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FIRST COLONIAL ANNOUNCES SEVEN PERCENT INCREASE IN NET INCOME

 FIRST COLONIAL ANNOUNCES SEVEN PERCENT INCREASE IN NET INCOME
 CHICAGO, April 7 -- First Colonial Bankshares Corp. (NASDAQ: FCOLA) today announced record first quarter earnings. C. Paul Johnson, chairman and chief executive officer, reported that the company earned $3.594 million during the first quarter, a seven percent increase from the first quarter of 1991. On a fully diluted per share basis, First Colonial earned $.35 versus $.33 for the first quarter of 1991, a six percent increase.
 Non-interest income for the quarter was $5.9 million, a 30 percent increase from a year ago. Johnson commented that continued emphasis in non-interest income contributed to the overall earnings growth of the company. Revenues of First Colonial Investment Services, Inc., the company's investment advisory subsidiary, rose to $744,000 or triple for the comparable period in 1991. In addition the company reported gains on the sales of securities of $421,000 versus $206,500 a year ago, in the continued restructuring of its investment portfolio.
 Johnson also pointed out that asset quality remains good and with adequate reserves. Non-accrual, restructured loans and foreclosed assets have decreased to $15.239 million from $15.874 million a year ago and from $15.997 million at Dec. 31, 1991. The company's reserve for possible credit losses remains at 1.15 percent of total loans.
 Net interest margin for the quarter was 4.29 percent versus 4.01 percent for the fourth quarter of 1991. Johnson noted the company's strong improvement in net interest margin resulted mostly from more aggressive pricing of deposit rates.
 The company also reported that First Colonial Bank of McHenry County opened its permanent quarters in Crystal Lake, Ill., during the month.
 The $1.6 billion asset First Colonial Bankshares Corp. 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 Co. and First Colonial Investment Services Inc.
 FIRST COLONIAL BANKSHARES CORP.
 First Quarter 1992 And 1991
 (Amounts in thousands, except per share data)
 First Quarter First Quarter Percent
 Quarterly Comparison 1992 1991 Change
 Net income 3,594.0 3,361.4 7
 Per share - primary 0.35 0.34 3
 Fully Diluted 0.35 0.33 6
 Net interest income (fte) 15,592.3 15,773.9 -1
 Margin 4.29 pct. 4.56 pct.
 Return on average assets 0.91 pct. 0.90 pct.
 Return on average
 common equity 11.96 pct. 12.53 pct.
 Noninterest income 5,889.7 4,531.5 30
 Noninterest expense 14,356.0 13,544.1 6
 Loan loss provision 848.1 803.4 6
 Net charge-offs 784.1 797.8 -2
 Weighted average shares
 and share equivalents 9,924.9 9,753.6 2
 BALANCE SHEET 3/31/92 12/31/91 3/31/91
 Assets $1,567,925.3 $1,635,328.6 $1,521,491.5
 Deposits 1,366,682.0 1,415,109.6 1,323,216.5
 Loans 926,103.7 920,858.4 933,166.8
 Shareholder equity 124,680.0 120,628.1 112,016.1
 Loss Reserve 10,651.2 10,587.3 10,186.2
 Reserve/loans ratio
 (In pcts.) 1.15 1.15 1.09
 Nonaccrual and renegotiated
 loans and ORE 15,239.4 15,997.0 15,874.0
 As a percent of
 loans and ORE 1.64 1.74 1.70
 Core leverage ratio
 (In pcts.) 6.10 5.56 5.36
 Book value per share $12.64 $12.38 $11.50
 -0- 4/7/92
 /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


SM -- NY033 -- 5838 04/07/92 12:25 EDT
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