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INTERCONTINENTAL BANK REPORTS SUBSTANTIAL INCREASES IN THIRD QUARTER AND YEAR-TO-DATE EARNINGS

 INTERCONTINENTAL BANK REPORTS SUBSTANTIAL INCREASES
 IN THIRD QUARTER AND YEAR-TO-DATE EARNINGS
 MIAMI, Oct. 14 /PRNewswire/ -- Intercontinental Bank (NASDAQ-NMS: ICBK) today reported third quarter 1992 net income of $1.8 million, or $.31 per common share, compared with $1.0 million, or $.18 per common share, earned in the 1991 third quarter. For the nine months ended Sept. 30, 1992, net income was $4.8 million, or $.82 per common share, compared with $2.9 million, or $.51 per common share, reported in the comparable 1991 period. The reported earnings reflect a 77 percent increase over the 1991 quarterly amount and a 64 percent increase over the 1991 year-to-date amount.
 Chairman William H. Allen Jr. noted that Intercontinental's improved earnings reflect strong growth in the bank's net interest income during the third quarter and nine month period ended Sept. 30, 1992. Interest margins continued to improve as a result of lower interest rates, improving asset quality and the positive impact of recent acquisitions.
 Intercontinental had total assets of $787 million and total deposits of $697 million at Sept. 30, 1992. With the Oct. 1, 1992 acquisition of Interbanc, a $50 million Broward County commercial bank, Intercontinental operates 21 branches -- 12 in Dade County, eight in Broward County and one in Orange County, Florida. The amounts reflected above do not include the results of the former Interbanc.
 INTERCONTINENTAL BANK
 (Dollars in thousands except per share)
 (unaudited)
 Third Quarter
 1992 1991
 Net income $1,805 $1,017
 Earnings per common share .31 .18
 Return on average assets .92 pct. .65 pct.
 Return on average equity 12.34 pct. 7.54 pct.
 Net interest margin 4.54 pct. 4.15 pct.
 Net interest income 7,625 5,413
 Other income 2,592 1,984
 Other expenses 7,270 5,900
 Provision for credit losses 705 325
 Net charge-offs 350 601
 Year-to-Date
 1992 1991
 Net income $4,766 $2,912
 Earnings per common share .82 .51
 Return on average assets .86 pct. .64 pct.
 Return on average equity 11.22 pct. 7.38 pct.
 Net interest margin 4.49 pct. 4.12 pct.
 Net interest income 21,187 15,705
 Other income 7,485 6,885
 Other expenses 21,571 17,491
 Provision for credit losses 1,215 1,700
 Net charge-offs 1,583 4,282
 9/30/92 12/31/91
 Assets $786,615 $698,352
 Deposits 696,638 620,444
 Loans, net 357,010 367,313
 Allowance/Non-accruing
 loans 56.27 pct. 49.25 pct.
 Non-accruing loans/Loans 3.70 pct. 4.31 pct.
 Non-performing assets/
 Assets 2.74 pct. 3.27 pct.
 Book value per
 common share $10.26 $9.57
 Capital ratios:
 Leverage 7.23 pct. 8.17 pct.
 Tier 1 13.69 pct. 12.37 pct.
 Tier 1 plus tier 2 15.28 pct. 13.96 pct.
 -0- 10/14/92
 /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 -- FL012 -- 9875 10/14/92 12:38 EDT
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Date:Oct 14, 1992
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