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FIRST FINANCIAL CORPORATION OF WESTERN MARYLAND ANNOUNCES SECOND QUARTER RESULTS

FIRST FINANCIAL CORPORATION OF WESTERN MARYLAND ANNOUNCES SECOND
 QUARTER RESULTS
 CUMBERLAND, Md., Feb. 24 /PRNewswire/ -- First Financial Corporation of Western Maryland, Inc. (NASDAQ: FFWM), the holding company for First Federal Savings Bank of Western Maryland, today announced that net income for its second quarter ended Dec. 31, 1991, was $1,540,765. For the six months ended Dec. 31, 1991, net income was $1,923,236. Approximately $990,000 of this figure was non-recurring income, resulting from the sale in October 1991 of a below investment grade security that was written off at June 30, 1991. The bank continues to add to its loan loss reserves on a regular basis as a precautionary measure.
 Total assets increased to $338.3 million at Dec. 31, 1991, an increase of 2.2 percent over the balance at June 30, 1991. Total deposits rose to $313.8 million from $309.5 million, while loans receivable declined 5.6 percent to $234.4 million at Dec. 31, 1991. Mortgage-backed securities increased 19.3 percent to $38.0 million at the end of the period, while interest-bearing deposits rose $15.6 million to $26.4 million.
 At Dec. 31, 1991, the bank's capital ratios exceeded all current and fully phased-in regulatory capital requirements with 6.6 percent tangible, 6.6 percent core and 12.3 percent risk-based capital, respectively, compared to regulatory requirements of 1.5 percent, 3.0 percent and 7.2 percent (8 percent on Dec. 31, 1992). At Dec. 31, 1991, cash and investment securities totaled $47,269,837, equal to 14 percent of assets.
 On Feb. 10, 1992, First Financial Corporation of Western Maryland and its subsidiary, First Federal Savings Bank, completed the bank's conversion from mutual to stock form with the issuance of 1,380,000 shares of stock, which raised $13.8 million of gross proceeds for the holding company and the bank.
 First Federal Savings Bank of Western Maryland operates 11 offices in Allegany, Garrett and Washington counties in Maryland.
 -0- 2/24/92
 /CONTACT: Richard C. Deckerhoff, chairman, First Financial Corporation of Western Maryland, 301-724-3363/
 (FFWM) CO: First Financial Corporation of Western Maryland ST: Maryland IN: FIN SU: ERN


TW -- DC004 -- 1745 02/24/92 09:16 EST
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Date:Feb 24, 1992
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