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BANCINSURANCE CORPORATION ANNOUNCES FIRST QUARTER RESULTS

 COLUMBUS, Ohio, May 19 /PRNewswire/ -- Bancinsurance Corporation (NASDAQ: BCIS) today announced net income of $215,244 for the three months ended March 31, 1993, compared to $414,917 for the same period last year. Net income per share was 4 cents for the first quarter of 1993 versus 7 cents a year ago. The 1993 first quarter results include a non-recurring charge to operations of $411,336 for registration expenses in connection with a proposed sale of common stock which was subsequently withdrawn.
 Total revenues increased 99 percent to $4,129,187 for the first three months of 1993 compared to $2,069,677 last year. Net premiums earned rose 114 percent to $3,762,702 for the three months ended March 31, 1993. Each of the company's major product and service categories recorded increases in net premiums earned. Investment income was $336,527 for the three months ended March 31, 1993, compared to $210,068 last year, an increase of 60 percent. The quality of the investment portfolio remains strong and does not include "junk bonds" or real estate investments.
 Shareholders' equity was $7,872,096 on March 31, 1993, an increase of 39 percent from the same date one year ago.
 Si Sokol, president, stated, "We are pleased with the continued growth in our business. It is anticipated that the company's operating profits will benefit from diversification efforts to further improve our long-term performance."
 Bancinsurance Corporation, headquartered in Columbus, Ohio, is a specialty property insurance holding company primarily engaged, through its property/casualty insurance subsidiary, Ohio Indemnity Company, in underwriting "Ultimate Loss Insurance." This insurance protects banks and lenders against risk arising from the theft or damage to certain loan collateral where the borrower has failed to secure and maintain adequate insurance coverage. The company also provides a surety bond program for a national administrative firm that performs certain services for non-profit entities, and underwrites non-standard private passenger automobile collision and comprehensive policies.
 FINANCIAL HIGHLIGHTS
 Three Months Ended Three Months Ended
 March 31, 1993 March 31, 1992
 Total Revenues $ 4,129,187 $ 2,069,677
 Net income $ 215,244 $ 414,917
 Net income per share $ .04 $ .07
 March 31, 1993 December 31, 1992
 Total assets $31,274,057 $28,014,631
 Shareholders' equity $ 7,872,096 $ 7,581,232
 -0- 5/19/93
 /CONTACT: Si Sokol, president, Bancinsurance Corporation, 614-228-2800/
 (BCIS)


CO: Bancinsurance Corporation ST: Ohio IN: INS SU: ERN

KL -- CL006 -- 0172 05/19/93 09:44 EDT
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Publication:PR Newswire
Date:May 19, 1993
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