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RS FINANCIAL CORP. REPORTS INCREASE IN ANNUAL EARNINGS

 RALEIGH, N.C., Jan. 28 /PRNewswire/ -- RS Financial Corp. (NASDAQ-NMS: RFBK), a holding company whose only subsidiary is Raleigh Federal Savings Bank, today reported that net income for the year ended December 31, 1992 was $4,044,000, or $1.29 per share. The 1992 results represent an increase of 41.5 percent over the $2,857,000, or $0.90 per share, earned in 1991. Net income for the fourth quarter of 1992 was $1,123,000, or $0.36 per share, an increase of 70.2 percent over the $660,000, or $0.21 per share, for the fourth quarter of 1991. Net income of RS Financial for the quarter ended September 30, 1992 was $1,071,000.
 The increase in net income for 1992 is primarily the result of an increase in net interest income. Net interest income before the provision for loan losses increased $2.9 million, or 12.7 percent, above the level reported for 1991.
 Non-performing assets continued to decline during the fourth quarter and were $22.3 million at December 31, 1992, representing a 32.8 percent decline from the $33.2 million reported at December 31, 1991. Provisions for loan and real estate losses during the fourth quarter of 1992 amounted to $1,450,000, bringing total general valuation allowances on loans and real estate to $6,247,000, or 28.0 percent of nonperforming assets. For the year ended December 31, 1992, total general provisions for loan and real estate losses were $4.7 million as compared to $2.3 million for 1991.
 Stanley E. Wright, President and Chief Executive Officer of RS Financial, commented, "The year 1992 was very gratifying for us at RS Financial. The substantial increase in earnings, the reduction in nonperforming assets and the increased level of general valuation allowances bode well for the future of the Company."
 At December 31, 1992, RS Financial had total consolidated assets of $732 million, total deposits of $640 million and total shareholders' equity of $67.7 million, or 9.27 percent of assets. Through its subsidiary, Raleigh Federal Savings Bank, RS Financial operates 31 offices in 19 cities and towns. RS Financial Corp. common stock is traded on the NASDAQ National Market System and is listed under the symbol RFBK.
 -0- 1/28/93
 /CONTACT: Stanley E. Wright, President and Chief Executive Officer, or Rex D. Williams, Executive Vice President and Chief Financial Officer, both of RS Financial Corp., 919-833-7511/
 (RFBK)


CO: RS Financial Corp. ST: North Carolina IN: FIN SU: ERN

SB -- CH008 -- 0423 01/28/93 16:01 EST
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Publication:PR Newswire
Date:Jan 28, 1993
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