Press release-11-1-2000

HARTFORD, Conn., November 1, 2000––First International Bancorp Inc. (NASDAQ: FNCE), parent of First International Bank, today reported net income of $1.4 million ($.17 per share on a diluted basis) for the third quarter of 2000, compared with $143,000 ($.02 per share on a diluted basis) for the same period of 1999. During the first nine months of 2000, the company earned record net after tax operating income of $5.7 million ($.68 per share on a diluted basis), representing a 119% increase over the net after tax operating income of $2.6 million ($.46 per share on a diluted basis) earned through September 30, 1999 after excluding net non-recurring income of $1.8 million ($.22 per share on a diluted basis) that resulted from branch sale proceeds less several one-time expenses.

A favorable mix of loan origination product types contributed to strong third quarter 2000 performance. The percentage of total originations comprised of SBA, USDA and Ex-Im Bank guaranteed loans was 64% during the quarter, similar to the percentages in the first and second quarters of 2000, and up from 53% in the third quarter of 1999. Owing to the higher profit margins, lower credit risk and attractive repayment terms of government guaranteed loans relative to other types, management has emphasized its core guaranteed lending business throughout 2000 in all of its domestic and international markets.

"We are continuing to shift the mix of loan originations toward SBA, USDA and Ex-Im Bank lending in response to the needs of small and medium size companies in the industrial sector and in accordance with the risk environment," according to Brett N. Silvers, chairman and chief executive officer. Silvers noted that, "The success of our strategy is evidenced by our third straight quarter of record operating earnings as compared to the same quarter in the previous year. Opportunities abound for First International’s 95 commercial and international lenders in the field as our target niche of small industrial companies becomes increasingly plugged into global supply chains and requires creative financing tools to be competitive."

Government guaranteed loan originations in the first nine months of 2000 totaled $227.4 million, a 9% increase over the same period of 1999. Total loan originations during third quarter 2000 were $128.7 million, 30% of which supported international trade.

The company completed loan sales totaling $132.7 million during the third quarter of 2000, making a positive impact on the period’s earnings. These sales consisted primarily of government guaranteed loans purchased by institutional investors, as well as non-guaranteed loans sold into the company's commercial paper conduits and other sales facilities. The company delivered loans totaling $17.0 million to fulfill a prefunding commitment of the prior quarter’s $65.0 million commercial term loan securitization. Loan sales and securitizations for the first nine months of 2000 were $364.8 million, 22% above last year’s figure for the same period. Commercial loans on balance sheet at September 30, 2000 totaled $143.1 million, including $39.0 million held for sale.

Total loans under management, including loans on balance sheet plus serviced for investors, increased 25% to $1.2 billion at September 30, 2000 from $962.1 million at September 30, 1999. Loans serviced for investors rose 25% from last year to $1.1 billion at September 30, 2000 from the previous year. Loan servicing income and other fees totaled $2.3 million during third quarter 2000, a 41% increase over third quarter 1999. For the first nine months of 2000, loan servicing income and other fees were $6.8 million, a 52% increase over the same period of 1999.

The company reported non-performing loans at September 30, 2000 of $4.5 million, compared with $4.1 million at June 30, 2000, $4.6 million at March 31, 2000 and $5.0 million at December 31, 1999. Net charge-offs for the nine-month period ending September 30, 2000 were $1.8 million, representing minimal change from the same period in 1999. Third quarter net charge-offs in 2000 were $510,000, compared with $412,000 the previous year. The company made a provision for loan losses of $1.2 million during third quarter 2000, bringing the allowance to $5.3 million at September 30, 2000 and raising the coverage of non-performing loans on that date to 119%, compared with 114% at June 30, 2000, 99% at March 31, 2000 and 92% at December 31, 1999.

The Export-Import Bank of the U.S. has announced that for the fourth consecutive year, First International has become the agency’s top lender based on number of loan transactions. The company processed a record, 154 transactions for fiscal 2000 – almost three times as many as the number two lender, and ahead of Bank of America with 28 transactions, Citicorp with 27, and Chase with 12. First International Bank began offering Ex-Im Bank loans in 1994, and has booked more than 100 loans in each of the past four years. The company uses the agency’s pre-export working capital and medium term loan guarantee programs.

This announcement comes on the heels of receiving Ex-Im Bank’s highest lending authority status. In September, the agency accorded First International "Super Delegated Lending Authority," which permits First International to make pre-export working capital loans up to $10 million without prior approval from Ex-Im.

In August, First International received authority from the Ex-Im Bank, in recognition of the company’s trade financing expertise, to pilot the agency’s Medium Term EXpress loan guarantee program. CEO Silvers has noted that this program is an ideal, vendor financing program for U.S. equipment exporters competing to win business overseas.

