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GUARDIAN BANCORP REPORTS NET EARNINGS FOR THREE MONTHS ENDED SEPT. 30, 1991

                GUARDIAN BANCORP REPORTS NET EARNINGS
                FOR THREE MONTHS ENDED SEPT. 30, 1991
    LOS ANGELES, Nov. 1 /PRNewswire/ -- Paul M. Harris, chairman of the board of Guardian Bancorp (AMEX: GB), announced today that the company reported net earnings of $75,000, or $.02 per share, for the three months ended Sept. 30, 1991.  This compares with $2,056,000 or $.47 per share, for the similar quarter in 1990.  The 1990 per share amount reflects the five-for-four stock split in December 1990. Earnings for the nine months ended Sept. 31, 1991 were $3,559,000, or $.82 per share, compared with $5,465,000 or $1.23 per share, for the similar period last year.
    The decrease in earnings for the three months ended Sept. 30, 1991, as compared to the same period in 1990 is attributable to management's assessment of the continued economic conditions in California and the strengthening of the company's allowance for loan losses in reaction to the potential impact of these conditions. Current economic reports published over the past 60 days suggest that the recessionary environment in California may continue longer than originally expected and the timing and the strength of future economic recovery is uncertain.
    In response to these uncertain economic conditions, the company's third quarter provision for loan losses was $2,862,000, up $2,502,000 from provision for loan losses for the three months ended Sept. 30, 1990, and $2,787,000 greater than net charge-offs for the three months ended Sept. 30, 1991.  This provision resulted in an allowance for loan losses of $6,872,000, or 1.63 percent of gross outstanding loans at Sept. 30, 1991, as compared to $2,473,000, or 1.01 percent of gross outstanding loans at the end of 1990.
    At Sept. 31, 1991, non-performing loans (defined as loans on non- accrual, loans past due 90 days or more and restructured loans) approximately $19,409,000 or 4.6 percent of gross loans outstanding. This compares to $2,671,000 of non-performing loans, or .78 percent of the gross loans outstanding at Dec. 31, 1990.  The vast majority of the non-performing loans are very well secured by first deeds of trust on a portfolio of diversified real estate.  While no absolute assurances can be given, the company believes that the ultimate loss exposure on these loans is low-based on information currently available to management.  Net charge-offs were $75,000 and $124,000 for the three and nine months ended Sept. 30, 1991, respectively. The company's loan loss experience continues to be low as compared to other banks in its peer group.
    Total assets increased to $643,996,000 at Sept. 30, 1991, compared with $480,150,000 at Dec. 31, 1990.  Gross loans outstanding were $420,733,000, compared to $342,687,000 at Dec. 31, 1990.  Book value per share was $10.56 at Sept. 30, 1991, compared with $9.66 at Dec. 31, 1990.
    The following is the consolidated results of operations for the three and nine months ended Sept. 30, 1991, as compared to the same periods in 1990:
                                Three months ended Sept. 30,
                                1991                  1990
    Interest income          $12,114,000           $11,350,000
    Net interest income        8,516,000             8,428,000
    Net earnings                  75,000             2,056,000
    Net earnings per share          $.02                  $.47
                                Nine months ended Sept. 30,
                                 1991                 1990
    Interest income          $37,508,000           $30,815,000
    Net interest income       26,762,000            23,174,000
    Net earnings               3,559,000             5,465,000
    Net earnings per share          $.82                 $1.23
    Guardian Bancorp is the holding company of Guardian Bank, which has its head office at 800 South Figueroa Street, Los Angeles, Calif. 90017.
    -0-                         11/1/91
    /CONTACT:  Paul M. Harris of Guardian Bancorp, 213-239-0800/
    (GB) CO:  Guardian Bancorp ST:  California IN:  FIN SU:  ERN AL-SE -- LA001 -- 0061 11/01/91 08:02 EST
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Publication:PR Newswire
Date:Nov 1, 1991
Words:647
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