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NORTHBAY FINANCIAL RELEASES EARNINGS

 PETALUMA, Calif., Jan. 29 /PRNewswire/ -- Northbay Financial Corp. (AMEX: NBF), the holding company for Northbay Savings Bank, recorded net income of $957,000 for its second quarter ended Dec. 31, 1992, compared to $812,000 for the same period in 1991, an increase of 17.9 percent. Fully diluted earnings per share were 48 cents. For the six-month period ending Dec. 31, 1992, net income was $1,886,000, compared to $1,700,000 for the same period in 1991. Earnings per share for six months ended Dec. 31, 1992, were 97 cents, compared to 86 cents for the same period last year.
 Net interest income after provision for loan losses was $3,539,000 for the quarter ended Dec. 31, 1992, compared to $2,988,000 for the same period in 1991.
 Net loans as of Dec. 31, 1992, were $259,725,000, compared to $236,015,000 on Dec. 31, 1991.
 The ratio of nonperforming assets including real estate owned (REO) was 1.07 percent of total assets at Dec. 31, 1992, compared to 0.72 percent on Dec. 31, 1991.
 Total assets grew to $299,083,000 at Dec. 31, 1992, an increase of $3,990,000 since June 30, 1992.
 Retained earnings and stockholders' equity as of Dec. 31, 1992, was $29,736,000, an increase of $1,660,000 above the June 30, 1992, fiscal year-end total which was $28,076,000.
 Founded in 1965, Northbay Savings Bank is the sole subsidiary of Northbay Financial Corp. Petaluma-based Northbay Savings Bank has seven offices in Sonoma County, Calif., located in Petaluma (2), Santa Rosa, Healdsburg, Sonoma, Forestville and Rohnert Park.
 -0- 1/29/93
 /CONTACT: Jeanne M. Chalmers of Northbay Financial, 707-792-7417/
 (NBF)


CO: Northbay Financial Corp.; Northbay Savings Bank ST: California IN: FIN SU: ERN

TM-TB -- SF004 -- 0771 01/29/93 12:46 EST
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Publication:PR Newswire
Date:Jan 29, 1993
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