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INTERWEST SAVINGS BANK REPORTS RECORD FIRST QUARTER DEPOSIT GROWTH; NET INCOME UP 25 PERCENT

 OAK HARBOR, Wash., Jan. 10 /PRNewswire/ -- InterWest Savings Bank (NASDAQ: IWBK) today reported net income increased 25 percent to $3.0 million, or 46 cents per share, in the fiscal first quarter ended Dec. 31, 1993, compared to $2.4 million, or 37 cents per share, in the like quarter a year ago.
 "We continue to control expenses and are pursuing our plans for future growth. We are initiating construction of a new branch office in Silverdale and are implementing plans for further expansion into Snohomish and Whatcom counties," said Stephen Walden, president and chief executive officer. "The new lending office we opened in Tacoma this past year is proving to be a success. We are pleased with the results of InterWest's first quarter growth and are confident in the bank's ability to continue its strong financial performance and growth."
 Non-accrual loans and loans more than 90 days past due totaled $1.4 million at the end of December compared to $1.8 million on Dec. 31, 1992. Total non-performing assets, including real estate owned through foreclosure decreased 20.3 percent to $8.2 million, or only 0.89 percent of assets at the end of December from $10.2 million or 1.28 percent of assets a year ago.
 InterWest's return on average equity for the quarter ended Dec. 31, 1993, was 16.82 percent compared to 15.71 percent for the same quarter last year. The bank's return on average assets was 1.38 percent compared to 1.22 percent for the quarter ended Dec. 31, 1992.
 Non interest income, which includes loan servicing fees and other fee income, totaled $1.9 million in the quarter ended Dec. 31, 1993, compared to $1.5 million in the like quarter a year ago. Non interest expense totaled $5.1 million and was exceeded by InterWest's net interest income before provision of $8.4 million. The bank's shareholder equity stood at $72.7 million and tangible book value was $11.31 per share at Dec. 31, 1993.
 The bank's deposits also rose to an all time high of $695.7 million, up 8.4 percent from $642.0 million at Dec. 31, 1992.
 InterWest is the third largest savings bank headquartered in Washington state. The bank has 23 offices in the Puget Sound region of western Washington and four offices in central Washington. InterWest's annual meeting of shareholders will be held on Jan. 18, 1994, at the Elks Club, 6431 60th Ave. NW, Oak Harbor. The meeting will commence at 2 p.m. PST.
 INTERWEST SAVINGS BANK
 FINANCIAL HIGHLIGHTS FIRST QUARTER 1994
 (Dollars in thousands except per share amounts; Unaudited)
 Quarter ended 12/31/93 12/31/92
 Interest income $16,238 $15,987
 Interest expense $ 7,870 $ 8,440
 Net interest income after provision
 for losses on loans $ 8,068 $ 7,168
 Net income $ 3,003 $ 2,404
 Net income per share $ 0.46 $ 0.37
 Weighted average shares outstanding 6,490,523 6,412,256
 12/31/93 9/30/93
 Total assets $916,189 $838,774
 Loans receivable, net $602,202 $595,235
 Deposits $695,747 $659,434
 Borrowings $142,503 $104,753
 Total shareholders' equity $ 72,686 $ 69,801
 Shareholders' equity/assets 7.93% 8.32%
 Book value per share $ 11.31 $ 10.92
 -0- 1/10/94
 /CONTACT: H. Glenn Mouw, chief financial officer, or Gina Dyer, marketing coordinator, of InterWest, 206-679-4181/
 (IWBK)


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

JH-RB -- SE003 -- 0377 01/10/94 06:30 EST
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Date:Jan 10, 1994
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