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FIRST AMERICAN REPORTS SECOND QUARTER EARNINGS

 FIRST AMERICAN REPORTS SECOND QUARTER EARNINGS
 CANTON, Ohio, Jan. 15 /PRNewswire/ -- First American BanCorp,


holding company for First American Savings Bank, FSB, (NASDAQ: FASB), reported net earnings of slightly more than $1 million, or $.46 per share for its fiscal second quarter ending Dec. 31, 1991. The earnings are an increase of nearly 8 percent as compared to earnings of $941 thousand or $.43 per share for the comparable quarter of the prior fiscal year.
 Six month earnings for the period ending Dec. 31, 1991 were $2.1 million or $.94 per share, as compared to earnings of $2.0 million or $.89 per share for the comparable six month period of the previous year.
 The company's ratio of stockholders' equity to total assets rose to 5.26 percent at Dec. 31, 1991, up from 4.89 percent at June 30, 1991 and 4.56 percent at Dec. 31, 1990. Total assets at Dec. 31, 1991 were $711 million.
 Commenting on the bank's performance, Mark D. Grossi, president and chief executive officer of First American, indicated that he expects the brisk pace of mortgage refinancings to continue in response to the falling interest rate environment, and anticipates improved housing activity during the first half of calendar year 1992.
 Grossi said, "This sustained level of activity, together with our consumer banking strategies, will continue to have a positive effect on earnings. In addition, the bank's capital base continues to grow due to the consistent operating results, which further strengthen the bank."
 He noted that First American, established in 1887, will be commemorating its 105th year during the months ahead.
 First American has 13 retail banking offices serving Canton, Massillon, Alliance, Salem and the surrounding communities in northeast Ohio, plus regional loan production offices servicing the Akron, Cleveland, Dayton and Salem markets.
 First American BanCorp common stock is traded on the NASDAQ National Market System under the ticker symbol "FASB."
 First American BanCorp
 (Canton, Ohio)
 SUMMARY OF CONSOLIDATED
 FINANCIAL HIGHLIGHTS
 (Unaudited)
 (Dollars in thousands, except per share data)
 Three Months Ended
 December 31
 INCOME STATEMENT HIGHLIGHTS 1991 1990
 Interest income on loans and investments $15,232 $16,876
 Interest expense on savings deposits
 and borrowed funds 10,429 12,366
 Net interest income 4,803 4,510
 Provision for losses on loans 90 90
 Net interest income after loan loss
 provision 4,713 4,420
 Non-interest income 617 710
 Total 5,330 5,130
 Non-interest expense 3,781 3,576
 Earnings before federal income taxes 1,549 1,554
 Federal income taxes 535 613
 Net earnings $1,014 $941
 Earnings per share $.46 $.43
 Weighted average shares outstanding 2,206,620 2,200,000
 Six Months Ended
 December 31
 INCOME STATEMENT HIGHLIGHTS 1991 1990
 Interest income on loans and investments $30,907 $33,702
 Interest expense on savings deposits
 and borrowed funds 21,221 24,902
 Net interest income 9,686 8,800
 Provision for losses on loans 180 180
 Net interest income after loan loss
 provision 9,506 8,620
 Non-interest income 1,098 1,428
 Total 10,604 10,048
 Non-interest expense 7,454 6,828
 Earnings before federal income taxes 3,150 3,220
 Federal income taxes 1,074 1,266
 Net earnings $2,076 $1,954
 Earnings per share $.94 $.89
 Weighted Average Shares Outstanding 2,203,310 2,200,000
 BALANCE SHEET HIGHLIGHTS AT 12/31/91 6/30/91 12/31/90
 Total assets $710,652 $720,692 $723,783
 Deposits $645,650 $626,249 $619,599
 Stockholders' equity $37,388 $35,277 $33,025
 Common Shares Outstanding 2,209,000 2,200,000 2,200,000
 Stockholders' equity per share $16.93 $16.04 $15.01
 Ratio of Stockholders' Equity to
 Total Assets (percent) 5.26 4.89 4.56
 -0- 1/15/92
 /CONTACT: Mark D. Grossi, president and chief executive officer of First American BanCorp, 216-454-FASB/
 (FASB) CO: First American BanCorp ST: Ohio IN: FIN SU: ERN


KK -- CL005 -- 9884 01/15/92 10:04 EST
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Date:Jan 15, 1992
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