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FIRST FEDERAL BANK ANNOUNCES THIRD QUARTER EARNINGS

 LAKEWOOD, Colo., Oct. 14 /PRNewswire/ -- First Federal Savings Bank of Colorado announced third quarter, 1993 earnings of $3,568,000, or $0.85 per share. Net income for the nine months ended Sept. 30, 1993 was $11,714,000, or $2.80 per share. This compares to third quarter, 1992 earnings of $3,838,000 or $0.92 per share, and net income for the first nine months of 1992 of $10,085,000, or $2.41 per share.
 According to Malcolm E. Collier Jr., chairman and chief executive officer, third quarter 1993 income was adversely affected by President Clinton's retroactive tax legislation, which resulted in additional taxes of $165,000, and by Accounting Statement 109, Accounting for Income Taxes, which caused a charge to earnings of $350,000.
 As previously announced on Sept. 27, 1993, the bank will implement a 3-for-2 stock split to be paid on Oct. 20, 1993 to shareholders of record as of Oct. 12, 1993.
 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 Sept. 30, 1993 and 1992
 (Dollars in thousands, except for per share data)
 Pct Increase
 1993 1992 (Decrease)
 Total assets $1,201,831 $952,810 26.14 pct
 Total deposits $1,014,734 $821,936 23.46 pct
 Total loans $590,475 $536,564 10.05 pct
 Allowance for losses on
 loans & real estate
 owned & in judgment $4,739 $5,165 (8.25 pct)
 Stockholders' equity(a) $94,921 $79,829 18.91 pct
 Book value per share $22.71 $19.10 18.91 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 Nine Months Ended Sept. 30, 1993 and 1992
 (Dollars in thousands, except for per share data)
 Pct. Increase
 1993 1992 (Decrease)
 Total interest income $55,642 $57,334 (2.95 pct)
 Total interest expense 27,454 31,740 (13.50 pct)
 Net interest income $28,188 $25,594 10.14 pct
 Provision (credit) for
 loan losses 89 701 (87.30 pct)
 Net interest income after
 provision for loan losses $28,099 $24,893 12.88 pct
 Net gain on sale of loans
 & investments 728 228 219.30 pct
 Other non-interest income 2,873 2,866 0.24 pct
 Provision for losses on
 real estate owned and in
 judgment 136 675 (79.85 pct)
 Expenses of real estate
 operations, net (130) (380) 65.79 pct
 Other non-interest expense 12,997 12,351 5.23 pct
 Income before income taxes $18,697 $15,341 21.88 pct
 Income tax expense 6,983 5,256 32.86 pct
 Net income $11,714 $10,085 16.15 pct
 Earnings per share $2.80 $2.41 16.15 pct
 (a)Cash dividends declared $833 $195 NM
 (a)Dividends per share $0.60 $0.1407 NM
 NM-Not meaningful
 (a) The bank became publicly traded on July 14, 1992. Cash dividends declared and dividends per share are based on 1,388,600 shares that are publicly traded.
 -0- 10/14/93
 /CONTACT: Malcolm E. Collier, 303-232-2121/


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

MF-EH -- LA035 -- 2485 10/14/93 17:54 EDT
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Date:Oct 14, 1993
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