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FIRST REGIONAL BANCORP ANNOUNCES EARNINGS

 CENTURY CITY, Calif., May 6 /PRNewswire/ -- First Regional Bancorp (NASDAQ: FRGB) remained profitable in the first quarter of 1993, Jack A. Sweeney, chairman and chief executive officer, announced today.
 For the three months ended March 31, 1993, net income was $160,000, or 7 cents per share, compared to $177,000, or 8 cents per share, in the same period a year ago. The 1993 results include the effects of the required adoption of new accounting principles relating to accounting for income taxes.
 Sweeney commented: "During the first quarter of 1993, California's economy continued to experience recession. The level of economic activity remained low, particularly in the real estate industry. The recession has led to an increase in real estate owned and non-performing loans at First Regional. For this reason, during the first quarter of 1993, we again made additions to our reserve for loan losses, and we will continue to build our reserves in future periods.
 "In addition to maintaining prudent reserves, in the first quarter of 1993 First Regional Bank continued its strategic focus on profitability, capital strength and improving the quality of assets. First Regional's capital ratios continue to exceed the highest standards established by the federal regulators, and we intend to keep building our capital strength. We are also keeping a careful watch on our expenses, and emphasizing conservative lending practices."
 Sweeney concluded: "California's economy remains in the doldrums. For years, First Regional Bancorp has pursued a strategy emphasizing strong capital, prudent reserves, quality assets and steady profitability. This strategy is well suited to the difficult economic climate which California is now experiencing, and we plan to continue to pursue it."
 First Regional Bancorp is a bank holding company headquartered in Century City. First Regional Bank, its subsidiary, specializes in providing businesses and professionals with the management expertise of a major bank and the personalized service of an independent.
 FIRST REGIONAL BANCORP
 Summary of Results
 First Quarter Ended March 31,
 1993 1992
 Income before change in
 accounting principle $62,000 $177,000
 Effects of change in
 accounting principle $98,000 $0
 Net income $160,000 $177,000
 Net income per share $.07 $.08
 At March 31,
 1993 1992
 Total assets $146,709,000 $147,076,000
 Total deposits $131,877,000 $132,806,000
 Loans -- net $118,434,000 $106,918,000
 Shares outstanding 2,398,800 2,157,800
 -0- 5/6/93
 /CONTACT: Jack A. Sweeney, chairman and CEO of First Regional, 310-552-1776/
 (FRGB)


CO: First Regional Bancorp; First Regional Bank ST: California IN: FIN SU: ERN

JB-EH -- LA025 -- 5514 05/06/93 13:45 EDT
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Publication:PR Newswire
Date:May 6, 1993
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