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EXECUFIRST BANCORP, INC. REPORTS THIRD QUARTER PROFIT

 EXECUFIRST BANCORP, INC. REPORTS THIRD QUARTER PROFIT
 PHILADELPHIA, Oct. 20 /PRNewswire/ -- ExecuFirst Bancorp, Inc. (NASDAQ: FXBC), parent company of First Executive Bank, today reported third quarter net income of $54,517 or $.04 per share, compared to net income of $51,472 or $.04 per share, in the third quarter of 1991.
 For the first nine months of 1992, ExecuFirst reported net income of $261,428 or $.21 per share, compared to net income of $73,437 or $.06 per share in 1991's first nine months.
 Zvi H. Muscal, ExecuFirst chairman and First Executive Bank president and chief executive officer, attributed the higher quarterly and nine month earnings principally to higher net interest income and gains on the sale of investment securities. He noted that these more than offset higher provisions for loan losses.
 "Year-to-year growth in net loans approaching 16 percent enabled First Executive Bank to increase net interest income in the face of sharply lower interest rates," Muscal said.
 The company reported that net loans totaled $68.0 million on Sept. 30, 1992, compared to $58.0 million a year ago.
 "This loan growth reflects the bank's continued success in establishing new banking relationships with medical and legal professionals and business executives," Muscal said.
 Muscal also reported that First Executive Bank established its first branch location during the third quarter. The new office opened in August within Graduate Hospital.
 "This new facility enhances our ability to serve the medical and administrative professionals at Graduate Hospital as well as the people in the surrounding community," he noted.
 Deposits at the end of 1992's third quarter totaled $82.7 million, vs. $86.7 million a year ago, and assets were $92.4 million compared to $96.3 million last year.
 During this year's third quarter, the company provided $181,192 for possible loan losses and a total of $683,248 for the year's first nine months. The company's current reserve for loan losses totals $1.9 million. At Sept. 30, 1992, non-performing loans totaled $1.6 million.
 First Executive Bank opened for business in November 1988. It is a state-chartered bank and a member of the Federal Reserve System. Its deposits are insured by the Federal Deposit Insurance Corporation (FDIC). EXECUFIRST BANCORP, INC. AND ITS ONLY SUBSIDIARY FIRST EXECUTIVE BANK
 Operating Results
 (Unaudited)
 Third quarter 1992 1991
 Interest income $ 1,634,575 $ 2,085,708
 Interest expense 843,679 1,423,324
 Provision for loan losses 181,192 76,210
 Net interest income after
 provision for loan loss 609,704 586,174
 Other income 22,462 16,844
 Gains on sales of securities 91,274 ---
 Income before other expenses 723,440 603,018
 Other expenses 668,923 551,546
 Net income 54,517 51,472
 Net income per common share $.04 $.04
 Weighted average number
 of shares outstanding 1,226,057 1,226,057
 Nine months ended Sept. 30 1992 1991
 Interest income $ 5,081,468 $ 5,334,394
 Interest expense 3,016,421 3,516,753
 Provision for loan losses 683,248 127,426
 Net interest income after
 provision for loan loss 1,381,799 1,690,215
 Other income 66,452 41,205
 Gains on sales of securities 816,558 ---
 Income before other expenses 2,264,809 1,731,420
 Other expenses 2,003,381 1,657,983
 Net income 261,428 73,437
 Net income per common share $.21 $.06
 Weighted average number
 of shares outstanding 1,226,057 1,226,057
 At Sept. 30 1992 1991
 Total assets $92,436,888 $96,284,319
 Net loans 67,988,042 58,761,705
 Total deposits 82,734,398 86,689,849
 /delval/
 -0- 10/20/92
 /CONTACT: Zvi H. Muscal, chairman of Execufirst Bancorp, 215-564-3300/
 (FXBC) CO: ExecuFirst Bancorp, Inc.; First Executive Bank ST: Pennsylvania IN: FIN SU: ERN


MJ-XX -- PH005 -- 2115 10/20/92 10:12 EDT
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Date:Oct 20, 1992
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