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BOULEVARD BANCORP ANNOUNCES HIGHER EARNINGS; NON-PERFORMING ASSETS DOWN 28 PERCENT FROM YEAR EARLIER LEVEL

 CHICAGO, July 13 /PRNewswire/ -- Boulevard Bancorp, Inc. (NASDAQ-NMS: BLVD) today reported higher earnings as a result of increased revenue from non-credit services, reduced operating expenses and a lower loan loss provision.
 According to Richard T. Schroeder, president and chief executive officer, the company's net income of $1.6 million, or 19 cents per share for the second quarter of 1993, represents a 90 percent increase from $0.8 million, or 11 cents per share for the same period of 1992. For the first half of 1993, net income was up 66 percent to $3.4 million, or 41 cents per share versus $2.0 million, or 26 cents per share in the first half of 1992, before the cumulative effect of an accounting change.
 "We continue to benefit from our efforts to reduce non-performing assets. Considerable progress has been made over the last two years," Schroeder said. Non-performing assets, comprised of non-accrual and restructured loans and other real estate, totaled $37.4 million at June 30, 1993, down 28 percent from $52.3 million a year ago and 12 percent from $42.4 million at March 31, 1993. The provision for possible loan losses was reduced 73 percent to $0.6 million for the 1993 second quarter, when compared to $2.3 million for the same quarter of 1992. The reserve for possible loan losses of $21.8 million at June 30, 1993 represents 94 percent of non-performing loans and over 3 percent of total loans.
 Net interest income decreased $2.0 million, or 14 percent from the year earlier period. The decrease was primarily due to a shift in asset mix to securities from loans. Loans declined $115.1 million during this quarter, of which $106 million resulted from the sale of consumer installment auto loans, and securities rose $144.1 million. "Although the balance of the loan portfolio was somewhat lower during the quarter, we are encouraged by recent levels of new business activity," Schroeder noted.
 "Revenues from fee based financial services improved during the quarter over last year reflecting the on-going emphasis in this area," Schroeder stated. Other operating income grew 20 percent to $6.3 million from $5.3 million due primarily to increases in deposit account service fees, trust and advisory service revenues, residential mortgage loan originations and fees for servicing consumer installment auto loans. The company recognized a $1.4 million gain on the loan sale previously mentioned, which offset a $1.4 million decline in security gains from the second quarter of last year.
 Operating expenses declined to $16.0 million for the second quarter of 1993 from $16.5 million for the same quarter of 1992. "Notable reductions were experienced in legal fees and we continue to aggressively manage controllable costs as additional operating efficiencies are implemented," added Schroeder.
 The company and its four subsidiary banks continue to maintain their capital strength. At June 30, 1993, the company's total risk-based capital ratio was 12.2 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- 7/13/93
 /CONTACT: George H. Cook (investors), 312-836-6685, or Karen E. Spillers (media), 312-993-8603, both for Boulevard Bancorp/
 (BLVD)


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

SH -- NY040 -- 0852 07/13/93 11:29 EDT
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Date:Jul 13, 1993
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