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VIRGINIA FIRST SAVINGS BANK ANNOUNCES RECORD EARNINGS

 VIRGINIA FIRST SAVINGS BANK ANNOUNCES RECORD EARNINGS
 PETERSBURG, Va., Oct. 16 /PRNewswire/ -- William A. Patton, Chairman of Virginia First Savings Bank, F.S.B. (NASDAQ-NMS: VFSB) today announced record earnings for the Petersburg, Va. based institution's first fiscal quarter ending Sept. 30, 1992. During that period the firm earned $1,584,915 representing, on a fully diluted basis, $.59 per share versus $520,334, or $.20 per share for the comparable period last year.
 Patton attributed the 205 percent earnings improvement to "unparalleled actvity in the firm's two mortgage banking divisions and to an increase in the bank's net interest margin." Patton cautioned that "sustaining earnings was now the key focus of management as the volume of mortgage originations precipitated by the current favorable interest rate environment inevitably will decline."
 During the most recent quarter, the bank continued to position itself as a regional mortgage banker. Notwithstanding the sale of approximately $46 million of mortgage servicing rights, at a gain of over $600,000, loan servicing volume and related revenue continues to grow. It is management's intention to continue to increase servicing volume as the revenue generated by this activity represents a consistent source of income, particularly during a period of rising interest rates. Mortgage banking activities also produced gains during the period from the sale of loans originated. Such gains aggregated over $1.5 million for the most recent quarter.
 Management also continued the posture of providing reserves where appropriate to mitigate the potential impact of future credit or market losses. Approximately $1.4 million in additional reserves or writedowns were taken during the first fiscal quarter to reduce the carrying value of assets by the substantial level of mortgage prepayments occurring in the present interest rate environment or as additions to general loss reserves.
 Virginia First presently operates 22 full service retail branches in central and western Virginia and twelve mortgage production offices in the states of Virginia and Maryland. As of Sept. 30, 1992 the bank maintained total assets of $532,000,000 and held deposit liabilities of $455,000,000.
 -0- 10/16/92
 /CONTACT: Paul W. Walk, Jr., Senior Vice President, Virginia First Savings Bank, 804-733-0333 or 804-748-5847/
 (VFSB) CO: Virginia First Savings Bank ST: Virginia IN: FIN SU: ERN


MM -- CH007 -- 0898 10/16/92 11:15 EDT
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Publication:PR Newswire
Date:Oct 16, 1992
Words:384
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