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BANCFLORIDA REPORTS THIRD QUARTER EARNINGS

 BANCFLORIDA REPORTS THIRD QUARTER EARNINGS
 NAPLES, Fla., July 15 /PRNewswire/ -- BancFlorida Financial


Corporation (NYSE: BFL) ("the company"), whose primary subsidiary is BancFlorida, a federal savings bank ("the bank"), today reported net income of $1.0 million or primary earnings per common share of $.21 for the third quarter of fiscal 1992 compared to a net loss of $4.1 million or $1.25 per common share for the same period a year ago. For the nine months ended June 30, 1992, the company's net income was $8.5 million or primary earnings per common share of $2.14 and fully diluted earnings per share of $1.47, compared to a net loss of $7.2 million or $2.31 per common share for the comparable period a year ago.
 Earnings for the current quarter and fiscal year-to-date continued to be favorably affected by the reduction in net interest expense due to the low interest rate environment and the bank's continued emphasis on obtaining lower-cost transaction accounts. Year-to-date earnings for fiscal 1992 have also been favorably impacted primarily by the sales of loans, mortgage-backed securities, and U.S. Treasuries which resulted in total gains of $7.7 million, net of applicable income taxes. A reduction in the provisions for losses on loans and assets classified as investments in real estate also contributed to the improved earnings performance.
 Classified assets decreased $10 million from $205 million at March 31, 1992 to $195 million at June 30, 1992. The decrease during the quarter was due primarily to the repayment of a $20 million commercial real estate loan. This was partially offset by downgrades of commercial real estate loans to four borrowers aggregating $14 million. Total non- performing assets declined by $2 million during the quarter to $138 million.
 Provisions for losses relating to loans and assets classified as investment in real estate totaled $3.0 million for the quarter ended June 30, 1992 compared to $7.3 million for the same quarter a year ago. For the nine months ended June 30, 1992 and 1991 these same provisions totaled $10.5 million and $15.8 million, respectively. As a result of the reduction in classified loans during the third quarter of fiscal 1992, the ratio of general loan loss reserves to classified loans increased from 19.0 percent at March 31, 1992 to 20.3 percent at June 30, 1992.
 General and administrative expenses, exclusive of real estate operations, net, decreased $1.6 million and $5.3 million, respectively, for the three months and nine months ended June 30, 1992 compared to the same periods a year ago. These same expenses also decreased $1.3 million between the second and third quarters of this year. These decreases were primarily due to a concerted effort on the part of the company to reduce expenses, which was augmented by the disposition of certain bank owned subsidiaries.
 At June 30, 1992, the bank's tangible core and risk-based capital ratios were 4.32 percent, 4.54 percent and 8.04 percent, respectively, which exceeded currently applicable minimum regulatory requirements by $41.3 million, $22.5 million and $9.0 million, respectively. Effective Dec. 31, 1992, the risk-based capital requirement will increase from its current level of 7.2 percent to 8.0 percent. At June 30, 1992, the bank's risk-based capital ratio exceeded by $468,000 the 8.0 percent requirement that will become effective on Dec. 31, 1992.
 BancFlorida Financial Corporation had total assets of $1.5 billion and a book value per common share of $11.69 at June 30, 1992. Dividends in arrears on the outstanding cumulative convertible preferred stock totaled $3.2 million as of June 30, 1992. The company has outstanding 3,533,765 shares of common stock and 1,138,000 shares of cumulative convertible preferred stock.
 BANCFLORIDA FINANCIAL CORPORATION
