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INTERCONTINENTAL BANK'S SECOND QUARTER 1993 RESULTS OF $2.4 MILLION REFLECT A 63 PERCENT INCREASE OVER ITS SECOND QUARTER 1992 EARNINGS

 MIAMI, July 20 /PRNewswire/ -- Intercontinental Bank (NASDAQ-NMS: ICBK) today reported second quarter 1993 net income of $2.4 million, or $.38 per common share, compared with $1.5 million, or $.24 per common share, earned in the 1992 second quarter. On a year-to-date basis, the bank's net income was $5.2 million, or $.84 per common share, in 1993 compared with $2.8 million, or $.46 per common share, in 1992. These results are 63 percent higher for the quarter and 87 percent higher on a year-to-date basis.
 The 1993 year-to-date results include the impact of a $1.1 million cumulative accounting adjustment for the implementation of Statement of Financial Accounting Standard No. 109, "Accounting for Income Taxes," recorded in the first quarter of 1993. Without this adjustment, the 1993 year-to-date net income would have been $4.1 million, or $.66 per common share, a 47 percent increase over last year's six month's results.
 Chairman William H. Allen Jr. noted that Intercontinental's earnings reflect strong growth in the Bank's net interest income which was up 17 percent over last year's second quarter. Net interest income benefited from lower interest rates, improved asset quality and strong deposit growth. Operating expenses remained level with previous comparable periods as a result of the Bank's stringent cost control measures.
 Intercontinental Bank had total assets of nearly $900 million and total deposits of almost $800 million at June 30, 1993. Intercontinental Bank operates 20 branches -- 12 in Dade County, seven in Broward County and one in Orange County, Florida. Intercontinental Bank's common stock is traded on NASDAQ-NMS under the symbol ICBK.
 INTERCONTINENTAL BANK
 (Dollars in thousands except per share)
 (unaudited)
 Second Quarter
 1993 1992(B)
 Net income $2,406 $1,476
 Earnings per common share .38 .24
 Return on average assets 1.10 pct. .75 pct.
 Return on average equity 14.16 pct. 9.84 pct.
 Net interest margin 4.67 pct. 4.51 pct.
 Net interest income $8,829 $7,574
 Other income 2,843 2,531
 Other expenses 7,832 8,004
 Provision for credit losses 255 255
 Net charge-offs 115 580
 Year-to-Date
 1993 1992 (B)
 Net income $5,237 (A) $2,806
 Earnings per common share .84 (A) .46
 Return on average assets 1.22 pct. (A) .73 pct.
 Return on average equity 15.81 pct. (A) 9.45 pct.
 Net interest margin 4.65 pct. 4.48 pct.
 Net interest income $17,287 $14,588
 Other income 5,342 5,036
 Other expenses 15,706 15,626
 Provision for credit losses 510 510
 Net charge-offs 442 1,289
 (A) -- Includes a $1.1 million, or $.18 per common share, cumulative
 effect of an accounting change related to the implementation
 of SFAS No. 109.
 (B) -- Restated to reflect the October 1, 1992 purchase of
 Interbanc which was accounted for as a pooling of interests.
 6/30/93 12/31/92
 Assets $896,399 $863,364
 Deposits 793,910 772,007
 Loans, net 400,684 385,684
 Allowance/Non-accruing loans 89.08 pct. 72.81 pct.
 Non-accruing loans/Loans 2.28 pct. 2.88 pct.
 Non-performing assets/Assets 1.57 pct. 2.17 pct.
 Book value per common share $11.41 $10.67
 Capital ratios:
 Leverage 7.63 pct. 7.07 pct.
 Tier 1 14.47 pct. 14.03 pct.
 Tier 1 plus tier 2 15.80 pct. 15.37 pct.
 -0- 7/20/93
 /CONTACT: Thomas E. Beier, executive vice president of Intercontinental Bank, 305-377-6902/
 (ICBK)


CO: Intercontinental Bank ST: Florida IN: FIN SU: ERN

AW -- FL011 -- 6865 07/20/93 13:16 EDT
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Date:Jul 20, 1993
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