In September, First International executed a private label agreement with Siemens Financial Services to make commercial equipment leasing options readily available to its customers throughout the world and on the Internet. Siemens will provide comprehensive equipment lease processing and servicing while First International provides front-line marketing. All activity will be performed under the name of First International Bank.

In October, First International signed a landmark agreement with Mexico’s national development bank, Nacional Financiera (NAFIN), to provide financing to the country’s industrial sector using government-backed guarantees from a fund dedicated to small and medium size Mexican companies. The agreement was reported in The Wall Street Journal, which noted that First International becomes the first institution outside Mexico to receive delegated lender status through the fund.

"As one of the world’s most experienced equipment lenders in the midsize industrial sector, our new Siemens-backed leasing product and our Ex-Im Bank’s Medium Term EXpress product add a valuable dimension to our Production Equipment Loan Program. It positions us favorably to meet the financing needs of vendor and exporter customers in the U.S.," noted CEO Silvers.

First International established its fourteenth e-business alliance, following the signing of four new contractual agreements during third quarter 2000 with the Internet-based e-marketplaces TradeAir.com, EcomTextile.com, OilFieldCapital.com and wireConnect.com. The agreements enable First International to extend its ThruCredit®online financing services to the thousands of companies that buy and sell industrial goods and services via these Internet-based sites. Traders in all 14 marketplaces gain direct Internet access to the 14 commercial and international credit products in First International’s e-CreditMenu(sm), including basic working capital lines, equipment loans, industrial mortgages, and international trade, energy and barter financing – in transaction amounts to $5 million.

Analysts continue to give First International favorable ratings for its e-business strategy. InfoWorld magazine profiled the company’s alliance with CheMatch.com in its October 13 issue, giving CheMatch.com "Top Ten" status among the "100 e-Businesses To Watch In 2001."

The Board of Directors of First International Bancorp, Inc. declared a dividend of $0.03 per share to be paid on November 17, 2000 to stockholders of record as of November 7, 2000.

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.

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

	September 30,	December 31,
	2000	1999

Cash and cash equivalents......................................	$37,249	$48,757
Investment securities.......................….....................	46,363	32,785
Loans, net .........................................…...................	134,253	141,435
Receivable from loans sold......................................	36,347	50,980
Investment in unconsolidated subsidiaries..................	16,001	15,277
Premises and equipment, net…………………….	4,172	4,326
Servicing asset…………………………………….	31,020	24,404
Prepaid expenses and other assets .....................	16,790	10,080

Total assets........................……..............................	$322,195	$328,044


LIABILITIES AND STOCKHOLDERS' EQUITY

	September 30,	December 31,
	2000	1999

Deposits ..................................................................	$256,876	$266,300
Other liabilities.........................................................	5,266	6,757
Total liabilities............................................…..........	262,142	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:
8,267,024 and 8,259,818)………………..………..	826	826
Paid-in capital in excess of par value.....................	32,823	32,808
Retained earnings, net...............................................	26,404	21,353

Total stockholders' equity..........................................	60,053	54,987

Total liabilities and stockholders' equity.................	$322,195	$328,044

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

			Three Months Ended		Nine Months Ended
			September 30,		September 30,
			2000	1999	2000	1999
Interest income:
	Loans, including net fees.................		$4,452	$3,889	$13,478	$10,082
	Investment securities....................		1,186	543	2,770	1,849
	Short term investments/federal funds sold		694	137	1,706	1,131
		Total interest income...........	6,332	4,569	17,954	13,062
Interest expense.....................			4,214	2,859	11,733	8,518
	Net interest income.......................		2,118	1,710	6,221	4,544
Provision for possible loan losses......			1,160	412	2,592	2,401
	Net interest income after
		provision for possible loan losses...	958	1,298	3,629	2,143
Non-interest income:
	Gain on sale of:
		Guaranteed and insured loans…	3,142	2,180	8,527	8,052
		Other loans..................	129	131	651	388
		Loan-backed securitizations....	114	1,401	3,239	4,358
		Loans to commercial paper conduits
		and other facilities.............	1,344	(181)	2,051	(28)
	Total gains on loan sales............		4,729	3,531	14,468	12,770

	Loan servicing income and fees...		2,250	1,599	6,844	4,492
	Income from unconsolidated companies		152	81	976	208
	Gain on sale of branch....................		-	-	-	8,915
	Other income.................................		49	35	174	87
		Total non-interest income.................	7,180	5,246	22,462	26,472
	Total operating income..................		8,138	6,544	26,091	28,615
Non-interest expense:
	Salaries and benefits.....................		4,113	3,679	11,526	13,898
	Occupancy........................................		484	449	1,413	1,326
	Office expenses................................		237	273	709	755
	Marketing..........................................		407	427	1,237	1,439
	Furniture and equipment..........		341	317	1,014	917
	Outside services............................		99	993	817	1,612
	Other.............................................		243	219	641	1,292
	Total non-interest expense...............		5,924	6,357	17,357	21,239
		Income before income taxes..............	2,214	187	8,734	7,376
Provision for income taxes .........................................			804	44	3,025	2,959
		Net income........................................	1,410	143	5,709	4,417

