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GUARDIAN BANCORP ANNOUNCES EARNINGS

 GUARDIAN BANCORP ANNOUNCES EARNINGS
 LOS ANGELES, Oct. 30 /PRNewswire/ -- Paul M. Harris, chairman of


the board and chief executive officer of Guardian Bancorp (AMEX: GB), parent company of Guardian Bank, announced today that the company's net earnings for the three months ended Sept. 30, 1992, were $215,000, or $.05 per share, compared with $75,000, or $.02 per share, for the third quarter of 1991. For the nine months ended Sept. 30, 1992, net income was $1,866,000, or $.46 per share, which compared to $3,559,000, or $.82 per share, for the first nine months of 1991.
 At Sept. 30, 1992, the company's total assets and deposits were $815 million and $762 million, respectively, compared to $728 million and $683 million, respectively, at Dec. 31, 1991. Based upon average balances, which provide a more meaningful comparison, total average assets and deposits were $649 million and $598 million, respectively, for the nine months ended Sept. 30, 1992, compared to $576 million and $532 million, respectively, for the year ended Dec. 31, 1991. Loans, net of deferred loan fees, were $409 million at Sept. 30, 1992, compared to $429 million at Dec. 31, 1991. Total average loans were $427 million for the nine months ended Sept. 30, 1992, compared to $398 million for the year ended Dec. 31, 1991.
 Total non-performing assets at Sept. 30, 1992, were $35.4 million, down $6.0 million, or 14.5 percent, from $41.4 million at June 30, 1992. At Sept. 30, 1992, non-performing assets included $28.9 million of loans on non-accrual, $1.8 million of loans 90 days or more past due and still accruing interest and $4.7 million of real estate acquired through foreclosure. This compares to $29.0 million, $6.9 million and $5.5 million and $17.1 million, $11.7 million and $2.9 million at June 30, 1992, and Dec. 31, 1991, respectively.
 Management continues to evaluate the adequacy of the allowance for loan losses under the assumption that sluggish recessionary conditions will continue in the near term. At Sept. 30, 1992, the allowance for loan losses was $10.4 million, or 2.54 percent, of loans outstanding, compared with $9.1 million, or 2.13 percent of loans outstanding, at Dec. 31, 1991. The provision for loan losses was $1,750,000 and $2,895,000, for the three and nine months ended Sept. 30, 1992, respectively, which compares to $2,862,000 and $3,523,000, respectively, for the same periods in 1991. Net charge- offs were $921,000 and $1,644,000 for the three and nine months ended Sept. 30, 1992, which compares to $75,000 and $124,000, respectively, for the same periods in 1991. The increase in net charge-offs during 1992 over 1991 reflects the economic climate prevailing in the bank's marketplace which is adversely impacting its borrowers.
 Shareholders' equity was $40.2 million, or $10.97 per share, at Sept. 30, 1992, compared to $37.8 million, or $10.60 per share, at the end of 1991. At Sept. 30, 1992, the company's and Guardian Bank's capital continued to exceed all current minimum regulatory requirements.
 Significant progress has been made in the company's program to enhance and strengthen its strategic position within its Southern California marketplace. This ongoing program, launched in late 1991 and continuing during 1992, involves, among other things, restricting new real estate lending, while fully supporting existing real estate loan commitments; seeking new commercial business loans to diversify the loan portfolio; developing and introducing new deposit products and services; maintaining current capital levels through earnings retention; monitoring and reducing problem assets; updating various operating policies and procedures; and, closely monitoring non- interest expense. The primary goal of management's program in proactively shaping the company's strategies is consistent with its recent agreement with the Federal Reserve Bank, and seeks to assure the company's and the bank's position as a leading financial services company in today's challenging banking environment. Management of the company and the bank believe that as the agreement is consistent with its own plans, compliance is achievable and is not expected to have an adverse effect on the results of operations of the company and the bank.
 The following table presents the unaudited quarterly consolidated results of operations for the three and nine months ended Sept. 30, 1992 and 1991 (in thousands, except per share data):
 Three Months Ended Nine Months Ended
 9/30/92 9/30/91 9/30/92 9/30/91
 Interest income $10,293 $12,114 $32,140 $37,508
 Net interest income 8,103 8,516 25,013 26,762
 Provision for loan
 losses 1,750 2,862 2,895 3,523
 Non-interest income 202 227 664 613
 Non-interest
 expense 6,183 5,756 19,564 17,921
 Provision for income
 taxes 157 50 1,352 2,372
 Net earnings 215 75 1,866 3,559
 Net earnings per
 share .05 .02 .46 .82
 Return on average
 assets .13 pct .05 pct .38 pct .82 pct
 Return on average
 shareholders' equity 2.12 pct .76 pct 6.31 pct 12.95 pct
 Guardian Bancorp is the holding company for Guardian Bank, member Federal Deposit Insurance Corp., an independent commercial bank headquartered in Los Angeles, with branches in Fountain Valley, and Ontario, Calif. Guardian Trust Co., a wholly owned subsidiary of Guardian Bank, operates from its Los Angeles office and offers custodial trust services to the bank's labor union and management trust fund customers.
 -0- 10/30/92
 /CONTACT: Paul M. Harris, chairman of the board and CEO of Guardian Bancorp, 213-239-0800/
 (GB) CO: Guardian Bancorp ST: California IN: FIN SU: ERN


KJ -- LA027 -- 7238 10/30/92 15:30 EST
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Date:Oct 30, 1992
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