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PACIFIC FIRST BANK ANNOUNCES SECOND-QUARTER EARNINGS, SALE DISCUSSIONS

 PACIFIC FIRST BANK ANNOUNCES SECOND-QUARTER EARNINGS,
 SALE DISCUSSIONS
 SEATTLE, July 23 /PRNewswire/ -- Pacific First Bank, FSB today reported a second-quarter net loss of $661,000, compared to net income of $9.2 million for the same period in 1991. Net income for the first six months of 1992 was $24.1 million compared to $17.9 million for the same period in 1991. The year-to-date results include a first-quarter gain of $24.4 million from a change in accounting for income taxes.
 "Our operating earnings continue to be adversely affected by credit quality issues," said John C. Dean, president and chief executive officer. "Loss provisions of $17.6 million for the first six months of this year are still very high. We are also experiencing the margin drag of our non-accrual loans and foreclosed properties. Our top priority remains focused on improving the quality of our loan portfolio. In addition, we continue to work towards strengthening our core earnings by improving operating efficiencies, while maintaining our 'First Class Service' to clients."
 Despite these issues, the bank's capital position remains solid, exceeding all regulatory standards. Shareholders' equity was $693 million at June 30, an increase of $51 million from Dec. 31, 1991. The ratio of tangible equity to assets was 7.13 percent, compared to 5.81 percent at the prior year end.
 Total assets at June 30 were $6.9 billion, compared to $7.4 billion at Dec. 31, 1991. Deposits of $4.4 billion were down from $4.7 billion at year end.
 Pacific First Bank also announced today that its parent corporation, Royal Trustco Limited (Toronto: RYL) (Royal Trust) of Toronto, after unsolicited approaches, is holding discussions with a number of financial institutions regarding the possible sale of Pacific First Bank.
 "The Pacific Northwest is very attractive for banks seeking to establish or expand a presence here," said Dean. "Pacific First has put into place a very strong franchise through a series of acquisitions in recent years, including operations that are uniquely connected to Fred Meyer Stores in Oregon, QFC Stores in the Seattle- Tacoma-Puget Sound region and Rosauer's Stores in Spokane." These and all branches offer a full range of consumer services, including deposits, consumer loans, investment services, mutual funds, annuities and home mortgage lending, according to Dean.
 Dean noted that these discussions come at a time when Royal Trust is reexamining its business strategies outside of Canada. He also said these talks may or may not result in a sale. "Obviously, Royal Trust must look at all options as it reexamines its own strategies."
 Founded in 1907 in Tacoma, Wash., Pacific First Bank operates 133 retail and mortgage banking offices throughout Washington, Oregon and California.
 Pacific First's parent corporation, Royal Trust is Canada's leading trust company with more than $36 billion(Canadian) in assets and $123 billion(Canadian) in trust assets under administration. Royal Trust offers a broad range of client services, including retail and private banking, personal trust and investment management through its network of 144 offices in Canada and 20 offices in major financial centers in the United Kingdom, Europe, the Caribbean and Asia.
 PACIFIC FIRST BANK, A FEDERAL SAVINGS BANK
 CONSOLIDATED FINANCIAL HIGHLIGHTS
 (Unaudited, U.S. dollars in thousands)
 Three Months Six Months
 Ended June 30: 1992 1991 1992 1991
 Interest income $140,494 $174,974 $289,572 $346,109
 Interest expense 92,483 120,783 193,245 241,259
 Net interest income 48,011 54,191 96,327 104,850
 Provision for loan losses 4,469 10,595 17,586 26,580
 Fee and service income 9,075 12,161 18,739 21,744
 General and administrative
 expense 36,778 36,555 72,278 74,052
 Other income (expense) (12,860) (5,975) (20,423) (1,742)
 Income taxes 1,044 3,979 1,912 6,311
 Net income before
 extraordinary item
 and accounting change 1,935 9,248 2,867 17,909
 Extraordinary item (net
 of tax) (2,596) -- (3,164) --
 Change in accounting
 principle -- -- 24,425 --
 Net income $ (661) $ 9,248 $ 24,128 $ 17,909
 June 30, Dec. 31,
 1992 1991
 Total assets $6,904,531 $7,375,788
 Net loans 5,276,543 5,644,343
 Deposits 4,402,842 4,699,618
 Stockholders' equity 693,315 642,260
 Stockholders' equity to total
 assets (percents) 10.04 8.71
 Tangible equity 476,990 415,529
 Tangible assets 6,688,206 7,149,057
 Tangible equity to tangible assets
 (percents) 7.13 5.81
 -0- 7/23/92
 /CONTACT: Marlane Wolf of Pacific First Bank, 206-224-3384/
 (RYL.) CO: Pacific First Bank; Royal Trustco Ltd. ST: Washington IN: FIN SU: ERN


SC-JH -- SE015 -- 2861 07/23/92 20:59 EDT
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Date:Jul 23, 1992
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