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FARRAGUT MORTGAGE COMPANY REPORTS FIRST QUARTER RESULTS

 FARRAGUT MORTGAGE COMPANY REPORTS FIRST QUARTER RESULTS
 MANSFIELD, Mass., April 23 /PRNewswire/ -- Farragut Mortgage Company, Inc. (AMEX: FMS) today reported net income of $88,203 or $.03 per share for the quarter ended March 31, 1992, compared to net income of $42,795 or $.02 per share for 1991.
 Earnings for the 1991 quarter were not taxed. This improvement is attributable to increased servicing fees from acquisitions of mortgage servicing rights, gains on sale of servicing rights, higher net interest income due to the elimination of debt, and substantially increased origination fees.
 Farragut Mortgage Company, Inc., is engaged in the residential mortgage banking business, which involves the origination, purchase, sale and servicing of one-to-four family mortgage loans.
 FARRAGUT MORTGAGE COMPANY, INC.
 First quarter 1992 1991
 Net income (loss) $88,203 $42,795
 Earnings per share $.03 $.02
 Weighted average number of shares 3,446,027 2,687,758
 -0- 4/23/92
 /CONTACT: Edward D. Lagarde, president and chief executive officer of Farragut Mortgage, 508-337-8605/
 (FMS) CO: Farragut Mortgage Company, Inc. ST: Massachusetts IN: FIN SU: ERN


MP-KA -- NE010 -- 1713 04/23/92 09:40 EDT
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Publication:PR Newswire
Date:Apr 23, 1992
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