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COLORADO NATIONAL BANKSHARES REPORTS FOURTH QUARTER EARNINGS

 DENVER, Jan. 19 /PRNewswire/ -- Today, Colorado National Bankshares Inc. (NASDAQ-NMS: COLC) announced net income of $8,514,000, or 70 cents per share, for the fourth quarter of 1992, compared to $697,000, or 6 cents per share, in the fourth quarter last year. For the full year, net income was $35,836,000, or $2.97 per share, compared to $10,828,000, or 93 cents per share, in 1991.
 "This company's earnings in 1992 are the highest -- by far -- for any year in its history," noted Will F. Nicholson, Jr., chairman of the board and president. "The improvement is the result of lower credit charges (the provision for loan losses plus net expenses of foreclosed assets) -- a reflection of the continuing improvement in both the Colorado economy and our asset quality. Those credit charges totaled $23.8 million for the year just ended, down 58 percent from the $56.6 million recorded in 1991."
 Problem assets at Dec. 31, 1992, totaled $56.0 million (including problem loans of $35.1 million), down $42.1 million from Dec. 31, 1991, and down $16.3 million from the level three months ago. The allowance for loan losses, totaling $60.5 million at the end of 1992, provides a 172 percent coverage of problem loans, compared to 107 percent a year ago.
 As previously announced, the company has agreed to merge with First Bank System Inc. (NYSE: FBS) (FBS), whereby each share of Colorado National common stock would be exchanged for 1.71206 shares of FBS common stock. The merger is conditioned upon approvals by the Federal Reserve Board and the shareholders of both companies and is expected to be completed in mid-1993.
 Colorado National Bankshares, is a bank holding company headquartered in Denver. The company is comprised of 8 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 Years Ended Dec. 31, 1992 and 1991
 (dollars in thousands, except per share data)
 Percent
 Increase
 1992 1991 (Decrease)
 Total interest income $229,076 $269,460 (15.0)
 Total interest expense 80,299 124,881 (35.7)
 Net interest income 148,777 144,579 2.9
 Provision for loan losses 19,036 43,347 (56.1)
 Net interest income
 after provision
 for loan losses 129,741 101,232 28.2
 Net investment
 securities gains 58 1,852 (96.9)
 Other income 135,641 121,279 11.8
 Net expense of
 foreclosed assets 4,811 13,266 (63.7)
 Other expense 206,555 188,542 9.6
 Income before income
 taxes and minority
 interest 54,074 22,555 139.7
 Income tax expense 20,135 8,080 149.2
 Income before minority
 interest 33,939 14,475 134.5
 Minority interest in net
 income of consolidated
 subsidiary 3,468 3,647 (4.9)
 Income before cumulative
 effect of change in
 accounting principle 30,471 10,828 181.4
 Cumulative effect of
 change in accounting
 principle 5,365 --- NM
 Net income $35,836 $10,828 231.0
 Primary earnings per share:
 Before cumulative effect
 of change in
 accounting principle $2.52 $.93 171.0
 Cumulative effect of
 change in accounting
 principle .45 --- NM
 Net income per share $2.97 $.93 219.4
 Fully-diluted earnings per share:
 Before cumulative effect
 of change in
 accounting principle $2.47 $.92 168.5
 Cumulative effect of
 change in accounting
 principle .45 --- NM
 Net income per share $2.92 $.92 217.4
 Cash dividends declared
 and paid $3,249 $1,815 79.0
 Dividends per share $.28 $.16 75.0
 Loan losses, net of recoveries:
 Bankcard loans $14,695 $16,490 (10.9)
 All other loans 5,635 23,621 (76.1)
 Total loans $20,330 $40,111 (49.3)
 NM = not meaningful
 COLORADO NATIONAL BANKSHARES INC.
 Results of Operations
 For the Three Months Ended Dec. 31, 1992 and 1991
 (dollars in thousands, except per share data)
 Percent
 Increase
 1992 1991 (Decrease)
 Total interest income $55,466 $64,881 (14.5)
 Total interest expense 16,731 29,093 (42.5)
 Net interest income 38,735 35,788 8.2
 Provision for loan losses 1,610 14,158 (88.6)
 Net interest income
 after provision
 for loan losses 37,125 21,630 71.6
 Net investment
 securities gains 17 2 750.0
 Other income 34,607 31,662 9.3
 Net expense (income)
 of foreclosed assets (321) 1,879 (117.1)
 Other expense 56,776 48,846 16.2
 Income before income
 taxes and minority
 interest 15,294 2,569 495.3
 Income tax expense 6,068 978 520.4
