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COMMERCIAL BANCORP REPORTS RECORD FIRST-QUARTER EARNINGS

 SALEM, Ore., April 21 /PRNewswire/ -- Commercial Bancorp (NASDAQ: CBOR) today reported record first-quarter 1993 earnings of $718,000, up 7 percent from the $673,000 earned in the first quarter of 1992. Earnings per share were 30 cents for the period, 8 percent higher than the 28 cents per share in 1992 adjusted for the 5-percent stock dividend paid Aug. 13, 1992, and for the two-for-one stock split effective Jan. 25, 1993.
 "We are pleased to again report record first-quarter earnings," said President and Chief Executive Officer R.B. Tibbatts, "particularly in that 1992 was such a strong year for the company." Return on average assets was 1.24 percent and return on average equity was 13.70 percent. The primary capital-to-asset leverage ratio was a strong 9.07 percent at quarter end.
 Commercial Bancorp is the holding company for Commercial Bank and Vall ey Commercial Bank. Commercial Bank had assets of $224 million at March 31, 1993, and employed 200 people in 12 offices in Salem, Keizer, Silverton, Monmouth, Molalla, Newberg and Wilsonville, Ore. Valley Commercial Bank had assets of $13 million at March 31, 1993, and employed eight people in two offices in Forest Grove and North Plains, Ore.
 COMMERCIAL BANCORP
 CONSOLIDATED FINANCIAL SUMMARY
 SELECTED FINANCIAL DATA
 (Unaudited, dollars in thousands)
 Percent
 Three Months Ended March 31: 1993 1992 Change
 Net Income $ 718 $ 673 6.69
 Return on average assets (pct) 1.24 1.18 5.11
 Return on average equity (pct) 13.70 14.21 -3.59
 Net interest margin
 (tax equivalent) (pct) 6.48 6.75 -3.90
 Per share:
 Earnings(A) $0.30 $0.28 7.56
 Book value(A) 9.02 8.47 6.47
 Balance Sheet Summary Percent
 As of March 31: 1993 1992 Change
 Loans, net of unearned income $135,141 $145,770 -7.29
 Investment securities 68,303 47,399 44.10
 Total assets 237,309 229,507 3.40
 Deposits 214,761 208,560 2.97
 Shareholders' equity 21,533 19,261 11.80
 Primary capital-to-asset
 ratio (pct) 9.07 8.39 8.12
 Reserve to total loans (pct) 1.71 1.41 21.75
 Non-accruing loans to
 total loans (pct) 1.18 1.16 2.17 (A) Adjusted for the 5-percent stock dividend effective Aug. 13, 1992, and retroactively for the two-for-one stock split effective Jan. 25, 1993.
 -0- 4/21/93
 /CONTACT: R.B. Tibbatts, president and chief executive officer, of Commercial Bancorp, 503-399-2946/
 (CBOR)


CO: Commercial Bancorp ST: Oregon IN: FIN SU: ERN

MM-LM -- SE009 -- 8816 04/21/93 14:04 EDT
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Publication:PR Newswire
Date:Apr 21, 1993
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