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THE FIRST SAVINGS BANK REPORTS FIRST QUARTER EARNINGS

 THE FIRST SAVINGS BANK REPORTS FIRST QUARTER EARNINGS
 GREENVILLE, S.C., Oct. 19 /PRNewswire/ -- The First Savings Bank, FSB (NASDAQ-NMS: FTSC), today reported first quarter earnings of $1.9 million or $.31 per share, up 25.6 percent, compared to $1.5 million or $.26 per share for the same period last year.
 "The positive first quarter results are primarily attributable to the improvement in net interest margins," stated Luther C. Boliek, president and chief executive officer.
 The First's interest rate spread rose again during the first quarter to 3.48 percent, compared with 2.72 percent for the same quarter last year. Net interest income increased to $16.0 million from $12.9 million in the first quarter of fiscal 1992 for a 24.5 percent increase.
 Mortgage loan origination volume remains very strong, led by heavy refinancing, resulting from a 20 year low in mortgage rates. The mortgage loan volume was $180.1 million, up 45.6 percent as compared to $123.7 million last year. Combined consumer and commercial lending volume totaled $98.7 million for the quarter, compared to $118.4 million for the comparable period last year. During the quarter, Academy Mortgage, the bank's out-of-state mortgage loan origination subsidiary, opened an office in Richmond, Va.
 Allowance for loan losses totaled $12.9 million at Sept. 30, 1992, compared to $10.7 million at Sept. 30, 1991. Non-performing assets were $64.1 million at quarter end, up $1.3 million from June 30 1992. This was primarily attributable to an increase in non-performing single family loans.
 On Sept. 16, The First filed an offering circular with The Office Of Thrift Supervision for the proposed issuance of $15 million of Noncumulative Convertible Preferred Stock. The stated purpose for the use of the net proceeds from this offering will be to augment capital, to support additional growth and for general business and investment purposes.
 At quarter end, assets were $2.07 billion with stockholder's equity of $115.5 million or $19.62 book value per share and tangible net worth, less goodwill, of $85.8 million or $14.58 book value per share.
 The First Savings Bank is the largest financial institution headquartered and controlled in South Carolina with 56 offices located in 27 markets throughout the state plus five additional out-of-state mortgage origination offices.
 The common stock of The First is traded on the NASDAQ market under the official symbol "FTSC".
 THE FIRST SAVINGS BANK, FSB
 Operating Results
 (in thousands except per share data)
 Three Months Ended
 September 30,
 1992 1991
 Interest income $38,496 44,559
 Interest expense 22,490 31,701
 Net interest income 16,006 12,858
 Provision for loan losses 2,089 2,245
 Net interest income after
 provision for loan losses 13,917 10,613
 Other income 5,704 6,860
 Other expenses 15,923 14,596
 Eai?ngs before income
 tax expense 3,698 2,877
 Income tax expense 1,798 1,364
 (A)Net earnings $ 1,900 1,513
 (A)Net earnings per share $ .31 .26
 (A)Weighted average shares
 outstanding 6,162 5,922
 Weighted average rates and
 yields (percent):
 Total interest-earning assets 8.42 9.40
 Total interest-bearing liabilities 4.94 6.68
 Net spread 3.48 2.72
 Return on average assets (percent) .37 .29
 Return on average equity (percent) 6.65 5.76
 FINANCIAL CONDITION HIGHLIGHTS
 (in thousands except per share data)
 As of As of
 September 30, 1992 June 30, 1992
 Total assets $2,068,572 1,990,991
 Loans receivable, net 1,825,135 1,734,717
 Allowance for loan losses 12,915 12,557
 Loans serviced for others 1,632,941 1,582,311
 Investment securities 51,163 74,803
 Non-performing assets 64,134 62,813
 Deposits 1,529,664 1,540,064
 Stockholders' equity 115,452 113,234
 Book value per share 19.62 19.37
 (A)All per share and share amounts have been adjusted to reflect the issuance of the 10 percent stock dividend during April 1992.
 -0- 10/19/92
 /CONTACT: Fred Gilmer, Jr., Senior Vice President Public Relations, The First Savings Bank, 803-255-3672 or Teresa C. Mauldin, Public Relations, Goudelock Agency, 803-232-7654/
 (FTSC) CO: The First Savings Bank ST: South Carolina IN: FIN SU: ERN


MM-SB -- CH003 -- 1754 10/19/92 15:33 EDT
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Date:Oct 19, 1992
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