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FIRST COLONIAL REPORTS 8.5 PERCENT INCREASE IN NET INCOME

 CHICAGO, July 14 /PRNewswire/ -- First Colonial Bankshares Corporation (NASDAQ: FCOLA) today reported net income for the second quarter of 1993 of $4.34 million, compared with $4.00 million earned in the second quarter of 1992. Earnings per share for the second quarter were $.38, compared with $.37 in 1992, an increase of 2.7 percent. For the six months ended June 30, 1993, net income was $8.56 million, compared with $7.59 million earned in 1992, an increase of 12.7 percent. On a per share basis, net income during the first six months of 1993 was $.74, compared with $.72 in 1992.
 C. Paul Johnson, chairman and chief executive officer, stated, "First Colonial's net income increased 8.5 percent during our second quarter and 12.7 percent during the first half of 1993, compared with 1992. We are encouraged by our reduced level of net charge-offs and by our net interest margin which we have maintained in 1993 at nearly 5 percent." Johnson noted that net charge-offs during the first half of 1993 decreased to .25 percent of average loans from .32 percent in 1992. Net charge-offs also decreased from .28 percent of average loans in the first quarter of 1993 to .23 percent of loans in the second quarter of 1993.
 In the second quarter of 1993, net interest income (fully taxable equivalent basis) was $17.44 million, up from $17.01 million in the second quarter of 1992. The net interest margin in the second quarter of 1993 was 4.97 percent, compared with 4.74 percent in 1992. Average earning assets in the second quarter were $1.41 billion, compared with $1.42 billion in the second quarter of 1992. On a year-to-date basis, net interest income increased 7.9 percent to $35.16 million from $32.60 million in 1992.
 The provision for loan losses during the quarter was $632,000, compared with $1,208,000 in the second quarter of 1992. Net charge-offs during the quarter declined to $573,000 from $689,000 in the same quarter of last year. For the six months ended June 30, 1993, net charge-offs declined to $1.25 million in 1993 from $1.47 million in 1992. The ratio of net charge-offs to average loans, on a year-to-date basis, was .25 percent in 1993, compared with .32 percent in 1992. The allowance for loan losses as a percent of period end loans was 1.24 percent at June 30, 1993, compared with 1.16 percent at June 30, 1992.
 Total noninterest income during the second quarter of 1993 was $6.56 million, compared with $5.94 million in 1992. Included in total noninterest income during the quarter was $1.30 million in gains realized from the termination of an interest rate hedge. Investment services revenue decreased to $656,000 during the quarter, compared with $962,000 in the second quarter of 1992. First Colonial realized no investment securities gains in the second quarter of 1993, compared with $453,000 of gains in the second quarter of 1992.
 Total noninterest expense was $15.96 million for the quarter ended June 30, 1993, compared with $14.83 million in 1992, an increase of 7.7 percent. Most of the increase in noninterest expense was attributed to salaries and employee benefits, which increased from $6.37 million in the second quarter of 1992 to $7.12 million in the second quarter of 1993.
 Total nonperforming loans were $18.89 million at June 30, 1993, compared with $22.86 million at June 30, 1992. As a percentage of outstanding loans, nonperforming loans were 1.91 percent at June 30, 1993, compared with 2.37 percent at June 30, 1992. Total nonperforming loans remained below the level at Dec. 31, 1992 of $20.61 million, or 2.07 percent of outstanding loans. Foreclosed assets at June 30, 1993 were $2.24 million.
 First Colonial reported total assets of $1.56 billion at June 30, 1993, compared with $1.58 billion at June 30, 1992. Loans were $989 million at the end of the quarter, compared with $966 million a year earlier. Total deposits were $1.33 billion, compared with $1.36 billion a year earlier. As of June 30, 1993 stockholders' equity totaled $156.5 million, an increase of $9.9 million over $146.6 million in the prior year. Common equity per share was $13.46 at June 30, 1993, compared with $12.82 a year earlier. The core leverage ratio of First Colonial at June 30, 1993, was 8.40 percent compared with 7.51 percent at June 30, 1992.
 First Colonial Bankshares Corporation owns 16 banks with 23 locations throughout Chicago and surrounding suburbs. A pending acquisition of two additional banks with five locations in the northern suburbs of Chicago is expected to be consummated in late 1993 or early 1994. First Colonial is also the parent of First Colonial Trust Co., First Colonial Investment Services Inc., First Colonial Mortgage Corporation, and Mid-States Financial Corp., a commercial leasing firm.
 -0- 7/14/93
 /CONTACT: C. Paul Johnson or Stephen D. Daniels, 312-419-9891, both of First Colonial Bankshares/
 (FCOLA)


CO: First Colonial Bankshares Corporation ST: Illinois IN: FIN SU: ERN

MG -- NY075 -- 1508 07/14/93 14:44 EDT
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Date:Jul 14, 1993
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