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MANUFACTURERS NATIONAL CORPORATION REPORTS FIRST-QUARTER EARNINGS

 MANUFACTURERS NATIONAL CORPORATION REPORTS FIRST-QUARTER EARNINGS
 DETROIT, April 15 /PRNewswire/ -- Manufacturers National Corporation (NASDAQ-NMS: MNTL) announced first-quarter, 1992 net income of $31.1 million, up 12.7 percent from the first-quarter, 1991 results of $27.6 million. On a per-share basis, net income for the quarter was $.97, or 9.0 percent higher than the $.89 reported in the same period last year.
 "First-quarter 1992 earnings reflected strong growth in non-interest fee income and benefits from cost-containment measures," said Chairman Gerald V. MacDonald.
 Net Interest Income
 Net interest income improved 3.2 percent in the first quarter of 1992 compared to the similar period in 1991. Interest margins improved due to loan growth of 6.1 percent.
 Non-interest Income
 Non-interest income increased 15.1 percent in the first quarter of 1992, compared to the first quarter, 1991.
 Of the components in non-interest income, fiduciary income increased 6.3 percent and service charge income increased 15.1 percent. Customhouse broker fees were up 10.9 percent, a sign of growth in customs clearings at the Canadian border, where John V. Carr is a dominant broker. Securities gains of $1.2 million resulted from sales of equity securities and early calls of state and municipal securities. Other non-interest income growth of 19.9 percent was due to increased fees, including those from letters of credit and unused loan commitments.
 Non-interest Expenses
 Non-interest expenses increased only 2.7 percent in the first quarter of 1992, compared to the first quarter of 1991, a reflection of ongoing cost-containment and consolidation efforts and a lower level of expenses associated with other real estate.
 The provision for loan losses was $12.4 million in the first quarter of 1992, compared to $10.8 million in the first quarter of 1991 and $11.0 million in the fourth quarter of 1991.
 The allowance for loan losses was $146.1 million, or 1.83 percent of total loans, at March 31, 1992, compared to $139.7 million at March 31, 1991, and $143.5 million at Dec. 31, 1991. Net charge-offs for the first quarter of 1992 were $9.8 million, compared to $8.3 million in the first quarter of 1991, and $8.4 million in the fourth quarter of 1991.
 Non-performing assets were as follows (in millions):
 March 31, Dec. 31, March 31,
 1992 1991 1991
 Nonaccrual loans $99.6 $101.8 $89.2
 Reduced-rate loans --- .1 0.1
 Other real estate 19.0 18.5 16.3
 Total non-performing assets $118.6 $120.4 $105.6
 As a percent of loans 1.49 pct. 1.56 pct. 1.41 pct.
 Manufacturers National Corporation is a bank holding company headquartered in Detroit. It operates in Michigan, principally through Manufacturers Bank, N.A., and in the metropolitan Chicago area through Affiliated Bank. The corporation also operates other financial subsidiaries in Delaware, Florida and Illinois.
 On March 6, Manufacturers National Corporation and Comerica Incorporated (NYSE: CMA) received shareholder approval of the proposed merger announced in October 1991. The corporations await regulatory approval.
 An earnings summary follows:
 MANUFACTURERS NATIONAL CORPORATION AND SUBSIDIARIES
 EARNINGS SUMMARY THREE MONTHS ENDED MARCH 31 PERCENT
 1992 1991 CHANGE
 In thousands, except
 per-share data
 Net income $31,059 $27,554 12.7
 Net income per share
 of common stock:
 Primary $.97 $.89 9.0
 Fully diluted .96 .88 9.1
 Dividends per share .33 .29 13.8
 Average primary shares 32,099 31,045
 Return on equity 14.70 pct. 14.71 pct.
 Return on assets 1.05 .93
 BALANCE SHEET COMPARISONS
 MARCH 31, PERCENT
 1992 1991 CHANGE
 In millions, except
 per-share data
 Total assets $11,895 $11,813 .7
 Total deposits 9,396 8,821 6.5
 Total loans 7,983 7,473 6.8
 Total investment securities 2,034 2,247 (9.5)
 Shareholders' equity 856 759 12.8
 Book value per share $27.27 $24.55 11.1
 Shareholders' equity to
 assets-average year-to-date 7.15 pct. 6.35 pct.
 -0- 4/15/92
 /CONTACT: Sharon R. McMurray, 313-222-4881, or Michael T. Maurer, 313-222-4732, both of Manufacturers National Corporation/
 (MNTL CMA) CO: Manufacturers National Corporation ST: Michigan IN: FIN SU: ERN


SM-KK -- DE011 -- 8598 04/15/92 10:35 EDT
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Date:Apr 15, 1992
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