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FORTUNE BANCORP REPORTS THIRD QUARTER RESULTS

 FORTUNE BANCORP REPORTS THIRD QUARTER RESULTS
 CLEARWATER, Fla., July 16 /PRNewswire/ -- Fortune Bancorp, Inc.


(NASDAQ: FORB) today reported net income of $1.8 million, or $.32 per share, for the third quarter ended June 30, 1992, compared with net income of $136,000, or $.03 per share, for the same period a year earlier.
 For the first nine months of fiscal 1992, Fortune Bancorp recorded net income of $4.8 million, or $.87 per share, compared with net income of $2.4 million, or $.51 per share for the same nine months of the previous fiscal year.
 "Our consistent improvement in earnings and the continuing reduction of nonperforming assets are in line with our strategic objectives," said Chairman and Chief Executive Officer John R. Torell III. "We are encouraged by these results and will continue our focus on residential lending, retail banking, and the further reduction of nonperforming assets."
 Net interest income for the three months ended June 30, 1992, was $16.4 million compared with $16.8 million for the comparable quarter of fiscal 1991. For the nine months ended June 30, 1992, net interest income was $48.2 million, compared with $45.5 million for the same period in fiscal 1991.
 Reflecting a reduction in the bank's cost of funds in the current interest rate environment, Fortune's net interest margin for the third quarter of fiscal 1992 improved to 2.71 percent, compared with 2.37 percent for the same period in fiscal 1991.
 Nonperforming assets at June 30, 1992 decreased to $116.1 million from $121.2 million at March 31, 1992 due to the successful resolution of certain problem assets; in addition, a major $2.6 million property, that was previously foreclosed, was sold in early July, thereby reducing nonperforming assets further. The continued reduction and disposition of nonperforming assets remain a top priority.
 Fortune's allowance for loan losses totaled $25.4 million, or 26.2 percent of nonperforming loans, at June 30, 1992, up from $10.7 million, or 13.3 percent of nonperforming loans, at June 30, 1991. The allowance totaled $25.2 million last quarter, or 24.8 percent of nonperforming loans.
 Noninterest income increased to $1.8 million for the quarter ended June 30, 1992, from $1.2 million for the same period the previous year.
 Noninterest expense amounted to $12.9 million for the quarter ended June 30, 1992, compared with $12.8 million for the same quarter the previous year.
 Fortune Bank exceeds all capital requirements under federal regulations:
 Fortune Fully Phased-In
 Bank Requirement
 Core Capital 4.97 pct. 3.00 pct.
 Tangible Capital 4.56 pct. 1.50 pct.
 Risk-based Capital 10.26 pct. 8.00 pct. (A)
 (A) -- The fully phased-in requirement is effective Dec. 31, 1992.
 Fortune Bancorp is the holding company for Clearwater-based Fortune Bank, a $2.5 billion institution operating 45 full service banking offices in eight counties along Florida's west coast.
 FORTUNE BANCORP, INC.
 June 30, March 31, June 30,
 1992 1992 1991
 FINANCIAL HIGHLIGHTS
 Total Assets $ 2,498,474 $ 2,620,977 $2,901,369
 Total loans and
 governmental agency
 certificates 2,075,413 2,309,949 2,566,896
 Investments 246,991 133,761 149,813
 Deposit Accounts 2,118,111 2,216,560 2,357,965
 Borrowed money 173,174 207,732 336,809
 Stockholders' Equity 125,556 124,002 135,858
 Number of common shares
 outstanding 5,528,721 5,530,221 5,438,910
 Nonperforming assets
 and restructured
 loans 116,085 121,169 96,561
 SIGNIFICANT RATIOS
 Net interest margin 2.71 pct. 2.58 pct. 2.37 pct.
 Regulatory capital
 Core 4.97 4.75 4.43
 Tangible 4.56 4.35 4.01
 Risk based 10.26 9.66 8.72
 Allowance as percent of
 nonperforming and
 restructured loans 26.22 24.79 13,33
 QUARTER ENDING NINE-MONTHS ENDED
 June 30, June 30, June 30, June 30,
 1992 1991 1992 1991
 EARNINGS SUMMARY
 Net Interest Income $ 16,393 $ 16,760 $ 48,236 $ 45,473
 Provision for Loan Losses 2,299 4,422 12,504 9,787
 Net interest income after
 provision for loan losses 14,094 12,338 35,732 35,686
 Noninterest income 1,776 1,162 14,308 4,597
 Noninterest expense 12,920 12,795 38,624 36,564
 Income before income taxes
 and extraordinary items 2,950 705 11,416 3,719
 Income Tax Expense 1,191 569 7,145 2,151
 Net Income before
 extraordinary items 1,759 136 4,271 1,568
 Extraordinary items -- -- 519 806
 Net income $ 1,759 $ 136 $ 4,790 $ 2,374
 Earnings per share $ 0.32 $ 0.03 $ 0.87 $ 0.51
 Average Shares
 Outstanding 5,528,930 5,307,420 5,492,302 4,670,197
 -0- 7/16/92
 /CONTACT: Nancy Kaylor of Fortune Bancorp, 813-538-1114/
 (FORF) CO: Fortune Bancorp, Inc. ST: Florida IN: FIN SU: ERN


AW-JB -- FL009 -- 9696 07/16/92 11:52 EDT
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