 Financial Highlights
 (Dollars in thousands, except share data)
 Three Months Ended Nine Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Total interest income $ 27,512 $ 33,868 $ 86,416 $108,992
 Total interest expense 18,415 25,476 59,482 83,549
 Net interest income 9,097 8,392 26,934 25,443
 Provision for loan losses 100 2,049 5,494 2,874
 Net interest income after
 provision for loan losses 8,997 6,343 21,440 22,569
 Other Income
 Gain on sale of investments
 and loans 126 30 11,100 1,200
 Fees and other 2,595 2,395 8,278 6,831
 Total other income 2,721 2,425 19,378 8,031
 Real estate operations,
 net (A) 2,077 4,397 1,962 7,232
 General & administrative
 expenses 8,451 10,066 26,892 32,178(B)
 Total other expenses 10,528 14,463 28,854 39,410
 Income (loss) before
 income tax expense
 (credit) and
 extraordinary item 1,190 (5,695) 11,964 (8,810)
 Income tax expense
 (credit)(C) 151 (1,574) 3,696 (1,607)
 Income (loss) before
 extraordinary income 1,039 (4,121) 8,268 (7,203)
 Extraordinary income,
 net (D) -- -- 194 --
 Net income (loss) $ 1,039 $(4,121) $ 8,462 $(7,203)
 Primary earnings (loss)
 per share:
 Income (loss) before
 extraordinary income $ 0.21 $ (1.25) $ 2.09 $ (2.31)
 Extraordinary income, net -- -- 0.05 --
 Net income (loss) $ 0.21 $ (1.25) $ 2.14 $ (2.31)
 Average common
 shares outstanding 3,533,765 3,533,765 3,533,765 3,533,765
 Fully diluted earnings
 per share:
 Income before
 extraordinary income $ 0.21 $ -- $ 1.44 $ --
 Extraordinary income, net -- -- 0.03 --
 Net income $ 0.21 $ -- $ 1.47 $ --
 Average
 shares outstanding 5,838,843 -- 6,212,951 --
 (A) -- Includes provisions for losses on assets classified as investment in real estate of $2.9 million, $5.3 million, $5.1 million and $12.9 million, respectively.
 (B) -- Includes $1.3 million relating to the early retirement and employment agreement termination of the company's past chairman of the board, president and CEO.
 (C) -- Income taxes do not bear the customary relationship to income (loss) before taxes due to the bank's utilization of the experience method for the bad debt deduction for tax purposes.
 (D) -- Represents gain on acquisition of convertible subordinated debentures, net of applicable income tax.
 Three Months Ended Nine Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Return on average
 assets 0.28 pct. (1.06 pct.) 0.77 pct. (0.59 pct.)
 Return on average
 equity 7.03 pct. (26.61 pct.)19.92 pct.(15.00 pct.)
 General and administrative expenses
 to average assets 2.30 pct. 2.59 pct. 2.45 pct. 2.64 pct.
 Yield on earning
 assets 7.98 pct. 9.31 pct. 8.46 pct. 9.55 pct.
 Cost of funds 5.34 pct. 6.99 pct. 5.75 pct. 7.24 pct.
 Net spread 2.64 pct. 2.32 pct. 2.71 pct. 2.31 pct.
 June 30, Sept. 30,
 AT THE PERIOD ENDED 1992 1991
 Loans receivable, net $ 899,612 $ 969,612
 General allowance for loan losses 17,315 17,410
 Non-performing loans and REO, net 137,821 145,296
 Total assets 1,472,641 1,448,985
 Deposit accounts 1,142,743 1,184,377
 Federal Home Loan Bank advances 211,800 122,800
 Other borrowings 22,744 24,625
 Total stockholders' equity 59,612 51,271
 Cumulative dividends in arrears 3,208 2,304
 Book value per common share 11.69 9.59
 Stockholders' equity to:
 Total assets 4.05 pct. 3.54 pct.
 Total liabilities 4.22 pct. 3.67 pct.
 Tangible capital (A) 4.32 pct. 3.38 pct.
 Core capital (A) 4.54 pct. 3.67 pct.
 Risk-based capital (A) 8.04 pct. 6.80 pct.
 (A) -- Minimum regulatory capital requirements applicable at June 30, 1992 are as follows:
 Tangible capital 1.50 pct.
 Core capital 3.00 pct.
 Risk-based capital 7.20 pct.
 The risk-based capital requirement will increase to 8.0 percent on Dec. 31, 1992.
 -0- 7/15/92
 /CONTACT: J. Michael Holmes of BancFlorida Financial Corporation, 813-597-1611/
 (BFL) CO: BancFlorida Financial Corporation ST: Florida IN: FIN SU: ERN


JB-AW-SS -- FL005 -- 9614 07/15/92 14:03 EDT
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