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FIRST FEDERAL SAVINGS BANK ANNOUNCES RECORD EARNINGS FOR ITS SECOND QUARTER ENDED DEC. 31, 1992

 SALT LAKE CITY, Jan. 14 /PRNewswire/ -- First Federal Savings Bank (NASDAQ: FFUT) announced today, record earnings for its fiscal second quarter ended Dec. 31, 1992, of $1,345,000 or $.63 per share compared to $982,000 or $.46 per share for the same period one year ago, a 37 percent increase. Earnings for the six-month period were $2,724,000 or $1.28 per share compared to $1,772,000 or $.84 per share for the six-month period a year ago, a 52 percent increase.
 Gerald R. Christensen, chairman, said, "The quarter also produced the largest mortgage loan volume in the history of the company with 601 loans totaling over $56 million."
 The quarter produced a return on average equity of 23.37 percent and a return on average assets of 1.437 percent. The net interest spread for the quarter was 4.30 percent compared to 3.63 percent for the same quarter last year.
 Christensen said, the special meeting of shareholders to vote on the previously announced acquisition of First Federal by Washington Federal Savings of Seattle, is scheduled for Feb. 24, 1993, at the headquarters of First Federal. He said the proxy will be mailed to shareholders approximately Jan. 15, 1993.
 Assets are $371 million and stockholder equity is $23.7 million or $11.13 per share.
 FIRST FEDERAL SAVINGS BANK AND SUBSIDIARY
 Consolidated Statements of Financial Condition
 Dec. 31, June 30,
 1992 1992
 (Unaudited) (Audited)
 Assets:
 Cash $9,403,089 $5,487,876
 Interest-bearing deposits with
 other financial institutions 991,874 5,000,000
 Federal funds 303,460 2,299,019
 Total cash and cash equivalents 10,698,423 12,786,895
 Investment securities at amortized
 cost (market value $18,561,313 in
 December 1992 and $18,217,525 in
 June 1992) 18,185,126 17,902,088
 Mortgage-backed securities (market
 value $70,745,070 in December 1992
 and $54,990,377 in June 1992) 68,942,885 53,036,986
 Loans receivable 259,586,588 258,110,268
 Accrued interest receivable 2,782,673 2,705,242
 Real estate owned 443,674 507,909
 Property and equipment, net of
 accumulated depreciation 8,484,556 8,677,843
 Leasehold improvements at amortized
 cost 286,636 304,084
 Other assets 1,731,287 1,765,906
 Total $371,141,848 $355,797,221
 Liabilities and
 Stockholders' Equity:
 Deposit accounts $301,761,565 $286,645,510
 Advances from Federal Home Loan Bank 40,500,000 40,500,000
 Advances by borrowers for taxes and
 insurance 640,809 2,324,651
 Other borrowed money 3,173,535 3,870,264
 Accounts payable and other
 liabilities 1,365,141 1,521,075
 Total Liabilities 347,441,050 334,861,500
 Stockholders' Equity
 Common stock - $1 par value,
 authorized 6,000,000 shares, issued
 and outstanding 2,012,393 shares at
 Dec. 31 and 2,003,134 shares
 at June 30 2,012,393 2,003,134
 Additional paid-in capital 6,794,058 6,774,652
 Retained earnings 14,894,347 12,170,535
 Net unrealized loss on marketable
 equity securities --- (12,600)
 Total stockholders' equity 23,700,798 20,935,721
 Total $371,141,848 $355,797,221
 FIRST FEDERAL SAVINGS BANK AND SUBSIDIARY
 Consolidated Statements of Operations
 Six months ended
 Dec. 31,
 1992 1991
 (Unaudited) (Unaudited)
 Interest income
 Interest and fees on loans $15,270,633 $15,397,735
 Interest and dividends on
 investment securities 737,085 629,685
 Other interest 219,684 138,504
 Total interest income 16,227,402 16,165,924
 Interest expense
 Interest on deposits 7,038,362 8,507,993
 Interest on borrowings 1,662,681 1,959,215
 Total interest expense 8,701,043 10,467,208
 Net interest income 7,526,359 5,698,716
 Provision for losses on loans 184,823 297,459
 Net interest income after
 provision for losses on loans 7,341,536 5,401,257
 Other income
 Loan fees and service charges 1,262,262 837,257
 Gain (loss) on sale of investments (2,975) (17,891)
 Gain (loss) on sale of loans 224,346 190,417
 Miscellaneous 533,027 512,443
 Total other income 2,016,660 1,522,226
 Other expenses
 Salaries and employee benefits 2,159,064 1,808,327
 General and administrative 1,783,587 1,357,413
 Occupancy 502,232 427,231
 Deposit insurance premium 344,033 311,527
 Data processing 270,592 236,640
 Real estate owned 26,042 2,855
 Total other expenses 5,085,550 4,143,993
 Earnings before income taxes 4,272,646 2,779,490
 Income taxes 1,548,834 1,007,566
 Net earnings $2,723,812 $1,771,924
 Earnings per share $1.28 $0.84
 Weighted average shares outstanding 2,134,796 2,122,034
 FIRST FEDERAL SAVINGS BANK AND SUBSIDIARY
 Consolidated Statements of Operations
 Three months ended
 Dec. 31,
 1992 1991
 (Unaudited) (Unaudited)
 Interest income
 Interest and fees on loans $7,627,748 $8,340,997
 Interest and dividends on
 investment securities 407,781 302,616
 Other interest 126,584 104,389
 Total interest income 8,162,113 8,748,002
 Interest expense
 Interest on deposits 3,481,119 4,687,520
 Interest on borrowings 825,954 921,823
 Total interest expense 4,307,073 5,609,343
 Net interest income 3,855,040 3,138,659
 Provision for losses on loans 39,441 146,281
 Net interest income after
 provision for losses on loans 3,815,599 2,992,378
 Other income
 Loan fees and service charges 631,957 486,828
 Gain (loss) on sale of investments (2,975)
 Gain (loss) on sale of loans 45,513 79,724
 Miscellaneous 279,415 281,287
 Total other income 953,910 847,839
 Other expenses
 Salaries and employee benefits 1,118,508 995,336
 General and administrative 933,226 783,287
 Occupancy 268,181 228,064
 Deposit insurance premium 182,049 174,959
 Data processing 140,547 136,707
 Real estate owned 17,719 (18,606)
 Total other expenses 2,660,230 2,299,747
 Earnings before income taxes 2,109,279 1,540,470
 Income taxes 764,614 558,421
 Net Earnings $1,344,665 $982,049
 Earnings per share $0.63 $0.46
 Weighted average shares outstanding 2,137,004 2,125,080
 -0- 1/14/93
 /CONTACT: Richard A. Fisher of First Federal Savings Bank, 801-366-2202/
 (FFUT)


CO: First Federal Savings Bank ST: Utah IN: FIN SU: ERN

EH -- LA017 -- 4848 01/14/93 11:47 EST
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