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JEFFERSON BANCORP REPORTS FINANCIAL RESULTS FOR YEAR ENDED DEC. 31, 1991

 JEFFERSON BANCORP REPORTS FINANCIAL RESULTS
 FOR YEAR ENDED DEC. 31, 1991
 MIAMI BEACH, Fla., Jan. 31 /PRNewswire/ -- Jefferson Bancorp, Inc. (NASDAQ: JBNC) publicly held bank holding company headquartered in Miami Beach, today reported its year-end unaudited financial results. Increases in assets and deposits for the year ended Dec. 31, 1991, were announced. Consolidated assets increased to $395,090,052 as of Dec. 31, 1991, from $371,023,237 as of Dec. 31, 1990. Consolidated deposits increased to $324,024,083 as of Dec. 31, 1991, from $316,250,490 a year earlier. Over the same period, consolidated net loans decreased to $199,245,334 from $219,422,286 as of Dec. 31, 1990.
 Unaudited figures show decreased net income for the year ended Dec. 31, 1991, compared with the year ended Dec. 31, 1990, primarily due to credits to loan loss reserves which aggregated $2,986,189 to cover chargeoffs and maintaining the reserves at their existing level ($1,777,302 at Dec. 31, 1991 and $1,747,959 at Dec. 31, 1990).
 Consolidated net income for the year ended Dec. 31, 1991, was $1,063,685, which included regulatory chargeoffs of $816,000 ($528,2n?et of in come taxes) involving the bank's portfolio of revenue bonds issued by an agency of the state of Nebraska an operating loss of $564,284 ($360,184 net of income taxes) arising from the full first year of operations of a Fort Lauderdale hotel owned and operated by one of the company's subsidiaries; the hotel is now operating at a profit. In the opinion of management, a substantial portion of the Nebraska bond chargeoff may be recoverable in the future. Consolidated net income for the year ended Dec. 31, 1990, was $1,676,914. Per share net income decreased to $.32 for the year ended Dec. 31, 1991, from $.50 in the comparable period of 1990. For the quarter ended Dec. 31, 1991, the company sustained a consolidated net loss of $461,762 ($.14 per share), compared to consolidated net income of $496,259 ($.15 per share) for the fourth quarter of 1990.
 Stockholders' equity was $34,594,073 at Dec. 31, 1991, down slightly from $34,994,365 at Dec. 31, 1990. Book value per common share was $10.21, down from $10.45 at the end of the preceding year. Stockholders' equity and book value showed only a slight decrease during 1991, after the payment of a $.50 per share cash dividend to the company's stockholders (an aggregate of $1,672,916) in the first quarter of 1991.
 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 1992. The dividend will be paid on Feb. 28 to stockholders of record on Feb. 11. Arthur H. Courshon, chairman of the board of Jefferson Bancorp, Inc., recalled that in each of the last three years the company deviated from its historic policy of declaring dividends payable in additional shares of stock by declaring lump-sum cash dividends once a year. "This year," Courshon stated, "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. However, the board hereafter will consider the declaration of dividends on a quarterly basis in light of earnings and the state of the economy at the time. This is in accord with the practice of the great majority of American dividend-paying corporations and banks."
 Jefferson Bancorp, Inc., a publicly held bank holding company, owns and operates three banks with 12 offices in Dade, Broward and Palm Beach counties.
 -0- 1/31/92
 /CONTACT: Jacqueline H. Chiodo of Jefferson Bancorp, Inc., 305-535-9401/
 (JBNC) CO: Jefferson Bancorp, Inc. ST: Florida IN: FIN SU: ERN


SS-AW -- FL012 -- 5727 01/31/92 15:31 EST
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Date:Jan 31, 1992
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