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FIRST FEDERAL BANK ANNOUNCES RECORD 1993 EARNINGS

 LAKEWOOD, Colo., Jan. 13 /PRNewswire/ -- First Federal Savings Bank of Colorado (NASDAQ-NMS: FFBA) announced record earnings for 1993 of $14,855,000, or $2.37 per share. This compares to 1992 earnings of $14,170,000, or $2.26 per share. Net income for the fourth quarter of 1993 was $3,141,000, or $0.50 per share, compared to net income for the fourth quarter 1992 of $4,085,000, or $0.65 per share.
 According to Malcolm E. Collier Jr., chairman and chief executive officer, First Federal Bank benefited in 1993 from a strong Colorado economy, record mortgage loan production and minimal loan losses. However, fourth quarter earnings were adversely impacted by the low interest rate environment as the unprecedented loan prepayments throughout the country accelerated the pay-down of the bank's $416 million mortgage-backed security portfolio. This in turn caused an accelerated recognition of premium expense due to the resulting shorter life of the security.
 First Federal has 23 branches in Colorado, and with $1.2 billion in assets is the largest Colorado-based publicly traded bank or thrift. For more information contact Malcolm E. Collier at 303-232-2121.
 FIRST FEDERAL SAVINGS BANK OF COLORADO
 Statement of Condition Summary
 as of Dec. 31, 1993 and 1992
 (Dollars in thousands, except for per share data)
 Pct. Increase
 1993 1992 (Decrease)
 Total assets $1,220,085 $971,828 25.55 pct
 Total deposits $1,031,783 $837,468 23.20 pct
 Total loans $606,543 $545,382 11.21 pct
 Allowance for losses on loans
 & real estate owned &
 in judgment $4,755 $5,259 (9.58 pct)
 Stockholders' equity(a) $97,685 $83,711 16.69 pct
 Book value per share $15.58 $13.35 16.69 pct
 (a) Includes a reduction to Beginning Stockholders' Equity of $2.4 million for 1993 and of $2.6 million for 1992, reflecting the preliminary implementation of FASB Statement No. 109 (Accounting for Income Taxes).
 FIRST FEDERAL SAVINGS BANK OF COLORADO
 Results of Operations
 For The Year Ended Dec. 31, 1993 and 1992
 (Dollars in Thousands, Except For Per Share Data)
 Pct. Increase
 1993 1992 (Decrease)
 Total interest income $73,841 $75,771 (2.55 pct)
 Total interest expense 37,393 40,798 (8.35 pct)
 Net interest income $36,448 $34,973 4.22 pct
 Provision (Credit) for
 Loan Losses 206 1,297 (84.12 pct)
 Net interest income after
 provision for loan losses $36,242 $33,676 7.62 pct
 Net gain on sale of loans
 & investments 961 581 65.40 pct
 Other non-interest income 3,863 3,751 2.99 pct
 Provision for losses on
 real estate owned & in
 judgment 172 797 (78.42 pct)
 Expenses of real estate
 operations, net (214) (832) 74.28 pct
 Other non-interest expense 17,403 16,629 4.65 pct
 Income before income taxes $23,705 $21,414 10.70 pct
 Income tax expense 8,850 7,244 22.17 pct
 Net income $14,855 $14,170 4.83 pct
 Earnings per share $2.37 $2.26 4.87 pct
 (a) Cash dividends declared $1,250 $421 NM
 (a) Dividends per share $0.60 $0.2021 NM
 NM - Not meaningful
 (a) The bank became publicly traded on July 14, 1992. Cash dividends declared and dividends per share are based on 2,082,972 shares that are publicly traded, while earnings per share is based on 6,269,972 total shares outstanding. All figures reflect a 3-for-2 stock split effective Oct. 20, 1993.
 -0- 1/13/94
 /CONTACT: Malcolm E. Collier of First Federal Bank, 303-232-2121/
 (FFBA)


CO: First Federal Savings Bank of Colorado ST: Colorado IN: FIN SU: ERN

JB-EH -- LA017 -- 1103 01/13/94 12:44 EST
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Date:Jan 13, 1994
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