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INTERWEST SAVINGS BANK ANNOUNCES RECORD EARNINGS; QUARTERLY INCOME INCREASED 27 PERCENT

 OAK HARBOR, Wash., July 12 /PRNewswire/ -- InterWest Savings Bank (NASDAQ: IWBK) today reported the highest quarterly net income in its history, surpassing last quarter's record setting earnings by 6.8 percent. Third quarter earnings increased due to strong loan demand, decrease in non-performing assets and a 13 percent increase in assets to $845 million from $747 million a year ago.
 The bank's net income increased 20.1 percent to $2.8 million or 43 cents per share in the quarter ended June 30, 1993, compared to $2.3 million or 36 cents per share in the like quarter a year ago. For the nine months ended June 30, 1993, net income increased 27 percent to $7.8 million or $1.22 per share compared to $6.1 million or 96 cents a share for the same period a year ago. Earnings per share have been adjusted for the 15 percent stock dividend paid May 6, 1993.
 "Real estate lending increased significantly this quarter to $120.9 million compared to $72.9 million in the preceding quarter for a total of $302.5 million for the nine months ended June 30, 1993. The bank experienced strong demand for construction, purchase and refinance lending," said Walden. "The quality of our loan portfolio continues to improve as non-performing assets, including real estate owned through foreclosure, decreased 41 percent to $8.5 million or only 1.0 percent of assets compared to $14.4 million or 1.92 percent of assets a year ago. As a result, we had $5.9 million more of our assets at work earning interest at the end of the quarter than we did in the third quarter of 1992," said Walden. Non-accrual loans and loans more than 90 days past due fell to $2.2 million at June 30, 1993, compared to $3.2 million for the same period last year.
 InterWest's record performance resulted in a return on shareholder equity of 16.70 percent and a return on assets of 1.33 percent this quarter. Return on equity for the nine months ended June 30, 1993, was 16.23 percent and return on assets was 1.28 percent for the same time period.
 Net interest income, after provision for loan losses, increased 30.0 percent to $7.7 million this quarter compared to $5.9 million in the third quarter a year ago. The bank's net interest margin this quarter was 4.11 percent compared to 4.20 percent in the quarter ended March 31, 1993.
 Shareholder equity stood at $67.2 million and tangible book value was $10.52 per share at June 30, 1993. The bank's tangible capital ratio is 7.95 percent, well above regulatory minimum.
 InterWest Savings Bank is the third largest savings bank headquartered in Washington state. The bank has 22 offices located in the Puget Sound region of Western Washington and four offices in Central Washington. InterWest, which was founded in 1957, offers its customers highly personalized banking services within its 12-county market area.
 INTERWEST SAVINGS BANK
 Financial Highlights
 (Unaudited)
 Dollars in thousands except per share amounts
 Third Quarter Ended Nine Months Ended
 June 30 June 30
 1993 1992 1993 1992
 Interest income $15,858 $15,451 $47,349 $45,435
 Interest expense 7,825 9,047 23,896 27,677
 Net interest income
 after provision for
 losses on loans 7,673 5,901 22,384 16,355
 Other operating
 income 2,373 1,989 5,190 5,437
 Other operating
 expense 5,831 4,584 15,836 13,799
 Income tax 1,448 1,002 3,976 2,315
 Cumulative effect of
 change in accounting
 for income taxes --- --- --- 434
 Net income 2,767 2,304 7,762 6,112
 Earnings per share(a) $0.43 $0.36 $1.22 $0.96
 Weighted average
 shares out-
 standing (a) 6,469,329 6,401,040 6,366,073 6,397,206
 June 30, 1993 Sept. 30, 1992
 Total assets $844,707 $779,981
 Shareholders' equity $67,162 $60,105
 Book value per share (a) $10.52 $9.47
 Tangible book value per
 share (a) $10.52 $9.34
 (a) Adjusted to reflect the 15-percent stock dividend paid May 6, 1993.
 -0- 7/12/93
 /CONTACT: H. Glenn Mouw, chief financial officer, or Gina Dyer, marketing coordinator, of InterWest Savings Bank, 206-679-4181/
 (IWBK)


CO: InterWest Savings Bank ST: Washington IN: FIN SU: ERN

SB-JH -- SE002 -- 0201 07/12/93 06:00 EDT
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Date:Jul 12, 1993
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