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PACIFIC BANCORPORATION REPORTS IMPROVED EARNINGS, ASSET QUALITY; ANNUAL MEETING SET FOR NOV. 16

 PACIFIC BANCORPORATION REPORTS IMPROVED EARNINGS,
 ASSET QUALITY; ANNUAL MEETING SET FOR NOV. 16
 FRESNO, Calif., Oct. 20 /PRNewswire/ -- Pacific Bancorporation (NASDAQ-NMS: PABC), the holding company of Community First Bank of Bakersfield, Calif., today announced consolidated net earnings, after extraordinary item, of $623,800, or $0.43 per common share, for the quarter ending Sept. 30, 1992. This compares to a loss of $176,148, or $0.18 per share, during the comparable 1991 period.
 For the nine months ending Sept. 30, 1992, the consolidated net earnings, after extraordinary item, was $340,604, or $0.14 per share, compared to earnings of $462,359, or $0.25 per share, for the same period in 1991.
 Henry Wheeler, president and chief executive officer of Pacific Bancorporation, stated that nonperforming assets have been reduced by $2,658,006 to $4,369,762 at Sept. 30, 1992, down 38 percent from $7,027,768 the same period last year. Non-performing assets represent 2.22 percent of total assets at the close of the quarter just ended compared to a ratio of 3.48 percent for the same period last year. In addition, approximately $1.1 million in proceeds from the sale of nonperforming assets are currently in escrow. Had the sale closed in the third quarter, the company's nonperforming asset ratio would have been 1.68 percent. In 1989 this ratio was as high as 5.9 percent.
 John Tait, chairman and chief executive officer of Community First Bank, indicated that non-interest expenses were down by approximately $892,000 from the comparable three month period and that earning assets have increased from 85 percent to 89 percent over the same period. Net interest income increased by $65,777 for the period. The bank's capital ratios continue to improve with Tier-1 core capital exceeding 7 percent.
 Tait further indicated that the Bank is beginning to benefit from its new marketing efforts, targeted primarily at the business community.
 These efforts are evidenced by a 6.5 percent growth in non- interest bearing demand dei?ts over the same period last year.
 Pacific Bancorporation has set its Annual Shareholders meeting for Nov. 16, 1992.
 Pacific Bancorporation is traded on the NASDAQ National Market System under the symbol PABC. Bakersfield-headquartered Community First Bank serves the San Joaquin Valley and adjacent areas.
 -0- 10/20/92
 /CONTACT: Henry Wheeler, president and CEO of Pacific Bancorporation, 209-221-7381, or Gary Strong of Financial Relations Board, 312-266-7800, for Pacific Bancorporation/
 (PABC) CO: Pacific Bancorporation; Community First Bank ST: California IN: FIN SU: ERN


KJ -- LA037 -- 2419 10/20/92 14:48 EDT
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Publication:PR Newswire
Date:Oct 20, 1992
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