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FF BANCORP, INC. REPORTS INCREASED EARNINGS

 FF BANCORP, INC. REPORTS INCREASED EARNINGS
 NEW SMYRNA BEACH, Fla., July 30 /PRNewswire/ -- FF Bancorp, Inc.,


(NASDAQ-NMS: FFSB), the parent holding company for First Federal Savings Bank of New Smyrna, New Smyrna, Fla. and First Federal Savings Bank of Citrus County, Inverness, Fla. reported consolidated net earnings for the quarter ended June 30, 1992 of $1,317,000 compared to $394,000 for the same period one year ago. Earnings per share for the 1992 period were $.98. Consolidated net earnings for the six months ended June 30, 1992 were $2,366,000 compared to net earnings of $730,000 for the comparable period in 1991. Earnings per share for the 1992 six-month period were $1.76 per share. FF Bancorp's subsidiaries were both mutual institutions during the period ended June 30, 1991, therefore per share amounts are not applicable.
 The increase in net earnings for the quarter and six months ended June 30, 1992 was mainly due to increase in net interest income which was partially offset by an increase in non-interest expenses and income taxes.
 On June 30, 1992, FF Bancorp completed the sale of common shares related to the mutual to stock conversion of First Federal of Citrus. First Federal of New Smyrna completed its reorganization into a holding company structure on July 8, 1992. In a separate, but simultaneous transaction, First Federal of Citrus finalized its conversion and was acquired by FF Bancorp. The financial information has been presented as if the reorganization/conversion occurred on June 30, 1992.
 At June 30, 1992, FF Bancorp had stockholders' equity of $31,712,000 or 5.83 percent of assets and a book value per share of $24.54. FF Bancorp's subsidiaries, First Federal of New Smyrna and First Federal of Citrus both meet all the fully phased-in capital requirements as mandated by the Financial Institutions Reform, Recovery and Enforcement Act of 1989.
 The FF Bancorp's ratio of non-performing loans and real estate owned to total assets was 2.76 percent at June 30, 1992. A significant portion of the FF Bancorp's non-performing loans and real estate owned however, consist of single-family residences.
 FF Bancorp's goal is to provide hometown banking services, personalized to each of the communities served through its wholly owned thrift subsidiaries. FF Bancorp's branch network includes three full service branches in Volusia County and four full service branches in Citrus County. At June 30, 1992 FF Bancorp had total assets of $544 million. The common stock of the FF Bancorp is traded in the over-the- counter market and is quoted on the NASDAQ system under the symbol "FFSB".
 FF BANCORP, INC.
 New Smyrna Beach, Fla.
 FINANCIAL HIGHLIGHTS (A)
 (Dollars in thousands, except per share figures)
 (Unaudited)
 At
 June 30, Dec. 31,
 1992 1991
 Total assets $ 543,742 552,573
 Loans receivable, net 345,301 354,259
 Mortgage-backed securities 96,886 107,643
 Deposit accounts 498,742 517,985
 Borrowed funds 5,000 --
 Stockholders' equity 31,712 28,073
 For the Quarter For the Six Months
 Ended Ended
 June 30, June 30,
 1992 1991 1992 1991
 Interest income $ 11,083 11,971 22,679 23,706
 Interest expense 6,509 9,470 13,848 18,834
 Net interest income 4,574 2,501 8,831 4,872
 Provision for loan losses 249 175 553 350
 Non-interest income 258 314 545 585
 Non-interest expense 2,442 2,029 4,956 4,016
 Earnings before income taxes 2,141 611 3,867 1,091
 Income taxes 824 217 1,501 361
 Net earnings $ 1,317 394 2,366 730
 Earnings per share $ .98 (B) 1.76 (B)
 (A) -- The information provided herein is presented as if the transactions, the reorganization/merger of First Federal of New Smyrna and the conversion/acquisition of First Federal of Citrus had been completed on June 30, 1992.
 (B) -- FF Bancorp's subsidiaries were mutual institutions on June 30, 1991, therefore per share amounts are not applicable.
 For the Year-to-Date Period Ended or At
 June 30, Dec. 31, June 30,
 1992 1991 1991
 CERTAIN YIELDS,
 RATES AND RATIOS
 Yield on the loan portfolio 9.12 pct. 9.51 pct. 9.91 pct.
 Yield on mortgage-backed
 securities 7.99 pct. 8.32 pct. 8.60 pct.
 Yield on
 investment securities 7.10 pct. 7.51 pct. -- pct.
 Other interest-earning assets 4.03 pct. 4.89 pct. 5.45 pct.
 Yield on total earning assets 8.27 pct. 8.74 pct. 9.01 pct.
 Cost of deposit accounts 4.89 pct. 6.05 pct. 7.05 pct.
 Cost of borrowed funds 5.54 pct. -- --
 Cost of total
 interest-bearing liabilities 4.89 pct. 6.05 pct. 7.05 pct.
 Interest rate spread 3.38 pct. 2.69 pct. 1.96 pct.
 Return on average assets
 for the period .86 pct. .34 pct. .27 pct.
 Return on average equity
 for the period 16.98 pct. 8.52 pct. 9.09 pct.
 Equity to total assets,
 end of the period 5.83 pct. 5.08 pct. 2.99 pct.
 Non-performing loans and real
 estate owned to total assets 2.76 pct. 2.92 pct. 3.07 pct.
 -0- 7/30/92
 /CONTACT: Tildon W. Smith, executive vice president of FF Bancorp, 904-726-1237/
 (FFSB) CO: FF Bancorp, Inc.; First Federal Savings Bank of New Smyrna; First
 Federal Savings Bank of Citrus County ST: Florida IN: FIN SU: ERN


JB-AW -- FL004 -- 5079 07/30/92 12:01 EDT
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Date:Jul 30, 1992
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