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FIRST FEDERAL REPORTS INCREASED EARNINGS FOR 1991

 FIRST FEDERAL REPORTS INCREASED EARNINGS FOR 1991
 NEW SMYRNA BEACH, Fla., Jan. 28 /PRNewswire/ -- First Federal


Savings Bank of New Smyrna (NASDAQ-NMS: FFSB) reported today that net earnings for the year ended Dec. 31, 1991 were $1.852 million compared to net earnings for year ended Dec. 31, 1990 of $784,000, an increase of 136 percent. First Federal converted from a federally chartered mutual savings bank to a federally chartered stock savings bank on July 1, 1991, therefore, earnings per share are presented only since that date and were $.93 per share for that period. Net earnings increased because of an increase of $445,000 in net interest income combined with a $1.0 million decrease in the provision for loan losses.
 For the quarter ended Dec. 31, 1991, net earnings were $494,000 or $.43 per share compared to net earnings of $55,000 for the quarter ended Dec. 31, 1990. The increase in net earnings for the quarter ended Dec. 31, 1991, was due to an increase in net interest income combined with a decrease in other expenses.
 Stockholders' equity at Dec. 31, 1991 was $24.4 million or $21.55 per common share. The return on average equity for fiscal year 1991 was 9.86 percent. First Federal presently meets all the fully phased-in capital requirements mandated for 1994 by the Financial Institutions Reform, Recovery and Enforcement Act.
 Deposit accounts were $282 million at Dec. 31, 1991 compared to $250 million at Dec. 31, 1990, an increase of $32 million or 13 percent.
 Loans originated for the year ended Dec. 31, 1991 were $36.5 million compared to $42.5 million for the year ended Dec. 31, 1990. Loans originated for the quarter ended Dec. 31, 1991 were $10.7 million compared to $10.7 million for the same period in 1990. The ratio of non-performing loans and real estate owned to total assets at Dec. 31, 1991 was 3.55 percent compared to 3.52 percent at Dec. 31, 1990.
 The weighted average yield on all interest-earning assets at Dec. 31, 1991 was 8.71 percent and the weighted average cost of all interest-bearing liabilities was 6.20 percent. The interest rate spread was 2.51 percent. At Dec. 31, 1990, the weighted average yield on all interest earning assets was 9.77 percent and the weighted average cost of deposits was 7.54 percent and the interest rate spread was 2.23 percent.
 The savings bank conducts operations through three offices located in Volusia County on the east coast of Florida. At Dec. 31, 1991 First Federal's assets were $310 million. The common stock of the savings bank is traded in the over-the-counter market and quoted on the NASDAQ system under the symbol "FFSB."
 FIRST FEDERAL SAVINGS BANK OF NEW SMYRNA
 At Dec. 31,
 1991 1990
 (in thousands)
 Total assets $310,242 264,857
 Loans receivable, net 222,036 219,771
 Investment securities 10,231 --
 Mortgage-backed securities 29,363 413
 Deposit accounts 281,652 250,494
 Stockholders' equity 24,438 12,481 (A)
 Book value per share $ 21.55 -- (A)
 For the Quarter
 Ended Dec. 31,
 1991 1990
 (in thousands)
 Interest income $ 6,695 6,310
 Interest expense 4,701 4,738
 Net interest income 1,994 1,572
 Provision for loan losses 40 91
 Net interest income after
 provision for loan losses 1,954 1,481
 Non-interest income 133 305
 Non-interest expense 1,154 1,526
 Earnings before income taxes 933 260
 Income taxes 439 205
 Net earnings 494 55
 Earnings per share $ .43 -- (A)
 For the Year
 Ended Dec. 31,
 1991 1990
 (in thousands)
 Interest income $ 26,248 24,418
 Interest expense 19,525 18,140
 Net interest income 6,723 6,278
 Provision for loan losses 40 1,033
 Net interest income after
 provision for loan losses 6,683 5,245
 Non-interest income 576 756
 Non-interest expense 4,217 4,062
 Earnings before income taxes 3,042 1,939
 Income taxes 1,190 1,155
 Net earnings 1,852 784
 Earnings per share $ .93 -- (A)
 At Dec, 31,
 1991 1990
 (in percents)
 YIELDS AND RATES
 Yield on the loan portfolio 9.50 10.19
 Yield on mortgage-backed securities 8.24 6.32
 Yield on investments and interest
 bearing deposits 5.14 6.84
 Yield on loans, mortgage-backed and
 investment securities and interest
 bearing deposits 8.71 9.77
 Cost of deposits 6.20 7.54
 Cost of borrowings -- (A) -- (A)
 Cost of all interest-bearing liabilities 6.20 7.54
 Interest rate spread 2.51 2.23
 Non-performing loans and real estate
 owned to total assets 3.55 3.52
 Return on average assets for the
 year then ended .63 .31
 (A) -- Prior to conversion from mutual to stock form.
 -0- 1/28/92
 /CONTACT: Patricia Van Eck, vice president and treasurer of First Federal Savings of New Smyrna, 904-428-2466, ext. 6740/
 (FFSB) CO: First Federal Savings of New Smyrna ST: Florida IN: FIN SU: ERN


SS-AW -- FL008 -- 4283 01/28/92 13:21 EST
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