Press release-8-2-2000

First International Bancorp Reports Record 6-Month Operating Earnings, Three New E- Business Alliances, Winning National Export Award, And Continuing U.S. And International Expansion

HARTFORD, Conn., August 2, 2000 – First International Bancorp, Inc. (NASDAQ: FNCE), the parent of First International Bank, today reported net income of $2.2 million ($.25 per share on a diluted basis) for the second quarter of 2000 compared with $2.1 million ($.25 per share on a diluted basis) for second quarter 1999. The company’s record net after tax operating earnings of $4.3 million ($.51 per share on a diluted basis) for the first six months of 2000 represented a 72% increase in this figure over the same period last year, when net income of $4.3 million ($.52 per share on a diluted basis) through June 30, 1999 was positively impacted by net non-recurring income of $1.8 million ($.22 per share on a diluted basis) resulting from branch sale proceeds less several one-time expenses.

Brett N. Silvers, chairman and CEO, stated, "First International's continuing success in our core niche of lending to small manufacturers, distributors and wholesalers participating in the global industry supply chain explains the high level and quality of earnings in 2000. Our results show that management's commitment to ongoing geographical expansion and product development is matched by our focus on building the profitability, productivity and scalability of the business."

Strong second quarter and six month earnings performance in 2000 was due primarily to a favorable mix of loan origination types. The percentage of government guaranteed loans (SBA, USDA and Export-Import Bank) to total originations was approximately 65% in the first and second quarters of 2000, compared with approximately 58% for the same two periods of 1999. Loan originations for the second quarter totaled $117.7 million, of which 31% supported international trade. Throughout 2000, management has emphasized government guaranteed lending in all domestic and international markets. Government supported loan programs have relatively higher profit margins, lower credit risk and more attractive repayment terms for clients compared with First International’s other types of lending.

Also impacting second quarter 2000 earnings positively were $116.9 million of loan sales and securitizations completed in the period, a 19% increase over the second quarter of 1999. These sales consisted mainly of government guaranteed loans purchased by investors and non-guaranteed loans sold into the company's commercial paper conduits and other sales facilities. Loan sales and securitizations for the first six months of 2000 were $220.1 million, 39% above last year’s figure for the same period. Commercial loans on balance sheet included $42.7 million that were held for sale as of June 30, 2000.

Leslie Galbraith, president and COO, reported that, "During the second quarter of 2000, First International completed its sixth commercial loan securitization since June 1998, bringing our cumulative securitization transactions to $295.2 million. We are very pleased with the market's reception to the most recent securitization and with the continuing favorable performance of our previous transactions." The second quarter securitization included $65.0 million of commercial term loans, of which $56.6 million comprised a senior security rated AAA by Moody's Investor Services and Fitch, Inc. In addition to selling the senior security, the company also sold the junior bonds related to the securitization. The pre-tax gain resulting from the second quarter securitization, not including income related to a $19 million prefunding delivery that is planned for the third quarter of 2000, was $518,300. As planned, during the second quarter the company successfully completed the prefunding delivery of SBA loans related to a first quarter securitization, resulting in a second quarter pre-tax gain of $820,000.

Total loans under management, including loans on balance sheet plus serviced for investors, increased 31% to $1.2 billion at June 30, 2000 from $889.5 million at June 30, 1999. Loans serviced for investors rose 37% from last year to $1.0 billion at June 30, 2000. Loan servicing income and other fees totaled $2.7 million during second quarter 2000, a 64% increase from second quarter 1999. For the first six months of 2000, loan servicing income and other fees were $4.6 million, a 63% increase over the same period in 1999.

The company's asset quality trends remained favorable during the second quarter of 2000. Both the balance sheet and managed portfolio non-performing loan ratios improved, to 2.70% and 2.81%, respectively, at June 30, 2000 from 3.20% and 3.63%, respectively, at March 31, 2000. In absolute dollar terms, balance sheet non-performing loans declined to $4.1 million at June 30, 2000 from $4.6 million at March 31, 2000 and $5.0 million at December 31, 1999. The Allowance for Loan and Lease Losses totaled $4.65 million at June 30, 2000, providing 114% coverage of balance sheet non-performing loans at June 30, 2000, up from 99% at March 31, 2000 and 92% at December 31, 1999.

Ten E-Marketplace Alliances Including Several With Forbes "Best Of The Web"

First International signed contractual agreements with three business-to-business e-marketplaces during the second quarter — ForgeFinder.com (forged metals), CheMatch.com (commodity chemical, plastics and fuel products), and Global Food Exchange (food) — bringing the total number of alliances with online portals to ten. Forbes Magazine listed CheMatch.com and Global Food Exchange, together with First International’s previously established alliance partners e-STEEL and Enermetrix, among the "Best of the Web" in its July 2000 issue featuring important and promising B2B marketplaces.

