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MOUNTAIN PARKS FINANCIAL CORP. REPORTS RECORD FIRST QUARTER EARNINGS FOR FISCAL 1994

 MINNEAPOLIS, Nov. 11 /PRNewswire/ -- Mountain Parks Financial Corp. (NASDAQ-NMS: MPFC) today announced record earnings for the first quarter of $1,171,000, a 91 percent increase over the $613,000 earned in the same period a year ago. Net income per share was $.49 compared with $.26, an increase of 88 percent. Per share amounts are calculated as if the 2,380,723 shares outstanding after the company's public offering in August, 1993, were outstanding in both periods.
 Return on equity was 32.7 percent and return on assets was 2.5 percent, compared with 26.1 percent and 1.5 percent, respectively, for the same period of fiscal 1993. The company's net interest margin increased to 7.4 percent during the quarter versus 6.8 percent for the similar period a year ago.
 "We are pleased with these strong financial results. By refining our ability to both identify and meet the needs of our markets, we have constantly met or exceeded our growth objectives, improved already attractive margins and strengthened asset quality," commented Dennis M. Mathisen, Mountain Parks Chief Executive Officer. "We remain focused on improving the company's operating efficiencies and we continue to seek acquisition opportunities."
 During the quarter loans outstanding increased by 18 percent. This increase was funded by a five percent rise in deposits and a reduction in overnight funds sold. Demand deposits rose 15 percent during the quarter and represented 35 percent of total deposits at Oct. 31, 1993.
 The company's record performance also reflects its sound asset quality and strong allowance for loan losses, according to Mathisen. Collections of previously charged off loans totaled $78,000 during the period. No provision for loan loss was made for the quarter as management deemed the allowance to be adequate relative to the level of nonperforming loans and other measures of credit quality.
 Non-interest income for the quarter totaled $903,000, up $166,000 or 23 percent from the comparable quarter of 1992. The increase consisted primarily of gains on the sale of the guaranteed portion of SBA loans ($78,000) and other miscellaneous items ($87,000). No significant gains on the sale of securities were recorded during the quarter. Non- interest expenses remained constant during the quarter as compared to 1992.
 Subsequent to the end of the first quarter, the company's subsidiary banks received a $783,000 payment from a customer relating to an asset carried on the bank's books as "Other Real Estate." Of this payment, $582,000 will be applied to Other Real Estate, $111,000 represents a recovery to the Reserve for Loan Loss and $90,000 is recovered interest. Additional collections of principal and interest are anticipated in the future.
 Mountain Parks Financial Corp. is a multi-bank holding company which owns three banks with banking facilities in seven central Colorado communities.
 MOUNTAIN PARKS FINANCIAL CORP.
 FIRST QUARTER 1994 FINANCIAL HIGHLIGHTS
 ($000s)
 10/31/93 10/31/92 Pct. change
 OPERATING RESULTS:
 Income summary
 Interest income 3,890 3,311 17.49
 Interest expense 797 892 -10.65
 Net interest income 3,093 2,419 27.86
 Provision for loan loss -- 84 -100.00
 Non-interest income 903 737 22.52
 Non-interest expense 2,154 2,165 -.51
 Income before income taxes 1,842 907 103.09
 Income tax expense 671 294 128.23
 Net income 1,171 613 91.03
 Net income per common share $.49 $.26 88.46
 Performance
 Return on assets (pcts.) 2.51 1.51 66.23
 Return on equity (pcts.) 32.72 26.12 25.27
 Net interest margin (pcts.) 7.37 6.80 8.38
 Balance sheet data
 Total cash & securities 64,614 54,255 19.09
 Federal funds sold 1,700 14,560 -88.32
 Total loans and leases, net 114,910 83,555 37.53
 Other real estate 1,473 2,770 -46.82
 Total assets 191,620 163,806 16.98
 Total deposits 165,698 145,462 13.91
 Total stockholders' equity 16,391 10,264 59.69
 -0- 11/11/93
 /CONTACT: John A. Fischer of Mountain Parks Financial, 612-338-3158/
 (MPFC)


CO: Mountain Parks Financial Corp. ST: Minnesota, Colorado IN: FIN SU: ERN

CP-DB -- MN006 -- 3291 11/11/93 14:13 EST
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Publication:PR Newswire
Date:Nov 11, 1993
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