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COMMERCIAL BANCORP REPORTS RECORD FIRST-QUARTER EARNINGS

 COMMERCIAL BANCORP REPORTS RECORD FIRST-QUARTER EARNINGS
 SALEM, Ore., April 15 /PRNewswire/ -- Commercial Bancorp (NASDAQ: CBOR) today reported first-quarter 1992 earnings of a record $673,000, up 18 percent from the $572,000 earned during the same period in 1991. Earnings per share were 59 cents for the period, 18-percent higher than the 50 cents per share in the prior year period.
 "We are pleased to again report the highest quarterly earnings in our company's history," said President and Chief Executive Officer R.B. Tibbatts. "Return on average assets was 1.18 percent and return on average equity was 14.21 percent for the quarter, both substantially improved over the prior year period. The primary capital-to-asset leverage ratio was a strong 8.39 percent at quarter end.
 Commercial Bancorp is the holding company for Commercial Bank and Valley Commercial Bank. Commercial Bank had assets of $215 million at March 31, 1992, and employs 200 people in 12 offices in Salem, Keizer, Silverton, Monmouth, Molalla and Newberg, and a new branch in Wilsonville. Valley Commercial Bank had assets of $15 million at March 31, 1992, and employs 11 people in three offices in Forest Grove, North Plains and Vernonia, Ore.
 COMMERCIAL BANCORP
 CONSOLIDATED FINANCIAL SUMMARY - SELECTED FINANCIAL DATA
 (Unaudited, dollars in thousands, except per-share amounts)
 Percent
 Three Months Ended March 31: 1992(A) 1991 Change
 Net income $ 673 $ 572 17.66
 Return on average assets (percent) 1.18 1.15 2.78
 Return on average equity (percent) 14.21 13.51 5.16
 Net interest margin
 (tax equivalent) (percent) 6.92 6.44 7.52
 Per share:
 Earnings $ 0.59 $ 0.50 17.66
 Book value 16.99 15.29 11.11
 BALANCE SHEET SUMMARY
 Percent
 As of March 31: 1992(A) 1991 Change
 Loans, net of unearned income $145,770 $128,642 13.31
 Investment securities 47,399 47,944 -1.14
 Total assets 229,507 201,464 13.92
 Deposits 208,560 182,094 14.53
 Shareholders' equity 19,261 17,383 10.80
 Primary capital-to-asset
 leverage ratio (percent) 8.39 8.63 -2.74
 Reserve to total loans (percent) 1.41 1.25 12.28
 Non-accruing loans to
 total loans (percent) 1.16 2.10 -44.96
 (A) 1992 results include the acquisition of Valley Commercial Bank effective Oct. 31, 1991.
 -0- 4/15/92
 /CONTACT: R.B. Tibbatts of Commercial Bancorp, 503-399-2946/
 (CBOR) CO: Commercial Bancorp ST: Oregon IN: FIN SU: ERN


LM-SC -- SE009 -- 8722 04/15/92 12:53 EDT
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Publication:PR Newswire
Date:Apr 15, 1992
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