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FIRSTFED BANCSHARES, INC. ANNOUNCES FOURTH QUARTER EARNINGS; COMPLETES FIRST REPURCHASE PROGRAM

 DES PLAINES, Ill., Jan. 22 /PRNewswire/ -- FirstFed BancShares, Inc., a single bank holding company that owns First Federal Bank for Savings, Des Plaines, Ill., today announced its consolidated earnings for the fourth quarter of 1992, and for the twelve month period ended Dec. 31, 1992.
 Earnings for the three month period Sept. 30, 1992 through Dec. 31, 1992, were $1,071,000 as compared to a loss of $373,000 for the three month period ended Dec. 31, 1991.
 For the twelve month period ended Dec. 31, 1992, consolidated earnings were $4,061,000 compared to $2,207,000 for the twelve month period ended Dec. 31, 1991.
 The increase in net interest income for the fourth quarter and for the year was substantially due to the reduction of interest expense. Non-interest expense increased 27 percent over 1991. Seventy-six percent of this increase was due to the accelerated method used to account for the bank's incentive plan and the employee stock option plan.
 Single family mortgage loan originations were $70,000,000 for 1992 compared to $37,500,000 in 1991. Non-performing loans were less than one-half of one percent of outstanding loans as of year end 1992.
 On June 30, 1992, FirstFed BancShares, Inc., a holding company, issued 3,220,000 shares of common stock at $10 per share. First Federal Bank for Savings converted from a mutual savings bank to a federally chartered stock savings bank and was purchased by the holding company.
 On Sept. 25, 1992, the company announced its intentions to purchase five percent of its shares (161,000 shares) and this purchase was completed as of Nov. 23, 1992, at an average purchase price of $14.85 per share.
 FIRSTFED BANCSHARES INC.
 Consolidated Statement of Condition
 (Unaudited, dollars in thousands)
 Periods ended Dec. 31 1991 1992
 Assets:
 Cash and cash equivalents $ 16,429 $ 5,525
 Term fed funds sold 1,500 0
 Investment securities 25,215 58,516
 Mortgage-backed securities 55,759 73,138
 Other mortgage related securities 16,025 14,216
 Loans receivable 228,589 226,402
 Less allowance for loan loss 1,500 1,539
 Loans receivable, net 227,089 224,863
 Other assets 9,089 9,499
 Total assets $351,106 $385,757
 Liabilities and
 Shareholders' Equity:
 Total deposits $311,476 $317,972
 Other liabilities 6,335 4,680
 Total liabilities 317,811 322,652
 Shareholders' Equity 33,295 63,105
 Total liabilities and
 shareholders' equity $351,106 $385,757
 FIRSTFED BANCSHARES, INC.
 Consolidated Statement of Income
 (Unaudited, dollars in thousands, except per share amount)
 Periods ended Dec. 31 Three Months Twelve Months
 1991 1992 1991 1992
 Interest income:
 Total interest income $7,833 $7,521 $30,926 $30,347
 Interest expense on
 deposits 5,057 3,987 20,454 17,487
 Net interest income 2,776 3,534 10,472 12,860
 Provision for loan
 losses 1,324 21 1,369 84
 Net interest income
 after provision for
 loan losses 1,452 3,513 9,103 12,776
 Noninterest income:
 Total noninterest income 199 99 509 383
 Non-interest expense:
 BIP & ESOP expense 0 483 0 1,085
 Other noninterest expense 1,406 1,510 5,325 5,672
 Total noninterest
 expense 1,406 1,993 5,325 6,757
 Income before taxes 245 1,619 4,287 6,402
 Income tax provision 618 548 2,080 2,341
 Net income $ (373) $1,071 $2,207 $4,061
 -0- 1/22/93
 /CONTACT: Larry G. Gillie, executive vice president of Firstfed Bancshares, 708-824-6500/


CO: Firstfed Bancshares, Inc. ST: Illinois IN: FIN SU: ERN

TM -- NY079 -- 8139 01/22/93 18:35 EST
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Date:Jan 22, 1993
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