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JEFFERSON BANCORP, INC. REPORTS INCREASED CONSOLIDATED NET INCOME FOR 1ST QUARTER 1993

 MIAMI BEACH, Fla. April 21 /PRNewswire/ -- Jefferson Bancorp, Inc., (NASDAQ: JBNC) a publicly held bank holding company headquartered in Miami Beach, today reported an increase in consolidated net after-tax income for the first quarter of 1993 compared to the comparable quarter in 1992. The earnings for the first quarter of 1993 were noteworthy inasmuch as they exceeded the first quarter of 1992 which was a record first quarter for the company.
 Consolidated net after-tax income for the quarter ended March 31, 1993 was $1,158,384, or $.34 per share, compared to $1,132,995, or $.34 per share, for the quarter ended March 31, 1992. Consolidated net income for the quarter ended March 31, 1993 included a $841,594 net profit after income taxes from securities transactions, compared to $901,943 from such transactions for the same period last year. The addition to the loan loss reserve during the quarter ended March 31, 1993 was $1,075,000 as compared to $737,293 during the comparable period in 1992.
 Consolidated assets increased to $396,085,116 as of March 31, 1993 from $374,109,761 a year earlier. Consolidated deposits increased to $331,933,220 as of March 31, 1993 from $314,405,889 a year earlier. Over the same period, consolidated net loans decreased to $160,446,474 from $189,404,005. The company continued to maintain its conservative posture during these uncertain economic times by increasing the loan loss reserve from $2,185,884 as of March 31, 1992 to $3,732,643 as of March 31, 1993. Stockholders' equity and book value per share as of March 31, 1993 increased to $35,142,446 and $10.37 respectively, from $34,529,561 and $10.24 per share as of March 31, 1992.
 The company declared a cash dividend of 12-1/2 cents per share on its issued and outstanding shares of common stock for the second quarter of 1993. The dividend will be paid on May 21 to stockholders of record on May 3. Arthur H. Courshon, chairman of the board of Jefferson Bancorp, 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 cash dividends is appropriate." He credits the increased consolidated net after-tax income this quarter to the outstanding performance of profit centers such as the mortgage banking division and the trust division.
 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- 4/21/93
 /CONTACT: Syed F. Zafar of Jefferson Bancorp, 305-535-9406/
 (JBNC)


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

JB-JJ -- FL013 -- 8882 04/21/93 15:27 EDT
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Publication:PR Newswire
Date:Apr 21, 1993
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