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COMMERCIAL BANCORP REPORTS RECORD SECOND QUARTER EARNINGS

 SALEM, Ore., July 19 /PRNewswire/ -- Commercial Bancorp (NASDAQ: CBOR) today reported record second quarter 1993 earnings of $1,154,000, up 50 percent from the $767,000 earned in the second quarter of 1992. Earnings per share were $0.49 for the period, 50 percent higher than the 32 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 quarterly 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 1.87 percent and return average on equity was 20.85 percent. The primary capital-to-asset leverage ratio was a strong 9.02 percent at quarter end," said Tibbatts.
 Earnings for the first six months of $1,872,000 were 30 percent ahead of the $1,440,000 earned in the first half of 1992. Return on average assets was 1.57 percent for the period, and return on equity was 17.37 percent.
 Commercial Bancorp is the holding company for Commercial Bank and Valley Commercial Bank. Commercial Bank had assets of $234 million at June 30, 1993 and employed 200 people in 12 offices in Salem, Keizer, Silverton, Monmouth, Molalla, Newberg and Wilsonville. Valley Commercial Bank had assets of $15 million at June 30, 1993 and employed eight people in two offices in Forest Grove and North Plains.
 COMMERCIAL BANCORP
 CONSOLIDATED FINANCIAL SUMMARY
 SELECTED FINANCIAL DATA
 (Unaudited, In Thousands of Dollars)
 Percent
 Three months ended, June 30 1993 1992 change
 Net income $ 1,154 $ 767 50.46
 Return on average assets 1.87 pct. 1.34 pct. 39.97
 Return of average equity 20.85 pct. 15.69 pct. 32.92
 Net interest margin
 (tax equivalent) 6.79 pct. 6.86 pct. -1.04
 Per share:
 Earnings(a) $ 0.49 $ 0.32 49.59
 Book Value(a) 9.41 8.74 7.73
 BALANCE SHEET SUMMARY
 percent
 As of June 30 1993 1992 change
 Loans, net of unearned income $141,723 $142,967 -0.87
 Investment securities 74,397 50,633 46.93
 Total assets 249,176 228,146 9.22
 Deposits 225,196 206,858 8.87
 Shareholders' equity 22,481 19,875 13.11
 Primary capital-to-asset ratio 9.02 pct. 8.71 pct. 3.57
 Reserve to total loans 1.68 pct. 1.56 pct. 8.22
 Non-accruing loans to total loans 1.11 pct. 1.16 pct. -4.18
 For the six months ended
 June 30 1993(a) 1992(a)
 Net income $ 1,872 $ 1,440 30.00
 Return on average assets 1.57 pct. 1.26 pct. 24.39
 Return on average equity 17.37 pct. 14.96 pct. 16.13
 Earnings per share(a) $ 0.79 $ 0.60 29.94
 Net interest margin
 (tax equivalent) 6.64 6.89 -3.63
 (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- 7/19/93
 /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

JH-SB -- SE012 -- 3223 07/19/93 16:12 EDT
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Date:Jul 19, 1993
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