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INTERFIRST BANKCORP ANNOUNCES 1992 YEAR-END AND FOURTH-QUARTER EARNINGS

 ANN ARBOR, Mich., March 11 /PRNewswire/ -- InterFirst Bankcorp, Inc. (NASDAQ-NMS: INFB), the holding company for InterFirst Federal Savings Bank, today reported record net earnings of $4,958,296 or $2.19 per share for the year ended Dec. 31, 1992, a 227-percent increase compared to earnings of $1,514,377 or $0.69 per share (after adjustment for stock dividends) for the previous year ended 1991. InterFirst also produced a record $1.28 billion of mortgage loans in 1992, up 95 percent from $655 million produced in fiscal year 1991.
 "This production placed the company in the top 50 mortgage producers in the country according to Mortgage Banking Magazine," noted Chairman Stanley H. Rhodes, "and allowed the bank to more than double its loan servicing portfolio from $511 million at Dec. 31, 1991, to $1.05 billion at Dec. 31, 1992."
 Net income for the fourth quarter increased 146 percent to $1,252,940 or $0.55 per share compared to $510,080 or $0.23 (after adjustments for stock dividends) for the fourth quarter of 1991. The bank's book value per share increased 61 percent to $6.28 per share as of Dec. 31, 1992.
 The above per share amounts give effect to a 3-for-1 stock split distributed on March 6, 1992; a 20-percent stock dividend paid Aug. 28, 1992, and a 2-for-1 stock split distributed Feb. 17, 1993.
 "Perhaps the most significant result of 1992 was a substantial increase in the bank's core earnings from net interest income before loan loss provision and loan servicing," Rhodes said. "As a result of increased interest rate spreads and the doubling of our loan servicing portfolio, these revenues increased from $6.3 million in 1991 to $9.1 million in 1992, providing InterFirst with a strong core earnings base for future years," Rhodes added.
 Net interest income increased 53 percent from $1.42 million to $2.16 million for the three months ended Dec. 31, 1991 and 1992, respectively and increased 37 percent from $4.97 million for the year ended Dec. 31, 1991, to $6.83 million for the year ended Dec. 31, 1992. This growth reflects the bank's increased interest rate spread from 2.12 percent as of Dec. 31, 1991, to 2.74 percent as of Dec. 31, 1992, and an increase in its interest earning asset to interest bearing liability ratio from 118 percent at Dec. 31, 1991, to 124 percent at Dec. 31, 1992. Loan servicing fees increased from $1,348,919 to $2,305,960, an increase of 71 percent for the year ended Dec. 31, 1992.
 Due to record loan production, the bank was able to sell $550 million of loan servicing for others in 1992, thus increasing gross revenues from such sales from $4.4 million in fiscal year 1991 to $6.1 million for the year ended Dec. 31, 1992, while still doubling the size of its servicing portfolio. "The growth in production reflects the industry and nationwide refinancing boom which continues to benefit InterFirst even today," Rhodes said.
 InterFirst Bankcorp, Inc. is the holding company for InterFirst Federal Savings Bank which serves the public through five full-service branches in Washtenaw County, Mich., and provides mortgage banking service throughout most of the United States from its corporate headquarters in Ann Arbor. The company's stock is listed on NASDAQ: National Market System under the symbol INFB.
 INTERFIRST BANKCORP, INC. AND SUBSIDIARY
 SELECTED OPERATING DATA
 Three Months Ended 12 Months Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Total interest
 income $3,824,795 $3,606,735 $14,293,695 $13,838,653
 Total interest
 expense 1,660,516 2,190,204 7,468,484 8,863,833
 Net interest before
 provision for
 loan loss 2,164,279 1,416,531 6,825,211 4,974,820
 Provision for
 loan loss 317,131 532,575 653,154 1,278,494
 Net interest income
 after provision for
 loan loss 1,847,148 883,956 6,172,057 3,696,326
 Total noninterest
 income 3,088,450 2,117,112 12,720,653 5,906,139
 Total noninterest
 expense 2,923,158 1,977,388 11,228,414 6,710,488
 Income before federal
 income taxes 2,012,440 1,023,680 7,664,296 2,891,977
 Provision for federal
 income taxes 759,500 513,600 2,706,000 1,377,600
 Net income $1,252,940 $510,080 $4,958,296 $1,514,377
 Earnings per
 share (1):
 Net income $0.55 $0.23 $2.19 $0.69
 Weighted average
 number of shares
 outstanding and
 common stock
 equivalents 2,268,147 911,982 2,265,331 2,179,714
 INTERFIRST BANKCORP, INC. AND SUBSIDIARY
 SELECTED BALANCE SHEET DATA
 Dec. 31, Dec. 31,
 1992 1991
 Total assets $201,699,491 $199,496,287
 Net mortgage backed securities 6,066,715 48,125,313
 Net loans 164,652,445 137,223,888
 Excess servicing fees and purchased
 mortgage servicing rights 6,548,058 2,840,430
 Total deposits 112,140,759 96,931,386
 Total shareholders' equity 13,246,509 8,495,601
 Loans serviced for others $1,100,000,000 $511,000,000
 Dec. 31, Dec. 31,
 Other information 1992 1991
 Return on average assets (pct) 2.50 0.91
 Return on average equity (pct) 45.85 19.53
 Tangible capital to assets (pct) 6.46 4.28
 Core capital to assets (pct) 6.46 4.28
 Risk based capital to assets (pct) 12.95 9.79
 Nonperforming assets/assets (pct) 2.45 2.66
 Reserves/net loans (pct) 1.18 0.97
 Net interest rate spread (pct) 2.74 2.12
 Earnings per share $2.19 $0.69
 Book value per share $6.28 $4.06
 Note:
 (1) Per-share amounts have been adjusted to give effect to a 3-for-1 stock split and a 20-percent stock dividend that were authorized and paid in 1992 and also a 2-for-1 stock split authorized Jan. 25, 1993.
 -0- 3/11/93
 /CONTACT: Stanley H. Rhodes, chairman, InterFirst Bankcorp, Inc., 313-665-3700/
 (INFB)


CO: InterFirst Bankcorp, Inc. ST: Michigan IN: FIN SU: ERN

SB-JK -- DE017 -- 5148 03/11/93 14:00 EST
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