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First Colorado Bancorp, Inc. Announces Earnings

LAKEWOOD, Colo., April 15 /PRNewswire/ -- Malcolm E. Collier, Chairman and CEO of First Colorado Bancorp, Inc. (Nasdaq-NNM: FFBA), the parent corporation of First Federal Bank of Colorado, today announced earnings of $4.8 million for the quarter ended March 31, 1997. The March 31, 1997 results of operations of First Colorado Bancorp, Inc. compared with earnings of $4.3 million for the first quarter of 1996.

The Company's return on average assets for the three months ended March 31, 1997 was 1.27% compared to 1.17% for the comparable 1996 period. Return on average stockholders' equity of the Company was 9.42% for the three months ended March 31, 1997 compared to 7.21% for the comparable 1996 period. Earnings per fully diluted share for the three months ended March 31, 1997 were $0.29 compared to $0.23 for the comparable 1996 period, while book value per share at March 31, 1997 was $11.60 compared to $12.02 at March 31, 1996.

First Colorado Bancorp, Inc. trades on the Nasdaq National Market System under the symbol FFBA, and with assets of $1.5 billion, is the largest publicly traded bank or thrift institution based in Colorado. For more information, please contact Brian L. Johnson or Bill Marcoux at (303) 232-2121.
 First Colorado Bancorp, Inc. and Subsidiary
 Consolidated Statements of Financial Condition
 (dollars in thousands)
 03/31/97 12/31/96
 (unaudited)


Assets
 Cash and due from banks $18,980 $21,449


Federal funds sold and other interest-earning
 assets 7,072 27,783


Investment Securities:
 Held-to-maturity 74,990 61,642
 Available-for-sale, at market value 6,063 11,099


Mortgage-backed securities, net:
 Held-to-maturity 258,728 273,602
 Available-for-sale, at market value 7,471 7,687
 Loans receivable, net 1,086,026 1,061,524
 Accrued interest receivable 8,725 8,059
 Office properties and equipment, net 22,952 22,930
 Federal Home Loan Bank stock 9,710 9,554
 Real estate owned 1,629 1,457
 Core deposit intangible 2,693 2,757
 Other assets 4,475 3,956
 Total assets $1,509,514 $1,513,499


Liabilities
 Deposits 1,154,455 1,135,823
 Advances from Federal Home Loan Bank 127,215 122,515
 Other borrowed money 4,897 5,009
 Advances by borrowers for taxes and insurance 4,791 8,312
 Current/deferred income taxes 7,380 4,529
 Other liabilities 18,687 20,687
 Total liabilities $1,317,425 $1,296,875


Stockholders' Equity

Common stock, $0.10 par value (50,000,000 shares

authorized; 20,134,256 shares issued

at March 31, 1997 and December 31, 1996;

16,555,197 and 18,184,108 shares

outstanding at March 31, 1997 and
 December 31, 1996, respectively) 2,013 2,013
 Additional paid-in capital 151,765 151,581


Treasury stock (3,579,059 and 1,950,148 shares,
 respectively, at cost) (56,812) (28,957)
 Unearned ESOP shares (12,063) (12,063)
 Unearned MRP/MSBP shares (3,929) (3,929)


Unrealized gain on securities
 available for sale (net of tax) 342 365
 Retained earnings, partially restricted 110,773 107,614
 Total stockholders' equity 192,089 216,624
 Total liabilities and stockholders' equity$1,509,514 $1,513,499
 First Colorado Bancorp, Inc. and Subsidiary
 Consolidated Statements of Earnings
 (dollars in thousands, except per share amounts) (unaudited)
 For the three months ended
 03/31/97 12/31/96 09/30/96 06/30/96 03/31/96


Interest income:
 Loans $21,066 20,768 20,025 19,432 18,617
 Mortgage-backed securities 4,354 4,543 4,796 5,021 4,763
 Investment securities 1,205 1,303 1,342 1,419 1,376
 Other 90 58 157 239 769
 Total interest income 26,715 26,672 26,320 26,111 25,525


Interest expense:
 Deposits 12,396 12,623 12,530 11,929 11,910
 Borrowed funds 2,071 2,123 1,987 1,994 2,098
 Total interest expense 14,467 14,746 14,517 13,923 14,008
 Net interest income 12,248 11,926 11,803 12,188 11,517
 Provision for loan losses 219 618 218 77 230


Net interest income after
 provision for loan losses 12,029 11,308 11,585 12,111 11,287


Noninterest income:
 Fees and service charges 1,198 1,210 1,212 1,203 1,148


Gain (loss)
 on sale of loans, net 36 77 75 187 (121)


Net income from
 real estate operations 51 40 26 142 129
 Rental income 49 45 44 42 39
 Total noninterest income 1,334 1,372 1,357 1,574 1,195


