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COLORADO NATIONAL BANKSHARES REPORTS FIRST QUARTER EARNINGS

 COLORADO NATIONAL BANKSHARES REPORTS FIRST QUARTER EARNINGS
 DENVER, April 16 /PRNewswire/ -- Colorado National Bankshares Inc. (NASDAQ: COLC) announced today net income of $9,818,000 (82 cents per share) for the first quarter of 1992, compared to $2,508,000 (22 cents per share) in the first quarter last year.
 Of the increase in net income, $5.4 million (45 cents per share) was due to the company's adoption effective Jan. 1, 1992, of Statement of Financial Accounting Standards No. 109, Accounting for Income Taxes. Statement 109, issued during the first quarter of 1992, permits the recognition of deferred tax assets to a greater extent than previously permitted under Statement 96.
 "The company's improved financial performance, even without the benefit of the tax accounting change, continues to be encouraging," commented chairman of the board and president Will F. Nicholson, Jr., "Our net interest margin remains strong and Colorado's slow-but-steady economic recovery continues to outpace that of the nation. Although the state's unemployment rate has increased slightly in recent months, it is still well below the national average.
 "Although we are encouraged by the company's results, we are not satisfied with them. Credit charges (the provision for loan losses plus other real estate expense less other real estate income) are still high. Those charges totaled $10.5 million for the quarter just ended, down 11 percent from the $11.9 million recorded in the same period in 1991."
 Problem assets at March 31, 1992, totaled $92.6 million, down $24.8 million from March 31, 1991, and down $5.5 million from Dec. 31, 1991. "Last year at this time we commented that local and national economic conditions were uncertain and, therefore, we remained conservative in our approach to providing for loan losses," said Nicholson. "Those uncertain conditions persist, and so must our conservative posture. Accordingly, the allowance for loan losses was $64.3 million at the end of the first quarter, up 3 percent from $62.2 million a year ago and 4 percent from Dec. 31, 1991. That allowance now provides a 122 percent coverage of problem loans."
 Colorado National Bankshares, is a bank holding company headquartered in Denver. The company is comprised of 9 commercial banks providing 24 banking offices throughout Colorado as well as several other bank-related subsidiaries including a mortgage banking company, a leasing company and an insurance agency. It is also manager and 50 percent owner of Rocky Mountain BankCard System Inc., a national credit card issuer and one of the largest processors of credit card transactions in the country.
 COLORADO NATIONAL BANKSHARES INC.
 Results of Operations
 For the Three Months Ended March 31, 1992 and 1991
 (dollars in thousands, except per share data)
 Percent
 Increase
 1992 1991 (Decrease)
 Total interest income $59,785 $68,927 (13.3)
 Total interest expense 23,416 34,363 (31.9)
 Net interest income 36,369 34,564
? Provision for loan losses 8,541 9,237 (7.5)
 Net interest income after
 provision for loan losses 27,828 25,327 9.9
 Other real estate income 383 575 (33.4)
 Investment securities gains 54 229 (76.4)
 Other income 32,644 27,823 17.3
 Other real estate expense 2,379 3,223 (26.2)
 Other expense 49,998 44,682 11.9
 Income before income taxes
 and minority interest 8,532 6,049 41.0
 Income tax expense 3,486 2,647 31.7
 Income before minority
 interest 5,046 3,402 48.3
 Minority interest in net
 income of consolidated
 subsidiary 593 894 (33.7)
 Income before cumulative
 effect of change in
 accounting principle 4,453 2,508 77.6
 Cumulative effect of change
 in accounting principle 5,365 --- NM
 Net income $ 9,818 $ 2,508 291.5
 Primary earnings per share:
 Before cumulative effect
 of change in accounting
 principle $.37 $.22 68.2
 Cumulative effect of change
 in accounting principle .45 --- NM
 Net income per share $.82 $.22 272.7
 Fully-diluted earnings per share:
 Before cumulative effect
 of change in accounting
 principle $.37 $.22 68.2
 Cumulative effect of change
 in accounting principle .44 --- NM
 Net income per share $.81 $.22 268.2
 Cash dividends paid $463 $452 2.4
 Dividends per share .04 .04 ---
 NM-not meaningful
 Statement of Condition Summary
 (dollars in thousands, except per share data)
 Percent
 March 31, Increase
 1992 1991 (Decrease)
 Total assets $3,120,968 $2,997,338 4.1
 Total deposits 2,653,390 2,453,162 8.2
 Total loans 1,629,576 1,793,353 (9.1)
 Allowance for loan losses 64,337 62,191 3.5
 Shareholders' equity 221,224 202,219 9.4
 Book value per share 19.11 17.87 6.9
 Problem assets (in millions)
 Nonaccrual loans $43.6 $ 61.5 (29.1)
 Restructured loans 4.2 4.5 (6.7)
 Past-due loans 4.8 5.7 (15.8)
 Total problem loans 52.6 71.7 (26.6)
 Foreclosed assets:
 Real estate 14.4 27.0 (46.7)
 In-substance foreclosures 25.1 17.9 40.2
 Other assets .5 .8 (37.5)
 Total problem assets $92.6 $117.4 (21.1)
 Total problem loans as
 a percentage of total loans 3.2 4.0 ---
 Allowance for loan losses as
 a percentage of total loans 3.9 3.5 ---
 Reserve coverage
 of problem loans (percent) 122.3 86.8 ---
 Average Statement of Condition
 (dollars in thousands)
 Three Months Ended Percent
 March 31, Increase
 1992 1991 (Decrease)
 Interest earning assets
 Loans $1,650,997 $1,794,153 (8.0)
 Investment securities 691,494 713,832 (3.1)
 Trading account securities 683 898 (23.9)
 Short-term investments 304,035 154,976 96.2
 Total interest
 earning assets 2,647,209 2,663,859 (0.6)
 Noninterest earning assets
 Allowance for loan losses (62,768) (59,505) 5.5
 Cash and due from banks 256,193 188,495 35.9
 Other assets 183,467 188,531 (2.7)
 Total assets $3,024,101 $2,981,380 1.4
 Interest bearing liabilities
 Interest bearing deposits $1,924,340 $1,887,578 1.9
 Short-term borrowings 156,777 243,787 (35.7)
 Long-term debt 23,779 53,375 (55.4)
 Total interest
 bearing liabilities 2,104,896 2,184,740 (3.7)
 Noninterest bearing liabilities
 Noninterest bearing deposits 651,055 544,859 19.5
 Other liabilities 53,773 51,666 4.1
 Shareholders' equity 214,377 200,115 7.1
 Total liabilities and
 shareholders' equity $3,024,101 $2,981,380 1.4
 Net yield on interest
 earning assets (percent) 5.57 5.40 ---
 Interest rate spread (percent) 4.66 4.25 ---
 -0- 4/16/92
 /CONTACT: James L. Basey of Colorado National Bankshares, 303-629-1968/
 (COLC) CO: Colorado National Bankshares Inc. ST: Colorado IN: FIN SU: ERN


MC -- DV005 -- 9293 04/16/92 12:13 EDT
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