANCIAL GROUP, INC.
 CONSOLIDATED INCOME STATEMENTS
 (unaudited)
 (1991 Amounts as Restated)
 Three Months Ended Years Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Interest income $ 5,773,915 $7,638,944 $25,395,143 $33,988,862
 Interest expense 2,819,896 5,627,295 14,380,087 24,664,885
 Net interest
 income 2,954,019 2,011,649 11,015,056 9,323,977
 Provision for
 loan losses 1,795,904 6,251,084 7,568,735 7,156,563
 Net interest
 income (loss)
 after provision
 for loan losses 1,158,115 (4,239,435) 3,446,321 2,167,414
 Other income 1,782,741 1,450,168 4,675,743 5,924,766
 Other expenses 3,803,902 3,754,105 13,735,514 15,190,124
 Loss before
 income taxes (863,046) (6,543,372) (5,613,450) (7,097,944)
 Credit for
 income taxes (907,243) (654,715) (1,012,254) (915,396)
 Income (loss)
 before cumulative
 effect of change
 in accounting
 principle 44,197 (5,888,657) (4,601,196) (6,182,548)
 Cumulative effect
 on prior years
 of adopting
 SFAS 109 --- --- --- 1,290,000
 Net income
 (loss) $ 44,197 $(5,888,657) $(4,601,196) $(4,892,548)
 Earnings per share --
 Income (loss) before
 effect of a change
 in accounting
 principle $.02 $(2.70) $(2.11) $(2.83)
 Cumulative effect on
 prior years of
 adopting SFAS 109 --- --- --- 0.59
 Net income (loss) $.02 $(2.70) $(2.11) $(2.24)
 -0- 4/20/93
 /CONTACT: Phyllis A. Elam, chief financial officer of F.F.O. Financial Group, 407-957-7421/
 (FFFG)


CO: F.F.O. Financial Group, Inc. ST: Florida IN: FIN SU: ERN

AW-JJ -- FL015 -- 8299 04/20/93 16:46 EDT
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