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FIRST FEDERAL SAVINGS BANK REPORTS RECORD PERFORMANCE FOR ITS FIRST QUARTER 1993

 FIRST FEDERAL SAVINGS BANK REPORTS RECORD
 PERFORMANCE FOR ITS FIRST QUARTER 1993
 SALT LAKE CITY, Oct. 14 /PRNewswire/ -- First Federal Savings Bank (NASDAQ: FFUT) today announced record earnings for its first quarter ended Sept. 30, 1992 of $1,379,000 or $0.65 per share, compared to $790,000 or $0.38 per share for the same period one year ago, a 71 percent increase.
 Gerald R. Christensen, chairman, said, "Our record performance is attributable to the low level of interest rates, the healthy economic conditions in Utah, our continued emphasis on retail banking and residential home lending, and our low level of non-performing assets."
 Net interest income was $3,671,000, compared to $2,560,000 for the same quarter last year. Mortgage loan volume was $48,715,000, compared to $29,234,000, a 67 percent increase over the same quarter a year ago. Return on average assets was 1.50 percent for the quarter, compared to 0.97 percent for the same quarter last year.
 Assets at Sept. 30, 1992, totaled $377.4 million, up from $348.8 million a year ago. Return on average equity for the quarter was 25.5 percent up from 18.8 percent last year. Shareholder equity now stands at $22,337,000 or $10.49 per share fully diluted.
 FIRST FEDERAL SAVINGS BANK AND SUBSIDIARY
 Consolidated Statements of Financial Condition
 Sept. 30, June 30,
 1992 1992
 (Unaudited) (Audited)
 Assets
 Cash $7,017,343 $5,487,876
 Interest-bearing deposits with
 other financial institutions 11,000,000 5,000,000
 Federal funds 2,551,291 2,299,019
 Total cash and cash equivalents 20,568,634 12,786,895
 Investment securities at amortized
 cost (market value $18,606,225 in
 September 1992 and $18,217,525 in
 June 1992) 18,079,611 17,902,088
 Mortgage-backed securities (market
 value $72,300,301 in September 1992
 and $54,990,377 in June 1992 68,935,913 53,036,986
 Loans receivable 255,523,570 258,110,268
 Accrued interest receivable 2,940,237 2,705,242
 Real estate owned 510,109 507,909
 Property and equipment, net of
 accumulated depreciation 8,592,989 8,677,843
 Leasehold improvements at amortized
 cost 300,110 304,084
 Other assets 1,949,617 1,765,906
 Total $377,400,790 $355,797,221
 Liabilities and Stockholders' Equity
 Deposit accounts $305,064,279 $286,645,510
 Advances from Federal Home Loan Bank 40,500,000 40,500,000
 Advances by borrowers for taxes and
 insurance 3,039,093 2,324,651
 Other borrowed money 4,222,934 3,870,264
 Accounts payable and other
 liabilities 2,237,408 1,521,075
 Total Liabilities 355,063,714 334,861,500
 Stockholders' Equity
 Common stock - $1 par value,
 authorized 6,000,000 shares, issued
 and outstanding 2,009,893 shares at
 Sept. 30 and 2,003,134 shares
 at June 30 2,009,893 2,003,134
 Additional paid-in capital 7,454,830 6,774,652
 Retained earnings 12,884,953 12,170,535
 Net unrealized loss on marketable
 equity securities (12,600) (12,600)
 Total Stockholders' Equity 22,337,076 20,935,721
 Total $377,400,790 $355,797,221
 FIRST FEDERAL SAVINGS BANK AND SUBSIDIARY
 Consolidated Statements of Operations
 Three months ended
 Sept. 30,
 1992 1991
 (Unaudited) (Unaudited)
 Interest income
 Interest and fees on loans $7,642,885 $7,056,738
 Interest and dividends on
 investment securities 329,304 327,069
 Other interest 93,100 34,115
 Total interest income 8,065,289 7,417,922
 Interest expense
 Interest on deposits 3,557,243 3,820,473
 Interest on borrowings 836,727 1,037,392
 Total interest expense 4,393,970 4,857,865
 Net interest income 3,671,319 2,560,057
 Provision for losses on loans 145,382 151,178
 Net interest income after
 provision for losses on loans 3,525,937 2,408,879
 Other income
 Loan fees and service charges 630,305 350,429
 Gain (loss) on sale of investments --- (17,891)
 Gain (loss) on sale of loans 178,833 110,693
 Miscellaneous 253,612 231,156
 Total other income 1,062,750 674,387
 Other expenses
 Salaries and employee benefits 1,040,556 812,991
 General and administrative 850,361 574,126
 Occupancy 234,051 199,167
 Deposit insurance premium 161,984 136,568
 Data processing 130,045 99,933
 Real estate owned 8,323 21,461
 Total other expenses 2,425,320 1,844,246
 Earnings before income taxes 2,163,367 1,239,020
 Income taxes 784,220 449,145
 Net earnings $1,379,147 $789,875
 Restated to
 Reflect Stock
 Dividend
 Earnings per share $0.65 $0.38
 Weighted average shares outstanding 2,129,380 2,094,041
 -0- 10/14/92
 /CONTACT: Richard A. Fisher of First Federal Savings Bank, 801-366-2202/
 (FFUT) CO: First Federal Savings Bank ST: Utah IN: FIN SU: ERN


JL -- DV008 -- 9872 10/14/92 12:36 EDT
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