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FIRST PALM BEACH BANCORP, INC. ANNOUNCES EARNINGS

 WEST PALM BEACH, Fla., Oct. 28 /PRNewswire/ -- First Palm Beach Bancorp, Inc. (NASDAQ: FFPB), the holding company for Florida-based First Federal Savings and Loan Association of the Palm Beaches, today reported a net income of $5.2 million for the year ended Sept. 30, 1993 compared to $7.5 million for the year ended Sept. 30, 1992.
 The decrease in earnings is primarily the result of two factors. First, net interest income before loan loss provisions was $21.8 million for the year ended Sept. 30, 1993 as compared to $24.1 million for the year ended Sept. 30, 1992. The net interest margin for the year ended Sept. 30, 1993 was 2.78 percent as compared to 3.17 percent for the year ended Sept. 30, 1992. Second, gains on sale of loans, mortgage-backed securities, and investment securities held for sale were $922,000 for the year ended Sept. 30, 1993 and $3.0 million for the year ended Sept. 30, 1992. Return on average assets and return on average stockholders' equity were 0.64 percent and 9.73 percent respectively for the year ended Sept. 30, 1993.
 Non-performing assets declined to $4.1 million at Sept. 30, 1993 from $8.1 million at Sept. 30, 1992. Provision for loan losses decreased to $149,000 at Sept. 30, 1993 from $1.7 million at Sept. 30, 1992, primarily as a result of the decrease in non-performing assets. Other expenses increased to $19.6 million at Sept. 30, 1993 from $19.2 million at Sept. 30, 1992.
 First Palm Beach Bancorp, Inc. is the parent of First Federal Savings and Loan Association of the Palm Beaches and is the largest locally based savings institution in Palm Beach County. First Federal of the Palm Beaches converted from a federally chartered mutual savings and loan association to a federal stock association on Sept. 29, 1993. Net proceeds from the stock offering, in addition to the thrift's earnings, increased First Palm Beach Bancorp's capital to $102.3 million giving the holding company a capital to assets ratio of 11.95 percent.
 First Palm Beach Bancorp, Inc. has assets of $856 million. The stock of First Palm Beach Bancorp, Inc. is listed on NASDAQ and began trading on Sept. 29, 1993 under the symbol "FFPB".
 FIRST PALM BEACH BANCORP, INC.
 (Unaudited)
 At Sept. 30,
 1993 1992
 (In thousands)
 Selected Financial Data:
 Total assets $856,300 $815,571
 Loans receivable, net 429,104 444,965
 Cash and cash equivalents 14,924 59,286
 Securities held for sale 96,768 82,142
 Mortgage-backed & related
 securities & mortgage-backed
 & related securities
 held for sale 284,012 194,788
 Deposits 698,458 723,881
 Borrowed funds 26,325 17,469
 Stockholders' equity 102,323 50,983
 For Year Ended Sept. 30,
 1993 1992
 (In thousands)
 Selected Operating Data:
 Interest income $ 50,580 $ 61,906
 Interest expense 28,784 37,764
 Net interest income 21,796 24,142
 Less provisions for loan losses 149 1,675
 Net interest income after
 provision for loan losses 21,647 22,467
 Other income:
 Servicing income & other fees 2,957 3,264
 Gain on sale of securities
 held for sale, mortgage-backed
 & related securities held for
 sale, & loans 922 3,035
 Equity in net income of
 joint ventures 716 964
 Miscellaneous 1,181 2,011
 Total other income 5,776 9,274
 Other expenses:
 Employee compensation & benefits 10,583 9,928
 Occupancy & equipment 3,905 3,699
 Federal deposit
 insurance premiums 1,428 1,561
 Provision for losses & net losses
 on sale of real estate owned 192 184
 Advertising & promotion 683 650
 Miscellaneous 2,818 3,128
 Total other expenses 19,609 19,150
 Income before provision for
 income taxes & cumulative
 effect of change in accounting
 principle 7,814 12,591
 Provision for income taxes 3,019 5,066
 Net income before cumulative
 effect of change in
 accounting principle $ 4,795 $ 7,525
 Cumulative effect of change
 in accounting for income
 taxes 422 ---
 Net income $ 5,217 $ 7,525
 (UNAUDITED)
 At or For the Year Ended
 Sept. 30,
 1993 1992
 (Dollars in thousands)
 Selected Financial
 Ratios & Other Data:
 Performance Ratios:
 Return on average assets 0.64 pct. 0.93 pct.
 Return on average
 stockholders' equity 9.73 16.19
 Average stockholders' equity
 to average assets 6.54 5.76
 Stockholders' equity to
 total assets 11.95 6.25
 Interest rate spread 2.42 2.78
 Net interest margin (A) 2.78 3.17
 Average interest-earning assets
 to average interest-bearing
 liabilities 1.10x 1.08x
 Operating expenses to
 average assets 2.39 pct. 2.37 pct.
 Net interest income to
 operating expenses 1.11x 1.26x
 Asset Quality Ratios:
 Non-performing loans
 to total loans (B) 0.58 pct. 0.71 pct.
 Non-performing assets to
 total assets (C) 0.48 0.99
 Allowance for loan losses to
 non-performing loans 70.43 69.84
 Allowance for loan losses to
 non-performing assets 46.21 28.78
 Allowance for loan losses to
 total loans receivable-net 0.44 0.52
 (A) -- Calculation is based upon net interest income before
 provision for loan losses divided by average interest-earning
 assets.
 (B) -- Non-performing loans consist of loans 90 days or more
 delinquent.
 (C) -- Non-performing assets consist solely of non-performing
 loans, real estate owned and in-substance foreclosed loans.
 -0- 10/28/93
 /CONTACT: Randy Guemple, senior vice president and CFO, First Palm Beach Bancorp, 407-650-2425/
 (FFPB)


CO: First Palm Beach Bancorp, Inc. ST: Florida IN: FIN SU: ERN

RK-AW -- FL001 -- 7763 10/28/93 09:42 EDT
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Date:Oct 28, 1993
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