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JEFFERSON BANCORP, INC. REPORTS 59 PERCENT INCREASE IN NET INCOME FOR THIRD QUARTER 1992

 JEFFERSON BANCORP, INC. REPORTS 59 PERCENT INCREASE
 IN NET INCOME FOR THIRD QUARTER 1992
 MIAMI BEACH, Fla., Oct. 16 /PRNewswire/ -- Jefferson Bancorp, Inc. (NASDAQ: JBNC), a publicly held bank holding company headquartered in Miami Beach, today reported a 59 percent increase in consolidated net income for the third quarter of 1992 compared to the third quarter of 1991.
 Consolidated net income for the quarter ended Sept. 30, 1992 was $1,286,993 ($.38 per share) compared to $807,576 ($.24 per share) for the same period in 1991, an increase of 59 percent.
 Consolidated net income for the nine months ended Sept. 30, 1992 was $3,093,355 ($.92 per share) compared to $1,337,731 ($.40 per share) for the same period in 1991, an increase of 131 percent.
 Consolidated net income for the quarter and nine months ended Sept. 30, 1992 included profits from security transactions net of income taxes of $1,357,151 and $2,359,708, respectively. Security profits for the same periods in 1991 were $579,085 and $939,803, respectively. The company continued to maintain its conservative posture during these uncertain economic times by allocating $1,050,000 to the loan loss reserve during the quarter ended Sept. 30, 1992 compared to an allocation of $679,713 for the same period in 1991. For the nine months ended Sept. 30, 1992, $2,362,293 was allocated to the loan loss reserve compared to an allocation of $1,329,713 for the same period in 1991.
 Nine month figures shown for 1991 have been restated to reflect a regulatory charge-off of $816,000 ($528,193 net of income taxes) in the first quarter of 1991 involving the bank's portfolio of revenue bonds issued by an agency of the state of Nebraska; the charge-off had previously been reflected, instead, in the third and fourth quarters of 1991.
 Consolidated assets increased to $388,532,940 as of Sept. 30, 1992 from $379,372,868 a year earlier. Consolidated deposits increased to $326,476,747 as of Sept. 30, 1992 from $304,005,298 a year earlier. Consolidated net loans decreased to $183,693,759 as of Sept. 30, 1992 from $216,950,522 as of Sept. 30, 1991. Stockholders' equity increased to $36,509,256 as of Sept. 30, 1992 from $34,815,884 as of Sept. 30, 1991. Book value increased from $10.41 at Sept. 30, 1991 to $10.83 at Sept. 30, 1992.
 Jefferson Bancorp, Inc. is a publicly held bank holding company which owns and operates three banks with 12 offices in Dade, Broward and Palm Beach counties. Jefferson Bancorp, Inc. has served South Florida since 1964 and has been named in The Miami Herald's list of Florida's top 100 companies for the last five consecutive years (1988, 1989, 1990, 1991 and 1992).
 -0- 10/16/92
 /CONTACT: Jacqueline H. Chiodo of Jefferson Bancorp, Inc., 305-535-9401/
 (JBNC) CO: Jefferson Bancorp, Inc. ST: Florida IN: FIN SU: ERN


JJ-AW -- FL015 -- 1174 10/16/92 17:44 EDT
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Publication:PR Newswire
Date:Oct 16, 1992
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