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FIRSTFED BANCSHARES, INC. ANNOUNCES FIRST QUARTER EARNINGS

 DES PLAINES, Ill., April 15 /PRNewswire/ -- FirstFed Bancshares, Inc. (NASDAQ: FFDP), the holding company that owns First Federal Bank for Savings, Des Plaines, today announced its consolidated earnings for the first quarter 1993 of $1,287,000 as compared to $958,000 for the same quarter in 1992, an increase of $329,000 or 34.3 percent.
 The increase in net interest income for the first quarter was substantially due to the reduction of interest expense of $1,171,000. Non-interest expense increased 11% or $161,000 over the first quarter of 1992 to $1,644,000. The Bank Incentive Plans and Trusts and Employee Stock Ownership Plan expenses accounted for $165,000 of the total non- interest expense.
 The earnings per share for the three month period ended March 31, 1993 was $0.42, based on 3,073,116 shares of common stock outstanding at the end of the period.
 On March 29, 1993, the company announced its intention to repurchase approximately 5 percent of its outstanding shares in the open market over the next six months.
 First Federal Bank for Savings is a federally chartered Stock Savings institution that offers traditional deposit and mortgage loan products from its office located at 749 Lee Street, Des Plaines, Ill.
 FIRSTFED BANCSHARES INC.
 Consolidated Statement of Condition
 (unaudited)
 Dec. 31, 1992 March 31, 1993
 (dollars in thousands)
 ASSETS
 CASH AND CASH EQUIVALENTS $7,977 $8,636
 INVESTMENT SECURITIES 58,516 49,865
 MORTGAGE-BACKED SECURITIES 73,137 68,807
 OTHER MORTGAGE RELATED SECURITIES 14,217 14,406
 LOANS RECEIVABLE 226,286 231,683
 LESS ALLOWANCE FOR LOAN LOSSES 1,539 1,561
 LOANS RECEIVABLE, NET 224,747 230,122
 OTHER ASSETS 9,580 9,269
 TOTAL ASSETS $388,174 $381,105
 LIABILITIES AND STOCKHOLDERS' EQUITY
 TOTAL DEPOSITS $317,916 $310,956
 OTHER LIABILITIES 7,129 5,660
 TOTAL LIABILITIES 325,045 316,616
 STOCKHOLDERS' EQUITY 63,129 64,489
 TOTAL LIABILITIES AND STOCKHOLDERS'
 EQUITY $388,174 $381,105
 Consolidated Statement of Income
 (dollars in thousands except earnings per share)
 (unaudited)
 THREE MONTHS ENDED MARCH 31, 1992 1993
 INTEREST INCOME
 TOTAL INTEREST INCOME 7,747 7,291
 INTEREST EXPENSE ON DEPOSITS 4,768 3,597
 NET INTEREST INCOME 2,979 3,694
 PROVISION FOR LOAN LOSSES 21 30
 NET INTEREST INCOME AFTER
 PROVISION FOR LOAN LOSSES 2,958 3,664
 NON-INTEREST INCOME:
 TOTAL NON-INTEREST INCOME 90 85
 NON-INTEREST EXPENSE:
 BIP & ESOP EXPENSE 0 165
 OTHER NON-INTEREST EXPENSE 1,483 1,479
 TOTAL NON-INTEREST EXPENSE 1,483 1,644
 INCOME BEFORE TAXES 1,565 2,105
 INCOME TAX PROVISION 607 818
 NET INCOME $958 $1,287
 EARNINGS PER COMMON SHARE
 EARNINGS PER SHARE N/A $0.42
 PRIMARY EARNINGS PER SHARE N/A $0.40
 -0- 4/15/93
 /CONTACT: Larry G. Gillie, executive vice president of FirstFed Bancshares, 708-824-6500/


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

SH -- NY089 -- 6331 04/15/93 14:18 EDT
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Date:Apr 15, 1993
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