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NAB ASSET CORPORATION ANNOUNCES FIRST QUARTER 1992 RESULTS AND ORGANIZATION OF $25 MILLION PARTNERSHIP

 NAB ASSET CORPORATION ANNOUNCES FIRST QUARTER 1992 RESULTS AND
 ORGANIZATION OF $25 MILLION PARTNERSHIP
 HOUSTON, May 12 /PRNewswire/ -- NAB Asset Corporation (NASDAQ: NABC) today announced that for the quarter ended March 31, 1992, it had net income of $555,000, or $.13 per share. Included in net income for the quarter ended March 31, 1992, was an extraordinary gain of $150,000 or $.03 per share attributable to the reversal of a previously established accrual for estimated liabilities of National Asset Bank (a bank in liquidation) assumed by the company in July 1991 in connection with the company's acquisition of the assets of the bank and for which such accrual has been determined to be no longer necessary.
 For the quarter ended March 31, 1992, the company reported operating income of $886,000 and other income of $89,000. Included in operating income for the quarter was $209,000 in gains recognized from various settlements relating to the loan portfolio purchased by the company in December of 1991 for approximately $1 million.
 The company also announced that it had recently entered into an agreement with various institutional investors for the formation of a new limited partnership to be capitalized with $25.3 million. The funds of the partnership will be used to acquire business loans with a goal of restructuring, collecting and realizing on such loans over a three to four year period. A subsidiary of the company will contribute up to $1 million to the partnership and will act as its general partner.
 NAB Asset Corporation is a financial services corporation that is primarily engaged in acquiring and collecting performing and non- performing loans and in managing and selling developed and undeveloped real estate. The company commenced commercial operations on July 17, 1991, the date on which it acquired substantially all the assets of the bank and the company's stock was distributed by the bank to the prior holders of the bank's common stock as a final liquidating distribution.
 -0- 5/12/92
 /CONTACT: Michael A. Hrevenar, president and chief executive officer of NAB Asset Corporation, 713-952-6800/
 (NABC) CO: NAB Asset Corporation ST: Texas IN: FIN SU: ERN


SM -- NY045 -- 9049 05/12/92 10:54 EDT
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Publication:PR Newswire
Date:May 12, 1992
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