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FIRST COLONIAL ANNOUNCES 13 PERCENT INCREASE IN NET INCOME

 FIRST COLONIAL ANNOUNCES 13 PERCENT INCREASE IN NET INCOME
 CHICAGO, Oct. 8 /PRNewswire/ -- First Colonial Bankshares Corp. (NASDAQ: FCOLA) announced earnings for the quarter ended Sept. 30, 1992, of $4.7 million which represents a 13 percent increase over $4.2 million earned in the same quarter of 1991. Fully diluted earnings were unchanged at $.41 per share. For the nine months ended Sept. 30, 1992, the company earned $12.3 million compared with $11.1 million in 1991, an 11 percent increase. Fully diluted earnings per share for nine months ended Sept. 30, 1992, were $1.12, versus $1.08 in 1991, or an increase of 4 percent. Fully diluted earnings per share were diluted by the issuance of $20.1 million of Convertible Preference Stock in April of 1992.
 C. Paul Johnson, chairman and chief executive officer, reported, "Earnings have been enhanced by strong loan demand and lower deposit rates which resulted in substantial improvements in the company's net interest margin." Net interest margin for the quarter was 4.90 percent compared with 4.24 percent for the third quarter of 1991. Johnson said the net interest margin increase resulted from a $76 million increase in loans from year-end and an improved deposit mix.
 Noninterest income, excluding securities gains of $688,000 in 1992 and $978,000 in 1991, was $5.3 million for the third quarter, a 2 percent increase from the $5.2 million recorded in the same quarter of 1991. Johnson was pleased that revenues of First Colonial Investment Services, Inc. rose to $830,000 for the third quarter of 1992 versus $465,000 for the same period in 1991. Revenues for the nine months ended Sept. 30, 1992 were $2.8 million, nearly three times the fees of $1.0 million recorded for the same period last year. For the year, total noninterest income rose to $17.8 million in 1992 compared with $15.8 million in 1991, a 12 percent increase.
 Johnson pointed out that net charge-offs remained low in the third quarter. Net charge-offs for the first nine months of 1992 declined to $2.1 million from $2.6 million in 1991. On an annualized basis, net charge-offs as a percentage of average loans decreased to .29 percent from .37 percent for the same period a year ago. Nonperforming assets, defined as nonaccrual loans, restructured loans and other real estate as a percentage of loans and ORE, were 2.42 percent at the end of the third quarter. The company's allowance for credit losses was 1.14 percent of total loans as of Sept. 30, 1992, up from 1.09 percent at Sept. 30, 1991.
 The $1.6 billion asset First Colonial Bankshares Corp. owns 16 banks with 23 locations throughout Chicago and its surrounding suburbs. It also is the parent company to other non-bank subsidiaries including Mid- States Financial Corp., a commercial leasing firm, First Colonial Trust Company and First Colonial Investment Services, Inc.
 FIRST COLONIAL BANKSHARES CORPORATION (NASDAQ)
 Third Quarter 1992 and 1991
 (Amounts in thousands, except share data)
 Quarterly Comparison
 Third Quarter 1992 1991 Percent change
 Net Income $ 4,713.6 $ 4,170.5 13
 Per share - primary 0.42 0.41 2
 fully diluted 0.41 0.41 0
 Net interest income (fte) 17,315.8 15,445.4 12
 Margin (in percents) 4.90 4.24
 Return on average
 assets (in percents) 1.20 1.03
 Return on avg. common
 equity (in percents) 13.83 14.65
 Noninterest income 5,935.9 6,129.5 -3
 Noninterest expense 14,480.3 13,973.8 4
 Loan loss provision 844.5 715.2 18
 Net charge-offs 619.7 759.7 -18
 Weighted average shares and
 share equivalents - primary 10,034.3 9,886.9 1
 fully diluted 11,269.1 9,897.8 14
 Year-to-Date Comparison
 1992 1991 Percent change
 Net Income $ 12,306.5 $ 11,063.8 11
 Per share - primary 1.14 1.09 5
 fully diluted 1.12 1.08 4
 Net interest income (fte) 49,912.6 46,790.9 7
 Margin (in percents) 4.64 4.41
 Return on average
 assets (in percents) 1.04 0.95
 Return on avg. common
 equity (in percents) 12.70 13.34
 Noninterest income 17,765.6 15,796.6 12
 Noninterest expense 43,662.0 41,173.2 6
 Loan loss provision 2,900.6 2,347.2 24
 Net charge-offs 2,092.8 2,563.1 -18
 Weighted average shares and
 share equivalents - primary 9,964.0 9,795.0 2
 fully diluted 10,767.5 9,886.5 9
 Balance Sheet
 9-30-92 12-31-91 9-30-91
 Assets $1,554,442.3 $1,635,328.6 $1,630,113.6
 Deposits 1,335,865.5 1,414,756.8 1,422,445.1
 Loans 996,389.7 920,858.4 913,944.0
 Shareholder Equity 150,141.7 120,628.1 117,438.0
 Loss Reserve 11,395.1 10,587.3 9,964.6
 Reserve/loans
 ratio (in percents) 1.14 1.15 1.09
 Nonaccrual and renegotiated
 loans and ORE 24,138.6 15,997.0 14,700.0
 as a percent
 of loans and ORE 2.42 1.74 1.61
 Core leverage ratio (in percents) 7.90 5.56 5.32
 Book value per share $13.09 $12.38 $12.06
 Tangible book value per share $10.05 $9.12 $8.69
 -0- 10/8/92
 /CONTACT: C. Paul Johnson or Stephen D. Daniels of First Colonial Bankshares Corp., 312-419-9891/
 (FCOLA) CO: First Colonial Bankshares Corp. ST: Illinois IN: FIN SU: ERN


SH -- NY079 -- 7975 10/08/92 15:11 EDT
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Date:Oct 8, 1992
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