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SANTA MONICA BANK ANNOUNCES FIRST QUARTER PROFIT

 SANTA MONICA, Calif., April 7 /PRNewswire/ -- Joe L. Walling, chairman of the board and chief executive officer of Santa Monica Bank, reported a net income for the first quarter of 1993 of $909,319, or $.13 per share, as compared with a net income of $2,338,746, or $.33 per share, for the first quarter of 1992.
 As of March 31, 1993, stockholders' equity amounted to $69,937,889, or $9.89 per share, and the bank's capital ratios exceeded all minimum FDIC requirements for well capitalized banks as follows:
 SANTA MONICA BANK
 Capital Ratios
 Well Capitalized
 Santa Monica Bank Banks - FDIC
 March 31, 1993 Dec. 31, 1992 Requirements
 Total risk-based
 capital 13.31 pct. 12.68 pct. 10 pct.
 Tier 1 risk-based
 capital 12.03 pct. 11.39 pct. 6 pct.
 Equity capital to
 assets 9.31 pct. 8.60 pct. 5 pct.
 SANTA MONICA BANK
 Financial Highlights
 (Amounts in thousands, except per share data)
 Three months ended Percent
 March 31, Increase/(Decrease)
 1993 1992 1991 93 vs. 92 93 vs. 91
 Net interest
 income 8,602 10,535 10,701 (18 pct.) (20 pct.)
 Provision for
 loan losses 1,300 1,200 450 8 pct. 189 pct.
 Net interest
 income after
 provision for
 loan losses 7,302 9,335 10,251 (22 pct.) (29 pct.)
 Total other
 operating
 income 2,007 2,002 1,846 0 pct. 9 pct.
 Total other
 operating
 expense 8,149 7,814 7,404 4 pct. 10 pct.
 Income before
 income taxes 1,160 3,523 4,693 (67 pct.) (75 pct.)
 Applicable
 income
 taxes 251 1,184 1,629 (79 pct.) (85 pct.)
 Net income 909 2,339 3,064 (61 pct.) (70 pct.)
 Net income
 per share .13 .33 .43 --- ---
 Financial Ratios
 Return on
 average
 stockholders'
 equity 5.36 pct. 11.44 pct. 16.42 pct.
 Return on
 average
 assets 0.48 pct. 1.08 pct. 1.52 pct.
 Equity
 capital to
 assets 9.31 pct. 9.66 pct. 9.33 pct.
 Equity
 capital
 (Tier 1) to
 risk-weighted
 assets 12.03 pct. 12.77 pct. 11.24 pct.
 Total capital
 (Tier 1 & 2)
 to risk-
 weighted
 assets 13.31 pct. 13.79 pct. 12.13 pct.
 March 31, Percent
 1993 1992 Increase/(Decrease)
 Total assets 750,972 857,622 (12 pct.)
 Net loans 505,841 598,450 (15 pct.)
 Reserve for loan
 losses 23,702 6,590 260 pct.
 Total deposits 677,167 769,733 (12 pct.)
 Stockholders'
 equity 69,938 82,880 (16 pct.)
 Stockholders'
 equity per
 share 9.89 11.72 ---
 -0- 4/7/93
 /CONTACT: Aubrey L. Austin, president of Santa Monica Bank, 310-394-9611/


CO: Santa Monica Bank ST: California IN: FIN SU: ERN

LS-MS -- LA016 -- 3663 04/07/93 08:55 EDT
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Date:Apr 7, 1993
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