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COMMERCIAL BANCORP REPORTS RECORD FOURTH-QUARTER EARNINGS

 COMMERCIAL BANCORP REPORTS RECORD FOURTH-QUARTER EARNINGS
 SALEM, Ore., Jan. 27 /PRNewswire/ -- Commercial Bancorp (NASDAQ: CBOR) today reported fourth quarter 1991 earnings of a record $668,000, up 29 percent from the $516,000 earned during the same period in 1990. Earnings per share were 59 cents for the period, 31 percent higher than the 45 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 1.06 percent and return on average equity was 14.28 percent for the quarter, both substantially improved over the prior year period. The primary capital-to-asset leverage ratio including the reserve for loan losses was a strong 9.03 percent at quarter end, representing a $1.8 million or 11 percent increase in capital over the prior year end."
 Bancorp earnings for the year 1991 were $2,304,000, up 18 percent over the $1,952,000 earned in 1990. Earnings per share of $2.03 represented an 18 percent improvement over the $1.72 earned in the prior year. Return on average assets was 1.06 percent versus 0.98 percent in 1990, and return on average equity was 12.91 percent versus 12.02 percent.
 Bancorp's year end 1991 figures include the assets and liabilities of Valley Commercial Bank, and the results of operations for the two months following its acquisition on Oct. 31, 1991.
 Commercial Bancorp is the holding company for Commercial Bank and Valley Commercial Bank. Commercial Bank had assets of $213 million at year end 1991 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 year end 1991 and employs 11 people in three offices in Forest Grove, North Plains and Vernonia, Ore.
 COMMERCIAL BANCORP
 CONSOLIDATED FINANCIAL SUMMARY
 SELECTED FINANCIAL DATA
 (Unaudited, in thousands except per-share data)
 Percent
 For the three months ended Dec. 31: 1991 1990 change
 Net income $ 668 $ 516 29.46
 Return of average assets (percents) 1.06 0.99 7.07
 Return on average equity (percents) 14.28 12.23 16.76
 Per share:
 Earnings $ 0.59 $ 0.45 31.11
 Book value 16.52 14.93 10.65
 BALANCE SHEET SUMMARY
 Percent
 As of Dec. 31: 1991 1990 change
 Loans, net of unearned income $143,657 $130,228 10.31
 Investment securities 60,626 50,533 19.97
 Total assets 230,411 203,664 13.13
 Deposits 207,577 184,905 12.26
 Shareholders' equity 18,735 16,953 10.51
 Primary capital-to-asset
 leverage ratio (percents) 9.03 8.32 8.53
 Reserve to total loans (percents) 1.33 1.13 17.66
 Non-accruing loans to
 total loans (percents) 1.24 1.78 -30.73
 Percent
 For the twelve months ended Dec. 31: 1991 1990 change
 Net income $ 2,304 $ 1,952 18.03
 Return on average assets (percents) 1.06 0.98 8.16
 Return on average equity (percents) 12.91 12.02 7.40
 Earnings per share $ 2.03 $ 1.72 18.02
 -0- 1/27/92
 /CONTACT: R.B. Tibbatts of Commercial Bancorp, 503-399-2946/
 (CBOR) CO: Commercial Bancorp ST: Oregon IN: FIN SU: ERN


JH-LM -- SE012 -- 3881 01/27/92 15:50 EST
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Date:Jan 27, 1992
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