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FIRST FEDERAL CORPORATION OF WESTERN MARYLAND ANNOUNCES THIRD QUARTER RESULTS

 CUMBERLAND, Md., April 23 /PRNewswire/ -- First Financial Corporation of Western Maryland (NASDAQ: FFWM), the holding company for First Federal Savings Bank of Western Maryland, today announced net income for the nine months ended March 31, 1993 of $1.6 million or $1.14 per share compared to $2.5 million, or $2.02 per share (on a pro forma basis) for the same period in 1992. Approximately $1.3 million, net of applicable income taxes, of the 1992 net income resulted from the sale of below investment grade securities, a portion of which had been previously written off. The 1993 results include gains of approximately $326,000, net of applicable income taxes, on the sale of mortgage-backed and investment securities. The 1993 results also reflect an $800,000 reduction in the provision for losses on loans and real estate owned compared to the 1992 provision and include compensation expense of $1.0 million relating to the company's employee stock ownership plan (ESOP) and recognition plans for directors and key management personnel. Net interest income rose $765,000, or 10.2 percent to $8.3 million in 1993.
 The company paid a quarterly cash dividend of 10 cents per share on March 31 to stockholders of record at the close of business March 15, 1993.
 Net income for the quarter ended March 31, 1993, totaled $367,000 or 26 cents per share compared to $625,000 or 47 cents per share (on a pro forma basis) in 1992. The 1993 results include compensation expense totaling $600,000 relating to the stock recognition plans for directors, officers and employees approved by the stockholders on Oct. 28. The company will have recognized the major portion of the expense for these plans by April 28, 1993. Net interest income rose $78,000 or 2.9 percent to $2.8 million in 1993.
 Stockholders' equity totaled $36.4 million, which represented 10.5 percent of assets at March 31, 1993. Tangible, core and risk-based capital ratios at March 31, 1993 stood at 9.8 percent, 9.8 percent and 19.7 percent, respectively. The company exceeds all regulatory requirements for tangible, core and risk-based capital. There were 1,303,206 shares of common stock outstanding resulting in a book value per common share outstanding of $27.94.
 Non-performing loans and other assets totaled $10.6 million or 3.1 percent of total assets at March 31, 1993, compr 55.1 percent of total non- performing loans and other assets at March 31, 1993, compared to $5.6 million or 56.5 percent at June 30, 1992.
 Consolidated financial statements follow.
 FIRST FINANCIAL CORPORATION OF WESTERN MARYLAND AND SUBSIDIARIES
 Consolidated Statements of Financial Condition (Unaudited)
 March 31, 1993, and June 30, 1992
 Assets
 Cash on hand and in banks $ 1,118,019 $ 2,368,877
 Interest-bearing deposits 26,312,301 26,341,840
 Investment securities, net 15,653,484 9,134,812
 Mortgage-backed securities 62,343,125 52,297,225
 Loans receivable, net 224,299,114 234,729,640
 Investment in Federal Home
 Loan Bank stock 2,120,900 1,974,100
 Real estate owned 4,474,866 4,645,421
 Property and equipment, net 10,725,331 9,631,648
 Prepaid expenses and other assets 921,136 838,962
 Federal and state income taxes
 recoverable -- 318,399
 Total $347,968,275 $342,280,924
 Liabilities and Stockholders' Equity
 Liabilities:
 Savings deposits $308,140,815 $304,961,638
 Borrowed funds 869,400 869,400
 Advance payments by borrowers
 for taxes and insurance 578,025 746,713
 Federal and state income taxes:
 Currently payable 130,180 --
 Deferred 495,957 364,240
 Accrued expenses and other
 liabilities 1,340,707 1,318,587
 Total liabilities 311,555,084 308,260,578
 Stockholders' equity:
 Serial preferred stock, $1 par value,
 2 million shares authorized; none issued -- --
 Common stock, $1 par value, 5 million
 shares authorized; issued and
 outstanding 1,303,206 at March 31,
 1993, and 1,250,932
 at June 30, 1992 1,303,206 1,250,932
 Additional paid-in capital 10,568,126 9,421,668
 Retained income-substantially
 restricted 24,541,860 23,347,746
 Total stockholders' equity 36,413,192 34,020,346
 Total $347,968,276 $342,280,924
 FIRST FINANCIAL CORPORATION OF WESTERN MARYLAND AND SUBSIDIARIES
 Consolidated Statements of Income (Unaudited)
 Nine months ended Three months ended
 March 31, March 31,
 1993 1992 1993 1992
 Interest income:
 First mortgage and
 other loans $15,818,344 $18,043,923 $5,001,557 $5,784,262
 Mortgage-backed
 securities 2,090,598 2,249,338 819,651 774,654
 Investment securities 332,565 789,354 148,338 229,312
 Interest-bearing
 deposits 710,284 1,002,094 190,066 258,484
 Other 85,778 108,854 25,669 30,209
 Total interest
 income 19,037,569 22,193,563 6,185,281 7,706,921
 Interest expense:
 Savings deposits 10,690,925 14,664,592 3,377,663 4,355,017
 Long-term borrowings 66,915 14,222 21,437 14,222
 Total interest
 expense 10,757,840 14,678,814 3,399,100 4,369,239
 Net interest
 income 8,279,729 7,514,749 2,786,181 2,707,682
 Provision for loan
 losses 211,365 985,954 75,000 221,954
 Net interest income
 after provision for
 loan losses 8,068,364 6,528,795 2,711,181 2,485,728
 Other income:
 Loan fees and service
 charges 348,804 366,290 112,696 112,427
 Gain on sale of
 investment securities 165,874 2,261,954 -- 171,954
 Gain on sale of
 mortgage-backed
 securities 338,779 -- -- --
 Other 164,447 81,356 50,768 24,038
 Total other income 1,017,904 2,709,600 163,464 308,419
 Other expenses:
 Compensation and
 employee benefits 3,620,425 2,260,764 1,466,086 801,284
 Occupancy 989,429 787,607 341,457 271,111
 Federal deposit
 insurance 482,019 518,254 141,210 175,104
 Income on real
 estate activities,
 net (1,000) (36,946) 11,075 (11,258)
 Provision for losses
 on real estate owned,
 net 5,994 31,692 (20,919) (9,507)
 Other 1,503,487 1,256,406 400,877 407,031
 Total other
 expenses 6,600,354 4,817,777 2,339,786 1,633,765
 Income before
 income tax
 expense $2,485,914 $4,420,618 $534,859 $1,160,382
 Income tax expense 877,000 1,872,000 168,000 535,000
 Net income $1,608,914 $2,548,618 $366,859 $625,382
 Net income per share
 of common stock $1.14 $2.02(A) $0.26 $0.47
 (A) Pro forma net income per share for the nine and three month periods ended March 31, 1992, was $2.02 and 47 cents, respectively, assuming net proceeds of the sale of common stock in the conversion were received and invested beginning July 1, 1991, and Jan. 1, 1992, at net effective yields of 8.95 percent and 8.16 percent, respectively (approximate weighted average yield on all interest earning assets).
 -0- 4/23/93
 /CONTACT: Janet Kemmet, vice president, First Financial Corporation of Western Maryland, 301-724-3363/
 (FFWM)


CO: First Financial Corporation of Western Maryland ST: Maryland IN: FIN SU: ERN

KD-IH -- DC008 -- 9973 04/23/93 10:47 EDT
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