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PACIFIC FIRST REPORTS 1991 EARNINGS OF $36 MILLION

 PACIFIC FIRST REPORTS 1991 EARNINGS OF $36 MILLION
 SEATTLE, Feb. 12 /PRNewswire/ -- Pacific First Bank, FSB today


reported 1991 net income of $36.7 million, an increase of 6 percent from $34.6 million in 1990. Net income for the quarter ending Dec. 31, 1991, was $11.7 million, compared to $9.7 million for the same period last year, an increase of 21 percent.
 "We are pleased with the profit performance of Pacific First, in spite of weak economic and business conditions in 1991," said John C. Dean, senior partner and chief executive officer of Pacific First. "Despite the recession, we are profitable with good core earnings, we continue to have one of the strongest capital bases in the United States, and we are managing our franchise in a very conservative manner. On top of that, we have a very dedicated staff and a highly motivated management team."
 Dean also noted the problems of the real estate market continue to affect portions of the bank's loan portfolio and indicated that Pacific First is focusing on problem loan resolutions in addition to increasing loan loss reserves for the year. "We are concerned about the level of non-performing assets, but we are able to take these higher reserves because of our strong balance sheet," he said. Loan loss reserves are at $85.9 million compared to $53.6 million at Dec. 31, 1990. The downturn in 1991 of real estate markets is having a major impact on the financial performance of all major banking institutions in the United States, as well as Pacific First, according to Dean.
 Loan originations for 1991 declined to $1.9 billion compared to $2.7 billion in 1990. The 32-percent decrease reflects lower construction and commercial real estate originations and the bank's refocusing of business lines aimed primarily at single-family housing. The origination of permanent single family mortgages increased to $790 million from $674 million for 1990.
 The bank's capital base continues to exceed all federal requirements.
 Deposits are $4.7 billion compared to $4.8 billion at year end 1990. Total assets increased to $7.4 billion from $7.0 billion at Dec. 31, 1990.
 Pacific First Bank operates 136 retail and mortgage banking offices throughout Washington, Oregon and California. Pacific First is a member of the Royal Trust (Toronto: RYL) group of companies.
 Royal Trust is Canada's leading trust company with more than $33 billion in assets and $96 billion 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 21 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)
 Year ended Dec. 31: 1991 1990
 Interest income $675,579 $682,965
 Interest expense 470,865 505,161
 Net interest income 204,714 177,804
 Provision for loan losses 42,538 8,175
 Other income 68,395 45,595
 Other expense 176,791 167,277
 Income taxes 17,114 13,389
 Net income $ 36,666 $ 34,558
 At Dec. 31: 1991 1990
 Total assets $7,375,788 $7,031,902
 Net loans 5,644,343 5,426,350
 Deposits 4,699,618 4,819,468
 Stockholders' equity 642,261 447,520
 Stockholders' equity to
 total assets (percents) 8.71 6.36
 -0- 2/12/92
 /CONTACT: Michael K. Rogers of Pacific First Financial, 206-224-3420; or Sheila J. Robb of Royal Trustco Ltd., 416-981-6655/
 (RYL.) CO: Pacific First Financial, FSB; Royal Trustco Ltd. ST: Washington, Oregon, California IN: FIN SU: ERN


RR-JH -- SE009 -- 9467 02/12/92 17:49 EST
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Date:Feb 12, 1992
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