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RS FINANCIAL CORP. REPORTS INCREASE IN EARNINGS FOR FIRST QUARTER

 RALEIGH, N.C., April 16 /PRNewswire/ -- RS Financial Corp. (NASDAQ-NMS: RFBK), a holding company whose only subsidiary is Raleigh Federal Savings Bank, today reported that consolidated net income for the quarter ended March 31, 1993, was $1,378,000, or $0.45 per share, representing an increase of 70 percent over the net income of $810,000, or $0.26 per share, for the quarter ended March 31, 1992.
 The increase in net income was principally attributable to an increase in net interest income and a reduction in the provision for loan and real estate losses. Net interest income before the provision for loan losses increased $328,000, or 5.4 percent, and the provisions for loan and real estate losses totalled $450,000, a decline of $206,000 from the first quarter of 1992.
 Stanley E. Wright, president and chief executive officer of RS Financial, commented: "The substantial increase in earnings for the quarter is very gratifying. We also continue to see improvement in the level of the bank's nonperforming assets, which declined by almost $1 million during the first quarter of 1993 and were $21.3 million as of quarter end."
 At March 31, 1993, RS Financial had total consolidated assets of $721 million, total deposits of $629 million and total shareholders' equity of $67.8 million, or 9.39 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- 4/16/93
 /CONTACT: Stanley E. Wright, President and Chief Executive Officer, or Rex D. Williams, Executive Vice President and Chief Financial Officer, RS Financial Corp., 919-833-7511/
 (RFBK)


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

MM -- CH010 -- 6935 04/16/93 16:33 EDT
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Publication:PR Newswire
Date:Apr 16, 1993
Words:315
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