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FIRST FEDERAL REPORTS A SIGNIFICANT INCREASE IN EARNINGS

 FIRST FEDERAL REPORTS A SIGNIFICANT INCREASE IN EARNINGS
 LA CROSSE, Wis., Oct. 14 /PRNewswire/ -- First Federal Capital Corp (NASDAQ: FTFC), the parent company of First Federal Savings Bank La Crosse-Madison, has posted a 53 percent increase in third quarter earnings.
 Net income for the three months ended Sept. 30, 1992, totalled $2.68 million, or $1.05 a share. That compared to income of $1.75 million, or $.69 a share for the comparable quarter last year.
 Thomas W. Schini, company president and chief executive officer, commented that, "Our eighth consecutive quarter of improved earnings was once again accomplished through increases in both net interest and non- interest income. For the three months just ended, net interest income was $7.44 million, an increase of 19 percent over the same quarter last year. Non-interest income improved by 41 percent over last year to $3.07 million. The significant increase in non-interest income can be primarily attributed to the continuation of a record volume of single family loan originations."
 The company also reported further reductions in non-performing assets during the quarter. Total non-performing assets stood at $6.88 million as of Sept. 30, 1992. This is a reduction of $1.81 million from the level reported at June 30, 1992, and down by $2.85 million from Sept. 30 of last year.
 Schini commented that the company now has a level of allowances for possible loan and/or real estate losses equal to 133 percent of non performing assets. Schini stated, ''We have accomplished much in the area of asset quality and we continue to emphasize this component of our balance sheet. It is particularly important in the light of a weakened economy and its effects on the market for real estate."
 The company also reported that its banking subsidiary had recently undergone regularly scheduled examinations by the Federal Deposit Insurance Corp. and by the bank's chief regulator, the Office of Thrift Supervision. The company believes that the results of these examinations will have no material impact on the bank or the company.
 For the first nine months of 1992, the company reported net income of 8.64 million, or $3.37 a share, compared to $6.01 million, or $2.37 a share for the first nine months of 1991. Income for both periods included non-recurring items. For the first nine months of 1992, an accounting change contributed $1.10 million, or $.43 a share to earnings in the first quarter. In the first nine months of 1991, the use of tax loss carry-forwards resulted in an extraordinary gain of $1.39 million or $.55 a share. Excluding these two items, earnings for the first nine months of 1992 were up 63 percent over the same period in 1991.
 Return on average assets for the first nine months of 1992 was 1.18 percent, compared to .78 percent for the same period last year. Return on average equity for the nine months was 18.74 percent, up from 13.64 percent for the first nine months last year. All figures have excluded the benefits realized in both years from extraordinary items or accounting changes.
 At Sept. 30, 1992, First Federal Capital Corp's shareholders' equity totalled $58.24 million, an increase of 21 percent over the level of one year ago. Equity per share was $22.68. Total assets of the company at Sept. 30, 1992, were $888 million. Deposits were $712 million, while loans held for investment were $555 million.
 The company's banking subsidiary, First Federal Savings Bank La Crosse-Madison, is headquartered in La Crosse, Wis. It operates 23 consumer banking offices and two loan production facilities in western and south central Wisconsin. First Federal Capital Corp shares are traded on the NASDAQ Stock Market under the symbol FTFC.
 FIRST FEDERAL CAPITAL CORP
 Selected Balance Sheet Data at Sept. 30
 (Dollars in 000's except for per share amounts)
 1992 1991
 Assets: $ 887,586 $ 809,306
 Investment securities $ 41,860 $ 26,573
 Mortgage-backed and
 related securities 152,841 81,495
 Loans held for investment 555,451 615,409
 Deposits 712,209 674,374
 Allowance for loan
 and real estate losses 9,168 10,080
 Non-performing assets(a) 6,884 9,729
 Shareholders' equity 58,237 48,270
 Per share 22.68 19.06
 Other information at Sept. 30
 Equity capital as a percent
 of total assets (pct.) 6.56 5.96
 Allowances for loan losses
 as a percent of total assets (pct.) 1.29 1.22
 Non-performing assets as
 a percent of total assets (pct.) 0.78 1.20
 Allowances for loan &
 real estate loss as
 a pct. of non-performing assets 133 104
 Stock price at end of period $22.50 $12.19
 (a) Includes real estate owned and loans 90 days past due. Does not include loans which are performing in accordance with their terms but which are being closely monitored by management for potential problems.
 FIRST FEDERAL CAPITAL CORP FINANCIAL HIGHLIGHTS
 Selected Operating Data
 (Dollars in 000's except for per share amounts)
 Three Months Ended Nine Months Ended
 Periods ended Sept. 30
 1992 1991 1992 1991
 Interest income $17,468 $18,448 $53,966 $55,230
 Interest expense 10,029 12,214 31,888 37,394
 Net interest income 7,439 6,234 22,078 17,836
 Provision for
 loan losses 328 376 1,052 1,162
 Provision for
 real estate losses (45) (33) 110 194
 Non-interest income 3,070 2,177 9,160 6,533
 Non-interest expense
 (excluding
 real estate)
 loss expense 5,779 5,190 17,727 15,485
 Income tax expense 1,765 1,125 4,808 2,907
 Net income before
 extraordinary item 2,682 1,753 7,541 4,621
 Accounting charge --- --- 1,100 ---
 Extraordinary item --- --- --- 1,390
 Net income 2,682 1,753 8,641 6,011
 Per share 1.05 0.69 3.37 2.37
 Per share (before accounting
 change and
 extraordinary item) 1.05 0.69 2.94 1.82
 Net yield on
 earning assets (pct.) 3.63 3.30 3.64 3.22
 Return on average
 assets (pct.) 1.25 0.87 1.35 1.01
 Return on average assets (pct.)
 (before accounting
 change
 & extraordinary item) 1.25 0.87 1.18 0.78
 Return on
 average equity (pct.) 19.12 14.87 21.48 17.74
 Return on average
 Equity (pct.) (before
 accounting change
 & extraordinary item) 19.12 14.87 18.74 13.64
 -0- 10/14/92
 /CONTACT: Bob Rousey of First Federal Capital Corp., 608-784-8000/
 (FTFC) CO: First Federal Capital Corporation ST: Wisconsin IN: FIN SU: ERN


TM -- NY102 -- 0153 10/14/92 20:25 EDT
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Date:Oct 14, 1992
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