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OLYMPUS CAPITAL CORP. ANNOUNCES YEAR-END RESULTS

 SALT LAKE CITY, Feb. 5 /PRNewswire/ -- Olympus Capital Corp. (NASDAQ-NMS: OLCC), parent company of Olympus Bank, a Federal Savings Bank, announced its unaudited consolidated financial results for the year ended Dec. 31, 1992.
 The company reported net income before tax of $3,137,000, or $1.04 per share for the year ended Dec. 31, 1992, compared to net income before tax of $729,000, or $0.29 per share, for the year ended Dec. 31, 1991. Provisions for possible investment, loan and lease losses totaled $2,238,000 for 1992, as compared to $1,922,000 for 1991. Other provisions for losses (including provisions on real estate acquired in settlement of loans) totaled $1,420,000 for 1992 and $1,530,000 for 1991.
 For the year ended Dec. 31, 1992, provisions for possible investment losses included provisions for interest-only strips of $2,156,000, relating to adjustments to the carrying value of such securities, resulting from accelerated pre-payments on the underlying mortgages. These securities, together with mortgage-backed pass- through securities owned by the bank were accounted for as assets held for sale at Dec. 31, 1992, with an aggregate market value less than amortized cost of approximately $300,000. During January 1993 all mortgage-backed securities and interest-only strips held by the bank for sale were sold. As a result, the bank no longer holds any interest-only strips. Mortgage-backed pass-through securities purchased will be accounted for as assets available for sale.
 During 1992 the company reported $1,205,000 on gains from sale of loans as compared to $97,000 in 1991. In December 1992 the bank resolved previously reported litigation relating to the Resort Center in Park City, Utah.
 Total assets at Dec. 31, 1992, were $380,782,000, compared to $403,693,000 at Dec. 31, 1991. Non-performing assets as of Dec. 31, 1992, were $10,369,000, compared to $14,062,000 at Dec. 31, 1991.
 At Dec. 31, 1992, Olympus Bank's core capital was approximately 7.1 percent of tangible assets and risk-based capital was approximately 12.4 percent of risk-weighted assets. Olympus Bank continues to exceed current regulatory capital requirements. The bank was recently informed that its savings deposit insurance premium increased to $0.30 per $1,000 on deposit.
 Olympus Bank operates six branches in Utah and one in Montana. Deposits are insured to $100,000 by the FDIC.
 -0- 2/5/93
 /CONTACT: K. John Jones of Olympus Capital, 801-325-1000/
 (OLCC)


CO: Olympus Capital Corp. ST: Utah IN: FIN SU: ERN

KJ-JL -- LA021 -- 3589 02/05/93 14:24 EST
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Publication:PR Newswire
Date:Feb 5, 1993
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