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RS FINANCIAL CORP. REPORTS SECOND QUARTER EARNINGS AND ANNOUNCES INCREASE IN DIVIDEND

 RALEIGH, N.C., July 20 /PRNewswire/ -- RS Financial Corp. (NASDAQ-NMS: RFBK), a holding company whose only subsidiary is Raleigh Federal Savings Bank, today reported that earnings for the second quarter and six months ended June 30, 1993 increased over the same periods in 1992. Consolidated net income for the quarter ended June 30, 1993 was $1,455,000, or $0.46 per share, representing an increase of 40 percent over the net income of $1,039,000, or $0.33 per share, for the quarter ended June 30, 1992.
 For the first half of 1993, net income increased 53.2 percent to $2,833,000, or $0.90 per share, vs. $1,849,000, or $0.58 per share, in the first half of 1992.
 The company also announced that it will pay a cash dividend of $0.12 per share on Aug. 17, 1993 to shareholders of record on Aug. 3, 1993. This represents a 20 percent increase over the $0.10 per share dividend that has been paid for the last four quarters.
 The increase in net income was principally attributable to lower provisions for losses on loans and real estate and to an increase in revenues from non-interest income sources. Provisions for loan and real estate losses for the second quarter and the first six months of 1993 were $550,000 and $1 million, respectively, as compared to $925,000 and $1,581,000 for the comparable periods in 1992. Raleigh Federal recorded gains on the sale of mortgage loans during the second quarter of 1993 of $209,000 as compared to $39,000 for the second quarter of 1992. Gains for the six months ended June 30, 1993 and 1992 were $318,000 and $107,000, respectively.
 Stanley E. Wright, president and chief executive officer of RS Financial, commented, "The continued improvement in the company's operating performance is the result of a favorable interest rate environment, a stable economy in our market area and the dedication and hard work of many fine employees. We are encouraged by the results and are optimistic about the prospects for the remainder of the year. We are also pleased that the company's level of earnings and its strong capital base have enabled RS Financial to increase its dividend."
 At June 30, 1993, RS Financial had total consolidated assets of $722 million, total deposits of $628 million and total shareholders' equity of $68.5 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- 7/20/93
 /CONTACT: Stanley E. Wright, President and Chief Executive Officer, or Rex D. Williams, Executive Vice President and Chief Financial Officer, 919-833-7511, both of RS Financial Corp./
 (RFBK)


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

MM -- CH015 -- 3555 07/20/93 16:24 EDT
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Publication:PR Newswire
Date:Jul 20, 1993
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