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FIRST FEDERAL EARNINGS UP 10 PERCENT

 LA CROSSE, Wis., April 15 /PRNewswire/ -- First Federal Capital Corp. (NASDAQ: FTFC), the parent company of First Federal Savings Bank La Crosse-Madison, has reported that first quarter earnings were up nearly 10 percent over the first quarter last year.
 Net income for the three months ended March 31, 1993, totaled $2.5 million, or $.49 per share. That compared to $2.3 million, or $.44 a share for the comparable quarter last year. Last year's figures do not include $1.1 million in gains from an accounting change.
 Commenting on the results for the quarter, Thomas W. Schini, president and chief executive officer of the company, indicated that, "The increase in earnings for the quarter was primarily due to improved net interest income and to a significantly lower provision for possible loss on loans and real estate."
 Net interest income for the quarter was $7.5 million, up from $7.1 million in the same quarter last year. Provision for loan and real estate losses amounted to $15,000 compared to $800,000 last year. Schini noted, "The lower provision reflects the continued improvement in the quality of the company's assets as well as the substantial reserves we have previously set aside to cover potential losses." The company's allowances for loan and real estate loss as a percent of non-performing assets now stands at 165 percent compared to 108 percent on March 31, 1992. Non-performing assets dropped to $5.4 million from last year's total of $9.5 million.
 Non-interest income was down from $3.1 million in the first quarter of 1992 to $2.9 in this year's quarter. The primary reason for the reduction was decreased gains on the sale of fixed rate loans and mortgage-backed securities. Last year's first quarter saw record loan volume resulting from drastically lower interest rates. Single family loan volume in the first quarter of 1993 totalled $83 million vs. $115 million last year. Gains on sale of loans are a function of market conditions and loan origination activity, which the company indicated substantially increased during the latter part of the first quarter of 1993.
 At March 31, 1993, First Federal Capital Corp's shareholders' equity totaled $63.07 million. Equity per share was $12.28.
 The company also reported that for the quarter return on average assets reached 1.18 percent (annualized) and return on average equity was 16.33 percent (annualized). Total assets of the company at quarter end were $875 million, an increase of $21 million over March 31, 1992. Deposits at March 31 were $696 million, while loans held for investment totaled $552 million.
 The company's banking subsidiary, First Federal Savings Bank La Crosse-Madison, is headquartered in La Crosse. It operates 23 consumer banking offices and two loan production facilities in western and south central Wisconsin. First Federal Capital Corp, with 5,143,912 shares outstanding, is traded on the NASDAQ Stock Market under the symbol FTFC.
 FIRST FEDERAL CAPITAL CORP FINANCIAL HIGHLIGHTS
 SELECTED OPERATING DATA
 (Dollars in 000's except for per share amounts)
 Three Months Ended
 3/31/93 3/31/92
 Interest income $ 16,321 $ 18,318
 Interest expense 8,858 11,237
 Net interest income 7,463 7,080
 Provision for loan losses 30 602
 Provision for real estate losses (15) 198
 Non-interest income 2,943 3,075
 Non-interest expense (excluding provision
 for real estate losses) 6,198 5,681
 Income tax expense 1,660 1,362
 Net income before extraordinary item 2,532 2,312
 Accounting change - 1,100
 Extraordinary item - -
 Net income 2,532 3,412
 Per share 0.49 0.65
 Per share (before accounting
 change and extraordinary item) 0.49 0.44
 Net yield on earnings assets (pct.) 3.63 3.54
 Return on average assets (pct.) 1.18 1.62
 Return on average assets (before accounting
 change & extraordinary item)(pct.) 1.18 1.10
 Return on average equity (pct.) 16.33 26.72
 Return on average equity (before accounting
 change & extraordinary item)(pct.) 16.33 18.11
 Dividends paid $0.075 $0.050
 FIRST FEDERAL CAPITAL CORP SELECTED BALANCE SHEET DATA
 (Dollars in 000's except for per share amounts)
 3/31/93 3/31/92
 Assets $ 875,086 $ 854,405
 Investment Securities 100,128 11,884
 Mortgage-backed and
 related securities 109,775 135,893
 Loans held for investment 551,983 602,253
 Deposits 695,850 705,148
 Allowance for loan and
 real estate losses 8,906 10,252
 Nonperforming assets(a) 5,385 9,523
 Shareholders' equity 63,069 53,601
 Per share 12.28 10.43
 12/31/93 12/31/92
 Equity Capital as a percent
 of total assets (pct.) 7.21 6.27
 Allowances for loan losses
 as a percent of loans (pct.) 1.46 1.58
 Nonperforming assets as a
 percent of total assets (pct.) 0.62 1.11
 Allowances for loan & real estate
 losses as a percent of
 nonperforming assets (pct.) 165 108
 Stock price at end of period $17.75 $ 8.06
 (a) Includes real estate owned and loans 90 days past due. Does not include loans which are performing in accordance with their terms but which are being closely monitored by management for potential problems.
 -0- 4/15/93
 /CONTACT: Bob Rousey of First Federal Capital Corp, 608-784-8000/
 (FTFC)


CO: First Federal Capital Corp. ST: Wisconsin IN: FIN SU: ERN

AL -- MN011 -- 6313 04/15/93 13:46 EDT
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Publication:PR Newswire
Date:Apr 15, 1993
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