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INTERWEST SAVINGS BANK EARNINGS UP 99 PERCENT

 INTERWEST SAVINGS BANK EARNINGS UP 99 PERCENT
 OAK HARBOR, Wash., July 14 /PRNewswire/ -- InterWest Savings Bank


(NASDAQ: IWBK) today announced earnings are up 99 percent for its third quarter ended June 30, 1992, compared to the same period one year ago. At June 30, 1992, the bank's third-quarter earnings are $2,304,000, or 41 cents per share, compared to $1,155,000, or 29 cents per share, for the same period one year ago, a 99-percent increase for earnings and a 41.4-percent increase for earnings per share. For the nine months ended June 30, 1992, earnings were $6,112,000, or $1.10 per share, as compared to $3,203,000, or 81 cents per share for the same period a year ago, a 35.8-percent increase in earnings per share. Earnings for the nine-month period include the cumulative effect of the early adoption of FASB 109, Accounting for Income Taxes, which amounted to $434,000, or 8 cents per share.
 Increased earnings resulted from improved net interest margins. For the third quarter, the net interest margin was 3.83 percent compared to 3.60 percent for the same period last year.
 For the quarter ended June 30, 1992, assets are $746.6 million compared to $662.2 million at Sept. 30, 1991, an increase of 12.7 percent. The annualized return on equity for the third quarter was 16.2 percent and 14.8 percent for the nine months ended June 30, 1992. For the third quarter, the bank's annualized return on average assets was 1.25 percent and for the nine month period ended June 30, 1992, was 1.15 percent.
 The board of directors declared a cash dividend of 4.5 cents per share to stockholders of record June 30, 1992, payable on July 10, 1992. This represents the fourth consecutive increase in cash dividends paid during the last year. InterWest has continuously paid dividends for 15 years.
 InterWest Savings Bank, with headquarters in Oak Harbor, has 26 branch offices in Western and North Central Washington. The common stock of InterWest Savings Bank is traded in the over-the-counter national market system under the NASDAQ symbol "IWBK."
 INTERWEST SAVINGS BANK
 FINANCIAL HIGHLIGHTS
 (Unaudited, dollars in thousands except per-share amounts)
 Quarter Nine Months
 Ended June 30: 1992 1991 1992 1991
 Interest income $ 15,637 $ 14,270 $ 46,291 $ 43,047
 Interest expense $ 9,047 $ 9,266 $ 27,677 $ 28,449
 Net interest income
 before provision for
 losses on loans $ 6,590 $ 5,004 $ 18,614 $ 14,598
 Net income before
 cumulative effect of
 change in accounting $ 2,304 $ 1,155 $ 5,678 $ 3,203
 Cumulative effect of
 change in accounting
 for income taxes -- -- $ 434 --
 Net income $ 2,304 $ 1,155 $ 6,112 $ 3,203
 Net income per share:
 Before cumulative
 effect of change
 in accounting $ 0.41 $ 0.29 $ 1.02 $ 0.81
 Cumulative effect of
 change in accounting
 for income taxes -- -- $ 0.08 --
 Total $ 0.41 $ 0.29 $ 1.10 $ 0.81
 Weighted average
 shares outstanding 5,562,788 3,938,232 5,566,122 3,948,720
 June 30, Sept. 30,
 1992 1991
 Total assets $746,570 $662,164
 Loans receivable, net $495,919 $443,321
 Loans held for sale -- $ 3,833
 Deposits $606,587 $583,697
 Borrowings $ 75,000 $ 18,000
 Total shareholders' equity $ 58,032 $ 52,477
 Stockholders' equity/assets (percent) 7.77 7.93
 Book value per share $ 10.51 $ 9.54
 -0- 7/14/92
 /CONTACT: H. Glenn Mouw or Gina Dyer of InterWest Savings Bank, 206-679-4181/
 (IWBK) CO: InterWest Savings Bank ST: Washington IN: FIN SU: ERN DIV


LM-SC -- SE003 -- 8868 07/14/92 06:00 EDT
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Date:Jul 14, 1992
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