Basic earnings per common share.......			$0.17	$0.02	$0.69	$0.55

Diluted earnings per common share......			$0.17	$0.02	$0.68	$0.53


Weighted average shares for the
periods:
Basic EPS....................................			8,266,553	8,224,014	8,264,158	8,114,794
Diluted EPS..................................			8,390,830	8,404,520	8,419,155	8,312,390

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

	For the Three Months Ended		For the Three Months Ended
	September 30, 2000		September 30, 1999
	Principal		Principal
	Balance	Percentage	Balance	Percentage
Lending and Servicing Activity:
Loan Originations:
SBA....................................................	$36,078	28%	$27,875	20%
USDA...............................	13,200	10%	7,570	5%
Other commercial ............................	40,191	31%	41,632	30%
Domestic..........................................	89,469	70%	77,077	56%

Exim working capital...............................	12,000	9%	21,690	16%
Exim term...........................................	20,872	16%	15,379	12%
Other international.................................	6,374	5%	23,597	17%
International......................................	39,246	30%	60,666	44%

Total Originations..................................	$128,715	100%	$137,743	100%

Loan Sales:
SBA........................................................	$24,536	18%	$20,946	15%
USDA.................................................	10,560	8%	9,865	7%
Loan-backed securitizations.......................	17,035	13%	58,498	41%
Loans to commercial paper conduits
and other facilities............................	33,728	25%	33,000	23%
Other commercial .............................	3,480	3%	2,354	2%
Domestic.............................................	89,339	67%	124,663	88%

Exim working capital.........................	28,260	21%	8,649	6%
Exim term............................................	15,068	11%	8,005	6%
International.....................................	43,328	33%	16,654	12%

Total Sales.......................................	$132,667	100%	$141,317	100%


	For the Six Months Ended		For Three Months Ended
	September 30, 2000		September 30, 1999
	Principal		Principal
	Balance	Percentage	Balance	Percentage
Lending and Servicing Activity:
Loan Originations:
SBA....................................................	$103,977	30%	$90,468	25%
USDA..............................................	27,850	7%	34,195	9%
Other commercial ..........................	98,230	28%	112,245	31%
Domestic..........................................	230,057	66%	236,908	64%

Exim working capital.......................	38,078	11%	49,490	13%
Exim term........................................	57,484	16%	34,833	9%
Other international.......................	25,161	7%	46,618	13%
International.....................................	120,723	34%	130,941	36%

Total Originations.......................	$350,780	100%	$367,849	100%

Loan Sales:
SBA.............................................	$69,444	19%	$65,409	22%
USDA...........................................	22,280	6%	30,838	10%
Loan-backed securitizations..........	54,928	15%	100,445	33%
Securitization from commercial paper
conduits and other facilities...........	45,918	13%	-	-
Loans to commercial paper conduits
and other facilities...........................	56,970	16%	47,481	16%
Other commercial ..........................	12,547	3%	11,387	4%
Domestic.........................................	262,087	72%	255,560	84%

Exim working capital...................	50,290	14%	20,163	7%
Exim term..........................................	52,436	14%	24,328	8%
International..................................	102,726	28%	44,491	16%

Total Sales.......................................	$364,813	100%	$300,051	100%

Total Loans Serviced for Others...	$1,061,351		$850,270

Total Loans Under Management..	$1,204,477		$962,077

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

	Three Months Ended September 30,		Nine Months Ended September 30.
	2000	1999	2000	1999
Financial:
Return on average assets (ROAA).......	1.71%	0.21%	2.40%	2.09%
Return on average equity (ROAE).......	9.54%	1.07%	13.33%	11.51%

Book value per share…………	$7.50	$6.78	$7.50	$6.78

Net interest margin………………	3.23%	3.33%	3.24%	2.51%

Efficiency ratio………………………	63.71%	90.61%	60.51%	68.48%


Capital Ratios:
Total capital to risk weighted assets..	-	-	11.42%	12.94%
Leverage ratio .....................................…	-	-	17.78%	19.43%




Asset Quality:
Allowance for loan losses……………			$5,300	$4,550

Insured non-performing loans………			$1,140	$0
Other non-performing loans....................			3,325	4,213
Total non-performing loans.....................			$4,465	$4,213


Insured non-performing loans / loans and loans held for sale……			0.77%	0.00%
Other non-performing loans / loans and loans held for sale..........			2.35%	3.77%
Total non-performing loans / loans and loans held for sale.........			3.12%	3.77%


Total non-performing loans / assets.......			1.39%	1.60%

MEDIA CONTACT:

Michele Zommer
Vice President, Corporate Communications
(860) 241-4705
zommerm@firstinterbank.com