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FORTUNE BANCORP REPORTS FIRST QUARTER EARNINGS

 CLEARWATER, Fla., Jan. 19 /PRNewswire/ -- Fortune Bancorp, Inc. (NASDAQ: FORB) today reported net income of $4.1 million, or $.69 per common share, for the first quarter ended Dec. 31, 1992. These results compared with net income of $1.3 million, or $.24 per common share, for the same period a year ago.
 "These strong results are in line with our expectations," said Chairman and Chief Executive Officer John R. Torell III. "We are satisfied with our progress in improving credit quality and our success in further enhancing the bank's capital strength. The expaecurities held for sale also added substantially to these results."
 Net interest income for the quarter was $18.2 million, a 17.9 percent increase over the same quarter a year ago. Fortune's net interest margin for the first quarter of fiscal 1993 was 2.97 percent compared with 2.40 percent for the same period in fiscal 1992, reflecting a generally favorable rate environment.
 At Dec. 31, 1992, nonperforming assets totaled $101.3 million, compared with $121.0 million for the same period of the previous fiscal year. This 16.3 percent reduction is indicative of the steady improvement in the category over the past 12 months.
 Provision for loan losses for the quarter ended Dec. 31, 1992 totaled $5.3 million compared with $3.9 million for the comparable period a year ago. At Dec. 31, 1992, Fortune's allowance for loan losses totaled $27.4 million, compared with $19.6 million at Dec. 31, 1991.
 Noninterest income increased to $8.1 million for the quarter ended Dec. 31, 1992, compared with $3.7 million for the same period a year ago. This increase is due primarily to gains on sales of securities held for sale of $3.2 million for the Dec. 31, 1992 quarter compared with $1.2 million for the same period in 1991. The increase also included gains on the sale of mortgage servicing rights of $2.6 million for the Dec. 31, 1992 quarter which were in line with the company's plan for expanding its focus on mortgage banking. There were no servicing sales for the comparable quarter in 1991.
 Noninterest expense amounted to $13.8 for the quarter ended Dec. 31, 1992, compared with $12.5 million for the quarter ended Dec. 31, 1991.
 Fortune Bank significantly increased its regulatory capital and exceeds all three capital requirements under federal regulations:
 Fortune Bank Requirement
 Core Capital 6.21 pct. 3.00 pct.
 Tangible Capital 5.83 pct. 1.50 pct.
 Risk-Based Capital 12.60 pct. 8.00 pct.
 Fortune Bancorp is the holding company for Clearwater-based Fortune Bank, the largest independent financial institution headquartered on the west coast of Florida. With $2.6 billion in assets, Fortune operates 46 full service banking offices in eight Florida counties.
 FORTUNE BANCORP, INC.
 Dec. 31, Sept. 30, Dec. 31,
 1992 1992 1991
 (Dollars in Thousands, Except Per Share Data)
 FINANCIAL HIGHLIGHTS
 Total Assets $ 2,552,151 $ 2,550,147 $2,724,456
 Total loans and
 governmental agency
 certificates 2,206,543 2,192,834 2,409,478
 Investments 144,934 184,935 129,861
 Deposit Accounts 2,000,900 2,040,743 2,295,325
 Borrowed money 298,503 284,893 234,902
 Shareholders' Equity 163,396 126,905 122,584
 Per common share 23.28 22.95 22.49
 Number of common shares
 outstanding 5,526,693 5,529,646 5,449,965
 Nonperforming assets
 and restructured
 loans 101,345 101,619 121,016
 SIGNIFICANT RATIOS
 Net interest margin
 Annual 2.97 pct. 2.57 pct. 2.40 pct.
 Quarter 2.97 2.70 2.40
 Regulatory capital
 Core 6.21 5.03 4.48
 Tangible 5.83 4.64 4.08
 Risk based 12.60 10.44 9.03
 Allowance as percent of
 nonperforming and
 restructured loans 31.83 29.11 21.11
 QUARTER ENDING
 Dec. 31, Sept. 30, Dec. 31,
 1992 1992 1991
 EARNINGS SUMMARY
 Net interest income $ 18,217 $ 15,962 $ 15,457
 Provision for loan losses 5,296 4,658 3,857
 Net interest income
 after provision
 for loan losses 12,921 11,304 11,600
 Noninterest income 7,920 4,266 3,685
 Noninterest expense 13,793 13,477 12,522
 Income before income
 taxes and extraordinary
 items 7,048 2,093 2,763
 Income tax expense 2,991 533 2,037
 Net income before
 extraordinary items 4,057 1,560 726
 Extraordinary items --- --- 576
 Net income $ 4,057 $ 1,560 $ 1,302
 Earnings per common share:
 Primary $ 0.69 $ 0.28 $ 0.24
 Fully diluted $ 0.63 $ 0.28 $ 0.24
 Average shares
 outstanding 5,527,974 5,531,957 5,436,915
 -0- 1/19/93
 /CONTACT: Nancy Kaylor of Fortune Bancorp, 813-538-1114/
 (FORB)


CO: Fortune Bancorp, Inc. ST: Florida IN: FIN SU: ERN

JJ-JB -- FL009 -- 6275 01/19/93 11:22 EST
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