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FIRST FINANCIAL CORPORATION OF WESTERN MARYLAND ANNOUNCES END OF YEAR, FOURTH QUARTER RESULTS

 FIRST FINANCIAL CORPORATION OF WESTERN MARYLAND
 ANNOUNCES END OF YEAR, FOURTH QUARTER RESULTS
 CUMBERLAND, Md., Aug. 25 /PRNewswire/ -- First Financial Corporation of Western Maryland (NASDAQ: FFWM), the holding company for First Federal Savings Bank of Western Maryland, today announced that net income, after taxes, for the fiscal year ended June 30, 1992, was $3,252,000, compared to a loss of $2,906,000 for the year ended June 30, 1991. The net loss of $2.9 million for the year ended June 30, 1991, included a provision for possible losses on certain classified assets.
 Contributing to the improvement in earnings in 1992 was a $990,000 gain, net of related income taxes, resulting from the sale in October 1991 of a below investment grade security that was written off at June 30, 1991.
 Net income for the fourth quarter of fiscal 1992 was $704,000, or 51 cents per share of common stock. Per share information for the year ended June 30, 1992, and for the fiscal 1991 periods has not been provided since the bank did not complete its conversion from a mutual savings bank to a stock savings bank until Feb. 10, 1992.
 Richard C. Deckerhoff, chairman and chief executive officer, stated: "We are pleased to report strong fourth quarter earnings. We remain committed to increasing stockholder value by combining high asset quality, cost controls and a strong capital position." Deckerhoff also noted that First Federal Savings Bank substantially exceeds all fully phased-in capital requirements as established by federal regulations.
 Net interest income increased $458,000, or 4.7 percent, to $10.2 million for the year ended June 30, 1992, from $9.8 million for the year ended June 30, 1991.
 Non-performing loans and other assets totaled $9.8 million, or 2.9 percent of total assets, at June 30, 1992, as compared to $12.3 million, or 3.7 percent of total assets, at June 30, 1991. The total allowance for losses at June 30, 1992, equalled $5.6 million, or 56.5 percent, of total non-performing loans and other assets at that date.
 At June 30, 1992, First Financial had assets totaling $342.3 million, an increase of 3.4 percent over the balance at June 30, 1991. Total deposits declined to $305.0 million from $309.5 million while loans receivable declined 5.4 percent to $234.7 million at June 30, 1992. Mortgage-backed securities increased 64 percent to $52.3 million at June 30, 1992, while interest-bearing deposits rose to $26.3 million from $10.8 million. Cash, interest-bearing deposits and investment securities totaled $37.9 million, or 11.1 percent of assets, at the end of the period.
 At June 30, 1992, First Financial had stockholders' equity of $34.0 million, or 9.9 percent of total assets. The number of common shares outstanding was 1,292,332 and book value per common share was $26.32.
 At June 30, 1992, the bank's capital ratios exceeded all current and fully phased-in regulatory capital requirements with 9.4 percent tangible, 9.4 percent core and 18.0 percent risk-based capital, respectively, compared to regulatory requirements of 1.5 percent, 3.0 percent and 7.2 percent (8.0 percent on Dec. 31, 1992).
 On July 6, 1992, First Financial announced plans to purchase the Hagerstown, Md., banking office of Loyola Capital Corporation (total savings deposits of the branch approximated $19 million at May 31, 1992), pending approval by the Office of Thrift Supervision. The company expects the sale to be completed in the fall of 1992. Also, in September of this year, it is expected that construction will be complete on the new banking office located in Oakland, Md. When opened, this new branch will replace the current Mid-Towns Plaza branch and is designed to provide the customer with the right mix of state-of-the-art technology, convenience and beauty.
 The board of directors of First Financial Corporation of Western Maryland, on Aug. 19, 1992, declared a quarterly cash dividend of 10 cents per share. The dividend will be payable Sept. 30 to stockholders of record at the close of business Sept. 15, 1992.
 First Financial Corporation of Western Maryland, based in Cumberland, is the holding company for First Federal Savings bank of Western Maryland, which provides a full range of financial services through 11 offices in Allegany, Garrett and Washington counties.
 -0- 8/25/92
 /CONTACT: Janet Kemmet, vice president, investor relations, First Financial Corporation of Western Maryland, 301-724-3363.
 (FFWM) CO: First Financial Corporation of Western Maryland ST: Maryland IN: FIN SU: ERN


KD -- DC017 -- 3149 08/25/92 16:13 EDT
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Date:Aug 25, 1992
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