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 CENTURY CITY, Calif., July 30 /PRNewswire/ -- First Regional Bancorp (NASDAQ: FRGB) maintained profitability in the second quarter, despite the continued weakness in California's economy, Jack A. Sweeney, chairman and chief executive officer, announced today.
 For the three months ended June 30, 1993, net income equaled $70,000, or 3 cents per share, compared to $137,000, or 6 cents per share, in the like period a year ago.
 For the first half of 1993, net income was $230,000, or 10 cents per share, compared with $314,000, or 14 cents per share. This year's total includes a gain of $98,000 because of the required adoption of new accounting principles relating to accounting for income taxes.
 Sweeney commented: "The decline in profits from last year's level primarily reflects the cumulative pressure of the recession in Southern California. In particular, the recession has had a serious impact on residential and commercial real estate values.
 "First Regional, like many other banks in California, has seen its non-performing loans and its owned real estate rise in the last year, putting pressure on profits and limiting revenues. We are, however, continuing to make progress in turning non-performing loans and our real estate into earning assets.
 "In spite of these difficulties, we have continued to generate profits while increasing our total capital by more than 10 percent since June 1992, and steadily augmenting our loan loss reserves. We are also maintaining our close watch on all expenses, and striving to improve the quality of our assets. This tightly focused strategy has enabled First Regional to maintain its profitability thus far during this recession, and we intend to continue to pursue these goals.
 "We believe that our proven strategy will not only assist us in dealing with this recession, but will insure that First Regional will be a sound and profitable institution, ready to resume its growth, when the economy finally improves."
 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.
 Summary of Results
 Second Quarter Ended
 June 30,
 1993 1992
 Net income $70,000 $137,000
 Net income per share $.03 $.06
 Six Months Ended
 June 30,
 1993 1992
 Income before change in
 accounting principle $132,000 $314,000
 Effects of change in
 accounting principle $98,000 $0
 Net income $230,000 $314,000
 Net income per share $.10 $.14
 Shares outstanding 2,398,800 2,158,800
 Total deposits $131,016,000 $135,690,000
 Total assets $147,725,000 $149,429,000
 Net loans $105,306,000 $117,597,000
 -0- 7/30/93
 /CONTACT: Jack A. Sweeney, chairman of First Regional Bancorp, 310-552-1776/

CO: First Regional Bancorp ST: California IN: FIN SU: ERN

BP-JB -- LA014 -- 7808 07/30/93 13:50 EDT
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Publication:PR Newswire
Date:Jul 30, 1993

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