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INTERCONTINENTAL BANK REPORTS A 57 PERCENT INCREASE IN FIRST QUARTER EARNINGS

 INTERCONTINENTAL BANK REPORTS A 57 PERCENT INCREASE
 IN FIRST QUARTER EARNINGS
 MIAMI, April 23 /PRNewswire/ -- Intercontinental Bank (NASDAQ-NMS: ICBK) today reported first quarter 1992 net income of $1.4 million, or $.23 per common share, representing a 57 percent increase over the $864,000, or $.15 per common share, earned in the comparable period of 1991. The improved earnings reflect a 30 percent growth in net interest income and a 14 percent increase in fee and other income.
 Chairman William H. Allen Jr. noted that the bank's strong earnings include the impact of recent acquisitions of the former North Ridge and National City banks in Broward County as well as one branch of the former Professional Federal Savings Bank in Dade County. Allen further noted that much of the expense of integrating these acquired operations into Intercontinental Bank was reflected in the first quarter's results.
 Intercontinental Bank, with total assets approximating $740 million, currently operates 19 branches -- 12 in Dade County, six in Broward County and one in Orange County, Florida.
 INTERCONTINENTAL BANK
 Three Months Ended March 31, 1992 and 1991
 (In thousands except per common share)
 Three Months Ended
 March 31,
 1992 1991
 Earnings Highlights:
 Net interest income $ 6,519 $ 5,021
 Provision for credit losses 255 150
 Other income 2,427 2,121
 Other expenses 7,021 5,964
 Income before income taxes 1,670 1,028
 Provision for income taxes 313 164
 Net income 1,357 864
 Earnings per common share 0.23 0.15
 3/31/92 12/31/91
 Financial Condition Highlights:
 Total assets $738,570 $698,352
 Earning assets 643,186 603,136
 Loans, net 354,537 367,313
 Deposits 644,993 620,444
 Shareholders' equity 55,778 54,709
 Book value per common share 9.76 9.57
 Average number of common shares
 and equivalents outstanding 5,760 5,674
 -0- 4/23/92
 /CONTACT: Thomas E. Beier, executive vice president of Intercontinental Bank, 305-377-6902/
 (ICBK) CO: Intercontinental Bank ST: Florida IN: FIN SU: ERN


AW-JB -- FL014 -- 2082 04/23/92 16:04 EDT
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Publication:PR Newswire
Date:Apr 23, 1992
Words:341
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