First International believes its direct presence in these ten marketplaces positions the company on the leading edge of the Internet economy, in a wide range of basic industries where lending plays a vital role in daily business. It also places the company and its credit products in front of the marketplaces’ estimated 20,000 visitors each week. Using the Internet will augment the company’s traditional business development activity in its network of offices and representatives — at minimal cost — by marketing products worldwide and cementing the company’s reputation as the leading global lender to small industrial companies.

Under its alliance agreements, First International is integrating its credit products with transactions taking place in e-marketplaces using ThruCreditŽ the company’s online loan processing technology. These products, together comprising First International’s e-CreditMenu(sm), include 14 types of commercial and international facilities up to $5 million per transaction ranging from basic working capital lines, equipment loans and industrial mortgages to sophisticated international trade, energy and barter financing programs. First International underwrites online loans

in accordance with Riscope(sm), a proprietary commercial credit scoring system that applies to most types of small industrial companies around the world and facilitates an efficient and rapid credit approval process.

According to CEO Silvers, "Our ThruCredit online financing system has the ability to capture transactions conducted by small industrial companies via the Internet. The goal of First International's Internet strategy is straightforward: To be the leading provider of loan products to buyers and sellers within industrial e-marketplaces for the purpose of settling transactions and meeting their other credit needs online. By doing so, we plan to leverage our global niche expertise and increase the scale of our core business. Establishing relationships with additional online marketplaces specializing in many basic industries and geographical areas is a key element of our Internet strategy. "

Winner of President's "E" Award For Export Service From U.S. Commerce Department

In May 2000, U.S. Secretary of Commerce William M. Daley informed CEO Silvers that First International was selected to receive the President’s "E" Award for Export Service in recognition of the company’s "outstanding contributions to the increase of U.S. trade abroad." According to Secretary Daley, "First International Bank’s achievements are impressive…By helping U.S. companies find financing for their export operations, (the bank) has enabled more Americans to enter the global economy. By aggressively marketing financing packages to foreign importers of U.S. goods, (the bank has) opened markets and increased demand for U.S. products abroad."

Carl R. Jacobsen, Director of the U.S. Commerce Department Office in Connecticut, noted that, "This is a prestigious award given by the President of the United States. Only one Connecticut-based bank has won the award in the last 25 years." In citing First International’s support for small industrial companies in the global marketplace, Secretary Daley stated that, "Such exemplary performance in the furtherance of American economic interests deserves the highest recognition."

New Richmond Office And Expansion In South America and Africa

Following the opening of new offices in Miami and Los Angeles during the first quarter of 2000, First International announced plans in July to establish its 15^th U.S. office in Richmond, Virginia. The move marks the company’s next step in developing a physical presence and visibility throughout the South, complementing the activities of its existing southern offices in Miami and Reston, Virginia.

First International broadened its representation in South America and Africa during the second quarter in order to take advantage of increasing opportunities to finance small industrial companies in these regions. The company’s Brazilian-based Master Agent, NetPlan Corporate Finance Ltda., expanded its territory to include Bolivia, Colombia, Paraguay, Peru and Venezuela. First International awarded Argentine Master Agent, ArgenCIMA S.A. additional market territory in Chile and Uruguay. The company also announced a new African representative, Sprout International, which is handling North African business from its base in Tunis, Tunisia. Combined with existing representatives in West Africa, South Africa and Egypt, this new Master Agent establishes a pan-African presence for First International, putting the company in a strong position to support bilateral trade between the U.S. and the African continent.

Dividend

The Board of Directors of First International Bancorp, Inc. declared a dividend of $0.03 per share to be paid on August 18, 2000 to stockholders of record as of August 11, 2000.

About First International Bank and First International Bancorp Inc.

First International Bank (www.upscapital.com) – a world leader in the use of SBA, USDA and Export-Import Bank loans – provides innovative credit, trade and financial solutions for small and medium size industrial businesses. The company has more than 200 employees and representatives at 29 locations worldwide. U.S. offices are in Boston, Cleveland, Detroit, Hartford, Los Angeles, Miami, Morristown, Philadelphia, Pittsburgh, Providence, Richmond, Rochester, Springfield, St. Louis, and Washington, DC. International representatives are based in Argentina, Brazil, Central America, Egypt, India, Indonesia, Korea, Mexico, North Africa, the Philippines, Poland, South Africa, Turkey and West Africa. During 1999, the company originated $551 million in loans primarily within its industrial niche, and closed the year with a managed loan portfolio of $1.1 billion. Established in 1955, the bank is a subsidiary of publicly traded First International Bancorp Inc. (NASDAQ: FNCE), with headquarters in Hartford, Connecticut.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Any statements contained in this press release, which are not historical facts, are forward-looking statements; and, therefore, many important factors could cause actual results to differ materially from those in the forward-looking statements. Such factors include, but are not limited to, changes (legislative, regulatory and otherwise) in the banking and commercial finance industries and those specifically relating to the continuation in their present form of the government guaranteed loan programs utilized by the Company; the ability of the Company to continue its recent growth in an increasingly competitive market for loan originations; disruption in the capital markets which may delay or prevent the Company from receiving funding under warehouse lines of credit or completing loan sales and securitizations; and other risks identified in the Company’s Securities and Exchange Commission filings.

