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RS FINANCIAL CORP. REPORTS INCREASE IN EARNINGS AND ANNOUNCES QUARTERLY DIVIDEND

 RALEIGH, N.C., Oct. 19 /PRNewswire/ -- RS Financial Corp. (NASDAQ-NMS: RFBK), a holding company whose only subsidiary is Raleigh Federal Savings Bank, today reported that earnings for the third quarter and nine months ended Sept. 30, 1993, increased over the same periods in 1992. Consolidated net income for the quarter ended Sept. 30, 1993, was $1,142,000, or $0.37 per share, representing an increase of 6.6 percent over net income of $1,071,000, or $0.33 per share, for the quarter ended Sept. 30, 1992.
 For the first nine months of 1993, net income increased 36 percent to $3,975,000, or $1.26 per share, versus $2,921,000, or $0.91 per share, in the first nine months of 1992.
 The company also announced that it will pay a cash dividend of $0.12 per share on Nov. 16, 1993, to shareholders of record on Nov. 2, 1993.
 The increase in net income through the first nine months of 1993 is principally attributable to lower provisions for losses on loans and to a decrease in charges related to real estate held. Nonperforming assets continued to decline during the third quarter and were $19.9 million as of Sept. 30, 1993, or 2.73 percent of assets.
 Stanley E. Wright, president and chief executive officer of RS Financial, commented: "The current economic and operating environment has been favorable for most financial institutions, including Raleigh Federal. While we are pleased with the improvement in earnings, we continue to seek ways to enhance core operating profits while controlling risks."
 At Sept. 30, 1993, RS Financial had total consolidated assets of $728 million, total deposits of $629 million and total shareholders' equity of $69 million, or 9.48 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- 10/19/93
 /CONTACT: Stanley E. Wright, president and chief executive officer, or Rex D. Williams, executive vice president and chief financial officer, of RS Financial, 919-833-7511/
 (RFBK)


CO: RS Financial Corp.; Raleigh Federal Savings Bank ST: North Carolina IN: FIN SU: ERN DIV

CM -- CH013 -- 4194 10/19/93 16:39 EDT
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Publication:PR Newswire
Date:Oct 19, 1993
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