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JEFFERSON BANCORP, INC. REPORTS SUBSTANTIAL INCREASE IN NET INCOME FOR YEAR ENDED DEC. 31, 1992 AND DECLARES A FIRST QUARTER DIVIDEND

 MIAMI BEACH, Fla., Jan. 27 /PRNewswire/ -- Jefferson Bancorp, Inc. (NASDAQ: JBNC), a publicly held bank holding company headquartered in Miami Beach, today reported a 109 percent increase in net income for the year ended Dec. 31, 1992 compared to the year ended Dec. 31, 1991.
 Unaudited consolidated net income for 1992 was $2,219,752 ($.66 per share) compared to $1,063,685 ($.32 per share) for 1991. Consolidated net income was net of an allocation of $3,744,493 to the loan loss reserve during 1992 to cover charge-offs and increase the reserve to $2,739,866 at Dec. 31, 1992. This increase was due to the continued weakness in the economy and the company's conservative posture during these uncertain economic times. Consolidated net income for 1991 was net of an allocation of $2,986,189 to the loan loss reserve to cover charge-offs and to maintain the reserve at $1,777,302 at Dec. 31, 1991. Consolidated net income for 1992 included profits from security transactions net of income taxes of $2,433,347 compared to $1,045,371 for 1991.
 Consolidated net income for 1991 reflected a regulatory charge-off of $816,000 ($528,200 net of income taxes) involving the banks' portfolio of revenue bonds issued by the State of Nebraska. In the opinion of management a substantial portion of the Nebraska Bond charge- off may be recovered, possibly during 1993, as the market value of these bonds has increased.
 Stockholders' equity at Dec. 31, 1992 was $35,130,541 compared to $34,594,073 at Dec. 31, 1991. Book value increased from $10.21 per share at Dec. 31, 1991 to $10.34 at Dec. 31, 1992. In addition, during 1992 the company declared and paid four quarterly cash dividends totaling $1,738,389 or 51 1/2 cents per share based on the board of directors' acknowledgment of the strength of the company and its earnings for the year.
 Consolidated deposits increased to $334,598,486 at Dec. 31, 1992 from $324,024,083 at Dec. 31, 1991. Consolidated investment securities increased to $142,263,931 at Dec. 31, 1992 from $115,949,460 at Dec. 31, 1991. Consolidated assets decreased from $394,818,394 at Dec. 31, 1991 to $389,208,798 at Dec. 31, 1992. Consolidated net loans decreased from $198,952,434 at Dec. 31, 1991 to $174,407,682 at Dec. 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 first quarter of 1993. The dividend will be paid on Feb. 26 to stockholders of record on Feb. 11. Arthur H. Courshon, chairman of the board of directors of Jefferson Bancorp, Inc. stated that "The company remains one of the most highly capitalized bank holding companies in the nation, and the board continues to believe that the payment of cash dividends is appropriate."
 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- 1/27/92
 /CONTACT: Syed F. Zafar of Jefferson Bancorp, Inc., 305-535-9406/
 (JBNC)


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

JB-JJ -- FL009 -- 9842 01/27/93 16:04 EST
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Date:Jan 27, 1993
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