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JEFFERSON BANCORP REPORTS INCREASED CONSOLIDATED NET INCOME FOR FIRST QUARTER 1992

 JEFFERSON BANCORP REPORTS INCREASED CONSOLIDATED NET INCOME
 FOR FIRST QUARTER 1992
 MIAMI BEACH, Fla., April 15 /PRNewswire/ -- Jefferson Bancorp, Inc. (NASDAQ: JBNC), a publicly held bank holding company headquartered in Miami Beach, today reported a substantial increase in consolidated net income for the first quarter of 1992 compared to the comparable quarter in 1991.
 Consolidated income before income taxes for the quarter ended March 31, 1992 was $1,686,045, compared to a loss of $245,022 for the quarter ended March 31, 1991. Consolidated net income for the quarter ended March 31, 1992 was $1,132,995, or $.34 per share, compared to a net loss of $128,438, or $.04 per share, for the quarter ended March 31, 1991. Figures shown for 1991 have been restated to reflect, in the first quarter, a regulatory charge-off of $816,000 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. As originally reported, consolidated net income in the first quarter of 1991 was $421,824. Consolidated net income for the quarter ended March 31, 1992 included a $901,943 net profit after income taxes from securities transactions, compared to $50,107 for the same period last year.
 Consolidated assets increased slightly to $374,843,169 as of March 31, 1992 from $374,749,381 (originally reported as $375,606,927) a year earlier. Consolidated deposits increased to $314,405,889 as of March 31, 1992 from $310,594,148 a year earlier. Over the same period, consolidated net loans decreased to $189,404,005 from $214,286,610. The company continued to maintain its conservative posture during these uncertain economic times by increasing the loan loss reserve from $1,501,418 as of March 31, 1991 to $2,185,884 as of March 31, 1992. The addition to the loan loss reserve during the quarter ended March 31, 1992 was $737,293 as compared to $300,000 (plus $816,000 for the regulatory charge-off mentioned above) during the comparable period in 1991. Stockholders' equity and book value per share as of March 31, 1992 increased to $35,262,969 and $10.46, respectively, from $33,245,246 (originally reported as $33,795,508) and $9.94 per share as of March 31, 1991.
 Arthur H. Courshon, chairman of the board of Jefferson Bancorp, Inc., says that a portion of the regulatory charge-off relating to the Nebraska revenue bonds may be recoverable in the future; the issue is currently being litigated. Courshon credits the increased consolidated net income this quarter to the establishment during 1991 of profit centers such as the mortgage banking division and the purchased assets department. He also attributed the increase in part to the results of foreign currency exchange and the introduction of new products through Jefferson's trust department.
 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 four consecutive years (1988, 1989, 1990 and 1991).
 -0- 4/15/92
 /CONTACT: Jacqueline H. Chiodo of Jefferson Bancorp, 305-535-9401/
 (JBNC) CO: Jefferson Bancorp, Inc. ST: Florida IN: FIN SU: ERN


JJ-AW-JB -- FL011 -- 8806 04/15/92 14:47 EDT
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Publication:PR Newswire
Date:Apr 15, 1992
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