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FIRST FEDERAL REPORTS RECORD EARNINGS

 LA CROSSE, Wis., July 14 /PRNewswire/ -- First Federal Capital Corp (NASDAQ: FTFC), the parent company of First Federal Savings Bank La Crosse-Madison, has reported record earnings for the quarter ended June 30, 1993.
 Net income for the three months ended in June totalled $2.88 million, or $.56 a share. That compared to income of $2.55 million, or $.50 per share, for the same period last year.
 Commenting on the results for the quarter, Thomas W. Schini, company president and chief executive officer, stated that "Our improvement in earnings can be attributed to record net interest income, solid gains from the sale of mortgage loans and increases in other non-interest income, particularly retail banking fees." Schini reported that the strong improvement in the company's retail banking fees was directly related to increases in checking accounts and related services.
 The company reported that net interest income reached $8.01 million, up from $7.44 million in the second quarter last year. Non-interest income, including gains from the sale of loans, rose to $3.92 million compared to $3.01 million last year. Gain on the sale of loans was $1.94 million, up from $1.23 million last year.
 Schini further commented that the continuation of low and stable interest rates led to record home lending volume for the company. For the quarter just ended, the company provided $174 million in home loans, up 52 percent from last year's level. He indicated, "Our outlook for third quarter lending volume remains positive due to low interest rates and a continuation of strong refinancing activity."
 Schini also stated that non-performing assets were down 46 percent from a year ago and totalled $4.66 million, or .51 percent of total assets. Provisions for possible loan and/or real estate losses amounted to $12,000 for the quarter just ended. That compared to $79,000 for the same period last year. In noting the continued improvement in asset quality, Schini said, "Our allowances for possible loan or real estate losses now total $8.9 million, or 192 percent of non-performing assets."
 For the first six months of 1993, the company reported net income of $5.42 million, or $1.05 a share, compared to $4.86 million or $.94 a share for the first six months of 1992. Last year's results exclude a gain of $1.1 million, or $.21 a share from an accounting change.
 At June 30, 1993, First Federal Capital Corp's shareholders' equity totalled $65.57 million, an increase of 17 percent over the level of one year ago. Equity per share was $12.73. Total assets of the company at June 30, 1993, were $913 million. Deposits were $716 million, while loans held for investment were $553 million. The company is now servicing over $1.1 billion in mortgage loans including $595 million in loans serviced for others.
 The company's banking subsidiary, First Federal Savings Bank La Crosse-Madison, is headquartered in La Crosse. It operates 23 consumer banking offices and two loan production facilities in western and south central Wisconsin. First Federal Capital Corp, with 5,149,346 shares outstanding, is traded on the NASDAQ Stock Market under the symbol FTFC.
 FIRST FEDERAL CAPITAL CORP FINANCIAL HIGHLIGHTS
 Selected Operating Data
 (Dollars in 000s except for per share amounts)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Interest income $16,912 $18,180 $33,232 36,497
 Interest expense 8,894 10,621 17,752 21,858
 Net interest income 8,018 7,559 15,480 14,639
 Provision for loan losses 11 122 42 724
 Provision for real estate
 losses 1 (43) (14) 155
 Non-interest income 3,921 3,014 6,864 6,089
 Non-interest expense
 (excluding real estate
 loss expense) 7,032 6,267 13,229 11,948
 Income tax expense 2,009 1,680 3,670 3,042
 Net income before
 accounting change 2,884 2,547 5,416 4,859
 Accounting change --- --- --- 1,100
 Net income 2,884 2,547 5,416 5,959
 Per share 0.56 0.50 1.05 1.15
 Per Share (before
 accounting change) 0.56 0.50 1.05 0.94
 Net yield on earning
 assets (percent) 3.75 3.75 3.70 3.65
 Return on Average Assets (pct.) 1.28 1.20 1.23 0.94
 Return on Average Assets
 (before accounting change)
 (percent) 1.28 1.20 1.23 0.76
 Return on Average Equity 17.77 18.94 16.98 15.16
 Return on Average Equity
 (before accounting change)
 (percent) 17.77 18.94 16.98 12.37
 Dividends Paid $0.09 $0.06 $0.165 $0.11
 FIRST FEDERAL CAPITAL CORP
 Selected Balance Sheet Data at June 30 1993 1992
 (Dollars in 000s except for per
 share amounts)
 Assets $912,861 $855,592
 Investment Securities 78,897 31,996
 Mortgage-backed and related securities 137,903 124,281
 Loans held for investment 552,658 579,930
 Deposits 716,254 703,705
 Allowance for loan and real estate losses 8,923 9,706
 (1)Nonperforming assets 4,657 8,691
 Shareholders' equity 65,565 55,884
 Per share 12.73 10.88
 Other Information at June 30
 Equity Capital as a percent of total assets 7.18 6.53
 Allowances for loan losses as a percent of
 loans 1.54 1.30
 Nonperforming assets as a percent of total
 assets 0.51 1.02
 Allowances for loan & real estate loss as
 a percent of nonperforming assets 192 112
 Stock price at end of period $16.00 $9.88
 (1)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.
 -0- 7/14/93
 /CONTACT: Bob Rousey of First Federal Capital Corp., 608-784-8000/


CO: First Federal Capital Corp. ST: Wisconsin IN: FIN SU: ERN

AL -- MN014 -- 1453 07/14/93 13:09 EDT
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Date:Jul 14, 1993
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