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F & C BANCSHARES, INC. REPORTS SECOND QUARTER EARNINGS

 PORT CHARLOTTE, Fla., Jan. 13 /PRNewswire/ -- F & C Bancshares, Inc. (NASDAQ: FSCC) ("company"), the parent company of First Federal Savings Bank of Charlotte County ("First Federal"), today reported that the company earned $714,000, or $.22 per share, for the quarter ended Dec. 31, 1993, compared to restated net income of $865,000, or $.27 per share, for the quarter ended Dec. 31, 1992.
 The net interest income decrease was primarily attributable to the volume decline in interest-earning assets and soft loan demand.
 As previously reported, in the 1994 fiscal first quarter, the company adopted FAS No. 109, "Accounting for Income Taxes." This had the effect of increasing deferred income taxes by $73,000 and decreasing previously reported net income per share from $.29 to $.27 for the quarter ended Dec. 31, 1992.
 Non performing assets remained at levels well below the industry average and declined from $2,521,000 or .61 percent of assets, at June 30, 1993, to $2,391,000, or .59 percent of assets, at Dec. 31, 1993.
 First Federal continued to exceed regulatory requirements for a "well capitalized" institution, the highest regulatory standard. At Dec. 31, 1993, the stockholders' equity to total assets ratio was 10.78 percent, and the stockholders' equity per share was $13.54.
 F & C Bancshares, Inc. is a $406 million savings and loan holding company with First Federal Savings Bank of Charlotte County, an FDIC- insured, federally chartered savings bank, as its sole subsidiary. First Federal operates seven full-service banking facilities which serve residents of Charlotte and south Sarasota counties.
 F & C BANCSHARES, INC.
 CONSOLIDATED BALANCE SHEETS
 (Unaudited)
 (Restated)
 Dec. 31, June 30
 1993 1993
 (dollars in thousands)
 ASSETS
 Cash and due from banks $ 6,257 $ 5,938
 Interest-bearing deposits
 and investments 90,275 111,167
 Federal Home Loan Bank stock 3,365 3,275
 Loans (net of allowance
 for loan losses of
 $485 and $580, respectively) 208,893 212,128
 Mortgage-backed securities, net 81,309 63,437
 Premises and equipment 11,552 11,618
 Real estate owned (net of
 allowance of $124 and $0,
 respectively) 1,153 1,342
 Other assets 3,317 3,134
 Total assets $ 406,121 $ 412,039
 LIABILITIES AND
 STOCKHOLDERS' EQUITY
 Deposit accounts $ 358,598 $ 363,305
 Other liabilities 3,762 4,582
 Total liabilities 362,360 367,887
 Common stock, Issued and
 outstanding shares,
 3,231,589, and 3,223,114,
 respectively 3,232 3,223
 Additional paid-in capital 22,829 22,776
 Retained earnings 17,700 18,153
 Total stockholders' equity 43,761 44,152
 Total liabilities and
 stockholders' equity $ 406,121 $ 412,039
 Ratios
 Stockholders' equity
 to total assets 10.78% 10.72%
 Stockholders' equity
 per share $ 13.54 $ 13.70
 CONSOLIDATED INCOME STATEMENTS
 (Unaudited)
 Six Months Ended Three Months Ended
 Dec. 31 Dec. 31
 (Restated) (Restated)
 1993 1992 1993 1992
 (dollars in thousands, except per share data)
 Interest income:
 Mortgage loans $ 9,156 $ 10,357 $ 4,537 $ 5,096
 Mortgage-backed securities 2,068 2,642 1,047 1,347
 Other loans 174 237 81 111
 Investments and deposits 1,656 1,994 802 951
 Total interest income 13,054 15,230 6,467 7,505
 Interest expense on deposits 7,149 9,009 3,543 4,360
 Net interest income before
 provision for loan losses 5,905 6,221 2,924 3,145
 Provision for loan losses (29) 19 9 35
 Net interest income after
 provision for loan losses 5,934 6,202 2,915 3,110
 Non-interest income:
 Gain on sale of
 office properties 80 20
 Other 329 327 141 178
 Total non-interest income 329 407 141 198
 Non-interest expense:
 Salaries and
 employee benefits 1,655 1,630 800 803
 Occupancy 616 738 313 371
 Federal insurance premium 420 429 210 215
 Net cost of operation of
 real estate owned 118 (35) 28 (1)
 Other 923 879 470 436
 Total non-interest expense 3,732 3,641 1,821 1,824
 Income before income taxes 2,531 2,968 1,235 1,484
 Applicable income taxes 1,049 1,206 521 619
 Net income $ 1,482 $ 1,762 $ 714 $ 865
 Net income per share $ .46 $ .55 $ .22 $ .27
 YIELDS
 Yield on loan portfolio 8.88% 9.31% 8.81% 9.23%
 Yield on mortgage-backed
 securities 5.75% 8.09% 5.44% 7.95%
 Yield on investment securities
 and other interest-earning
 assets 3.06% 3.31% 3.12% 3.17%
 Yield on total
 interest-earning assets 6.69% 7.37% 6.64% 7.26%
 Cost of deposits 3.93% 4.66% 3.90% 4.51%
 Net interest rate spread 2.76% 2.71% 2.74% 2.75%
 RATIOS
 Return on average assets .73% .82% .70% .80%
 Return on average
 stockholders' equity 6.77% 8.36% 6.54% 8.17%
 -0- 1/13/94
 /CONTACT: Charles G. Baltuskonis, vice president and chief financial officer, F & C Bancshares, 813-625-9142/
 (FSCC)


CO: F & C Bancshares, Inc. ST: Florida IN: FIN SU: ERN

DP-AW -- FL010 -- 1038 01/13/94 11:25 EST
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Date:Jan 13, 1994
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