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FEDFIRST BANCSHARES, INC. ANNOUNCES 44 PERCENT INCREASE IN EARNINGS FOR FISCAL FIRST QUARTER ENDED SEPT. 30, 1992

FEDFIRST BANCSHARES, INC. ANNOUNCES 44 PERCENT INCREASE IN EARNINGS
 FOR FISCAL FIRST QUARTER ENDED SEPT. 30, 1992
 WINSTON-SALEM, N.C., Oct. 16 /PRNewswire/ -- FedFirst Bancshares, Inc. (NASDAQ: FFBS), the parent company of First Federal Savings Bank, reported consolidated net income for the ficscal first quarter ended Sept. 30, 1992, of $1,457,000 or $0.65 per share, a 44 percent increase over the $1,009,000, or $0.44 per share earned in the comparable quarter in 1991 on a fully diluted basis. The increase in earnings was attributable to an increase in the interest rate spread to 3.04 percent for the quarter ended Sept. 30, 1992 from 2.22 percent for the same quarter in 1991. The change in net interest income was primarily due to the reduction in the annualized rate paid on deposits. The cost of interest-bearing liabilities dropped to 5.20 percent from 6.84 percent for the year earlier quarter. The annualized return on average assets for the three months was 1.45 percent versus 1.03 percent for last years fiscal first quarter. The ratio of average interest earning assets to average interest bearing liabilities remained the same at 1.16X.
 During the quarter, total assets decreased by $10.8 million to a balance at Sept. 30, 1992 of $406.2 million. Net loans declined 3.19 percent to $175.8 million from the June 30, 1992 balance of $181.6 million. Investment securities decreased 5.49 percent to $107.8 million from $114.1 million at June 30, 1992. Deposits declined 3.62 percent to a balance of $342.1 million at Sept. 30 ,1992. Stockholders' equity at Sept. 30 ,1992 was $60.1 million, or $30.08 per outstanding share, and represented 14.80 percent of total assets. As of Sept. 30, 1992, non-performing loans and real estate owned remained low at 0.33 percent of total loans and the allowance for loan losses represented 1.45 percent of total loans.
 William G. White, Jr., President and CEO of FedFirst Bancshares, Inc., said today that the Company's performance reflects the benefits of lower deposit rates, controlled growth and careful lending practices. White said that he is encouraged by these results and looks forward, with optimism, to an eventful year.
 FEDFIRST BANCSHARES, INC.
 (In thousands except for ratios and per share data)
 At or for the Three Months Ended
 September 30,
 1992 1991
 Interest income $ 8,088 $ 8,703
 Interest expense 4,412 5,666
 Net interest income 3,676 3,037
 Provision for loan losses 50 159
 Net interest income
 after provision 3,626 2,878
 Other inocme 249 269
 Operating expenses 1,732 1,577
 Net income before income taxes 2,143 1,570
 Provision for income taxes 686 561
 Net income $1,457 $1,009
 Net income per common share $0.65 $0.44
 Book value per common share $30.08 $27.29
 Return on average assets
 (annualized) 1.45 pct. 1.03 pct.
 Return on average equity
 (annualized) 9.76 pct. 6.82 pct.
 Interest rate spread during
 the period 3.04 pct. 2.22 pct.
 Net yield on average
 interest-bearing assets 3.75 pct. 3.16 pct.
 First Federal Savings Bank, the wholly owned subsidiary of FedFirst Bancshares, Inc., is the second largest savings institution headquartered in Winston-Salem, N.C., and provides a full range of financial services through ten locations in Forsyth, Davie and Yadkin Counties.
 -0- 10/16/92
 /CONTACT: Ted A. Boyer, Vice President and CFO, FedFirst Bancshares, Inc., 919-723-3604/
 (FFBS) CO: FedFirst Bancshares, Inc. ST: North Carolina IN: FIN SU: ERN


CM-MM -- CH001 -- 0819 10/16/92 09:36 EDT
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Date:Oct 16, 1992
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