 Income before minority
 interest 9,226 1,591 479.9
 Minority interest in net
 income of consolidated
 subsidiary 712 894 (20.4)
 Income before cumulative
 effect of change in
 accounting principle 8,514 697 1,121.5
 Cumulative effect of
 change in accounting
 principle --- --- NM
 Net income $ 8,514 $ 697 1,121.5
 Primary earnings
 per share $.70 $.06 1,066.7
 Fully-diluted earnings
 per share $.68 $.06 1,033.3
 Cash dividends declared
 and paid $1,396 $456 206.1
 Dividends per share $.12 $.04 200.0
 Loan losses, net of recoveries:
 Bankcard loans $3,133 $ 4,439 (29.4)
 All other loans 457 5,643 (91.9)
 Total loans $3,590 $10,082 (64.4)
 NM = not meaningful
 COLORADO NATIONAL BANKSHARES INC.
 Statement of Condition Summary
 (dollars in thousands, except per share data)
 Percent
 Dec. 31, Increase
 1992 1991 (Decrease)
 Total assets $3,118,585 $3,044,183 2.4
 Total deposits 2,645,178 2,585,871 2.3
 Total loans 1,587,427 1,686,272 (5.9)
 Allowance for loan
 losses 60,547 61,814 (2.0)
 Shareholders' equity 252,389 211,549 19.3
 Book value per share 21.16 18.29 15.7
 Market price per share 45.50 25.75 76.7
 Problem assets (in millions)
 Nonaccrual loans $30.1 $ 46.1 (34.7)
 Restructured loans 3.4 6.4 (46.9)
 Past-due loans 1.6 5.4 (70.4)
 Total problem loans 35.1 57.9 (39.4)
 Foreclosed assets:
 Real estate 11.8 15.8 (25.3)
 In-substance foreclosures 8.8 23.8 (63.0)
 Other assets .3 .6 (50.0)
 Total problem assets $56.0 $98.1 (42.9)
 Total problem loans as a
 percentage of total loans 2.2 3.4 ---
 Total problem assets as a
 percentage of total loans
 and foreclosed assets 3.5 5.7 ---
 Allowance for loan losses
 as a percentage of total
 loans 3.8 3.7 ---
 Reserve coverage
 of problem loans (percent) 172.4 106.7 ---
 COLORADO NATIONAL BANKSHARES INC.
 Average Statement of Condition
 (dollars in thousands)
 Percent
 Three Months Ended Dec. 31, Increase
 1992 1991 (Decrease)
 Interest-earning assets:
 Loans $1,560,897 $1,719,600 (9.2)
 Investment securities 842,418 639,012 31.8
 Trading account
 securities 744 330 125.5
 Short-term investments 255,092 352,392 (27.6)
 Total interest-
 earning assets 2,659,151 2,711,334 (1.9)
 Noninterest-earning assets:
 Allowance for
 loan losses (62,414) (58,105) 7.4
 Cash and due from banks 253,562 194,781 30.2
 Other assets 168,598 181,018 (6.9)
 Total assets $3,018,897 $3,029,028 (0.3)
 Interest-bearing liabilities:
 Interest-bearing
 deposits $1,847,244 $1,913,269 (3.5)
 Short-term borrowings 126,642 205,902 (38.5)
 Long-term debt --- 52,826 (100.0)
 Total interest-
 bearing liabilities 1,973,886 2,171,997 (9.1)
 Noninterest-bearing liabilities:
 Noninterest-bearing
 deposits 739,173 592,805 24.7
 Other liabilities 63,322 52,574 20.4
 Shareholders' equity 242,516 211,652 14.6
 Total liabilities and
 shareholders'
 equity $3,018,897 $3,029,028 (0.3)
 Net yield on interest-
 earning assets 5.83 pct. 5.29 pct. ---
 Interest rate spread 4.96 pct. 4.24 pct. ---
 Percent
 Year Ended Dec. 31, Increase
 1992 1991 (Decrease)
 Interest-earning assets:
 Loans $1,601,146 $1,768,520 (9.5)
 Investment securities 735,602 657,319 11.9
 Trading account
 securities 594 791 (24.9)
 Short-term investments 305,969 226,550 35.1
 Total interest-
 earning assets 2,643,311 2,653,180 (0.4)
 Noninterest-earning assets:
 Allowance for
 loan losses (63,274) (59,940) 5.6
 Cash and due from banks 252,061 190,153 32.6
 Other assets 177,469 183,259 (3.2)
 Total assets $3,009,567 $2,966,652 1.4
 Interest-bearing liabilities:
 Interest-bearing
 deposits $1,878,817 $1,877,412 0.1
 Short-term borrowings 144,143 215,074 (33.0)
 Long-term debt 15,810 53,178 (70.3)
 Total interest-
 bearing liabilities 2,038,770 2,145,664 (5.0)
 Noninterest-bearing liabilities:
 Noninterest-bearing
 deposits 686,094 564,126 21.6
 Other liabilities 56,092 50,790 10.4
 Shareholders' equity 228,611 206,072 10.9
 Total liabilities and
 shareholders'
 equity $3,009,567 $2,966,652 1.4
 Net yield on interest-
 earning assets 5.67 pct. 5.54 pct. ---
 Interest rate spread 4.77 pct. 4.43 pct. ---
 -0- 1/19/93
 /CONTACT: James L. Basey of Colorado National Bankshares, 303-629-1968/
 (COLC FBS)


CO: Colorado National Bankshares Inc. ST: Colorado IN: FIN SU: ERN

MC -- DV005 -- 6454 01/19/93 14:47 EST
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