Noninterest expense:
 Compensation 3,213 3,358 3,278 2,861 2,718
 Occupancy 941 945 926 1,005 929


Provision (credit) for losses
 on real estate owned 19 (2) (24) 54 (26)


Credit for losses on
 federal funds sold -- (600) -- (18) --
 Professional fees 180 174 198 210 197
 Advertising 202 242 234 269 257
 Printing, supplies and postage294 292 257 269 275
 FDIC premiums 178 512 7,621 641 618
 Other, net 657 708 785 683 660
 Total noninterest expense 5,684 5,629 13,275 5,974 5,628
 Earnings before income taxes 7,679 7,051 (333) 7,711 6,854
 Income tax expense 2,864 2,771 (161) 2,784 2,517
 Net earnings $4,815 4,280 (172) 4,927 4,337


Net earnings without
 SAIF special assessment -- -- 4,145 -- --


Fully diluted earnings per
 share 0.29 0.25 (0.01) 0.26 0.23


Fully diluted earnings per
 share without SAIF special
 assessment -- -- 0.22 -- --
 For the three months ended
 03/31/97 12/31/96 09/30/96 06/30/96 03/31/96


Fully diluted

shares

outstanding 16,417,173 17,419,631 18,604,427 19,094,767 19,075,299
 First Colorado Bancorp, Inc. and Subsidiary
 Financial Highlights
 (dollars in thousands, except per share amounts) (unaudited)
 For the three months ended
 At period end 03/31/97 12/31/96 09/30/96 06/30/96 03/31/96
 Assets 1,509,514 1,514,086 1,514,5521,501,330 1,492,600


Investment securities:
 Available-for-sale 6,063 10,865 11,845 11,591 13,502
 Held-to-maturity 74,990 61,876 76,459 81,423 81,298


Mortgage-backed and

other asset-backed securities, net:
 Available-for-sale 7,471 7,687 7,739 8,027 8,320
 Held-to-maturity 258,728 273,602 287,224 303,715 321,769
 Loans, net 1,086,026 1,061,524 1,037,101 999,138 960,025
 Deposits 1,154,455 1,135,823 1,114,7061,103,392 1,094,339
 Borrowings 132,112 127,524 127,117 124,800 124,167
 Stockholders' equity 192,089 216,622 224,416 245,052 241,623
 Book value 11.60 11.91 11.79 12.17 12.02
 Tangible book value 11.44 11.76 11.64 12.03 11.88


Shares outstanding
 (in thousands) 16,555 18,184 19,031 20,134 20,097


Average balances
 Assets 1,505,824 1,507,110 1,501,5201,496,756 1,481,318
 Stockholders' equity 202,283 216,817 235,915 243,610 240,663


Interest-earning assets1,447,519 1,443,597 1,435,4641,432,156 1,420,277

Interest-bearing
 liabilities 1,268,385 1,253,666 1,230,8991,221,210 1,206,648


Fully diluted shares
 (in thousands) 16,697 17,420 18,604 19,095 19,075


Ratios
 Return on average assets 1.28% 1.14% (0.05%) 1.32% 1.17%


ROA without SAIF
 special assessment -- -- 1.10 -- --


Return on average total
 stockholders' equity 9.52 7.90 (0.29) 8.09 7.21
 ROE without SAIF -- -- 7.00 -- --


special assessment
 Net interest spread 2.82 2.69 2.61 2.73 2.55
 Net interest margin 3.38 3.30 3.29 3.40 3.24


Equity to assets
 (period end) 12.73 14.31 14.82 16.32 16.19


Tangible capital ratio
 (Bank only) 11.11 11.87 11.40 11.77 11.55


Core capital ratio
 (Bank only) 11.27 12.03 11.57 11.94 11.69


Risk-based capital ratio
 (Bank only) 21.92 23.84 22.87 24.06 23.93


Asset quality (period end)
 Nonperforming loans ("NPLs")1,314 1,457 1,809 1,937 2,346
 Nonperforming assets ("NPAs)2,943 2,914 3,279 3,621 4,140
 Allowance for loan losses 4,017 3,850 3,360 3,177 3,171
 NPLs as a % of total loans 0.12% 0.14% 0.17% 0.19% 0.24%
 NPAs as a % of total assets 0.20 0.19 0.22 0.24 0.28


Allowance for loan losses
 as a % of total loans 0.37 0.36 0.32 0.32 0.33


SOURCE First Colorado Bancorp, Inc.
 -0- 04/15/97


/CONTACT: Bill Marcoux of First Colorado Bancorp, 303-232-2121, ext. 5513/

(FFDA)

CO: First Colorado Bancorp, Inc. ST: Colorado IN: FIN SU: ERN

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