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FIRST NATIONAL BANK CORP. POSTS IMPROVED FOURTH-QUARTER, ANNUAL RESULTS

 CLINTON TOWNSHIP, Mich., Jan. 25 /PRNewswire/ -- Harold W. Allmacher, president and CEO of First National Bank Corp. (NASDAQ: MTCL), announced improved earnings for the fourth quarter and the year ended Dec. 31, 1992.
 Net income for the quarter just ended was $952,000, up 32 percent from net income of $719,000 for the prior year's fourth quarter. Fully diluted net income was $0.64 per share for the current quarter, compared with $0.51 per share for the fourth quarter of 1991.
 For the year, net income reached a record $3,354,000, an increase of nearly 12 percent over 1991's $3,007,000. Current-year net income includes a one-time gain of $231,000 for the cumulative effect of a change in accounting principle. Fully diluted net income was $2.28 per share, compared with $2.10 per share for the previous year.
 Net interest income for the fourth quarter climbed to $4,924,000, an increase of 17 percent over the same quarter in 1991. For the year ended Dec. 31, net interest income was $18,214,000, an increase of 8 percent over 1991's $16,876,000.
 According to Allmacher, the corporation has been able to improve net interest margins as overall interest rates decreased over the past year.
 The provision for loan and lease losses was reduced, as a result of improvement in the local economy. The provision for the fourth quarter was $425,000, down significantly from 1991's quarterly provision of $625,000. For the 12 months ended Dec. 31, the provision was decreased to $1,275,000, down 32 percent from $1,875,000 for 1991.
 Fourth-quarter noninterest income was $971,000, compared with $1,815,000 for the same quarter one year ago. The 1991 figure included a $950,000 gain on the sale of the corporation's credit card portfolio. Noninterest expense for the quarter fell by 7 percent, to $4,320,000.
 Noninterest income for the year was $3,834,000, vs. $4,569,000 the year before; again, primarily due to the gain on the credit card portfolio sale, noted above. Investment securities gains increased over the prior year by $376,000, to $639,000 in 1992. Total noninterest expense rose by 7 percent, to $17,347,000, compared with $16,228,000 for the previous year.
 In recognition of the corporation's strong performance, a special $0.05 per share cash dividend was paid, in addition to the normal quarterly dividend of $0.20 per share. This raised the year-to-date payout to $0.99 per share; an increase from $0.80 per share in the previous year.
 As of Dec. 31, assets of the corporation were $453.6 million, an increase of nearly 7 percent, or $29.1 million, over assets of $424.5 million the previous December. Total loans outstanding at the end of the year were $317.2 million.
 First National Bank Corp. is the parent company of First National Bank in Macomb County and Bankers Fund Life Insurance Co.
 -0- 1/25/93
 /CONTACT: Richard J. Miller of First National Bank Corp., 313-465-2400, Ext. 240/
 (MTCL)


CO: First National Bank Corp. ST: Michigan IN: FIN SU: ERN

JG-SM -- DE032 -- 8660 01/25/93 15:26 EST
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Publication:PR Newswire
Date:Jan 25, 1993
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