FIRST INTERNATIONAL BANCORP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
Unaudited

ASSETS

	June 30,	December 31,
	2000	1999

Cash and cash equivalents......................................	$49,283	$48,757
Investment securities.......................….....................	49,382	32,785
Loans, net .........................................…...................	143,805	141,435
Receivable from loans sold......................................	30,009	50,980
Investment in unconsolidated subsid.......................	12,973	15,277
Premises and equipment, net…………………….	4,232	4,326
Servicing asset…………………………………….	28,321	24,404
Prepaid expenses and other assets .....................	17,044	10,080

Total assets........................……..............................	$335,049	$328,044


LIABILITIES AND STOCKHOLDERS' EQUITY

	June 30,	December 31,
	2000	1999

Deposits ..................................................................	$272,057	$266,300
Other liabilities.........................................................	4,310	6,757
Total liabilities............................................…..........	276,367	273,057

Stockholders' equity:
Preferred stock ($.10 par value; 2,000,000 shares
authorized; no shares issued and outstanding)....	-	-
Common stock ($.10 par value; 12,000,000 shares
authorized; shares issued and outstanding:
8,264,318 and 8,259,818)………………..………..	826	826
Paid-in capital in excess of par value.....................	32,816	32,808
Retained earnings, net...............................................	25,040	21,353

Total stockholders' equity..........................................	58,682	54,987

Total liabilities and stockholders' equity.................	$335,049	$328,044

FIRST INTERNATIONAL BANCORP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share amounts)
Unaudited

			Three Months Ended		Six Months Ended
			June 30,		June 30,
			2000	1999	2000	1999
Interest income:
	Loans, including net fees.............................		$4,514	$3,404	$9,026	$6,193
	Investment securities.........................		815	816	1,585	1,306
	Short term investments/federal funds sold.		419	308	1,012	994
		Total interest income................................	5,748	4,528	11,623	8,493
Interest expense........................................			3,828	3,077	7,519	5,659
	Net interest income...............................		1,920	1,451	4,104	2,834
Provision for possible loan losses..............			874	449	1,432	1,989
	Net interest income after
		provision for possible loan losses........	1,046	1,002	2,672	845
Non-interest income:
	Gain on sale of:
		Guaranteed and insured loans…................	2,800	3,085	5,384	5,872
		Other loans.................................................	305	223	522	257
		Loan-backed securitizations...................….	1,338	2,810	3,125	2,957
		Loans to commercial paper conduits
		and other facilities.....................	275	71	708	153
	Total gains on loan sales..................		4,718	6,189	9,739	9,239

	Loan servicing income and fees.................		2,671	1,633	4,594	2,819
	Service charges and other deposit fees.......		-	6	-	74
	Income from unconsolidated companies......		472	72	824	127
	Gain on sale of branch................................		-	-	-	8,915
	Other income.................................................		88	35	125	52
		Total non-interest income......................	7,949	7,935	15,282	21,226
	Total operating income.................................		8,995	8,937	17,954	22,071
Non-interest expense:
	Salaries and benefits.....................................		3,711	3,552	7,413	10,219
	Occupancy.............................................		442	422	928	877
	Office expenses..............................................		250	273	471	483
	Marketing................................................		440	526	831	1,012
	Furniture and equipment............................		338	306	673	600
	Outside services...................................................		342	300	718	618
	Other......................................................		238	152	399	1,074
	Total non-interest expense................................		5,761	5,531	11,433	14,883
		Income before income taxes.....................	3,234	3,406	6,521	7,188
Provision for income taxes .......................			1,077	1,349	2,221	2,914
		Net income..................................................	2,157	2,057	4,300	4,274

Basic earnings per common share.................			$0.26	$0.26	$0.52	$0.53

Diluted earnings per common share...............			$0.25	$0.25	$0.51	$0.52


Weighted average shares for the
periods:
Basic EPS...................................................			8,264,318	8,160,105	8,262,760	8,059,279
Diluted EPS............................................			8,383,569	8,359,229	8,407,790	8,265,561

