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SANTA MONICA BANK ANNOUNCES FOURTH QUARTER RESULTS

 SANTA MONICA BANK ANNOUNCES FOURTH QUARTER RESULTS
 SANTA MONICA, Calif., Jan. 7 /PRNewswire/ -- Santa Monica Bank's


(AMEX: SMO) net income for the fourth quarter of 1991 was $2,921,366, or $.41 per share compared with $3,397,036, or $.48 per share in 1990, and $3,286,001, or $.47 per share in 1989. Income before income taxes for the fourth quarter of 1991 was $4,361,772, compared with $5,244,871 in 1990 and $4,938,532 in 1989 reported Joe L. Walling, chairman of the board and chief executive officer.
 Net income for the year ended Dec. 31, 1991 was $12,028,036, or $1.70 per share, compared with $13,182,371 or $1.87 per share in 1990 and $12,804,001 or $1.82 per share in 1989. Income before income taxes for the same period was $18,364,116, compared with $20,064,100 in 1990 and $19,445,625 in 1989.
 Santa Monica Bank's total assets on Dec. 31, 1991, increased to $881,085,479, up 8 percent from $815,841,108 in 1990. Loans increased to $612,997,182, up 5 percent from $583,248,013 in 1990. The reserve for loan losses amounted to $6,278,718, compared with $5,868,233 in 1990. Deposits rose 7 percent to $794,079,053 from $739,648,062 last year. Stockholders' equity advanced 11 percent to $81,583,510, or $11.55 per share, from $73,764,446, or $10.45 per share in 1990.
 SANTA MONICA BANK
 Financial Highlights
 (Amounts in thousands except per share data)
 Three months ended Percent
 Dec. 31, Increase/(Decrease)
 1991 1990 1989 91 vs. 90 91 vs. 89
 Net interest income 10,738 10,958 10,072 (2 pct) 7 pct
 Provision for loan
 losses 900 375 450 140 pct
 Net interest income
 after provision for
 loan losses 9,838 10,583 9,622 (7 pct) 2 pct
 Total other operating
 income 1,949 1,791 1,688 9 pct 15 pct
 Total other operating
 expense 7,425 7,129 6,371 4 pct 17 pct
 Income before income
 taxes 4,362 5,245 4,939 (17 pct) (12 pct)
 Applicable income
 taxes 1,440 1,848 1,652 (22 pct)
 Net income 2,922 3,397 3,286 (14 pct) (11 pct)
 Net income per share .41 .48 .47
 Year to Date Percent
 Dec. 31 Increase/(Decrease)
 1991 1990 1989 91 vs 90 91 vs 89
 Net interest
 income 43,565 42,011 39,114 4 pct 11 pct
 Provision for
 loan losses 2,650 1,325 1,650 100 pct 61 pct
 Net interest
 income after
 provision
 for loan
 losses 40,915 40,686 37,464 1 pct 9 pct
 Total other
 operating
 income 7,435 7,078 6,910 5 pct 8 pct
 Total other
 operating
 expense 29,986 27,700 24,928 8 pct 20 pct
 Income before
 income
 taxes 18,364 20,064 19,446 (8 pct) (6 pct)
 Applicable
 income taxes 6,336 6,882 6,642 (8 pct) (5 pct)
 Net income 12,028 13,182 12,804 (9 pct) (6 pct)
 Net income
 per share 1.70 1.87 1.82
 Financial Ratios
 Return on average
 stockholders'
 equity 15.54 pct 19.27 pct 21.82 pct
 Return on
 average
 assets 1.45 pct 1.64 pct 1.85 pct
 Equity capital
 to assets 9.26 pct 9.04 pct 8.01 pct
 Dec. 31 Pct Inc.
 1991 1990 (Dec.)
 Total assets 881,085 815,841 8 pct
 Net loans 612,997 583,248 5 pct
 Reeserve for loan losses 6,279 5,868 7 pct
 Total deposits 794,079 739,648 7 pct
 Stockholders' equity 81,583 73,764 11 pct
 Stockholders' equity
 per share 11.55 10.45
 -0- 1/7/91
 /CONTACT: Dario O. Quiroga of Santa Monica Bank, 310-394-9611/
 (SMO) CO: Santa Monica Bank ST: California IN: FIN SU: ERN


EH-AL -- LA001 -- 7162 01/07/92 08:06 EST
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