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FIRST FEDERAL SAVINGS OF PUERTO RICO REPORTS SECOND QUARTER EARNINGS

 SAN JUAN, Puerto Rico, July 12 /PRNewswire/ -- First Federal Savings Bank of Puerto Rico (NYSE: FBP) reported earnings of $4,909,000 or $0.55 per share for the second quarter ended June 30, 1993, as compared to $3,653,000 or $0.39 per share for the second quarter of 1992, an increase of 34.4 percent. For the first six months of 1993, earnings amounted to $16,412,000, as compared to $6,856,000 for the first six months of 1992. Earnings during the first semester of 1993 include a special adjustment of $6,840,000 or $0.87 per common share, due to the implementation of a new accounting pronouncement related to deferred tax assets, FASB 109. (All 1992 per share figures have been retroactively adjusted to reflect the effect of a 10 percent stock dividend distributed on Dec. 31, 1992 and a 50 percent stock split distributed on Feb. 26, 1993.)
 Increased earnings for the second quarter of 1993 are basically due to an improvement in the bank's main revenue source, net interest income, to $20,981,000, from $17,579,000 for the same period of 1992. In addition, earnings include a $1.6 million gain on the sale of mortgages, as part of other operating income, generated through the issuance of collateralized mortgage obligations (CMO), during the month of May 1993. This gain was offset by $2.5 million in additional provision for loan losses. "Due to the uncertainty surrounding the probable changes in Section 936 of the U.S. revenue code, and its possible negative consequences on the Puerto Rico economy, we have decided to increment further our loan loss reserves," said Angel Alvarez Perez, the bank's president and chief executive officer.
 Total assets remained stable as planned, at $1,884,896,000 from $1,887,761,000 at June 30, 1992. Total loans decreased by $19,714,000 when compared to total loans as of June 30, 1992, mainly due to the issuance of a $38.0 million CMO. Consumer loans, however, increased by $53,224,000 as a result of successful implementation during the year of the bank's auto and personal loan strategy. Total deposits decreased to $1,306,071,000 from $1,344,599,000 at June 30, 1992, caused by a $43.0 million planned decrease on institutional deposits. Branch deposits increased by $4.5 million since June 30, 1992.
 First Federal Savings Bank of Puerto Rico, with total capital of $106,049,000 and assets of $1.9 billion is the largest savings institution in Puerto Rico. It operates 30 branches in Puerto Rico and the U.S. Virgin Islands, and three branches in Miami through its subsidiary, First Florida Savings Bank. The bank exceeds all regulatory capital requirements.
 FIRST FEDERAL SAVINGS BANK OF PUERTO RICO
 CONDENSED FINANCIAL HIGHLIGHTS
 (000s OMITTED)
 AT AT
 6/30/93 6/30/92
 Total assets $ 1,884,896 $ 1,887,761
 Mortgage-backed securities 473,502 447,963
 Total loans:
 Commercial loans 140,364 178,872
 Consumer and other loans 481,231 428,007
 Real estate loans 549,020 583,450
 Total 1,170,615 1,190,329
 Reserve for possible
 loan losses 28,883 27,438
 Total deposits:
 Branch generated deposits 1,012,074 1,007,622
 Institutional deposits
 including 936 293,997 336,977
 Total 1,306,071 1,344,599
 Total stockholders' equity 106,049 81,001
 CONDENSED STATEMENTS OF INCOME
 (000s OMITTED)
 Three Months Ended Six Months Ended
 6/30/93 6/30/92 6/30/93 6/30/92
 Net interest income $20,981 $17,579 $41,826 $34,472
 Provision for possible
 loan losses 5,729 3,180 9,432 6,142
 Other operating income 5,276 3,343 8,734 6,391
 Operating expenses 13,765 13,613 28,213 26,987
 Income before income tax 6,763 4,129 12,915 7,734
 Income tax
 expense (benefit):
 Current 1,854 476 3,343 878
 Deferred --- --- (6,840) ---
 Net income $ 4,909 $ 3,653 $16,412 $ 6,856
 Net income per
 common share (A) $0.55 $0.39 $1.94 $0.73
 (A) -- Both primary and fully diluted.
 -0- 7/12/93
 /CONTACT: Annie Astor de Carbonell, executive vice president and chief financial officer of First Federal Savings Bank of Puerto Rico, 809-724-1715/
 (FBP)


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

RC -- FL008 -- 0396 07/12/93 11:53 EDT
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Publication:PR Newswire
Date:Jul 12, 1993
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