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MID-STATE FEDERAL ANNOUNCES SECOND QUARTER RESULTS

 MID-STATE FEDERAL ANNOUNCES SECOND QUARTER RESULTS
 OCALA, Fla., April 23 /PRNewswire/ -- Mid-State Federal


(NASDAQ-NMS: MSSB) today announced earnings for the second fiscal quarter ended March 31, 1992, of $904,000, or $.44 per share. This compares to net income of $428,000, or $.21 per share, for the second fiscal quarter ended March 31, 1991. Earnings for the six months ended March 31, 1992, were $1,480,000, or $.72 per share, compared to earnings of $697,000, or $.34 per share, for the same period of 1991.
 The results for the quarter ended March 31, 1992, did not include any material amount of income from non-recurring sources. In contrast, the results for the quarter and six months ended March 31, 1991, were positively impacted by a $477,000 pre-tax ($315,000 after- tax) gain from the sale of mortgage securities and other investments. The results for the six months ended March 31, 1991, also included $1.1 million of pre-tax income from real estate operations resulting from the reversal of a reserve previously established in connection with a lawsuit against the bank.
 The net interest rate spread was 3.37 percent for the quarter ended March 31, 1992, compared to 2.30 percent for the same period one year earlier. This net improvement of 107 basis points resulted from a decrease of 173 basis points in the weighted average rates paid on deposits and borrowings offset by a 66 basis point decrease in the yield on earning assets.
 The provision for losses on loans was $811,000 for the quarter ended March 31, 1992, compared to $307,000 for the same period a year ago. The provision for losses on real estate owned was $113,000 for the quarter ended March 31, 1992, compared to $329,000 for the quarter ended March 31, 1991.
 Total non-accrual loans were $3.3 million at March 31, 1992, compared to $4.3 million at Sept. 30, 1991, and $8.0 million at March 31, 1991. Total non-earning assets from lending activities, which include non-accrual loans, real estate in judgment, and real estate owned, were $16.1 million at March 31, 1992, compared to $18.9 million at Sept. 30, 1991, and $23.4 million at March 31, 1991. The ratio of total non-earning assets from lending activities to total assets was 2.03 percent at March 31, 1992, compared to 2.21 percent at Sept. 30, 1991, and 2.62 percent at March 31, 1991. The ratio of the total allowances for losses on loans and real estate owned to total loans, real estate in judgment, and real estate owned was 0.98 percent at March 31, 1992, compared to 0.88 percent at Sept. 30, 1991, and 0.78 percent at March 31, 1991.
 At March 31, 1992, the bank's core and tangible capital ratio was 5.5 percent, compared to 4.6 percent at March 31, 1991. The bank's risk-based capital ratio was 11.0 percent at March 31, 1992, compared to 9.1 percent at March 31, 1991. The bank continues to meet and exceed all applicable regulatory capital requirements.
 Charles E. Harris, chairman of the board of Mid-State Federal, said he was pleased that the bank was able to achieve substantial increases in core earnings and further improvements in its level of non-earning assets, despite ongoing weakness in the economy and the need to make additional provisions for possible loan losses.
 Mid-State Federal is a publicly held, federally insured, and federally chartered stock savings bank with its common stock traded over-the-counter and quoted on the NASDAQ National Market System under the symbol "MSSB". With its home office in Ocala, Fla., the bank operates 23 branch offices within a five county area in west central Florida. At March 31, 1992, the bank reported total assets of $795.3 million, total deposits of $697.6 million, and total loans of $541.6 million.
 MID-STATE FEDERAL
 CONSOLIDATED FINANCIAL STATISTICS
 SECOND QUARTER OF FISCAL 1992
 (Dollar amounts in thousands except for per share amounts)
 (Unaudited)
 March 31, March 31,
 1992 1991
 Total assets $ 795,201 $ 891,648
 Loans receivable, net 541,604 656,702
 Mortgage-backed securities 113,690 76,708
 Investment securities, federal
 funds sold and interest-bearing
 deposits 69,860 94,509
 Allowance for loan losses 3,946 3,921
 Deposits 697,641 792,280
 FHLB advances 29,500 36,500
 Other borrowings -- --
 Total stockholders' equity 52,432 49,818
 Total stockholders' equity
 less goodwill 44,162 41,013
 Actual shares outstanding 2,072,427 2,069,133
 Book value per share 25.30 24.08
 Tangible book value per share 21.31 19.82
 Range of stock prices during quarter:
 High 13.50 9.25
 Low 7.50 6.25
 Three Months Ended Six Months Ended
 March 31, March 31,
 1992 1991 1992 1991
 Interest income $16,994 $20,753 $34,804 $42,979
 Interest expense 10,394 15,450 22,465 32,457
 Net interest income before
 provision for loan losses 6,600 5,303 12,339 10,522
 Provision for loan losses 811 307 1,469 1,256
 Net interest income 5,789 4,996 10,870 9,266
 Gain on sale of investments,
 mortgage-backed securities
 and loans 83 477 118 477
 Other income 689 160 1,355 1,623
 Other expenses (4,539) (4,668) (8,955) (9,126)
 Income before income taxes 2,022 965 3,388 2,240
 Provision for income taxes 1,118 537 1,908 1,543
 Net income $ 904 $ 428 $ 1,480 $ 697
 Net income per share $.44 $0.21 $.72 $0.34
 Weighted average shares
 outstanding (A) 2,076,473 2,035,669 2,056,812 2,035,057
 (A) -- The weighted average number of outstanding shares of common stock includes the number of common stock equivalents calculated under the treasury stock method and is reduced by the number of unallocated shares held by the ESOP.
 MID-STATE FEDERAL
 CONSOLIDATED FINANCIAL STATISTICS
 SECOND QUARTER OF FISCAL YEAR 1992
 (Dollar amounts in thousands except for per share amounts)
 (Unaudited)
 Three Months Ended Six Months Ended
 March 31, March 31,
 Net Interest Rate 1992 1991 1992 1991
 Spread During:
 Weighted average
 yield on:
 Loans 9.62 pct. 10.15 pct. 9.66 pct. 10.16 pct
 Mortgage-backed
 securities 8.38 9.48 8.52 9.34
 Investments 5.77 6.91 5.93 7.20
 Combined 9.01 9.67 9.05 9.74
 Weighted average
 rates paid on:
 Deposits 5.49 7.27 5.82 7.36
 Borrowings 9.20 9.04 9.21 9.05
 Combined 5.64 7.37 5.95 7.46
 Net interest rate
 spread 3.37 pct. 2.30 pct. 3.10 pct. 2.28 pct
 -0- 4/23/92
 /CONTACT: James L. Goehler, EVP & CFO of Mid-State Federal, 904-854-4100/
 (MSSB) CO: Mid-State Federal ST: Florida IN: FIN SU: ERN


AW-JJ -- FL011 -- 1944 04/23/92 13:35 EDT
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