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FIRST NATIONAL BANK CORP. POSTS INCREASED FIRST-QUARTER RESULTS

 FIRST NATIONAL BANK CORP. POSTS INCREASED FIRST-QUARTER RESULTS
 CLINTON TOWNSHIP, Mich., April 22 /PRNewswire/ -- First National Bank Corp. (NASDAQ-NMS: MTCL) posted increased first-quarter results, Harold W. Allmacher, president and CEO, announced today at the corporation's annual meeting.
 Net income for the quarter ended March 31 rose nearly 3 percent, to $744,000, or $0.58 per common share, from $723,000, or $0.57 per share, the year before. Fully diluted net income was $0.52 per share, compared with $0.51 per share for the first quarter of 1991.
 The corporation also recognized a one-time gain in the first quarter of 1992 of $231,000 from the cumulative effect of a change in accounting principle. This was due to the adoption of FASB Statement No. 109, which requires a change in the method of accounting for income taxes.
 In the first quarter of 1991, there was a one-time gain of $206,000 on the sale of land, which was included in non-interest income.
 Net interest income increased 8 percent, to $4,255,000, from $3,928,000 in the year-earlier quarter. The provision for loan and lease losses was $400,000 for the quarter, versus $325,000 in 1991's first quarter.
 Non-interest income was $793,000, off $167,000 from the prior year. The decline was due primarily to a one-time gain of $206,000 on the sale of land in 1991's first quarter.
 Non-interest expense for the quarter was $4,230,000, up $463,000 over the previous year's quarter. The increase is attributable primarily to the continued growth of the corporation, including the operation of two branches which opened in mid-1991.
 The corporation recognized a federal income tax credit of $94,000 during the quarter, since a large portion of the bank's interest income comes from non-taxable municipal obligations. In 1991, federal income tax expense was $73,000.
 At March 31, the corporation had assets of $432.5 million, an increase of 3 percent, or $12.7 million, over assets of $419.8 million a year earlier. Total loans at the close of the quarter decreased to $287.2 million, as a result of the sale of the credit card portfolio in November 1991.
 In recognition of the positive first-quarter results, the board of directors declared a special 5-percent stock dividend, payable beginning May 6, 1992, to shareholders of record April 15, 1992. This is the fifth consecutive year in which the corporation has declared a special 5-percent stock dividend.
 At March 31, 1992, the corporation had 1,249,225 shares of common stock issued and outstanding.
 First National Bank Corp. is the parent company of First National Bank in Macomb County and Bankers Fund Life Insurance Co.
 -0- 4/22/92
 /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


ML-DD -- DE002 -- 1092 04/22/92 09:19 EDT
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Publication:PR Newswire
Date:Apr 22, 1992
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