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FIRST COLONIAL ANNOUNCES 13 PERCENT INCREASE IN NET INCOME

 FIRST COLONIAL ANNOUNCES 13 PERCENT INCREASE IN NET INCOME
 CHICAGO, July 8 /PRNewswire/ -- First Colonial Bankshares Corp. (NASDAQ: FCOLA) today announced record earnings for the quarter ended June 30, 1992. C. Paul Johnson, chairman and chief executive officer, reported that the company earned $4.0 million during the second quarter, a 13 percent increase from the $3.5 million recorded in the second quarter of 1991.
 On a fully diluted per share basis, First Colonial earned $.36 versus $.35, a 3 percent increase. For the six months ended June 30, 1992, the company earned $7.6 million or $.71 per share compared with $6.9 million or $.67 per share in 1991, a 6 percent increase.
 Noninterest income for the quarter was $5.9 million, a 16 percent increase from the $5.1 million recorded in the second quarter of 1991. Johnson commented that for both the quarter and the first half of 1992 income was enhanced by the company's strong performance in fee generated income. Revenues of First Colonial Investment Services, Inc., the company's investment advisory subsidiary, rose to $962,000 for the second quarter of 1992 versus $352,000 for the same period in 1991; for the six months ended June 30, 1992, revenues were $1.9 million, more than triple the $576,000 recorded for the same period last year.
 Net interest margin for the quarter was 4.74 percent versus 4.29 percent for the first quarter of 1992 and 4.01 percent for the last quarter of 1991. Johnson said the company's strong improvement in net interest margin resulted from a $45 million increase in loans from year end 1991 and aggressive pricing of deposit rates as interest rates overall continued to decline.
 Johnson also pointed out that asset quality and reserves remain strong. Net charge-offs for the first six months declined to $1.5 million from $1.8 million a year ago. On an annualized basis, net charge-offs as a percentage of average loans decreased to .32 percent from .39 percent for the same period. Nonperforming assets, defined as nonaccrual loans, restructured loans and other real estate as a percentage of loans and ORE, declined to 1.66 percent from 1.67 percent at March 31, 1992, and 1.74 percent at year end. The company's reserve for credit losses increased slightly to 1.16 percent of total loans.
 The $1.6 billion asset First Colonial Bankshares Corp. owns 16 banks with 23 locations throughout Chicago and its surrounding suburbs and is also parent company to other non-bank subsidiaries including Mid-States Financial Corp., a commercial leasing firm, First Colonial Trust Company and First Colonial Investment Services, Inc.
 FIRST COLONIAL BANKSHARES CORP.
 Second Quarter 1992 and 1991
 (Amounts in thousands, except share data)
 Quarterly comparison 2Q '92 2Q '91 Pct. change
 Net Income $ 3,998.9 $ 3,532.0 13 pct.
 Per share - primary 0.37 0.35 6 pct.
 fully diluted 0.36 0.35 3 pct.
 Net interest income (fte) 17,004.5 15,571.5 9 pct.
 Margin 4.74 pct. 4.44 pct. --
 Return on average assets 1.02 pct. 0.92 pct. --
 Return on avg common equity 12.26 pct. 12.77 pct. --
 Noninterest income 5,940.0 5,135.5 16 pct.
 Noninterest expense 14,825.6 13,655.3 9 pct.
 Loan loss provision 1,207.9 828.5 46 pct.
 Net charge-offs 689.0 1,005.6 -31 pct.
 Weighted average shares and
 share equivalents 10,870.5 9,878.6 10 pct.
 Year-to-Date Comparison
 1992 1991 Pct.change
 Net Income $ 7,592.9 $ 6,893.4 10 pct.
 Per share - primary 0.72 0.68 6 pct.
 fully diluted 0.71 0.67 6 pct.
 Net interest income (fte) 32,596.8 31,345.4 4 pct.
 Margin 4.52 pct. 4.50 pct. --
 return on average assets 0.97 pct. 0.91 pct. --
 Return on avg common equity 12.11 pct. 12.65 pct. --
 Noninterest income 11,829.7 9,667.0 22 pct.
 Noninterest expense 29,181.7 27,199.4 7 pct.
 Loan loss provision 2,056.1 1,632.0 26 pct.
 Net charge-offs 1,473.1 1,803.4 -18 pct.
 Weighted average shares and
 share equivalents 10,391.2 9,883.1 5 pct.
 Balance Sheet
 6-30-92 12-31-91 6-30-91
 Assets $1,578,825.8 $1,635,328.6 $1,571,254.0
 Deposits 1,356,903.0 1,415,109.6 1,367,925.8
 Loans 965,994.0 920,858.4 919,234.4
 Shareholder Equity 146,569.1 120,628.1 114,485.5
 Loss Reserve 11,170.2 10,587.3 10,009.1
 Reserve/loans ratio 1.16 pct. 1.15 pct. 1.09 pct.
 Nonaccrual and renegotiated
 loans and ORE 16,068.5 15,997.0 13,889.0
 as a pct. of loans and ORE 1.66 pct. 1.74 pct. 1.51 pct.
 Core leverage ratio 7.51 pct. 5.56 pct. 5.30 pct.
 Book value per share $12.82 $12.38 $11.75
 -0- 7/8/92
 /CONTACT: C. Paul Johnson or Robert F. Sherman First Colonial Bankshares Corp., 312-419-9891/
 (FCOLA) CO: First Colonial Bankshares Corp. ST: Illinois IN: FIN SU: ERN


TQ -- NY046 -- 7440 07/08/92 13:13 EDT
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