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FIRST FEDERAL REPORTS STRONG EARNINGS

 FIRST FEDERAL REPORTS STRONG EARNINGS
 LA CROSSE, Wis., July 14 /PRNewswire/ -- First Federal Capital


Corp., (NASDAQ: FTFC) the parent company of First Federal Savings Bank La Crosse-Madison, has reported a significant gain in second quarter earnings.
 Net income for the three months ended June 30, 1992, totalled $2.55 million, or 99 cents a share. That compared to income of $2.06 million, or 81 cents a share for the comparable quarter last year, adjusting for the company's recent 4-for-3 stock split. Last year's earnings were enhanced by extraordinary gains resulting from tax loss carry-forwards of $440,000 or 17 cents a share.
 Commenting on the results for the quarter, Thomas W. Schini, company president and chief executive officer, indicated that, "The substantial increase in earnings for the quarter was the result of improved interest margins and from gains in our mortgage banking operation. Over the last three months, our residential lending volume has maintained its pace for a record year. As a result, non-interest income was up 32 percent over last year's second quarter."
 The company reported that second quarter net interest income rose to $7.56 million, compared to $5.81 million for the same period, non- interest income increased to $3.01 million from $2.28 million in 1991.
 Schini further commented that reductions in non-performing assets were again achieved during the quarter. He noted, "We remain vigilant about the effect of local and national economies on the market for real estate. As a result of our emphasis in this area, non-performing assets were reduced by almost 9 percent during this quarter. These reductions were again achieved without substantial impact to the level of our allowances for possible loan and/or real estate losses which now stand at 112 percent of non-performing assets."
 Provisions for possible loan and/or real estate losses amounted to $79,000 for the quarter just ended. That compared to $479,000 for the same period last year.
 For the first six months of 1992, the company reported net income of $5.96 million, or $2.32 a share, compared to $4.26 million, or $1.68 a share, for the first six months of 1991. Income for both periods included nonrecurring items. For the six months of 1992, an accounting change contributed $1.10 million, or 43 cents a share to earnings in the first quarter. In the first six months of 1991, the use of tax loss carry-forwards resulted in an extraordinary gain of $1.39 million, or 55 cents a share.
 At June 30, 1992, First Federal Capital Corp's shareholders' equity totalled $55.9 million, an increase of 21 percent over the level of one year ago. Equity per share was $21.76. Total assets of the company at June 30, 1992, were $856 million. Deposits were $704 million, while loans held for investment were $580 million.
 The company's banking subsidiary, First Federal Savings Bank La Crosse-Madison, is headquartered in La Cross, Wis. It operates 23 consumer banking offices and two loan production facilities in western and south central Wisconsin. First Federal Capital Corp shares are traded on the NASDAQ Stock Market.
 FIRST FEDERAL CAPITAL CORP FINANCIAL HIGHLIGHTS
 Selected Operating Data
 (dollars in 000's except for per share amounts)
 Three Months Ended Six Months Ended
 June 30 June 30
 1992 1991 1991 1992
 Interest income $18,180 $18,272 $36,497 $36,781
 Interest expense 10,621 12,464 21,858 25,180
 Net interest income 7,559 5,808 14,639 11,602
 Provision for loan
 losses 122 283 724 786
 Provision for
 real estate losses (43) 196 155 227
 Non-interest income 3,014 2,282 6,089 4,357
 Non-interest expense
 (excluding real
 estate loss
 expense) 6,267 5,159 11,948 10,295
 Income tax expense 1,680 833 3,042 1,783
 Net income before
 extraordinary item 2,547 1,619 4,859 2,868
 Accounting change -- -- 1,100 --
 Extraordinary item -- 440 -- 1,390
 Net income 2,547 2,059 5,959 4,258
 Per Share 0.99 0.81 2.32 1.68
 Per share (before
 accounting change
 and extraordinary
 item) 0.99 0.64 1.89 1.13
 The following is in percent:
 Net yeild on earning
 assets 3.75 3.14 3.65 3.17
 Return on average
 assets 1.20 1.04 1.41 1.09
 Return on average
 assets (before
 accounting change
 and extraordinary
 item) 1.20 0.82 1.15 0.73
 Return on average
 equity 18.93 18.18 22.75 19.28
 Return on average
 equity (bef.
 accounting changes
 and extraord. item) 18.93 14.30 18.55 12.99
 FIRST FEDERAL CAPITAL CORP
 Selected Balance Sheet Data at June 30
 (Dollars in 000's except for per share amounts)
 1992 1991
 Assets $855,592 $813,334
 Investment securities 31,996 40,218
 Mortgage-backed and relates
 securities 124,281 82,020
 Loans held for investment 579,930 619,000
 Deposits 703,705 666,325
 Allowance for loan and real estate
 losses 9,706 9,790
 Nonperforming assets (A) 8,691 11,805
 Shareholders' equity 55,884 46,233
 Per share 21.76 18.27
 Other Information at June 30
 Equity capital as a percent of
 total assets 6.53 5.68
 Allowance for loan losses as a
 percent of loans 1.30 1.17
 Nonperforming assets as a percent
 of total assets 1.02 1.45
 Allowance for loan and real estate
 loss as a percent of nonperforming
 assets 112 83
 Stock price at end of period $19.75 $ 8.81
 (A) -- Includes real estate owned and loans 90 days past due, exclusive of loans which are performing in accordance with their terms but which are being closely monitored by management for potential problems.
 -0- 7/14/92
 /CONTACT: Bob Rousey of First Federal Capital Corp., 608-784-8000/
 (FTFC) CO: First Federal Capital Corp. ST: Wisconsin IN: FIN SU: ERN LD -- NY091 -- 9335 07/14/92 20:49 EDT
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