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FRANKLIN BANK ANNOUNCES FIRST-QUARTER EARNINGS

 FRANKLIN BANK ANNOUNCES FIRST-QUARTER EARNINGS
 SOUTHFIELD, Mich., April 20 /PRNewswire/ -- Franklin Bank, N.A.


(NASDAQ: FSVB) today announced net income of $422,573, or $0.38 per share for the quarter ended March 31, 1992. Net income applicable to common stockholders after preferred dividends of $207,000 was $215,573, or $0.20 per share. For the quarter ended March 31, 1991, Franklin's net income was $1,129,058 or $1.11 per share. There were no preferred stock dividends during the quarter ended March 31, 1991.
 "Franklin's March 31, 1992, quarter earnings are comparable to the last three quarters of 1991," said President and CEO Read P. Dunn. Dunn added that "Franklin's first quarter of 1991 was unusually profitable."
 Net interest income before provision for possible loan losses for the quarter ended March 31, 1992, was $2,603,760, down slightly compared to $2,720,225 for the first quarter last year.
 Total non-performing assets dropped 14.0 percent, falling from $9,069,235 at Dec. 31, 1991, to $7,779,327 at March 31, 1992. Franklin reduced its inventory of foreclosed properties 31.1 percent during the quarter, falling from $5,698,207 at Dec. 31, 1991, to $3,925,011 at March 31, 1992.
 Total non-performing assets to total assets for the quarter ended March 31, 1992, were 1.93 percent, compared to 2.28 percent at Dec. 31, 1991.
 "We are very encouraged by this reduction in non-performing assets and anticipate relief in the costs associated with carrying these properties," said Dunn.
 Total stockholders' equity at March 31, 1992, was $21,443,406, compared to $21,202,192 at Dec. 31, 1991. Stockholders' equity, or book value, per share at March 31, 1992, was $13.02, compared to $12.82 at Dec. 31, 1991. Franklin's core capital ratio at March 31, 1992, was 5.20 percent.
 Total assets at March 31, 1992, were $404.1 million compared to $398.2 million at Dec. 31, 1991. Franklin Bank is the only independently owned bank in Oakland County with assets between $200 million and $10 billion. Administrative offices and one regional branch are located in Southfield, with two additional regional branches in Birmingham and Grosse Pointe Woods.
 FRANKLIN BANK, N.A.
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited; dollars in thousands, except share data)
 Quarter Ended
 March 31,
 1992 1991
 Interest Income
 Interest on loans $7,567 $9,903
 Interest on investment securities 514 82
 Other interest and dividends 269 292
 Total 8,350 10,277
 Interest Expense
 Interest on deposits 4,875 6,556
 Interest on FHLB advances and
 subordinated debentures 871 1,001
 Total 5,746 7,557
 Net interest income 2,604 2,720
 Provision for possible loan losses 70 30
 Net interest income after provision
 for possible loan losses 2,534 2,690
 Other Income
 Loan fees and servicing charges 269 210
 Gain (loss) on sale of participation
 certificates, mortgages and securities --- 369
 Other 49 31
 Total 318 610
 Other Expenses
 Compensation and benefits 962 693
 Occupancy and equipment 354 362
 Advertising 133 25
 Professional fees 57 84
 Federal insurance premiums 188 204
 Defaulted loan expense 119 87
 Community development expenses 51 54
 Other 417 412
 Total 2,281 1,921
 Income before provision for federal
 income taxes 571 1,379
 Provision for federal income tax 148 250
 Net income $423 $1,129
 Average shares outstanding 1,138,216 1,013,845
 Average shares fully diluted 1,261,616 1,013,845
 Net income per share $0.38 $1.11
 Net income per share fully diluted $0.33 $1.11
 Net income per common share after
 preferred dividend of $207,000 $0.20 $1.11
 FRANKLIN BANK, N.A.
 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
 (Unaudited; dollars in thousands, except share data)
 March 31 Dec. 31
 1992 1991
 Assets
 Cash $3,340 $1,119
 Interest bearing deposits 1,357 391
 Time deposits with FHLB 17,935 11,153
 Investment securities (at cost, which
 approximates market) 40,181 35,646
 Loans held for sale --- ---
 Loans receivable, net 324,455 330,554
 Accrued interest receivable 3,959 3,904
 Real estate 3,925 5,698
 Premises and equipment, net 2,037 2,094
 FHLB stock - cost 3,464 3,464
 Federal reserve stock - cost 544 935
 Prepaid expenses and other assets 2,899 3,251
 Total assets $404,096 $398,209
 Liabilities
 Deposits $335,128 $325,506
 Advances from FHLB 35,600 40,100
 Subordinated capital notes 7,105 7,117
 Advance payments by borrowers
 for taxes and insurance 1,964 955
 Accrued interest payable 969 1,191
 Other liabilities 1,887 2,138
 Total liabilities 382,653 377,007
 Stockholders' Equity
 Common stock - par value $1; authorized
 3 million shares; issued and outstanding
 1,017,607 shares at March 31, 1992, and
 1,014,145 at Dec. 31, 1991 1,018 1,014
 Preferred stock - stated value $10;
 authorized 3 million shares; issued
 and outstanding 920,000 shares 8,199 8,199
 Additional paid-in capital 9,537 9,515
 Retained earnings 2,689 2,474
 Total stockholders' equity 21,443 21,202
 Total liabilities and stockholders' equity $404,096 $398,209
 FRANKLIN BANK, N.A.
 FINANCIAL SUMMARY
 (Unaudited; dollars in thousands, except share data)
 Three Months Ended March 31, March 31,
 1992 1991
 Interest income $8,350 $10,277
 Interest expense 5,746 7,557
 Net interest income 2,604 2,720
 Provision for loan losses 70 30
 Net income 423 1,129
 Net income per share:
 Primary $0.38 $1.11
 Fully diluted 0.33 1.11
 Primary after preferred dividend 0.20 1.11
 At March 31, Dec. 31,
 1992 1991
 Assets $404,096 $398,209
 Investment securities 40,181 35,646
 Loans 324,455 330,554
 Allowance for loan losses 4,184 4,142
 Non-performing assets 7,779 9,069
 Advances and borrowings 42,705 47,217
 Deposits 335,128 325,506
 Common stockholders' equity 13,245 13,003
 Per share 13.02 12.82
 Shares outstanding 1,017,607 1,014,145
 Core capital (pct.) 5.20 5.22
 Allowance for loan losses/total loans (pct.) 1.29 1.25
 Allowance/non-performing assets (pct.) 53.79 45.67
 Non-performing assets/total assets (pct.) 1.93 2.28
 Other Information March 31, March 31,
 1992 1991
 Return on average common shareholders'
 equity (pct.) 12.89 39.33
 Return on average assets (pct.) 0.42 1.12
 Net interest margin (pct.) 2.69 2.78
 Operating expense/average assets (pct.) 2.27 1.91
 Net charge-offs/average loans (pct.) 0.01 0.08
 Full-time employees and equivalents 98 84
 Branches 3 3
 -0- 4/20/92
 /CONTACT: Rebecca J. Christian or Lisa Aupperle of Franklin Bank, 313-358-1615 or 800-356-8910 (outside Michigan)/
 (FSVB) CO: Franklin Bank, N.A. ST: Michigan IN: FIN SU: ERN


SB-SM -- DE007 -- 9972 04/20/92 10:56 EDT
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