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THE FIRST SAVINGS BANK REPORTS RECORD EARNINGS

 THE FIRST SAVINGS BANK REPORTS RECORD EARNINGS
 GREENVILLE, S.C., July 31 /PRNewswire/ -- The First Savings Bank,


FSB (NASDAQ-NMS: FTSC), today reported record earnings for fiscal 1992, the highest since going public in 1983. Earnings for the year ended June 30, 1992, were $8.6 million or $1.44 per share, compared to $8.4 million or $1.47 per share for fiscal 1991. Fourth quarter earnings were $2.5 million or $.41 per share compared to $5.0 million or $.86 per share for the same period last year.
 "We are pleased with another year of solid earnings performance," stated Luther C. Boliek, president and chief executive officer. "These earnings can be attributed primarily to good loan demand and increased net interest income as a result of record interest rate spreads."
 Net interest income was $16.6 million for the quarter and $57.0 million for the year, compared to $13.0 million and $52.6 million, respectively, for the same periods in fiscal 1991. Conservative pricing of large institutional accounts plus the sale of our Myrtle Beach offices in December 1991, is responsible for a net loss in deposits for the year, however, this policy contributed to an extremely positive interest rate spread which was 3.75 percent at quarter end.
 Mortgage loan activity has returned to a more seasonal level following the period of heavy refinancing during the early part of 1992. Origination volume was $141.1 million for the quarter and $583.0 million for fiscal 1992 compared to $133.4 million and $414.0 million last year.
 "The fact that our regional economy is beginning to show signs of improvement is reflected in our consumer and commercial loan activity," stated Boliek.
 These loans totaled $110.4 million for the quarter and $437.8 million for the year, compared to $127.3 million and $429.8 million in fiscal 1991.
 Non-performing assets increased $14.4 million from June 30, 1991 to June 30, 1992. However, management's concentrated efforts to improve the quality of the loan portfolio are reflected in the decrease of non- performing assets for the quarter from $66.2 million at March 31, 1992, to $62.8 million at June 30, 1992. Furthermore, management has increased the allowance for loan losses from $10.6 million at June 30, 1991, to $12.6 million at June 30, 1992. The negative income tax expense in the fourth quarter resulted from the designation of certain loan loss reserves as specific thereby, making them deductible for tax purposes and the partial settlement of the internal revenue service examination.
 At June 30, 1992, stockholder's equity was $113.2 million or $19.37 book value per share and tangible net worth (less goodwill) was $83.3 million or $14.24 book value per share. The First continues to exceed current capital requirements in all three categories.
 The First operates 58 retail and mortgage offices in its statewide network plus four additional out-of-state mortgage origination offices with plans to open a fifth in Richmond, Virginia, in July. With assets of $2.0 billion, The First Savings Bank is the largest financial institution headquartered and controlled in South Carolina.
 The common stock of The First is traded on the NASDAQ market under the official symbol "FTSC."
 FIRST SAVINGS BANK, FSB
 Operating Results
 (In thousands except per share data)
 Three Months Year Ended
 Ended June 30, June 30,
 1992 1991 1992 1991
 Interest income $ 40,434 46,419 168,115 202,426
 Interest expense 23,797 33,378 111,115 149,821
 Net interest income 16,637 13,041 57,000 52,605
 Provision for loan losses 3,167 3,386 10,469 10,481
 Net interest income after
 provision for loan losses 13,470 9,655 46,531 42,124
 Other income 4,208 12,846 28,960 33,690
 Other expenses 15,418 15,643 61,803 60,907
 Earnings before income
 tax expense 2,260 6,858 13,688 14,907
 Income tax expense (217) 1,885 5,085 6,463
 Net earnings $ 2,477 4,973 8,603 8,444
 Net earnings per
 share(A) $ .41 .86 1.44 1.47
 Weighted average shares
 outstanding(A) $ 6,081 5,801 5,980 5,744
 Weighted average rates
 and yields:
 Total interest-earning
 assets (Pct.) 8.85 9.67 9.05 9.99
 Total interest-bearing
 liabilities 5.30 6.95 6.02 7.34
 Net spread (Pct.) 3.55 2.72 3.03 2.65
 Return on average assets
 (Pct.) .49 .94 .42 .38
 Return on average equity
 (Pct.) 8.85 19.58 7.93 8.52
 FINANCIAL CONDITION HIGHLIGHTS
 (in thousands except per share data)
 As of June 30, As of June 30,
 1992 1991
 Total assets $ 1,990,991 2,076,388
 Loans receivable, net 1,734,717 1,755,344
 Non-performing assets 62,813 48,402
 Allowance for loan losses 12,557 10,594
 Loans serviced for others 1,582,311 1,383,735
 Investment securities 74,803 117,485
 Deposits 1,540,064 1,641,912
 Stockholders' equity 113,234 104,134
 Book value per share 19.37 18.09
 (A) All share and per share amounts have been adjusted to reflect the issue of the 10 percent stock dividend during April 1992.
 -0- 7/31/92
 /CONTACT: Fred Gilmer, Senior Vice President, The First Savings Bank, 803-255-3672, or Teresa C. Mauldin, Public Relations, Goudelock Agency, 803-232-7654/
 (FTSC) CO: The First Savings Bank, FSB ST: South Carolina IN: FIN SU: ERN


JZ-CM -- CH006 -- 5549 07/31/92 11:14 EDT
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/C O R R E C T I O N -- First Savings Bank/(Correction Notice)

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