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INTERCONTINENTAL BANK REPORTS HIGHER FOURTH QUARTER AND YEAR END EARNINGS

 INTERCONTINENTAL BANK REPORTS HIGHER FOURTH QUARTER
 AND YEAR END EARNINGS
 MIAMI, Jan. 30 /PRNewswire/ -- Intercontinental Bank (NASDAQ-NMS: ICBK) today reported net income of $1.3 million, or $.22 per common share, for the quarter ended Dec. 31, 1991 which is more than double the $534,000, or $.09 per common share, earned in the comparable period of 1990. For the year ended Dec. 31, 1991, Intercontinental Bank reported net income of $4.2 million, or $.73 per common share, compared with $3.6 million, or $.64 per common share, in 1990. The 1990 fourth quarter and full year results include tax benefits equal to $.04 and $.11 per share, respectively.
 Chairman William H. Allen Jr., noted that the bank's strong earnings gains were accompanied by a growth in total deposits of over 17 percent during the past year. Allen stated, "Net interest income and fee revenues increased substantially in 1991 while operating expenses and non-performing assets continued to decline."
 On Dec. 20, 1991, Intercontinental Bank completed the acquisition of six banking offices in Broward County formerly operated by North Ridge Bank. Intercontinental Bank currently operates 20 branches in Dade, Broward and Orange counties, Fla. with total assets approximating $700 million.
 INTERCONTINENTAL BANK
 Three and Twelve Months Ended Dec. 31, 1991 and 1990
 (in thousands except per common share)
 Three Months Ended 12 Months Ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 Earnings Highlights:
 Net interest income $5,668 $5,285 $21,373 $19,653
 Provision for credit
 losses 2,130 255 3,830 2,068
 Other income 4,236 2,016 11,121 10,724
 Other expenses 6,322 6,612 23,813 24,201
 Income before income
 taxes and extraordinary
 item 1,452 434 4,851 4,108
 Provision for income
 taxes 193 131 680 1,130
 Income before extraordinary
 item 1,259 303 4,171 2,978
 Extraordinary item -
 utilization of net
 operating loss
 carryforward -- 231 -- 622
 Net income 1,259 534 4,171 3,600
 Per Common Share Highlights:
 Income before
 extraordinary item $.22 $.05 $.73 $.53
 Extraordinary item .00 .04 .00 .11
 Net income .22 .09 .73 .64
 Dec. 31,
 1991 1990
 Financial Condition Highlights:
 Total assets $698,352 $611,152
 Earning Assets 603,136 531,282
 Loans, net 367,313 373,629
 Deposits 620,444 527,705
 Shareholders' equity 54,709 51,665
 Book value per common share 9.57 9.04
 Average number of common shares
 and equivalents outstanding 5,674 5,674
 -0- 1/30/92
 /CONTACT: Thomas E. Beier, executive vice president of Intercontinental Bank, 305-377-6902/
 (ICBK) CO: Intercontinental Bank ST: Florida IN: FIN SU: ERN


SS-JJ -- FL011 -- 5405 01/30/92 16:01 EST
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Publication:PR Newswire
Date:Jan 30, 1992
Words:444
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