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FORTUNE BANCORP REPORTS YEAR END RESULTS

 FORTUNE BANCORP REPORTS YEAR END RESULTS
 CLEARWATER, Fla., Oct. 22 /PRNewswire/ -- Fortune Bancorp, Inc.


(NASDAQ: FORB) today reported net income of $6.4 million, or $1.15 per share, for its fiscal year ended Sept. 30, 1992, compared with a net loss of $11.7 million, or $2.40 per share, for fiscal 1991.
 For the fourth quarter ended Sept. 30, 1992, net income was $1.6 million, or $.28 per share, compared with a net loss of $14 million, or $2.58 per share, for the same period in fiscal 1991.
 "Mortgage lending reached record levels this year, benefiting from the refinancing wave. We have had a significant increase in production with more than $1 billion in residential loan closings and more than $1 billion in additional loan servicing acquisitions," said Chairman and Chief Executive Officer John R. Torell III. "Consumer and general business borrowing show signs of life, but are still modest.
 "Total criticized assets were reduced 33 percent from their peak during the year, and nonperforming loans were reduced nearly 19 percent to just over $100 million," Torell said. "We are pleased with the progress achieved in this area and the reduction and disposition of troubled assets continues to be a top priority. Additionally, we have restructured a portion of our securities portfolio in an effort to reduce the risks of an inflationary environment."
 For the year ended Sept. 30, 1992, Fortune's net interest income was $64.2 million compared with $61.3 million for fiscal 1991 due to an improved net interest margin of 2.57 percent, compared with 2.15 percent for fiscal 1991.
 Net interest income for the quarter was $16 million, which is the same as the fourth quarter the previous year.
 Nonperforming assets at Sept. 30, 1992, decreased to $102 million from $112 million at Sept. 30, 1991. During fiscal 1992, nonperforming assets peaked at $125 million in February 1992.
 Fortune's allowance for loan losses totaled $26.1 million, or 29.1 percent of nonperforming loans, at Sept. 30, 1992, up from $19.6 million, or 20.9 percent of nonperforming loans, at Sept. 30, 1991.
 For fiscal 1992, Fortune's provision for loan losses was $17.2 million, compared with a $32.4 million provision for fiscal 1991. For the fourth quarter ended Sept. 30, 1992, the provision for loan losses totaled $4.7 million, compared with a $22.6 million provision for the same period in 1991.
 Noninterest income increased to $18.6 million for fiscal 1992, from $10.2 million for fiscal 1991 as the result of gains on sales of investments and securities of $6.3 million and gains on loan servicing sales of $5.1 million.
 Noninterest expense totaled $52.1 million for the year ended Sept. 30, 1992, compared with $50.6 million for the previous year.
 Fortune bank exceeds all capital requirements under federal regulations:
 Fortune Bank Fully Phased-In Requirement
 Core Capital 5.03 pct. 3.00 pct.
 Tangible Capital 4.64 pct. 1.50 pct.
 Risk-Based Capital 10.44 pct. 8.00 pct.(A)
 (A) -- The fully phased-in risk-based requirement is effective Dec. 31, 1992.
 Fortune Bancorp is the holding company for Clearwater-based Fortune Bank, a $2.6 billion financial institution operating 46 full service banking offices in eight counties along Florida's west coast.
 FORTUNE BANCORP, INC.
 Sept. 30, June 30, Sept. 30,
 1992 1992 1991
 (Dollars in Thousands, Except Per Share Data)
 FINANCIAL HIGHLIGHTS
 Total Assets $ 2,550,147 $ 2,498,474 $2,788,062
 Total loans and
 governmental agency
 certificates 2,192,834 2,075,414 2,453,141
 Investments 184,935 246,991 156,467
 Deposit Accounts 2,040,743 2,118,111 2,318,358
 Borrowed money 284,893 173,174 267,264
 Shareholders' Equity 126,905 125,556 121,552
 Book value per share 22.95 22.71 22.36
 Number of common shares
 outstanding 5,529,646 5,528,721 5,435,130
 Nonperforming assets
 and restructured
 loans 101,619 116,085 111,786
 SIGNIFICANT RATIOS
 Net interest margin
 Annual 2.57 pct. 2.53 pct. 2.15 pct.
 Quarter 2.70 2.71 2.43
 Regulatory capital
 Core 5.03 4.97 4.27
 Tangible 4.64 4.56 3.85
 Risk based 10.44 10.18 8.62
 Allowance as percent of
 nonperforming and
 restructured loans 29.11 26.22 20.93
 QUARTER ENDING YEAR ENDED
 Sept. 30, Sept. 30, Sept. 30, Sept. 30,
 1992 1991 1992 1991
 EARNINGS SUMMARY
 Net Interest Income $ 15,963 $ 15,846 $ 64,198 $ 61,319
 Provision for Loan Losses 4,660 22,583 17,163 32,370
 Net interest income after
 provision for loan losses 11,303 (6,737) 47,035 28,949
 Noninterest income 4,266 5,629 18,574 10,225
 Noninterest expense 13,477 13,932 52,101 50,578
 Income before income taxes
 and extraordinary items 2,092 (15,040) 13,508 (11,404)
 Income Tax Expense 533 (1,861) 7,677 270
 Net Income before
 extraordinary items 1,559 (13,179) 5,831 (11,674)
 Extraordinary items -- (868) 519 --
 Net income $ 1,559 $ (14,047) $ 6,350 $ (11,674)
 Earnings per share $ 0.28 $ (2.58) $ 1.15 $ (2.40)
 Average Shares
 Outstanding 5,531,957 5,436,021 5,512,511 4,863,229
 -0- 10/22/92
 /CONTACT: Nancy Kaylor of Fortune Bancorp, 813-538-1114/
 (FORB) CO: Fortune Bancorp, Inc. ST: Florida IN: FIN SU: ERN


JB-AW -- FL005 -- 3791 10/22/92 15:52 EDT
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