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FMS FINANCIAL REPORTS QUARTERLY EARNINGS

 FMS FINANCIAL REPORTS QUARTERLY EARNINGS
 BURLINGTON, N.J., Oct. 15 /PRNewswire/ -- FMS Financial Corporation


(NASDAQ: FMCO) today reported net income of $637,000 or 49 cents per share for the quarter ended Sept. 30, 1992, as compared to net income of $189,000 or 15 cents per share for the same period in 1991.
 Earnings for the nine months ended Sept. 30, 1992, were $1.5 million or $1.16 per share, as compared to net income of $342,000 or 27 cents per share for the comparable period in 1991. The earnings in 1992 were after provisions for loan losses of $126,000 in the quarter and $628,000 in the nine months. The corporation also recorded write-downs on land held for development of $285,000 in the quarter and $985,000 in the nine-month period.
 Non-performing loans at Sept. 30, 1992, amounted to $4.4 million as compared to $3.4 million at Dec. 31, 1991. The ratio of non-performing loans to total loans at Sept. 30, 1992, was 1.84 percent. The corporation holds $2.4 million in loan reserves at Sept. 30, 1992, representing 53.8 percent of non-performing loans and .97 percent of total loans.
 Total assets of the corporation at Sept. 30, 1992, were $403.7 million as compared to total assets at Dec. 31, 1991, of $397.6 million. Book value, based on 1,287,000 shares outstanding was $16.55 per share as of Sept. 30, 1992. At Sept. 30, 1992, the bank's core and tangible capital ratio was 4.75 percent and its risk-based capital ratio was 10.21 percent.
 FMS Financial Corporation is the holding company for Farmers' & Mechanics' Savings Bank, S.L.A., which operates nine branches in Burlington County, N.J., with total deposits of $364 million.
 FMS FINANCIAL CORPORATION AND SUBSIDIARY
 Consolidated Statements of Financial Condition
 Sept. 30, Dec. 31,
 1992 1991
 (Unaudited)
 ASSETS:
 Cash and amounts due
 from depository institutions $1,136,892 $5,101,904
 Interest-bearing deposits 1,628,649 466,230
 Federal funds sold 2,805,000 4,691,000
 Short term funds 233,164 1,751,560
 Total cash and cash equivalents 5,803,705 12,010,694
 Investment securities 17,164,253 12,139,106
 Investment securities
 held for sale, net 4,218,752 12,097,955
 Loans receivable, net 239,067,914 230,514,625
 Loans held for sale, net --- 2,807,119
 Mortgage-backed securities 116,673,220 107,631,951
 Accrued interest receivable:
 Loans 1,270,749 1,295,113
 Mortgage-backed securities 1,030,903 1,161,531
 Investments 393,633 288,891
 FHLB stock, at cost 3,081,600 2,625,200
 Real estate held for development 2,728,489 3,116,431
 Real estate owned, net 2,933,468 3,747,223
 Office properties and equipment 7,647,813 6,477,164
 Deferred income taxes 731,293 684,589
 Prepaid expenses and other assets 958,945 1,044,561
 TOTAL ASSETS $403,704,737 $397,642,153
 LIABILITIES AND STOCKHOLDERS' EQUITY:
 LIABILITIES:
 Deposits $364,134,210 $360,897,006
 Advances from FHLB 5,500,000 12,000,000
 Repurchase agreements 5,835,310 ---
 Guarantee of Employee Stock
 Ownership Plan debt 410,136 456,368
 Advances for taxes and insurance 2,231,457 2,249,636
 Accrued interest payable 438,973 826,160
 Accounts payable and
 accrued expenses 3,848,967 1,444,151
 TOTAL LIABILITIES $382,399,053 $377,873,321
 STOCKHOLDERS' EQUITY:
 Common stock - $.10 par value:
 10,000,000 shares authorized;
 1,287,000 shares issued and
 outstanding $128,700 $128,700
 Paid-in capital in excess of par 8,433,221 8,433,221
 Unrealized loss on marketable
 securities (23,600) (23,600)
 Guarantee of Employee Stock
 Ownership Plan debt (410,136) (456,368)
 Retained earnings -- substantially
 restricted 13,177,499 11,686,879
 TOTAL STOCKHOLDERS' EQUITY $21,305,684 $19,768,832
 TOTAL LIABILITIES AND
 STOCKHOLDERS' EQUITY $403,704,737 $397,642,153
 FMS FINANCIAL CORPORATION AND SUBSIDIARY
 Consolidated Statements of Operations
 (Unaudited; in thousands)
 Periods ended Three months Nine months
 Sept. 30 1992 1991 1992 1991
 Interest and dividend income:
 Interest and dividends on:
 Loans $5,397 $6,054 $16,341 $18,234
 Mortgage-backed securities 2,050 1,682 6,339 4,440
 Investments 374 617 1,304 2,102
 Total interest and
 dividend income 7,821 8,353 23,984 24,776
 Interest expense:
 Interest on deposits 4,492 5,843 14,152 17,877
 Interest on borrowed money 95 27 265 46
 Total interest expense 4,587 5,870 14,417 17,923
 Net interest and dividend
 income before provision
 for loan losses 3,234 2,483 9,567 6,853
 Provision for loan losses 126 577 628 769
 Net interest and
 dividend income 3,108 1,906 8,939 6,084
 Other income:
 Loan servicing 85 82 256 240
 Gain on sale of mortgage-
 backed securities --- 371 --- 371
 Gain on sale of
 investment securities --- 30 9 640
 Gain on sale of loans 55 68 245 193
 Loss on sale of fixed assets --- 12 (2) (113)
 Writedown on land held
 for development (285) (434) (985) (1,202)
 Real estate owned
 operations, net (86) (29) (208) (315)
 Fee income from annuities --- 10 --- 151
 Checking account fees 163 87 424 245
 Other income 55 308 173 415
 Total other income (loss) (13) 505 (88) 625
 Operating expenses:
 Salaries and employee benefits 1,024 894 3,141 2,715
 Occupancy and equipment 347 330 988 995
 Purchased services 220 131 739 364
 Professional fees 63 94 188 246
 Federal insurance premium 205 194 607 570
 Advertising 19 18 65 64
 Other 201 174 577 501
 Total operating expenses 2,079 1,835 6,305 5,455
 Income before income taxes 1,016 576 2,546 1,254
 Income taxes 379 387 1,055 912
 Net income 637 189 1,491 342
 Earnings per common share $.49 $.15 $1.16 $.27
 /delval/
 -0- 10/15/92
 /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


LJ-MK -- PH026 -- 0462 10/15/92 13:14 EDT
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