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BOULEVARD BANCORP REPORTS CONTINUED IMPROVEMENT IN SECOND QUARTER PERFORMANCE

 BOULEVARD BANCORP REPORTS CONTINUED IMPROVEMENT
 IN SECOND QUARTER PERFORMANCE
 CHICAGO, July 21 /PRNewswire/ -- Boulevard Bancorp, Inc. (NASDAQ-NMS: BLVD) today reported net income increased 145 percent to $0.8 million, or 11 cents per share for the second quarter of 1992, compared with $0.3 million, or 5 cents per share in the same quarter of 1991. For the first six months of 1992 net income increased 41 percent to $2.0 million, or 26 cents per share versus $1.4 million, or 21 cents per share in the same period in 1991.
 Richard T. Schroeder, president and chief executive officer, noted that the company has now recorded its third consecutive quarter of profit. "This is a good indication that our three point plan to return Boulevard Bancorp to its historical levels of profitability is working," Schroeder said.
 He noted that the company continues to improve asset quality with non-performing assets declining 43 percent to $57.5 million at June 30, 1992 from $100.8 million a year ago, and 6 percent from $61.1 million at March 31, 1992.
 "This marks our fifth consecutive quarter of declining non- performing assets," Schroeder said. The decline in the past 12 months is due primarily to the program announced in July 1991 to dispose of approximately $50 million in non-performing assets as well as on-going collection efforts.
 In reviewing the company's goal to increase operating efficiency, Schroeder said products and services continue to be standardized for the four subsidiary banks.
 During the second quarter the company opened investment centers at two of its subsidiary banks as part of its goal to increase revenues. "We now have three investment centers which provide bank customers with investment alternatives such as annuities, mutual funds, stocks, and bonds," he said. Schoeder further noted that the company has recently launched a residential mortgage campaign to strengthen Boulevard Bancorp's position as a mortgage lender.
 Results of Operations
 For the quarter ended June 30, 1992, the company reported that net interest income increased 7 percent to $14.4 million from $13.5 million in the second quarter of last year reflecting lower cost of funds which more than offset declines in earning assets and interest income. The provision for loan losses of $2.3 million compared favorably with $4.8 million in last year's second quarter. Non-interest income for the second quarter of 1992 was down 14 percent to $5.0 million from $5.9 million a year earlier due primarily to a decline in security gains of $0.7 million. Non-interest expense increased 11 percent to $16.4 million from $14.8 million due primarily to increased other real estate owned expenses.
 For the first six months ended June 30, 1992, the company reported net interest income increased slightly to $27.7 million, from $27.6 million in the first half of 1991. The provision for loan losses was significantly lower at $3.7 million compared with $7.6 million from a year ago. Non-interest income was up 2 percent to $10.4 million from $10.3 million a year earlier. Non-interest expense increased 9 percent to $31.9 million from $29.3 million primarily as a result of higher costs associated with other real estate owned.
 Loan Quality
 Non-performing loans declined to $37.1 million during the second quarter of 1992 from $43.6 million at March 31, 1992, reflecting the on- going efforts to reduce the level of these credits. As a percent of total loans, non-performing loans at June 30, 1992, were 4.0 percent compared with 4.7 percent at March 31, 1992, and 7.2 percent a year ago. In addition, the allowance for possible loan losses was $26.4 million, or 2.9 percent of total loans as of June 30, 1992, compared to 3.0 percent as of March 31, 1992, and 2.8 percent as of June 30, 1991. Net charge-offs for the first six months of 1992 totaled $6.5 million compared with $14.5 million a year ago.
 Balance Sheet Analysis
 Total assets decreased 2 percent to $1.53 billion from $1.57 billion at June 30, 1991, while net loans decreased 14 percent to $0.89 billion from $1.04 billion and deposits decreased 6 percent to $1.25 billion from $1.34 billion. Boulevard Bancorp remains well capitalized. The total risk based capital ratio was 11.5 percent at June 30, 1992, which is well above the current regulatory minimum of 7.25 percent and the Dec. 31, 1992, minimum of 8.0 percent. Common shareholders' equity increased to $91.9 million, or $12.48 per share, at June 30, 1992, from $91.2 million, or $12.38 per share, at March 31, 1992.
 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. .
 -0- 7/21/92
 /CONTACT: Karen E. Spillers, 312-993-8603 or George H. Cook, 312-836-6685, both of Boulevard Bancorp, Inc./
 (BLVD) CO: Boulevard Bancorp Inc. ST: Illinois IN: FIN SU: ERN


TQ -- NY071 -- 1357 07/21/92 12:51 EDT
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Date:Jul 21, 1992
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