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BOULEVARD BANCORP ANNOUNCES 1992 EARNINGS; FOURTH QUARTER RESULTS WELL IN EXCESS OF PRIOR YEAR

 CHICAGO, Jan. 21 /PRNewswire/ -- Boulevard Bancorp, Inc. (NASDAQ-NMS: BLVD) today reported net income of $5.2 million, or 66 cents per share for the year ended Dec. 31, 1992, before the cumulative effect of a change in accounting for income taxes. This compares with a net loss of $2.3 million, or 28 cents per share in 1991. The company has adopted Statement of Financial Accounting Standards (SFAS) No. 109, Accounting for Income Taxes, in 1992 which resulted in a one-time charge to earnings of $1.8 million, or 22 cents per share. Net income for 1992 after the effect of this change was $3.4 million, or 44 cents per share.
 For the fourth quarter of 1992, the company reported net income increased 246 percent to $1.6 million or 21 cents per share versus $476,000 or six cents per share for the same period of 1991. The fourth quarter improvement in earnings is primarily a result of a lower loan loss provision and reduced expenses related to other real estate owned.
 Through an asset disposition program and other actions, non- performing assets (non-accrual and restructured loans and other real estate owned) were $52.5 million at Dec. 31, 1992, compared to $62.2 million a year ago. "Significant progress has been made in reducing non-performing assets and we are committed to aggressively pursue further reductions in 1993," said Richard T. Schroeder, president and chief executive officer.
 "In addition, the company is moving towards a stronger focus on revenue growth as begun in 1992. Business development and expense control have clearly emerged as managements' priorities. Trends in both areas were encouraging in the fourth quarter and we will build on that momentum in 1993," Schroeder said.
 The company continues to exceed regulatory requirements for capital. The company's total risk based capital ratio was 11.6 percent at Dec. 31, 1992. All subsidiary banks exceed a 10 percent total risk based capital ratio.
 Boulevard Bancorp, Inc. is the 11th largest bank holding company in the Chicago metropolitan area with assets of $1.6 billion. Its principal subsidiaries include Boulevard Bank National Association in Chicago, First National Bank of Des Plaines, Citizens National Bank of Downers Grove, National Security Bank of Chicago and Boulevard Technical Services. The company's common stock is traded on NASDAQ's National Market System under the symbol "BLVD."
 -0- 1/21/93
 /CONTACT: Karen Spillers, 312-993-8603, or George Cook, 312-836-6685, both of Boulevard Bancorp/
 (BLVD)


CO: Boulevard Bancorp, Inc. ST: Illinois IN: FIN SU: ERN

SM -- NY068 -- 7514 01/21/93 14:45 EST
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Publication:PR Newswire
Date:Jan 21, 1993
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