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EDGEMARK FINANCIAL REPORTS FOURTH QUARTER AND YEAR END EARNINGS

 EDGEMARK FINANCIAL REPORTS FOURTH QUARTER AND YEAR END EARNINGS
 CHICAGO, Jan. 23 /PRNewswire/ -- EdgeMark Financial Corp. today announced fourth quarter 1991 net income applicable to common stock of $1,107,667, or $0.76 per share, compared to $259,203 or $0.18 per share for the same quarter last year. For the full year, net income was $2,998,256, while net income applicable to common stock was $2,209,118 or $1.51 per share, compared with $2,752,713 and $1,822,858, or $1.24 per share, for the same period in 1990, respectively.
 According to Charles A. Bruning, EdgeMark Financial Corp.'s president and chief executive officer, earnings were positively impacted by increases in net interest income, significant gains in non-interest income and better than expected loan demand.
 "We also decided to strengthen our balance sheet and bolster our loan loss reserve in light of our focus on credit quality and the uncertainty in the economy. Reserves at year-end were 1.35 percent of net loans outstanding compared to 1.08 percent a year ago. We believe we are positioned for continued growth and profitability for 1992 and beyond, despite the competitive and economic challenges," Bruning said.
 Net loans outstanding for the year were up 11.82 percent to $324,760,366 from $290,434,454 a year earlier. Total deposits were $456,988,585, up 10.41 percent from the $413,889,564 posted for the same period in 1990. Total assets at Dec. 31 were $516,943,125, an increase of 8.63 percent. Year-end shareholders' equity to assets increased to 7.85 percent and total capital to risk-weighted assets increased to 8.71 percent, well above the required regulatory levels.
 EdgeMark Financial Corp. is a Chicago-based multibank holding company that owns and operates Merchandise National Bank, Chicago; Edgewood Bank Countryside and Woodridge; EdgeMark Bank Lombard; First National Bank of Lockport; and EdgeMark Bank Rosemont.
 EDGEMARK FINANCIAL CORP.
 (Unaudited)
 Quarterly Comparison 4th Quarter '91 4th Quarter '90
 Net income $1,300,870 $ 491,442
 Net income applic. to common 1,107,667 259,203
 Net income per average
 share outstanding $0.76 $0.18
 Net interest income 5,163,426 4,689,649
 Non interest income 3,712,170 849,753
 Non interest expense 5,776,058 4,848,398
 Loan loss provision 1,511,256 203,000
 Weighted average shares 1,459,786 1,466,958
 12 months ended Dec. 31 1991 1990
 Net income $2,998,256 $2,752,713
 Net income applic. to common 2,209,118 1,822,858
 Net income per average
 share outstanding $1.51 $1.24
 Net interest income 20,175,380 18,659,994
 Non interest income 6,946,886 3,151,565
 Non interest expense 20,798,420 18,201,229
 Loan loss provision 2,661,681 555,500
 Weighted average shares 1,459,548 1,466,958
 BALANCE SHEET (Unaudited) 12/31/91 12/31/90
 Assets $516,943,125 $476,868,168
 Deposits 456,988,585 413,889,564
 Net loans 324,760,366 290,434,454
 Shareholder equity 41,628,926 39,688,025
 Loss Reserve 4,446,083 3,170,065
 -0- 1/23/92
 /CONTACT: Charles Bruning, president and CEO of EdgeMark Financial, 312-836-8000; or George Morvis, president and CEO of Financial Shares Corp., 312-943-8116, for EdgeMark/ CO: EdgeMark Financial Corp. ST: Illinois IN: FIN SU: ERN


GK -- NY073 -- 2943 01/23/92 15:32 EST
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Publication:PR Newswire
Date:Jan 23, 1992
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