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FRANKLIN BANK THIRD-QUARTER NET INCOME UP 82.4 PERCENT

 FRANKLIN BANK THIRD-QUARTER NET INCOME UP 82.4 PERCENT
 SOUTHFIELD, Mich., Oct. 21 /PRNewswire/ -- Third-quarter net income


at Franklin Bank N.A. (NASDAQ: FSVB) was $759,274, compared to $416,179 for the comparable quarter ended Sept. 30, 1991, an 82.4-percent improvement. Net income applicable to common stockholders, after preferred dividends of $207,000, was $552,274 for the quarter ended Sept. 30, 1992. Net income per common share for the quarter ended Sept. 30, 1992, and 1991 was $0.50 and $0.42, respectively.
 Net interest income for the third quarter was $2,488,938, down slightly from $2,581,762 for the quarter ended Sept. 30, 1991. Franklin's net interest margin for the quarter ended Sept. 30, 1992, was 2.58 percent, compared to 2.68 percent last year.
 "Interest rates on both deposits and adjustable-rate loans have fallen, however not always at the same velocity," said President and CEO Read P. Dunn. "This has resulted in margin pressure over recent months."
 For the nine months ended Sept. 30, 1992, net income was $1,672,726, or $0.96 per common share, compared to net income of $2,028,904, or $2.12 per common share for the comparable period in the previous year. Year-to-date earnings per share for the period ended Sept. 30, 1991, were greater than the same period this year due to both stronger net income and fewer shares outstanding.
 At Sept. 30, 1992, non-performing assets totaled $6,707,989, down 26.0 percent from $9,069,235 at Dec. 31, 1991. Year to date, Franklin has decreased its inventory of previously foreclosed properties 61.4 percent. Total non-performing assets to total assets at Sept. 30, 1992, were 1.63 percent, compared to 2.28 percent at year end. Actual net charge-offs as a percentage of average loans during the third quarter were a nominal 0.04 percent, consistent with Franklin's experience throughout the year.
 Total stockholders' equity at Sept. 30, 1992, was $22,281,807, compared to $21,202,192 at Dec. 31, 1991. Common stockholders' equity per share at Sept. 30, 1992, was $13.83, up 7.9 percent from $12.82 at year end. Assets at Sept. 30, 1992, totaled $410,737,360 compared to $398,209,332 at Dec. 31, 1991.
 FRANKLIN BANK, N.A. FINANCIAL SUMMARY
 (Unaudited; dollars in thousands, except share data)
 QUARTER ENDED Sept. 30, 1992 Sept. 30, 1991
 Interest income $7,600 $9,444
 Interest expense 5,111 6,862
 Net interest income 2,489 2,582
 Provision for loan losses 110 50
 Net income 759 416
 Net income per common share 0.50 0.42
 Net income per common share
 Fully diluted 0.49 0.42
 AT Sept. 30, 1992 Sept. 30, 1991
 Assets $410,737 $398,209
 Trading account securities 10,696 ---
 Investment securities 10,193 35,646
 Loans 327,566 330,554
 Allowance for loan losses 4,153 4,142
 Nonperforming assets 6,708 9,069
 Advances and borrowings 23,722 47,217
 Deposits 359,969 325,506
 Common stockholders' equity 14,083 13,003
 Per share 13.83 12.82
 Shares outstanding 1,017,992 1,014,145
 Core capital 5.57 pct. 5.22 pct.
 Allowance for loan losses/
 Total loans 1.27 1.25
 Allowance/Non-performing assets 61.91 45.67
 Nonperforming assets/Total assets 1.63 2.28
 OTHER INFORMATION Sept. 30, 1992 Sept. 30, 1991
 Return on average common
 stockholders' equity 16.00 pct. 13.06 pct.
 Return on average assets 0.75 0.42
