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EXECUFIRST BANCORP, INC., PARENT OF FIRST EXECUTIVE BANK, REPORTS PROFITABLE SECOND QUARTER AND FIRST HALF

 EXECUFIRST BANCORP, INC., PARENT OF FIRST EXECUTIVE BANK,
 REPORTS PROFITABLE SECOND QUARTER AND FIRST HALF
 PHILADELPHIA, July 8 /PRNewswire/ -- ExecuFirst Bancorp, Inc. (NASDAQ: FXBC), parent company of First Executive Bank, today reported that net income for 1992's second quarter totaled $125,746 or $0.10 per share, compared to earnings of $1,623 or less than one cent per share, in 1991's second quarter.
 For 1992's first six months, the company reported earnings of $206,911 or $0.17 per share, compared to earnings of $21,965 or $0.02 per share for 1991's first half.
 Zvi H. Muscal, ExecuFirst chairman and First Executive Bank president and chief executive officer, attributed the year-to-year earnings growth to a significant increase in second-quarter non-interest income, principally from a $628,295 non-recurring gain on the sale of securities.
 Muscal noted that loan and deposit growth remained stable from year- end 1991, despite persistently sluggish national and regional economic conditions. Net loans at June 30, 1992, totaled $64.3 million and deposits totaled $82.7 million, representing increases of 4 percent and 3 percent respectively from 1991 year-end levels. Also at June 30, 1992, the company's assets totaled $92.4 million, up 3 percent from Dec. 31, 1991.
 During this year's second quarter, the company provided $471,604 for possible loan losses and a total of $502,056 for the year's first six months. The company's current reserve for possible loan losses totals $1.7 million. At June 30, 1992, non-performing loans totaled $1.5 million.
 "The second quarter provision reflects a more conservative assessment of the pace of the economic recovery and its detrimental effects on some of our borrowers," Muscal said.
 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)
 Second quarter 1992 1991
 Interest income $ 1,662,639 $ 1,809,527
 Interest expense, deposits 1,031,665 1,230,323
 Provision for loan losses 471,604 41,758
 Net interest income after
 provision for loan loss 159,370 537,446
 Securities gains 628,295 ---
 Other income 19,798 13,925
 Income before other expenses 807,463 551,371
 Other expenses 681,717 549,748
 Net profit 125,746 1,623
 Net profit per common share $.10 ---
 Weighted average number of shares 1,226,057 1,226,057
 Six months ended June 30 1992 1991
 Interest income $ 3,446,893 $ 3,248,686
 Interest expense, deposits 2,172,742 2,093,429
 Provision for loan losses 502,056 51,216
 Net interest income after
 provision for loan loss 772,095 1,104,041
 Securities gains 725,284 ---
 Other income 43,990 24,361
 Income before other expenses 1,541,369 1,128,402
 Other expenses 1,334,458 1,106,437
 Net profit 206,911 21,965
 Net profit per common share $.17 $.02
 Weighted average number of shares 1,226,057 1,226,057
 At June 30 1992 1991
 Total assets $92,369,830 $99,671,596
 Net loans 64,287,329 55,957,895
 Total deposits 82,747,420 90,160,049
 /delval/
 -0- 7/8/92
 /CONTACT: Zvi H. Muscal of Execufirst Bancorp, 215-564-3300/
 (FXBC) CO: ExecuFirst Bancorp, Inc.; First Executive Bank ST: Pennsylvania IN: FIN SU: ERN


MP-MJ -- PH017 -- 7516 07/08/92 15:06 EDT
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Date:Jul 8, 1992
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