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FIRST FEDERAL REPORTS STRONG FOURTH QUARTER EARNINGS

 FIRST FEDERAL REPORTS STRONG FOURTH QUARTER EARNINGS
 LA CROSSE, Wis., Jan. 22 /PRNewswire/ -- First Federal Capital Corp.


(NASDAQ: FTFC), the parent company of First Federal Savings Bank La Crosse-Madison, has posted a significant gain in fourth quarter profits.
 Net income for the three months ended Dec. 31, 1991, totaled $1.78 million, or $.94 a share. That compared to income of $1.52 million, or $.80 a share for the comparable quarter last year when earnings were enhanced by the elimination of tax expenses due to a tax loss carryback in that year.
 For the fiscal year ended Dec. 31, 1991, net income amounted to $7.79 million, or $4.10 a share. Included in that total was extraordinary income of $1.39 million which the company realized as a result of a tax loss carryforward from the prior year. For fiscal 1990, the company had a loss of $8.02 million, or $4.23 a share, as a result of the establishment of substantial provisions for possible loan or real estate loss.
 Commenting on the year's performance, Thomas W. Schini, company president and chief executive officer, indicated that "The record pre- tax earnings for the quarter and the year were the result of improved performance in many areas of our operation. Increases in net interest income and noninterest income plus a reduction in operating expenses all contributed to the dramatic earnings improvement in 1991."
 Schini reported that fourth quarter net interest income, before provisions for possible loan losses, rose to a record $6.85 million compared to $5.38 million in the fourth quarter last year. At the same time, and for the same period, noninterest income increased to $2.49 million from $1.52 million in the fourth quarter last year.
 Schini further noted that the strong performance in 1991 was positively impacted by the actions taken by the company in 1990 to address its asset quality concerns. "During 1991, nonperforming assets were reduced from $17.1 million at the beginning of the year to $11.1 million at Dec. 31, 1991. This substantial reduction was accomplished without significant impact to either earnings or reserves in the year just ended."
 Provision for possible loan or real estate losses for the quarter and year ended Dec. 31, 1991, respectively were $109,000 and $1.47 million for the quarter and year ended Dec. 31, 1990.
 At Dec. 31, 1991, First Federal Capital Corp.'s shareholder's equity totalled $50.4 million, a 20 percent increase over the year end 1990 level of $41.9 million. Equity per share at Dec. 31, 1991, was $26.81.
 Total assets of the company at Dec. 31, 1991, were $829 million for an increase of $57 million during the year. Deposits at year end were $698 million while loans totalled $598 million.
 The company's banking subsidiary, First Federal Savings Bank La Crosse-Madison, is headquartered in La Crosse, Wis. It serves customers through 25 banking facilities in western and south central Wisconsin.
 First Federal Capital Corp. shares are traded on the NASDAQ National Market System under the symbol FTFC.
 FIRST FEDERAL CAPITAL CORP. FINANCIAL HIGHLIGHTS
 SELECTED OPERATING DATA
 (Dollars in thousands, except per-share amounts)
 Three Months Ended
 12/31/91 12/31/90
 Interest income $18,603 $18,340
 Interest expense 11,757 12,959
 Net interest income 6,846 5,381
 Provision for loan and real estate loss 109 361
 Non-interest income 2,489 1,522
 Non-interest expense (excluding merge
 and real estate loss expense) 5,960 5,011
 Income tax expense 1,482 --
 Net income 1,784 1,520
 Per share 0.94 0.80
 Net yield on earning assets 3.53 pct. .97 pct.
 Year Ended
 12/31/91 12/31/90
 Interest income $73,833 $74,422
 Interest expense 49,150 52,605
 Net interest income 24,683 21,817
 Provision for loan and real estate loss 1,465 14,661
 Non-interest income 9,051 6,529
 Non-interest expense (excluding merger
 and real estate loss expense) 21,474 21,914
 Income tax expense (benefit) 4,389 (1,927)
 Net income (loss) before
 extraordinary item 6,404 (8,025)
 Extraordinary item 1,390 --
 Net income (loss) 7,794 (8,025)
 Per share 4.10 (4.23)
 Per share before extraordinary item 3.37 (4.23)
 Net yield on earning assets 3.29 pct. 3.01 pct
 SELECTED BALANCE SHEET DATA
 12/31/91 12/31/90
 Assets $829,026 $772,421
 Investment securities 23,509 29,695
 Mortgage-backed and CMO securities 107,074 52,933
 Loans held for investment 598,173 625,947
 Deposits 698,336 662,370
 Allowances for loan and real estate losses 9,934 9,459
 (a) Nonperforming assets 11,092 17,063
 Shareholders' equity 50,379 41,873
 Per share 26.18 22.07
 OTHER INFORMATION
 1991 1990
 Equity capital as a percent of total assets 6.08 pct. 5.42 pct.
 Allowances for loan losses as a percent
 of loans 1.25 pct. 1.12 pct.
 Nonperforming assets as a percent of
 total assets 1.34 pct. 2.21 pct.
 Allowances for loan & real estate loss
 as a percent of nonperforming assets 90 pct. 55 pct.
 Stock price at end of period $19.50 $6.00
 (a) Includes real estate owned and loans 90 days past due, exclusive of loans which are performing in accordance with their terms but which are being closely monitored by management for potential problems.
 -0- 01/22/92
 /CONTACT: Robert N. Rousey of First Federal Capital Corp., 608-784-8000/
 (FTFC) CO: First Federal Capital Corp. ST: Wisconsin IN: SU: ERN


KH -- MN008 -- 2282 01/22/92 12:06 EST
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