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COMMUNITY FIRST BANK'S HOLDING COMPANY ANNOUNCES SECOND QUARTER PERFORMANCE

 COMMUNITY FIRST BANK'S HOLDING COMPANY
 ANNOUNCES SECOND QUARTER PERFORMANCE
 FRESNO, Calif., July 20 /PRNewswire/ -- Community First Bank's holding company, Pacific Bancorporation (NASDAQ-NMS: PABC), announced a consolidated net loss, after extraordinary item, of ($382,612) or ($0.32) per share for the quarter ending June 30, 1992 as compared to earnings of $337,927 or $0.23 per share during the comparable 1991 period.
 For the six months ending June 30, 1992, the consolidated net loss after extraordinary item was ($283,196) or ($0.28) per share as compared to earnings of $638,507 or $0.43 per share for the same period in 1991.
 Henry Wheeler, president of Pacific Bancorporation, stated that the loss is principally related to the write down and liquidation of other real estate owned and other non-performing assets. These write downs are intended to accelerate the liquidation of the bank's non-performing assets. The improvement of asset quality would bring the bank's performance ratios more in line with those of ValliCorp Holdings, Inc., prior to completing the companies' pending merger. For the six months ending June 30, 1992 reserves and write downs to OREO totalled over $930,000 as compared to $109,000 for the same period last year. Other real estate owned has been reduced some $3.5 million from its $7 million level in June 91.
 John Tait, chairman and CEO of Community First Bank, indicated that noninterest expenses were down by approximately $300,000 from the comparable six-month period and that earnings assets have increased from 84 percent to 86 percent over the same period. However, these benefits were offset by a reduction of approximately $600,000 in net interest income because of reduced margins caused by rapidly declining interest rates. The bank's capital ratios continue to exceed those called for by the regulatory agencies.
 Tait further indicated that substantial benefits afforded the bank of becoming a member of ValliCorp's multi-bank holding company will allow Community First Bank to become a dominant player in Kern County. The key benefits are increased capital, reduction of back office expenses and increased lending ability.
 Pacific Bancorporation has set its annual shareholders' meeting for Sept. 21, 1992, at which time its shareholders will vote on the proposed merger with ValliCorp Holdings, Inc.
 Pacific Bancorporation is traded on the NASDAQ National Market System under the symbol PABC. Bakersfield headquartered Community First Bank serves the San Joaquin Valley and adjacent areas.
 -0- 7/20/92
 /CONTACT: Henry Wheeler of Pacific Bancorporation, 209-221-7381; or Financial Relations Board, Chicago, Gary Strong of Financial Relations Board (Chicago), 312-266-7800, for Pacific Bancorporation/
 (PABC) CO: Pacific Bancorporation; Community First Bank ST: California IN: FIN SU: ERN


SH -- NY064 -- 0797 07/20/92 13:48 EDT
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Publication:PR Newswire
Date:Jul 20, 1992
Words:450
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