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BOULEVARD BANCORP REPORTS CONTINUED PROGRESS; MARKS FOURTH CONSECUTIVE QUARTER OF EARNINGS

 BOULEVARD BANCORP REPORTS CONTINUED PROGRESS;
 MARKS FOURTH CONSECUTIVE QUARTER OF EARNINGS
 CHICAGO, Oct. 15 /PRNewswire/ -- Boulevard Bancorp, Inc. (NASDAQ-NMS: BLVD), today reported net income of $1.5 million, or 19 cents per share for the third quarter of 1992, compared with a net loss of $4.2 million, or 63 cents per share, for the same quarter of 1991. For the first nine months of 1992, the company reported net income of $3.6 million, or 45 cents per share, versus a loss of $2.8 million, or 36 cents per share, for the same period of 1991. The significant improvement in earnings for both the quarter and nine months is due primarily to reduced provisions for loan losses and lower costs associated with other real estate owned.
 Richard T. Schroeder, president and chief executive officer, noted that the company has reported four consecutive quarters of earnings, a good indication that the plan to return the company to its historical levels of profitability is working.
 Credit quality has steadily improved with six consecutive quarters of declines in non-performing assets. At Sept. 30, 1992, non-performing assets of $51.9 million represents a 32.5 percent decline from $76.8 million a year ago, and a 9.8 percent decrease from $57.5 million at June 30, 1992.
 The continued reduction in non-performing assets has favorably impacted earnings as evidenced primarily in the lower loan loss provision and other real estate owned expenses. Additionally, trust fees and service charge income have increased 16.7 percent and 4.1 percent, respectively, for the third quarter, while non-interest expenses excluding other real estate owned expenses have increased less than 1 percent.
 Schroeder noted that he was encouraged overall by the company's efforts in developing a strong sales culture throughout the organization. "Our relationship managers have substantially increased business development efforts and although their success may not yet be evident in our financial results, we are seeing modest increases in new business opportunities," he said.
 Results of Operations
 For the quarter ended Sept. 30, 1992, the company reported that net interest income increased 3.9 percent to $14.1 million from $13.6 million in the third quarter of last year, resulting from a lower cost of funds which more than offset reductions in interest income and earning assets. The provision for loan losses of $1.0 million declined significantly from $4.9 million in last year's third quarter. Non- interest income for the third quarter of 1992 was up 38.7 percent to $5.1 million from $3.7 million a year earlier, due primarily to increases in gains on the sale of securities and residential mortgage loans, and trust fees. Non-interest expense for the third quarter of 1992 decreased 18.3 percent to $15.9 million from $19.5 million a year earlier, due primarily to a decline of $3.6 million in other real estate owned expenses.
 For the first nine months ended Sept. 30, 1992, the company reported that net interest income increased 1.4 percent to $41.8 million from $41.2 million in the first nine months of 1991. The provision for loan losses was significantly lower at $4.7 million compared with $12.5 million from a year ago. Non-interest income was up 11.3 percent to $15.5 million from $14.0 million a year earlier. Non-interest expense declined 2.0 percent to $47.7 million from $48.7 million, primarily as a result of lower costs associated with other real estate owned.
 Loan Quality
 Non-performing loans declined to $31.1 million during the third quarter of 1992 from $37.1 million at June 30, 1992, reflecting the ongoing efforts to reduce the level of these credits. As a percent of total loans, non-performing loans at Sept. 30, 1992, were 3.6 percent compared with 4.0 percent at June 30, 1992, and 5.7 percent a year ago. In addition, the allowance for possible loan losses was $25.2 million, or 2.9 percent of total loans as of Sept. 30, 1992, compared to 2.9 percent as of June 30, 1992, and 3.1 percent as of Sept. 30, 1991. Net charge-offs for the first nine months of 1992 totaled $8.8 million compared with $18.2 million for the same period a year ago.
 Balance Sheet Analysis
 Total assets increased 4.6 percent to $1.59 billion from $1.52 billion at Sept. 30, 1991, as net loans decreased 13.0 percent to $.84 billion from $.97 billion and investment securities increased 74.4 percent to $.53 billion from $.31 billion. Deposits increased to $1.32 billion from $1.31 billion.
 Boulevard Bancorp remains well capitalized. The total risk based capital ratio was 11.9 percent at Sept. 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 $93.3 million, or $12.65 per share, at Sept. 30, 1992, from $91.9 million, or $12.48 per share, at June 30, 1992.
 Boulevard Bancorp, Inc., is the 11th largest bank holding company in the Chicago meropolitan 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 Band of Chicago and Boulevard Technical Services. The company's common stock is traded on NASDAQ's National Market System under the symbol "BLVD."
 -0- 10/15/92
 /CONTACT: Karen E. Spillers, 312-993-8603, or George H. Cook, 312-836-6685, both of Boulevard Bancorp/
 (BLVD) CO: Boulevard Bancorp, Inc. ST: Illinois IN: FIN SU: ERN


GK -- NY075 -- 0508 10/15/92 14:16 EDT
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Date:Oct 15, 1992
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