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FIRST NATIONAL BANK CORP. POSTS INCREASED SECOND-QUARTER RESULTS

 FIRST NATIONAL BANK CORP. POSTS INCREASED SECOND-QUARTER RESULTS
 CLINTON TOWNSHIP, Mich., July 21 /PRNewswire/ -- First National Bank Corp. (NASDAQ: MTCL) posted increased second-quarter and mid-year results, Harold W. Allmacher, president and CEO, announced today.
 Net income for the quarter ended June 30 rose by 1 percent, to $788,000, or $0.61 per common share, from $781,000, or $0.62 per share, in the same period one year ago. Fully diluted net income was $0.54 per share, compared with $0.55 per share for the second quarter of 1991.
 For the six months ended June 30, net income was $1,531,000, or $1.19 per share, up 2 percent over 1991's six-month income of $1,504,000, or $1.19 per share. Fully diluted income per share was $1.06, compared to $1.05 per share in the first six months of 1991.
 Net interest income for the quarter increased by 4 percent, to $4,325,000, from $4,154,000 in the prior year's second quarter. This increase was due largely to the corporation's ability to reduce rates on interest-bearing liabilities faster than the decrease in rates on interest-earning assets. The provision for loan and lease losses was $225,000 for the quarter, vs. $350,000 in 1991's second quarter.
 During the six months ended June 30, net interest income increased by 6 percent, to $8,580,000, compared to $8,082,000 in 1991's first six months. This increase was again due primarily to improved net interest margins. The provision for loan and lease losses was decreased to $625,000 for the six months ended June 30, down from $675,000 in 1991.
 Non-interest income was $1,166,000 for the three months ended June 30, up $250,000 from the prior year. The main reason for this was a $251,000 increase in net investment securities gains. These gains resulted from the sale of a portion of the corporation's tax-exempt municipal security portfolio, which was repositioned for income tax purposes. The proceeds from these sales were reinvested in taxable obligations.
 Non-interest expense for the quarter was $4,402,000, up $552,000 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.
 Non-interest income for the six months ended June 30 was $1,959,000, up from $1,877,000 in the prior year's first six months. Corporate growth helped push non-interest expense up to $8,632,000, up 13 percent over the first six months of 1991.
 First-half results include a federal income tax credit of $18,000, since a large portion of the bank's interest income comes from non- taxable municipal obligations. For the six months ended June 30, 1991, federal income tax expense was $162,000.
 At June 30, the corporation had assets of $436.7 million, an increase of more than 3 percent, or $14.7 million, over assets of $422.0 million a year earlier. Total loans at the close of the quarter increased to an all-time high of $291.1 million.
 In recognition of positive financial results, the board of directors declared a special cash dividend of $0.05 per share during the second quarter, in addition to the regular $0.20 per-share dividend. These were paid on June 30, 1992, to shareholders of record June 11, 1992.
 At June 30, 1992, the corporation had 1,271,694 shares of common stock issued, and 1,263,094 shares outstanding.
 First National Bank Corp. is the parent company of First National Bank in Macomb County and Bankers Fund Life Insurance Co.
 FIRST NATIONAL BANK CORP.
 (Dollars in thousands, except per-share data)
 Three Months Ended Six Months Ended
 June 30 June 30
 1992 1991 1992 1991
 Net income $788 $781 $1,531 $1,504
 Primary earnings per share $0.61 $0.62 $1.19 $1.19
 Fully diluted earnings
 per share $0.54 $0.55 $1.06 $1.05
 Dividends per share $0.25 $0.19 $0.49 $0.37
 Return on average common
 equity (percent) 10.96 11.83 10.82 11.50
 Return on average
 assets (percent) 0.72 0.74 0.71 0.72
 As of June 30
 1992 1991
 Total assets $436,723 $421,981
 Total loans and leases $291,091 $286,257
 Total deposits $394,217 $376,949
 Total common stockholders' equity $28,652 $26,356
 Book value per share $22.68 $21.01
 -0- 7/21/92
 /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


JG-MS -- DE007 -- 1272 07/21/92 11:15 EDT
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Date:Jul 21, 1992
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