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FMS FINANCIAL ANNOUNCES EARNINGS

 FMS FINANCIAL ANNOUNCES EARNINGS
 BURLINGTON, N.J., Feb. 12 /PRNewswire/ -- FMS Financial Corporation


(NASDAQ: FMCO) today reported net income of $523,000 or 41 cents per share for the year ended Dec. 31, 1991, as compared to a net loss of $3.7 million, or $2.87 loss per share for the year ended Dec. 31, 1990.
 Craig W. Yates, president of FMS Financial Corporation and Farmers' & Mechanics' Savings Bank, said, "1991 was a year in which we redirected our efforts to basic hometown banking. Interest rates declined during the year and net interest income increased. Operating expenses were held steady. We increased our general reserves for problem loans and also significantly increased reserves for our previous land investment activities. During the year we built a new Lumberton branch and acquired branches in Medford and Willingboro which add significantly to our branch system convenience."
 Net interest income before provision for loan losses was $9.6 million in 1991 as compared to $8.8 million in 1990, an increase of 8.9 percent. Total interest income declined slightly from $33.4 million in 1990 to $33.2 million in 1991. Total interest expense also declined from $24.6 million in 1990 to $23.6 million in 1991.
 Provision for loan losses were $1.4 million in 1991 as compared to $1.6 million in 1990. Non-performing loans at Dec. 31, 1991, amounted to $3.4 million as compared to $2.8 million at Dec. 31, 1990.
 Total other income was $54,000 in 1991 as compared to a loss of $4.0 million for the same period in 1990. Most notably during the year ended Dec. 31, 1991, the corporation recorded gains on sale of loans of $249,000; gain on sale of investment securities of $1.0 million; loss from real estate held for development of $2.3 million; income from recovery of contingent compensation of $695,000 and provisions of $481,000 for real estate owned.
 Total operating expenses for the year ended Dec. 31, 1991, were $7.7 million as compared to $7.6 million in the previous year. Total operating expenses to total average assets at Dec. 31, 1991, was 2.0 percent compared with 2.1 percent for the same period in 1990.
 Total assets of the corporation at Dec. 31, 1991, were $397.6 million as compared to total assets at Dec. 31, 1990, of $364.8 million. Deposits increased to $360.9 million at Dec. 31, 1991, from $339.3 million at Dec. 31, 1990. Book value per share at Dec. 31, 1991, was $15.36 up from $14.92 at the end of 1990.
 FMS Financial Corporation is the holding company for Farmers' & Mechanics' Savings Bank S.L.A., headquartered in Burlington Township. At Dec. 31, 1991, the bank meets all current capital requirements with core and tangible capital of 4.16 percent and risk-based capital of 8.97 percent.
 FMS FINANCIAL CORPORATION AND SUBSIDIARY
 Consolidated Statements of Operations
 Years ended Dec. 31 1991 1990
 Interest income:
 Interest on:
 Loans $24,014,014 $25,313,371
 Mortgage-backed securities 5,315,469 4,287,922
 Interest and dividends on
 investments and deposits 3,864,678 3,797,607
 Total interest income 33,194,161 33,398,900
 Interest expense:
 Interest on deposits 23,480,668 24,077,289
 Interest on borrowed money 90,140 483,695
 Total interest expense 23,570,808 24,560,984
 Net interest income 9,623,353 8,837,916
 Provision for loan losses 1,370,740 1,567,024
 Net interest income after
 provision for loan losses 8,252,613 7,270,892
 Other income:
 Service charges and other fees 324,308 331,545
 Gain on sale of loans 249,213 ---
 Gain (loss) on sale of
 fixed assets (113,103) (27,232)
 Gain (loss) or writedown of
 investment securities 1,033,611 (3,190,720)
 Losses from real estate held
 for development (2,329,684) (1,029,229)
 Recovery of (provision for)
 contingency 694,654 (810,655)
 Income from sale of annuities 148,692 339,249
 Provisions on real estate owned (481,000) ---
 Other income 527,756 376,695
 Total other income 54,447 (4,010,347)
 Operating expenses:
 Salaries and employee benefits 3,694,820 3,907,512
 Occupancy and equipment 1,286,992 1,278,461
 Purchased services 506,951 490,969
 Federal insurance premium 763,548 625,042
 Professional fees 421,460 346,416
 Advertising 82,365 237,042
 Other 904,869 718,584
 Total operating expenses 7,661,005 7,604,026
 Income (loss) before taxes 646,055 (4,343,481)
 Income taxes (benefit) 122,638 (652,371)
 Net income (loss) 523,417 (3,691,110)
 Earnings (loss) per common share $.41 $(2.87)
 FMS FINANCIAL CORPORATION AND SUBSIDIARY
 Consolidated Statements of Financial Condition
 Dec. 31 1991 1990
 ASSETS
 Cash and amounts due
 from depository institutions $5,101,904 $7,961,793
 Interest-bearing deposits 466,230 569,821
 Federal funds sold 4,691,000 7,462,000
 Investment securities 36,607,683 21,022,715
 Investment securities
 held for sale, net 12,097,955 10,915,271
 Loans receivable, net 230,488,139 246,228,216
 Loans held for sale, net 2,833,605 3,336,851
 Mortgage-backed securities 84,914,934 45,267,603
 Accrued interest receivable:
 Loans 1,295,113 1,395,217
 Mortgage-backed securities 962,831 661,661
 Investments 487,591 576,708
 FHLB stock, at cost 2,625,200 2,623,900
 Real estate held for development 3,116,431 5,045,576
 Real estate owned, net 3,747,223 3,229,895
 Office properties and equipment 6,477,164 6,740,380
 Deferred income taxes 724,678 557,675
 Prepaid expenses and other assets 1,004,472 1,240,782
 TOTAL ASSETS $397,642,153 $364,836,064
 LIABILITIES AND STOCKHOLDERS' EQUITY
 LIABILITIES
 Deposits P debt 461,868 527,849
 Advances by borrowers for
 taxes and insurance 2,249,636 1,581,046
 Accrued interest payable 826,160 1,485,558
 Other liabilities 1,438,651 2,777,796
 TOTAL LIABILITIES $377,873,321 $345,638,527
 STOCKHOLDERS' EQUITY
 Preferred stock - $.10 par value
 5,000,000 shares authorized;
 none issued --- ---
 Common stock - $.10 par value
 10,000,000 shares authorized;
 1,287,000 issued and outstanding 128,700 128,700
 Paid-in capital in excess (23,600) ---
 Guarantee of ESOP debt (456,368) (527,846)
 Retained earnings 11,686,879 11,163,462
 Total stockholders' equity $19,768,832 $19,197,537
 Total liabilities and
 stockholders' equity $397,642,153 $364,836,064
 /delval/
 -0- 2/12/92
 /CONTACT: David L. Gordon, chief financial officer of FMS Financial, 609-386-2400/
 (FMCO) CO: FMS Financial Corporation ST: New Jersey IN: FIN SU: ERN


MK-CC -- PH020 -- 9245 02/12/92 12:36 EST
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Date:Feb 12, 1992
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