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JEFFERSON BANCORP, INC. REPORTS FINANCIAL RESULTS FOR QUARTER AND NINE MONTHS ENDED SEPT. 30, 1993

 MIAMI BEACH, Fla., Oct. 27 /PRNewswire/ -- Jefferson Bancorp, Inc., (NASDAQ: JBNC) a publicly held bank holding company headquartered in Miami Beach, today reported its financial results for the quarter and nine months ended Set. 30, 1993.
 Consolidated operating income for the quarter ended Sept. 30, 1993 was $452,802, compared to an operating loss of $70,158 for the quarter ended Sept. 30, 1992. For the nine months ended Sept. 30, 1993 operating income was $1,128,738 as compared to $733,647 for the same period in 1992, an increase of 54 percent.
 Consolidated net income for the quarter ended Sept. 30, 1993 was $850,009, or $.25 per share, compared to $1,286,993, or $.38 per share, for the quarter ended Sept. 30, 1992. Consolidated net income for the nine months ended Sept. 30, 1993 was $2,712,822, or $.80 per share, compared to $3,093,355, or $.92 per share, for the nine months ended Sept. 30, 1992. The decrease in consolidated net income in 1993 is due mainly to the profit from the securities transactions of $1,357,151 net of income taxes for the quarter ended Sept. 30, 1992 compared to $397,207 net of income taxes for the quarter ended Sept. 30, 1993. For the nine months ended Sept. 30, 1992, the profit from securities transactions net of income taxes was $2,359,708, compared to $1,584,084 for the nine months ended Sept. 30, 1993.
 Stockholders' equity at Sept. 30, 1993 was $36,048,722, compared to $35,775,848 at Sept. 30, 1992. Book value increased from $10.61 per share at Sept. 30, 1992 to $10.63 per share at Sept. 30, 1993. The company continued to maintain its conservative posture during these uncertain economic times by increasing the loan loss reserve from $2,798,870 as of Sept. 30, 1992 to $3,714,483 as of Sept. 30, 1993. During the month of Sept. 1993, two offices of Jefferson National Bank, a subsidiary of the company, were closed as part of the company's consolidation program. The customers of these offices are now serviced by the company's other offices. Consolidated assets decreased to $354,410,599 as of Sept. 30, 1993 from $387,799,532 a year earlier. Consolidated deposits decreased to $294,655,366 as of Sept. 30, 1993 from $326,476,747 a year earlier. Consolidated net loans decreased to $168,611,818 as of Sept. 30, 1993 from $183,693,759 a year earlier.
 The company declared a cash dividend of 12-1/2 cents per share on its issued and outstanding shares of common stock for the fourth quarter of 1993. This dividend, the fourth declared this year, will be paid on Nov. 23, 1993 to stockholders of record on Nov. 8, 1993. Arthur H. Courshon, chairman of the board of Jefferson Bancorp, Inc., stated that, "The company remains one of the more highly capitalized bank holding companies in the nation, and the board continues to believe that the payment of a cash dividend is appropriate."
 Jefferson Bancorp, Inc. is a publicly held bank holding company which owns and operates three banks with ten offices in Dade, Broward and Palm Beach counties. Jefferson Bancorp, Inc. has served South Florida since 1964.
 -0- 10/27/93
 /CONTACT: Syed F. Zafer of Jefferson Bancorp, 305-535-9406/


CO: Jefferson Bancorp, Inc. ST: Florida IN: FIN SU: ERN

JV-JB -- FL002 -- 7537 10/27/93 17:08 EDT
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Publication:PR Newswire
Date:Oct 27, 1993
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