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BOULEVARD BANCORP ANNOUNCES 1ST QUARTER EARNINGS UP 50 PERCENT

 CHICAGO, April 14 /PRNewswire/ -- Boulevard Bancorp, Inc. (NASDAQ-NMS: BLVD) today reported net income of $1.8 million, or 22 cents per share for the first quarter of 1993. This represents a 50 percent increase from net income of $1.2 million, or 15 cents per share for the same period of 1992, before the cumulative effect of an accounting change. The company reported a net loss for the first quarter of 1992 of $612,000, or 7 cents per share, after the cumulative effect of the Jan. 1, 1992 adoption of Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes."
 According to Richard T. Schroeder, president and chief executive officer, the company's growth in earnings is primarily a result of a lower loan loss provision, increased non-credit revenue and reduced operating expenses.
 "Besides the earnings growth, we were also pleased with the improvement in credit quality during the first quarter of 1993, as non- performing assets decreased almost 20 percent," Schroeder said. These assets, comprised of non-accrual and restructured loans and other real estate, totaled $42.4 million at March 31, 1993, down $10.1 million from year end 1992.
 Income from residential mortgage loan originations and sales was up $440,000 from the last year's first quarter level. Service charges on deposit accounts and trust department revenues increased 19 percent and 13 percent, respectively, for the 1993 first quarter compared to the same period for 1992. "We are gratified to see the growth in non- credit income which is helping to mitigate the effect of sluggish loan demand," noted Schroeder.
 Operating expenses declined to $15.2 million from $15.6 million when comparing the first quarter of 1993 to that of 1992. Lower costs associated with other real estate, salaries and business insurance expenses helped to more than offset an increase in FDIC insurance premiums. "Our efforts to aggressively manage operating expenses are reflected in the improvement in controllable costs," Schroeder noted.
 The company and its for subsidiary banks continue to maintain their capital strength. At March 31, 1993 the company's total risk-based capital ratio was 11.2 percent. This ratio for each subsidiary bank exceeded 10 percent and thus, was above the minimum necessary to be considered as "well capitalized" under regulatory guidelines.
 Boulevard Bancorp, Inc. is the eleventh largest bank holding company in the Chicago metropolitan area with assets of $1.5 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- 4/14/93
 /CONTACT: Analysts: George H. Cook, 312-836-6685; or Media: Nicholas G. Biro, 708-498-2284, both for Boulevard Bancorp, Inc./
 (BLVD)


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

SB -- NY055 -- 5713 04/14/93 12:26 EDT
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Publication:PR Newswire
Date:Apr 14, 1993
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