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INTERCONTINENTAL BANK REPORTS A 56 PERCENT INCREASE IN SECOND QUARTER AND YEAR-TO-DATE EARNINGS

 INTERCONTINENTAL BANK REPORTS A 56 PERCENT INCREASE
 IN SECOND QUARTER AND YEAR-TO-DATE EARNINGS
 MIAMI, July 20 /PRNewswire/ -- Intercontinental Bank (NASDAQ-NMS: ICBK) today reported second quarter 1992 net income of $1.6 million, or $.27 per common share, compared with $1.0 million, or $.18 per common share, earned in the 1991 second quarter. For the six months ended June 30, 1992, net income was $3.0 million, or $.51 per common share, compared with $1.9 million, or $.33 per common share, reported in the comparable 1991 period. The reported earnings reflect a 56 percent increase over the 1991 quarterly and year-to-date amounts.
 Chairman William H. Allen Jr. noted that Intercontinental's earnings reflect strong growth in the bank's net interest income during the second quarter and six month period ended June 30, 1992. This growth is the result of lower interest rates, improving asset quality and the positive impact of recent acquisitions.
 Intercontinental recently announced the proposed acquisition of Interbanc, a commercial bank which operates two offices in Broward County with assets of $50 million. It is anticipated that this acquisition, which is subject to regulatory and shareholder approvals, will be completed in the fourth quarter.
 Intercontinental Bank, with total assets of $746 million, currently operates 19 branches -- 12 in Dade County, six in Broward County and one in Orange County, Fla.
 INTERCONTINENTAL BANK
 (Dollars in thousands except per share)
 (unaudited)
 Second Quarter
 1992 1991
 Net income $1,604 $1,031
 Earnings per common share .27 .18
 Return on average assets .87 pct. .68 pct.
 Return on average equity 11.39 pct. .84 pct.
 Net interest margin 4.49 pct. 4.14 pct.
 Net interest income 7,043 5,271
 Other income 2,466 2,780
 Other expenses 7,280 5,627
 Provision for credit losses 255 1,225
 Net charge-offs 517 3,448
 Year-to-Date
 1992 1991
 Net income $2,961 $1,895
 Earnings per common share .51 .33
 Return on average assets .83 pct. .63 pct.
 Return on average equity 10.64 pct. 7.29 pct.
 Net interest margin 4.47 pct. 4.11 pct.
 Net interest income 13,562 10,292
 Other income 4,893 4,901
 Other expenses 14,301 11,591
 Provision for credit losses 510 1,375
 Net charge-offs 1,233 3,681
 6/30/92 12/31/91
 Assets $745,906 $698,352
 Deposits 644,216 620,444
 Loans, net 360,499 367,313
 Allowance/Non-accruing
 loans 57.22 pct. 49.25 pct.
 Non-accruing loans/Loans 3.44 pct. 4.31 pct.
 Non-performing assets/
 Assets 2.59 pct. 3.27 pct.
 Book value per common share $9.99 $9.57
 Capital ratios:
 Leverage 7.38 pct. 8.17 pct.
 Tier 1 13.35 pct. 12.37 pct.
 Tier 1 plus tier 2 14.94 pct. 13.96 pct.
 -0- 7/20/92
 /CONTACT: Thomas E. Beier, executive vice president of Intercontinental Bank, 305-377-6902/
 (ICBK) CO: Intercontinental Bank ST: Florida IN: FIN SU: ERN


JB-AW -- FL015 -- 0929 07/20/92 16:59 EDT
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Date:Jul 20, 1992
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