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FIRST COLONIAL ANNOUNCES 1992 EARNINGS OF $12.2 MILLION

 CHICAGO, Jan. 19 /PRNewswire/ -- First Colonial Bankshares Corporation (NASDAQ: FCOLA) announced earnings for the year ended Dec. 31, 1992 of $12.2 million or $1.08 per share on a fully diluted basis. This compares with earnings of $15.0 million or $1.48 per share earned in 1991. Net income for the year was affected by the non-recurring charges taken in the fourth quarter which amounted to $4.4 million or $.42 per share on a fully diluted basis. First Colonial's 1992 net income would have been $16.6 million or $1.50 per share, had these special charges not been taken during the fourth quarter. During the fourth quarter of 1992, First Colonial had a loss of $105,000 as compared to net income during the fourth quarter of 1991 of $4.0 million. On a per share basis, this results in a loss of $.06 in 1992 versus net income of $.39 in the fourth quarter of 1991. Without the special charges, fourth quarter net income would have been $.37 per share. Fully diluted earnings per share were affected by the issuance of $20.1 million of convertible preference stock in April of 1992.
 "While we are disappointed with the need for the non-recurring charges during the fourth quarter of 1992, we continue to be pleased with the core earnings throughout the company," stated C. Paul Johnson, chairman and chief executive officer. Johnson went on to say, "Net interest margin continued to improve during the fourth quarter of 1992 with an increase to 5.03 percent from 4.9 percent in the third quarter of 1992." The continuing improvement in net interest margin is the result of net loan growth of $75 million during 1992 and an improving expense structure in the deposit mix. Johnson also noted that net charge-offs for the year decreased to $3.46 million or .36 percent of average outstanding loans.
 Noninterest income was $5.6 million for the fourth quarter, compared to $8.0 million in the fourth quarter of 1991. Included in noninterest income during the fourth quarter of 1991 was $2.6 million in securities gains. There were no securities gains or losses in the fourth quarter of 1992. Investment services fees for the quarter were $662,000 up 41 percent from the fourth quarter of 1991. For the full year, investment services fees were $3.4 million which represents a 127 percent increase over 1991 fees of $1.5 million.
 In addition to the decrease in net charge-offs for the full year, the company also experienced a substantial improvement in the level of nonperforming loans from prior quarters. As of Dec. 31, 1992, nonperforming loans decreased to $20.6 million from $28.7 million at Sept. 30, 1992. Nonperforming loans as a percentage of period end loans decreased to 2.1 percent as of Dec. 31, 1992, from 2.9 percent at Sept. 30, 1992, and 2.1 percent at Dec. 31, 1991. The reduction in nonperforming loans reflects the successful resolution of certain problem loans throughout the company. The company also increased the allowance for possible loan losses to 1.22 percent of total loans at Dec. 31, 1992, up from 1.14 percent of total loans at Sept. 30, 1992 and 1.15 percent at Dec. 31, 1991.
 The previously announced special charges (on a pretax basis) taken during the fourth quarter of 1992 included a write down of mortgage servicing rights of $4.4 million, special provision for possible credit losses of $1.2 million, a $600,000 write down of its leasing company investment and other miscellaneous charges of $600,000. These amounts are consistent with the amounts previously disclosed. The effect on per share earnings was $.43 and $.42 for the quarter and full year, respectively. The quarterly effect on earnings per share was higher than previously estimated due to a change in the calculation of fully diluted earnings per share.
 First Colonial Bankshares Corporation owns 16 banks with 23 locations throughout Chicago and its surrounding suburbs. It also has pending an acquisition of two additional banks with five locations in the northern suburbs of Chicago. It is the parent to other nonbank subsidiaries including Mid-States Financial Corp., a commercial leasing firm, First Colonial Trust Company and First Colonial Investment Services, Inc., a full service broker dealer subsidiary.
 FIRST COLONIAL BANKSHARES CORPORATION
 Financial and Statistical Summary
 (Unaudited, amounts in thousands)
 12/31/92 12/31/91 Percent Change
 Balance sheet
 Cash and due from banks $ 81,114 $ 68,734 18.0
 Federal funds sold 21,880 10,895 100.8
 Money market investments 31,267 110,044 (71.6)
 Investment securities 384,711 453,481 (15.2)
 Loans 996,227 920,858 8.2
 Allowance for loan losses (12,170) (10,587) 15.0
 Premises and equipment 23,498 18,565 26.6
 Other assets 23,472 32,889 (28.6)
 Goodwill 28,380 30,450 (6.8)
 Total assets 1,578,379 1,635,329 (3.5)
 Noninterest bearing deposits 248,074 224,708 10.4
 Interest bearing deposits 1,111,056 1,190,049 (6.6)
 Total deposits 1,359,130 1,414,757 (3.9)
 Short term borrowings 38,659 70,113 (44.9)
 Long term borrowings 20,774 14,191 46.4
 Other liabilities 10,349 15,640 (33.8)
 Stockholders' equity 149,467 120,628 23.9
 Total liabilities and
 stockholders' equity 1,578,379 1,635,329 (3.5)
 Quarterly average balances
 Loans $ 998,590 $ 914,070 9.2
 Federal funds sold 20,436 35,699 (42.8)
 Money market investments 31,992 113,871 (71.9)
 Taxable securities 284,494 360,791 (21.1)
 Securities exempt from
 federal taxes 92,060 78,916 16.7
 Total earnings assets 1,427,572 1,503,347 (5.0)
 Total assets 1,576,799 1,642,668 (4.0)
 Interest bearing deposits 1,115,509 1,217,306 (8.4)
 Short term borrowings 45,645 64,274 (29.0)
 Long term borrowings 15,240 13,140 16.0
 Total interest bearing
 liabilities 1,176,394 1,294,720 (9.1)
 Noninterest beating deposits 237,714 212,156 12.0
 Stockholders' equity 151,341 117,741 28.5
 Periods ended Quarter Year
 Dec. 31 1992 1991 1992 1991
 Average Yields (FTE)
 (as a percent)
 Earning assets
 Loan 8.76 9.96 9.04 10.36
 Federal funds sold 2.85 4.83 3.42 5.48
 Money market
 investments 3.99 5.91 4.94 6.49
 Taxable securities 5.26 6.89 5.91 7.40
 Securities exempt
 from federal taxes 8.67 8.93 8.75 9.67
 Total earning assets 7.86 8.71 8.11 9.38

 Interest bearing
 liabilities:
 Interest bearing
 demand deposits 2.81 4.65 3.32 5.07
 Savings deposits 2.85 4.58 3.32 4.74
 Time deposits 4.30 6.21 4.94 6.68
 Other borrowed funds 5.97 6.37 5.73 7.37
 Total interest bearing
 liabilities 3.53 5.50 4.10 5.93
 Effect of interest
 rate swaps (.08) (.04) (.06) (.03)
 Rate spread 4.41 3.25 4.07 3.48
 Net interest margin 5.03 4.01 4.74 4.30
 -0- 1/19/93
 /CONTACT: C. Paul Johnson or Stephen D. Daniels of First Colonial Bankshares Corp., 312-419-9891/
 /FIRST AND FINAL ADD TO FOLLOW/
 (FCOLA)


CO: First Colonial Bankshares Corporation ST: Illinois IN: FIN SU: ERN

TS -- NY096 -- 6585 01/19/93 17:22 EST
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