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SC BANCORP POSTS THIRD QUARTER PROFIT

 SC BANCORP POSTS THIRD QUARTER PROFIT
 DOWNEY, Calif., Oct. 14 /PRNewswire/ -- SC Bancorp (AMEX: SCK)


and its subsidiary, Southern California Bank, posted increased profits in the third quarter ended Sept. 30, 1992, as compared with the same period a year ago. Unaudited results show net income rose 21 percent to $557,000 or $0.16 per share, compared with $460,000 or $0.13 per share, in the third quarter of 1991. Total revenues for the quarter also increased 4 percent from $11,275,000 in 1991 to $11,713,000 this year.
 "We were able to demonstrate this progress despite the effects of the continuing weakness present in the Southern California economy, which caused us to charge over $2 million to the bank's loan loss provision during the third quarter," said Larry D. Hartwig, SC Bancorp's president. "Management's efforts to quickly resolve the amount of non-performing loans also showed positive results as the total amount was reduced significantly. Additionally, Southern California Bank was able to increase its total assets by 8 percent from $442,924,000 at Sept. 30, 1991 to $476,529,000 on the same date this year. Contrary to industry-wide trends, our total deposits also increased 7 percent, from $399,469,000 in 1991, to $427,270,000 in 1992," he said.
 SC Bancorp's nine-month results reflect the impact of the economic downturn noted by Hartwig, including provisions for loan losses of $8,685,000 and the costs of the proxy contest concluded in June 1992. During the period, the company reported total revenues of $33,476,000 against $33,838,000 a year earlier. Net income declined from $2,205,000 or $0.64 per share in 1991 to a net loss of ($1,978,000) or ($0.57) per share, this year. All results are based on a total of 3,468,505 shares outstanding.
 "Much of this nine-month loss is attributable to the need to maintain adequate reserves for possible loan losses. As of September 1992, the bank's allowance for possible loan losses was 137 percent of the total of non-performing loans," Hartwig said. "The results from the core operations remain very strong, though we expect the Bank's performance to continue to reflect the difficulties being experienced by its customers through the remainder of 1992."
 Hartwig emphasized that the bank continues to position itself to ride out the current economic recession and to expand in its key market segments. He also noted that the bank's repositioning efforts on credit culture and product refinement have shown good results, as demonstrated by the regulatory examination completed during the third quarter. "These good results will allow us to vigorously pursue our business plans. Our leverage capital ratio of 6 percent and our total risk-based capital ratio of 11 percent are far above the regulatory requirements, giving us the flexibility to establish a pro-active long-range strategy for growth and profitability," he said.
 Southern California Bank has 16 branches in Southern Los Angeles and Northern Orange counties. Its headquarters are in Downey.
 SC BANCORP
 Summary of Results
 (Nine Months Ending Sept. 30)
 (Unaudited)
 Sept. 30, Sept. 30, Pct.
 1992 1991 Change
 Total assets $476,529,000 $442,924,000 7.6 pct
 Total deposits $427,270,000 $399,469,000 7.0 pct
 Total gross loans $269,056,000 $293,716,000 -8.4 pct
 Shareholders' equity $30,620,000 $33,094,000 -7.5 pct
 Total revenue $33,476,000 $33,838,000 -1.1 pct
 Net income (loss)
 after taxes ($1,978,000) $2,205,000 ---
 Earnings (loss)
 per share ($0.57) $0.64 ---
 Number of shares
 outstanding at
 period end 3,468,505 3,468,505 ---
 Third Quarter Results
 (Three Months Ending Sept. 30)
 Sept. 30, Sept. 30, Pct.
 1992 1991 Change
 Total revenue $11,713,000 $11,275,000 3.9 pct
 Net income (loss)
 after taxes $557,000 $460,000 21.1 pct
 Earnings (loss)
 per share $0.16 $0.13 21.1 pct
 Number of shares
 outstanding at
 period end 3,468,505 3,468,505 ---
 -0- 10/13/92
 /CONTACT: Norman A. Morales, CFO of SC Bancorp, 310-923-9811; or Clive Hoffman of Clive Hoffman Associates, 213-965-7171, for SC Bancorp/
 (SCK) CO: SC Bancorp ST: California IN: FIN SU: ERN


BP-LS -- LA007 -- 9699 10/14/92 09:03 EDT
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