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FIRST REGIONAL BANCORP REPORTS RESULTS

 FIRST REGIONAL BANCORP REPORTS RESULTS
 CENTURY CITY, Calif., Aug. 11 /PRNewswire/ -- First Regional


Bancorp (NASDAQ: FRGB) reported improved net income in both the second quarter and first six months of 1992, Jack A. Sweeney, chairman and chief executive officer, announced today. He added that assets, deposits and loans all rose from the levels of the previous year.
 For the quarter ended June 30, 1992, net income was $137,000, equal to 6 cents per share, from $85,000, or 4 cents per share, in the corresponding quarter of 1991. Net income for the first half totaled $314,000, equal to 14 cents per share, compared with $186,000, or 9 cents per share in the prior year.
 Sweeney said, "First Regional's results for the second quarter are a reflection of our ongoing programs to develop the bank's business on a sound and prudent basis in the face of a challenging economic environment. While First Regional has remained profitable, the economy in Southern California continues to be difficult and uncertain. Unemployment levels are very high, and the real estate industry has been especially hard hit. Many First Regional borrowers have been severely impacted by the economic downturn, and this has led to higher levels of potential problem loans.
 "In this environment, we are maintaining a very cautious posture, particularly with regard to loan loss reserves. Our loan loss provisions thus far in 1992 are well above last year's, and we expect to make further significant additions to reserves in the immediate future. Since our business strategy emphasizing prudent reserves, strong liquidity and conservative lending practices has served us well in the past, we intend to continue to adhere to it."
 First Regional Bancorp is a bank holding company headquartered in Century City. First Regional Bank, its subsidiary, specializes in providing businesses and professionals with the management expertise of a major bank and the personalized service of an independent.
 FIRST REGIONAL BANCORP
 Summary of Results
 Second Quarter Ended
 June 30,
 1992 1991
 Net income $137,000 $85,000
 Net income per share $.06 $.04
 Six Months Ended
 June 30,
 1992 1991
 Net income $314,000 $186,000
 Net income per share $.14 $.09
 Weighted average shares
 outstanding 2,157,800 2,157,800
 Total deposits $135,690,000 $119,300,000
 Total assets $149,429,000 $132,509,000
 Net loans $117,597,000 $97,570,000
 -0- 8/11/92
 /CONTACT: Jack A. Sweeney, chairman of First Regional Bancorp, 310-552-1776/
 (FRGB) CO: First Regional Bancorp; First Regional Bank ST: California IN: FIN SU: ERN


BP-JL -- LA019 -- 9067 08/11/92 15:11 EDT
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Publication:PR Newswire
Date:Aug 11, 1992
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