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FIRST COLONIAL ANNOUNCES 1991 RESULTS

 FIRST COLONIAL ANNOUNCES 1991 RESULTS
 CHICAGO, Jan. 15 /PRNewswire/ -- First Colonial Bankshares Corp.


(NASDAQ: FCOLA) today announced results for the fourth quarter and the full year 1991. The company earned $3.98 million in the fourth quarter, bringing net income for 1991 to $15 million, 20 percent higher than in 1990. Fully diluted earnings per share were $.39 for the fourth quarter, compared with $.40 in the prior year. Earnings per share for the full year were $1.48, a 10 percent increase from 1990.
 C. Paul Johnson, chairman and chief executive officer, commented that a major source of the gain in earnings was extraordinary success in the sale of investment products. Revenues of First Colonial Investment Services, Inc., the company's investment advisory subsidiary, exceeded $1.5 million, contributing to a 52 percent increase in total noninterest income. In addition, as a consequence of a year-long restructuring of the investment portfolio the company had gains on the sales of securities of $4.2 million for the year. Excluding these securities gains, noninterest income rose 29 percent.
 Noting that interest income and net interest margin have been under pressure, Johnson explained, "Loan demand has been held down by the current recession, but we are beginning to see signs of increased demand in some areas. As interest rates dropped over the course of the year, our margins were negatively affected, but the recent rapid downward movements in rates has allowed us to be more aggressive in lowering deposit rates, and we should see the positive effects of these moves in the months ahead."
 Johnson also pointed that asset quality remains good and that reserves are strong. Nonaccrual loans, restructured loans and foreclosed assets have increased modestly during the year, to $15.6 million, or 1.70 percent of total loans, compared with $14.3 million a year ago and $14.7 million at Sept. 30, 1991. The company increased the reserve for possible credit losses from 1.07 percent of total loans at the beginning of 1991 to 1.15 percent at year end.
 The $1.6 billion asset First Colonial Bankshares Corp. is the fifth largest independent bank holding company headquartered in Chicago. With the recent opening of the First Colonial Bank of McHenry County, in Crystal Lake, the company now owns 16 banks with 23 locations throughout Chicago, its surrounding suburbs and collar counties, and is also 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 CORP.
 Fourth Quarter 1991 and 1990
 (Amounts in thousands, except per share data)
 Quarterly Comparison 4th Qtr 91 4th Qtr 90 Percent Change
 Net income 3,984.2 3,853.2 3
 Per share - primary 0.39 0.40 (3)
 Fully diluted 0.39 0.40 (3)
 Net interest income (fte) 15,058.3 16,169.0 (7)
 Margin 4.01 percent 4.66 percent
 Return on average assets 0.96 percent 1.00 percent
 Return on average
 common equity 13.61 percent 14.55 percent
 Noninterest income 7,990.5 4,635.7 72
 Noninterest expense 14,780.4 13,136.5 13
 Loan loss provision 1,587.8 1,043.9 52
 Net charge-offs 965.2 939.5 3
 Weighted average shares
 and share equivalents 9,871.5 9,432.5 5
 Year-To-Date Comparison 1991 1990 Percent Change
 Net income 15,048.0 12,561.7 20
 Per share - primary 1.48 1.35 10
 Fully diluted 1.48 1.35 10
 Net interest income (fte) 61,849.1 58,918.6 5
 Margin 4.30 percent 4.49 percent
 Return on average assets 0.95 percent 0.87 percent
 Return on average
 common equity 13.41 percent 13.42 percent
 Noninterest income 23,787.1 15,679.1 52
 Noninterest expense 55,953.6 48,989.1 14
 Loan loss provision 3,935.0 3,928.0 0
 Net charge-offs 3,528.3 2,901.8 22
 Weighted average shares
 and share equivalents 9,839.2 8,955.8 10
 Balance Sheet 12-31-91 12-31-90 Percent Change
 Assets $1,635,328.6 $1,530,838.9 7
 Deposits 1,415,109.6 1,334,152.6 6
 Loans 920,858.4 947,823.8 (3)
 Shareholder equity 120,628.1 109,411.8 10
 Loss reserve 10,587.3 10,180.5 4
 Reserve/loans ratio 1.15 percent 1.07 percent
 Nonaccrual and renegotiated
 loans and ORE 15,621.4 14,337.0 9
 as a percentage of
 loans and ORE 1.70 percent 1.51 percent
 Core leverage ratio 5.56 percent 5.04 percent
 Book value per share $12.38 $11.29 10
 -0- 1/15/92
 /CONTACT: C. Paul Johnson or Thomas Maier of First Colonial Bankshares, 312-419-9891/
 (FCOLA) CO: First Colonial Bankshares Corp. ST: Illinois IN: FIN SU: ERN SB -- NY076 -- 0110 01/15/92 15:26 EST
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