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FIRST FEDERAL SAVINGS BANK OF NEW SMYRNA REPORTS INCREASED EARNINGS

FIRST FEDERAL SAVINGS BANK OF NEW SMYRNA REPORTS INCREASED EARNINGS
 NEW SMYRNA BEACH, Fla., April 9 /PRNewswire/ -- First Federal Savings Bank of New Smyrna (NASDAQ: FFSB) reported that net earnings for the quarter ended March 31 were $653,000 or $.57 per share, a 63 percent increase over the first quarter of 1991.
 For comparative purposes net earnings for the same quarter one year ago were $400,000. The Savings Bank converted from mutual to stock form in July 1991, therefore per share amounts are not presented for the first quarter of 1991.
 The increase in net earnings for the quarter ended March 31 was primarily due to a 69 percent increase in net interest income only partially offset by a 39 percent increase in non-interest expense. The increase in net interest income was primarily due to a significant decrease in the cost of deposits which increased the interest rate spread to 2.94 percent for the quarter ending March 31 compared to a 2.09 percent interest rate spread for the same quarter in 1991. The increase in other expense was due to increased compensation and additional expenses incurred from conducting business as a capital stock institution.
 At March 31, First Federal had stockholders' equity of $24,809,000 or 7.93 percent of assets, which was well above its regulatory requirements at that date. First Federal meets all the fully phased- in capital requirements mandated for 1994 by the Financial Institutions Reform, Recovery and Enforcement Act.
 The Savings Bank's raito of non-performing loans and real estate owned to total assets was 3.31 percent at March 31. A significant portion of the Savings Bank's non-performing loans consists of loans on single-family residences.
 On Jan. 17, First Federal announced the proposed formation of a Multiple Savings and Loan Holding Company in which First Federal Savings Bank of New Smyrna and First Federal Savings and Loan Associaiotn of Citrus County ("Citrus") would become separate subsidiaries. Under the terms of the proposal, all the currently outstanding shares of First Federal would be exchanged for the newly issued shares of the holding company. Citrus, which is currently a mutual institution, would be acquired by the holding company upon its conversion to a stock institution.
 The Savings Bank, which had assets of $313 million at March 31, conducts operations through three offices located in Volusia County on the east coast of Florida. The common stock of the Savings Bank is traded in the over-the-counter market and is quoted on the NASDAQ system under the symbol "FFSB".
 FIRST FEDERAL SAVINGS BANK OF NEW SMYRNA
 New Smyrna Beach, Fla.
 Financial Highlights
 (Dollars in thousands, except per share figures)
 March 31, 1992 Dec. 31, 1991
 Total assets $ 312,689 $ 310,242
 Loans receivable, net 221,237 220,757
 Mortgage-backed securities 28,881 29,363
 Deposit accounts 282,783 281,652
 Stockholders' equity 24,809 24,438
 Book value per share $ 21.80 $ 21.55
 Quarter ended March 31 1992 1991
 Interest income $ 6,513 $ 6,246
 Interest expense 4,130 4,835
 Net interest income 2,383 1,411
 Provision for loan losses 120 ---
 Non-interest income 161 143
 Non-interest expense 1,298 933
 Earnings before income taxes 1,126 621
 Income taxes 473 221
 Net earnings $ 653 $ 400
 Earnings per share $ .57 $ (A)
 (A) -- The Savings Bank converted from mutual to stock form on July 1, 1991, therefore per share amounts have been computed for dates and periods beginning on or after July 1, 1991.
 At 3/31/92 At 12/31/91 At 3/31/91
 Certain Yields, Rates and Ratios
 Yield on the loan portfolio 9.23 pct. 9.50 pct. 10.11 pct.
 Yield on mortgage-backed
 securities 8.24 pct. 8.24 pct. 8.36 pct.
 Yield on investment securities 7.51 pct. 7.51 pct. ---
 Other interest-earning assets 4.19 pct. 5.01 pct. 6.53 pct.
 Yield on total earning assets 8.47 pct. 8.71 pct. 9.46 pct.
 Cost of deposits 5.39 pct. 6.20 pct. 7.38 pct.
 Interest rate spread 3.08 pct. 2.51 pct. 2.08 pct.
 Non-performing loans and real
 estate owned to total assets 3.31 pct. 3.32 pct. 4.26 pct.
 -0- 4/9/92
 /CONTACT: Patricia J. Van Eck, vice president and treasurer of First Federal Savings Bank of New Smyrna, 904-428-2466/
 (FFSB) CO: First Federal Savings Bank of New Smyrna ST: Florida IN: FIN SU: ERN


BN-AW -- FL008 -- 6816 04/09/92 13:20 EDT
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Date:Apr 9, 1992
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