FIRST INTERNATIONAL BANCORP, INC. AND SUBSIDIARY
SELECTED FINANCIAL HIGHLIGHTS
(dollars in thousands)
Unaudited

	For the Three Months Ended		For the Three Months Ended
	June 30, 2000		June 30, 1999
	Principal		Principal
	Balance	Percentage	Balance	Percentage
Lending and Servicing Activity:
Loan Originations:
SBA.......................................	$39,513	34%	$35,258	26%
USDA.........................................	7,300	6%	15,494	11%
Other commercial ...................	34,082	29%	43,188	31%
Domestic.............................	80,895	69%	93,940	68%

Exim working capital...............	10,000	8%	16,900	12%
Exim term.................................	17,375	15%	9,780	8%
Other international......................	9,427	8%	16,669	12%
International...............................	36,802	31%	43,349	32%

Total Originations..................	$117,697	100%	$137,289	100%

Loan Sales:
SBA...........................................	$26,318	23%	$25,064	25%
USDA........................................	5,840	5%	13,171	13%
Loan-backed securitizations.........	45,935	39%	37,130	38%
Loans to commercial paper conduits
and other facilities......................	5,046	4%	0	0%
Other commercial .....................	3,630	3%	6,898	7%
Domestic...................................	86,769	74%	82,263	83%

Exim working capital......................	9,000	8%	7,666	8%
Exim term.......................................	21,081	18%	8,457	9%
International.......................	30,081	26%	16,123	17%

Total Sales....................................	$116,850	100%	$98,386	100%


	For the Six Months Ended		For the Six Months Ended
	June 30, 2000		June 30, 1999
	Principal		Principal
	Balance	Percentage	Balance	Percentage
Lending and Servicing Activity:
Loan Originations:
SBA............................................	$67,899	31%	$62,593	28%
USDA...........................................	14,650	6%	20,625	9%
Other commercial ............................	57,172	26%	70,613	32%
Domestic..................................	139,721	63%	153,831	69%

Exim working capital.....................	26,078	12%	27,800	12%
Exim term...........................	32,296	15%	19,454	9%
Other international........................	22,128	10%	23,021	10%
International...............................	80,502	37%	70,275	31%

Total Originations.........................	$220,223	100%	$224,106	100%

Loan Sales:
SBA......................................	$44,908	20%	$44,463	28%
USDA....................................	11,720	5%	20,973	13%
Loan-backed securitizations.......	71,782	33%	56,428	36%
Loans to commercial paper conduits
and other facilities..............	23,242	11%	0	0%
Other commercial .........................	9,067	4%	9,033	6%
Domestic.....................................	160,719	73%	130,897	83%

Exim working capital................	22,030	10%	11,514	7%
Exim term...........................	37,368	17%	16,323	10%
International...........................	59,398	27%	27,837	17%

Total Sales..............................	$220,117	100%	$158,734	100%

Total Loans Serviced for Others.....	$1,009,854		$735,149

Total Loans Under Management.....	$1,161,479		$889,498

FIRST INTERNATIONAL BANCORP, INC. AND SUBSIDIARY
SELECTED FINANCIAL HIGHLIGHTS
(dollars in thousands)
Unaudited

	Three Months Ended,		Six Months Ended,
	June 30,	June 30,	June 30,	June 30,
	2000	1999	2000	1999
Financial:
Return on average assets (ROAA)........	2.80%	2.84%	2.76%	3.04%
Return on average equity (ROAE).........	15.06%	15.99%	15.27%	17.12%

Book value per share……………......	$7.34	$6.88	$7.34	$6.88

Net interest margin………................	2.94%	2.31%	3.08%	2.24%

Efficiency ratio…………………………	58.37%	58.60%	58.98%	62.19%


Capital Ratios:
Total capital to risk weighted assets..........	-	-	11.28%	17.35%
Leverage ratio ......................................................…	-	-	18.55%	17.99%




Asset Quality:
Allowance for loan losses……………………………			$4,650	$4,550

Insured non-performing loans………………………			$1,540	$0
Other non-performing loans....................................			2,550	3,364
Total non-performing loans.....................................			$4,090	$3,364


Insured non-performing loans / loans and loans held for sale………			1.02%	0.00%
Other non-performing loans / loans and loans held for sale.............			1.68%	2.18%
Total non-performing loans / loans and loans held for sale.............			2.70%	2.18%


Total non-performing loans / assets......................			1.22%	1.24%

MEDIA CONTACT:

First International Bank:
Michele Zommer
(860) 241-4705
zommerm@firstinterbank.com

INVESTOR CONTACT:

Brett N. Silvers
Chairman & CEO
(860) 241-2517
silversb@firstinterbank.com

Leslie A. Galbraith
President & COO
(860) 241-2529
galbraithl@firstinterbank.com