First Mutual Bancshares Posts Record First Quarter Profits.

Business Editors

BELLEVUE, Wash.--(BUSINESS WIRE)--April 23, 2002

First Mutual Bancshares, Inc., (Nasdaq: FMSB) the holding company for First Mutual Bank, today reported record net income for the first quarter of 2002. Net interest income increased 26% and the net interest margin improved, contributing to the company's 38th consecutive quarter of year-over-year earnings growth.

Highlights for the first quarter of 2002, compared to the first quarter of 2001, include:

1. Net income increased 14% to $2.0 million, or $0.37 per diluted

share.

2. Net interest income before the provision for loan losses

increased 26%.

3. Return on average equity improved to 14.94% and return on

average assets grew to 1.15%.

4. Net interest margin expanded to 3.94%, compared to 3.28% a

year ago.

5. Asset quality improved with non-performing assets representing

0.01% of total assets.

Management will host a conference call on Tuesday, April 30, 2002, at 1:30 pm PDT to discuss first quarter results. For the live conference call details, email your complete contact information by Monday, April 29, to inf...

If you are already a vLex customer, Access Here