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FIRST REGIONAL BANCORP REPORTS RESULTS

 FIRST REGIONAL BANCORP REPORTS RESULTS
 CENTURY CITY, Calif., April 16 /PRNewswire/ -- First Regional


Bancorp (NASDAQ: FRGB) achieved higher net income in its first quarter, as its loans, deposits and assets increased from the levels of a year ago, Jack A. Sweeney, chairman and chief executive officer, announced today.
 For the first quarter ended March 31, 1992, net income climbed to $177,000, equal to 8 cents per share, from $101,000, or 5 cents per share, in the same period a year ago.
 Sweeney commented: "First Regional's showing in the first quarter is a reflection of our successful strategies for disciplined growth and careful watch on expenses in the face of the continuing recession. These efforts enabled the bank to maintain its profitability throughout 1991 in spite of the recession and falling interest rates, and we intend to apply the same principles to our operations this year.
 "Our selective approach to growth continues to benefit operations. At the end of the first quarter, the bank's total assets increased to over $147 million, from $128.8 a year earlier. Total deposits rose to $132.8 million, from $116.2 at the end of last year's first quarter. The bank's net loans climbed to $109.5 million from $85.8 million a year ago.
 "Although we are pleased by First Regional's gains in the first quarter, the recession continues to be felt in California's economy. We believe that First Regional's policies emphasizing service, conservative lending practices, prudent reserves and strong liquidity will not only see us through this recession, but help us build a bank able to move ahead as the recession lifts. Given the uncertain state of the economy, however, we cannot say when that upturn will come, nor can we promise to achieve the same kinds of increases in net income throughout the year that we made in the first quarter."
 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,
 1992 1991
 Net income $177,000 $101,000
 Net income per share $.08 $.05
 March 31,
 1992 1991
 Total assets $147,076,000 $128,822,000
 Total deposits $132,806,000 $116,240,000
 Loans - net $109,532,000 $85,824,000
 Shares outstanding 2,157,800 2,154,800
 -0- 4/16/92
 /CONTACT: Jack A. Sweeney, chairman of First Regional Bancorp, 310-552-1776/
 (FRGB) CO: First Regional Bancorp ST: California IN: FIN SU: ERN


EH-AL -- LA008 -- 9123 04/16/92 09:30 EDT
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Publication:PR Newswire
Date:Apr 16, 1992
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