 Net interest margin 2.58 2.68
 Operating expense/Average assets 2.21 2.21
 Net charge-offs/Average loans 0.04 0.00 (a)
 Full-time employees and
 equivalents 113 97
 Branches 3 3
 (a) -- No charge-offs for the period.
 FRANKLIN BANK, N.A.
 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
 (Unaudited; dollars in thousands except share data)
 Sept. 30, Dec. 31,
 1992 1991
 ASSETS
 Cash $4,727 $1,119
 Interest bearing deposits 3,043 391
 Time deposits with FHLB 40,172 11,153
 Trading account securities 10,696 ---
 Investment securities (at cost, which
 approximates market) 10,193 35,646
 Loans receivable, net 327,566 330,554
 Accrued interest receivable 3,206 3,904
 Real estate 2,201 5,698
 Premises and equipment, net 2,070 2,094
 FHLB stock - cost 3,463 3,464
 Federal Reserve stock - cost 562 935
 Prepaid expenses and other assets 2,838 3,251
 TOTAL ASSETS $410,737 $398,209
 LIABILITIES
 Deposits $359,969 $325,506
 Advances from FHLB 16,600 40,100
 Subordinated capital notes 7,122 7,117
 Advance payments by borrowers for taxes
 and insurance 1,836 955
 Accrued interest payable 1,011 1,191
 Other liabilities 1,917 2,138
 TOTAL LIABILITIES 388,455 377,007
 STOCKHOLDERS' EQUITY
 Common stock - par value $1.00; authorized
 3,000,000 shares; issued and outstanding
 1,017,992 shares at Sept. 30, 1992, and
 1,014,145 at Dec. 31, 1991 1,018 1,014
 Preferred stock - stated value $10.00;
 authorized 3,000,000 shares; issued and
 outstanding 920,000 shares 8,199 8,199
 Additional paid-in capital 9,540 9,515
 Retained earnings 3,525 2,474
 TOTAL STOCKHOLDERS' EQUITY 22,282 21,202
 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $410,737 $398,209
 FRANKLIN BANK, N.A.
 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
 (Unaudited; dollars in thousands except share data)
 Sept. 30, Dec. 31,
 1992 1991
 ASSETS
 Cash $4,727 $1,119
 Interest bearing deposits 3,043 391
 Time deposits with FHLB 40,172 11,153
 Trading account securities 10,696 ---
 Investment securities (at cost, which
 approximates market) 10,193 35,646
 Loans receivable, net 327,566 330,554
 Accrued interest receivable 3,206 3,904
 Real estate 2,201 5,698
 Premises and equipment, net 2,070 2,094
 FHLB stock - cost 3,463 3,464
 Federal Reserve stock - cost 562 935
 Prepaid expenses and other assets 2,838 3,251
 TOTAL ASSETS $410,737 $398,209
 LIABILITIES
 Deposits $359,969 $325,506
 Advances from FHLB 16,600 40,100
 Subordinated capital notes 7,122 7,117
 Advance payments by borrowers for taxes
 and insurance 1,836 955
 Accrued interest payable 1,011 1,191
 Other liabilities 1,917 2,138
 TOTAL LIABILITIES 388,455 377,007
 STOCKHOLDERS' EQUITY
 Common stock - par value $1.00; authorized
 3,000,000 shares; issued and outstanding
 1,017,992 shares at Sept. 30, 1992, and
 1,014,145 at Dec. 31, 1991 1,018 1,014
 Preferred stock - stated value $10.00;
 authorized 3,000,000 shares; issued and
 outstanding 920,000 shares 8,199 8,199
 Additional paid-in capital 9,540 9,515
 Retained earnings 3,525 2,474
 TOTAL STOCKHOLDERS' EQUITY 22,282 21,202
 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $410,737 $398,209
 -0- 10/21/92
 /CONTACT: Rebecca J. Christian or Lisa Aupperle of Franklin Bank, 313-358-1615 or (outside Michigan) 800-356-8910/
 (FSVB) CO: Franklin Bank, N.A. ST: Michigan IN: FIN SU: ERN


DH-SM -- DE019 -- 2986 10/21/92 14:34 EDT
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