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FIRST FINANCIAL CORPORATION OF WESTERN MARYLAND ANNOUNCES FIRST QUARTER RESULTS

 FIRST FINANCIAL CORPORATION OF WESTERN MARYLAND
 ANNOUNCES FIRST QUARTER RESULTS
 CUMBERLAND, Md., Oct. 23 /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 three months ended Sept. 30, 1992, was $801,000 or 58 cents per share compared to $382,000 for the three months ended Sept. 30, 1991. Per share information for the quarter ended Sept. 30, 1991, has not been provided since the bank did not complete its conversion from a mutual savings bank to a stock savings bank until February 1992.
 Contributing to the improvement in earnings in 1992 were gains of $504,000 on the sale of mortgage-backed and investment securities. Also, due to recoveries from assets previously written down, the corporation reflected a recovery of $83,000 in operating results for fiscal 1992 as compared to a provision for losses in fiscal 1991 of $350,000.
 Richard C. Deckerhoff, chairman and chief executive officer, stated, "Our first quarter performance has been strong, and we consider our financial position excellent even in view of current economic conditions nationwide. We are also confident that we can maintain this positive position throughout the rest of fiscal 1992."
 Net interest income increased $331,000 or 13.9 percent to $2.7 million for the quarter ended Sept. 30, 1992, from $2.4 million for the quarter ended Sept. 30, 1991.
 Non-performing loans and other assets totaled $9.7 million or 2.9 percent of total assets at Sept. 30, 1992, as compared to $9.9 million or 2.9 percent of total assets at June 30, 1992. The total allowance for losses at Sept. 30, 1992, equalled $5.6 million or 57.4 percent of total non-performing loans and other assets at that date as compared to $5.6 million, or 56.5 percent, at June 30, 1992.
 At Sept. 30, 1992, First Financial had assets totaling $337.6 million, a decrease of 1.4 percent from the balance at June 30, 1992. Total deposits declined to $299.4 million from $305.0 million while loans receivable declined 0.5 percent to $233.4 million at Sept. 30, 1992. Mortgage-backed securities decreased 6.0 percent to $49.2 million at Sept. 30, 1992, while interest-bearing deposits rose 13.3 percent to $29.9 million from $26.3 million. Cash, interest-bearing deposits and investment securities totaled $37.8 million or 11.2 percent of assets at the end of the period.
 At Sept. 30, 1992, First Financial had stockholders' equity of $34.7 million, or 10.3 percent, of total assets. The number of common shares outstanding was 1,254,013, and book value per common share was $27.68.
 At Sept. 30, 1992, the bank's capital ratios exceeded all current and fully phased-in regulatory capital requirements with 9.8 percent tangible, 9.8 percent core and 18.4 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). The company has received qualified approval by the Office of Thrift Supervision and expects the sale to be completed in the fall of 1992. Also, the company completed construction and, in September 1992, opened a new banking office located in Oakland, Md. The new branch replaced the former 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 company paid a quarterly cash dividend of 10 cents per share on 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- 10/23/92
 /CONTACT: Janet I. 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 -- DC022 -- 4294 10/23/92 15:48 EDT
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Date:Oct 23, 1992
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