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MID AM, INC. SETS QUARTERLY EARNINGS RECORD

 MID AM, INC. SETS QUARTERLY EARNINGS RECORD
 BOWLING GREEN, Ohio, Jan. 13 /PRNewswire/ -- Mid Am, Inc.


(NASDAQ: MIAM) today announced record earnings in the fourth quarter of $3.31 million, up 21.2 percent from the $2.73 million earned in the same period one year ago. Earnings per share totaled $.56, an increase of 21.7 percent above the $.46 earned per share in the fourth quarter of 1990.
 Net income in 1991 totaled $5.39 million, or $.91 per share, down from the $9.75 million, or $1.84 per share, earned in 1990. The decline was the result of loan losses experienced in the third quarter. "We are extremely pleased with the fourth quarter results," commented Edward J. Reiter, chairman and chief executive officer. "This performance demonstrates that our asset quality problems were properly addressed in the third quarter and that our core earnings remain solid. We project loan loss provisions in 1992 to be at normal levels, with net income meeting or exceeding corporate targets."
 At year-end, the loan loss reserve totaled 154 percent of non- performing loans and 1.36 percent of total loans. The reserve increased 32 percent in 1991 to a total of $11.23 million. Non-performing loans ended the year at .88 percent of gross loans which compares very favorably to the most recent information of Mid Am's peer group of banks which were experiencing 2.91 percent non-performing loans to total loans at Sept. 30, 1991, the most recent information available for reporting. Assets reached $1.2 billion, deposits totaled $1.1 billion, and loans grew to $826 million.
 Mid Am, Inc. is a financial services holding company which owns Mid American National Bank & Trust Company, Bowling Green; First National Bank Northwest Ohio, Bryan; Citizens Loan & Building Company, Lima; and Farmers Banking Company, N.A., Lakeview, having a total of 52 banking offices located in 12 counties in northwest and west central Ohio.
 MID AM, INC.
 STATEMENT OF EARNINGS
 Three months ended
 Dollars in thousands, December 31, Percent
 except per share data 1991 1990 Change
 Taxable equivalent interest income $27,802 $29,298 (5.1)
 Interest income 27,303 28,791 (5.2)
 Interest expense 15,338 17,361 (11.7)
 Net interest income 11,965 11,430 4.7
 Provision for credit losses 1,630 1,738 (6.2)
 Non-interest income 2,178 2,180 (0.1)
 Non-interest expense 8,755 8,155 7.4
 Income before income taxes
 and extraordinary item 3,758 3,717 1.1
 Income taxes 515 1,063 (51.6)
 Income before extraordinary item 3,243 2,654 22.2
 Realization of operating loss
 carryforward 71 81 (12.3)
 Net Income $3,314 $2,735 21.2
 PER COMMON SHARE DATA
 Earnings per share before
 extraordinary item $0.54 $0.45 20.6
 Earnings per share 0.56 0.46 19.6
 Dividend declared 0.24 0.24 0.0
 KEY RATIOS
 Return on:
 Average total assets 1.08 pct 0.94 pct
 Average shareholders' equity 17.81 pct 14.92 pct
 Average equity / Average assets 6.06 pct 6.28 pct
 Net interest margin
 tax equivalent basis 4.34 pct 4.38 pct
 STATEMENT OF CONDITION DATA
 Average for the quarter
 Total Assets $1,228,075 $1,168,590 5.1
 Loans and Leases 826,426 793,481 4.2
 Deposits 1,130,311 1,055,850 7.1
 Shareholders' Equity 74,420 73,342 1.5
 STATEMENT OF EARNINGS
 Twelve months ended
 Dollars in thousands, December 31, Percent
 except per share data 1991 1990 Change
 Taxable equivalent interest income $112,664 $100,183 12.5
 Interest income 110,655 98,317 12.5
 Interest expense 65,148 58,652 11.1
 Net interest income 45,507 39,665 14.7
 Provision for credit losses 14,265 4,039 253.2
 Non-interest income 8,804 6,959 26.5
 Non-interest expense 34,256 29,518 16.1
 Income before income taxes
 and extraordinary item 5,790 13,067 (55.7)
 Income taxes 831 3,519 (76.4)
 Income before extraordinary item 4,959 9,548 (48.1)
 Realization of operating loss
 carryforward 433 203 113.3
 Net Income $5,392 $9,751 (44.7)
 PER COMMON SHARE DATA
 Earnings per share before
 extraordinary item $0.83 $1.80 (53.7)
 Earnings per share 0.91 1.84 (50.7)
 Dividend declared 0.96 0.95 1.1
 Book value 12.54 12.51 0.2
 KEY RATIOS
 Return on:
 Average total assets 0.45 pct 1.00 pct
 Average shareholders' equity 7.07 pct 15.46 pct
 Average equity / Average assets 6.31 pct 6.46 pct
 Net interest margin
 tax equivalent basis 4.21 pct 4.54 pct
 STATEMENT OF CONDITION DATA
 Average for the year
 Total Assets $1,207,424 $976,711 23.6
 Loans and Leases 819,548 674,456 21.5
 Deposits 1,103,512 881,758 25.1
 Shareholders' Equity 76,244 63,059 20.9
 MID AM, INC.
 STATEMENT OF CONDITION DATA
 December 31, Percent
 Dollars in thousands 1991 1990 Change
 Total Assets $1,232,892 $1,175,839 4.9
 Loans and Leases 825,962 796,419 3.7
 Deposits 1,138,513 1,073,831 6.0
 Shareholders' Equity 75,070 73,712 1.8
 ASSET QUALITY
 December 31, Percent
 Dollars in thousands 1991 1990 Change
 Non-performing loans and leases $7,286 $12,705 (42.7)
 Other real estate owned (OREO) 8,492 3,412 148.9
 Non-performing loans and leases
 as a percentage of total loans
 and leases 0.88 pct 1.59 pct
 Allowance for credit losses as
 a percentage of non-performing
 loans and leases 154.06 pct 66.93 pct
 Allowance for credit losses as
 a percentage of total loans
 and leases 1.36 pct 1.07 pct
 Non-performing loans and leases
 and OREO as a percentage of
 total assets 1.28 pct 1.37 pct
 -0- 1/13/92
 /CONTACT: Cindy Rossman, senior vice president/investor relations, or Dennis Nemec, executive vice president/chief financial officer, both of Mid Am, Inc., 419-352-5271/
 (MIAM) CO: Mid Am, Inc. ST: Ohio IN: FIN SU: ERN


KK -- CL007 -- 8993 01/13/92 10:12 EST
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