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SANTA MONICA BANK REPORTS FOURTH QUARTER RESULTS

 SANTA MONICA, Calif., Jan. 26 /PRNewswire/ -- Joe L. Walling, chairman of the board and chief executive officer of Santa Monica Bank (AMEX: SMO), reported a net loss for the fourth quarter of 1992, of $15,276,000, or $2.16 per share, as compared with a net income of $2,922,000, or $.41 per share, for the fourth quarter of 1991, and a net loss for the year of $9,398,000, or $1.33 per share, as compared with a net income of $12,028,000, or $1.70 per share, in 1991.
 The loss for the year stemmed principally from provisions for loan losses of $35 million for the year, including $29,200,000 in the fourth quarter, to bring the reserve for loan losses to $24,516,000, or 4.46 percent of outstanding loans. This reserve was set based on a thorough review of the bank's loan portfolio by management and the FDIC, and will serve as an additional protection during this period of slow economic recovery and a soft real estate market in the bank's business area. In addition, management expects to receive the report of the FDIC regarding its recent examination of the bank within about four weeks, the terms of which are unknown at this time.
 As of Dec. 31, 1992, stockholders' equity amounted to $69,029,000, or $9.76 per share, and the bank's capital ratios exceeded all minimum FDIC requirements for well capitalized banks as follows:
 FDIC Min. Requirement
 Santa Monica Bank Well Capitalized Banks
 Total risk-based capital 12.68 pct. 10 pct.
 Tier 1 risk-based capital 11.39 pct. 6 pct.
 Equity Capital to Asset 8.60 pct. 5 pct.
 Total assets as of Dec. 31, 1992, amounted to $802,697,000, a 9 percent decrease from the previous year. Total loans were down 11 percent from the previous year to $549,285,000, and total deposits amounted to $729,774,000 as of year end, down 8 percent from last year.
 SANTA MONICA BANK
 Financial Highlights
 (Amounts in thousands, except per share data)
 Three months ended Percent
 Dec. 31, Increase/(Decrease)
 1992 1991 1990 92 vs. 91 92 vs. 90
 Net interest
 income 7,699 10,738 10,957 (28 pct.) (30 pct.)
 Provision for
 loan losses 29,200 900 375 3,144 pct. 7,687 pct.
 Net interest
 income after
 provision for
 loan losses -21,501 9,838 10,582 (319 pct.) (303 pct.)
 Total other
 operating
 income 1,907 1,949 1,791 (2 pct.) (6 pct.)
 Total other
 operating
 expense 6,728 7,425 7,128 (9 pct.) (6 pct.)
 Income (loss)
 before income
 taxes -26,322 4,362 5,245 (703 pct.) (602 pct.)
 Applicable
 income
 taxes
 (benefit) -11,046 1,440 1,848 (867 pct.) (698 pct.).16 .41
 .48 --- ---
 Year to Date Percent
 Dec. 31, Increase/(Decrease)
 1992 1991 1990 92 vs. 91 92 vs. 90
 Net interest
 income 38,777 43,565 42,011 (11 pct.) (8 pct.)
 Provision for
 loan losses 35,000 2,650 1,325 1,221 pct. 2,542 pct.
 Net interest
 income after
 provision for
 loan losses 3,777 40,915 40,686 (91 pct.) (91 pct.)
 Total other
 operating
 income 7,843 7,435 7,078 (5 pct.) (11 pct.)
 Total other
 operating
 expense 29,345 29,986 27,700 (2 pct.) (6 pct.)
 Income (loss)
 before income
 taxes -17,725 18,364 20,064 (197 pct.) (188 pct.)
 Applicable
 income
 taxes
 (benefit) -8,327 6,336 6,882 (231 pct.) (221 pct.)
 Net (loss)
 income -9,398 12,028 13,182 (178 pct.) (171 pct.)
 Net (loss)
 income
 per share -1.33 1.70 1.87 --- ---
 Financial Ratios
 Return on
 average
 stockholders'
 equity (11.04 pct.) 15.6 pct. 19.5 pct.
 Return on
 average
 assets (1.09 pct.) 1.5 pct. 1.6 pct.
 Equity
 capital to
 assets 8.60 pct. 9.3 pct. 9.0 pct.
 Equity
 capital
 (Tier 1) to
 risk-weighted
 assets 11.39 pct. 12.84 pct. 12.36 pct.
 Total capital
 (Tier 1 & 2)
 to risk-
 weighted
 assets 12.68 pct. 13.84 pct. 13.34 pct.
 Dec. 31, Percent
 1992 1991 Increase/(Decrease)
 Total assets 802,697 881,085 (9 pct.)
 Net loans 524,769 612,997 (14 pct.)
 Reserve for loan
 losses 24,516 6,279 290 pct.
 Total deposits 729,774 794,079 (8 pct.)
 Stockholders'
 equity 69,029 81,583 (15 pct.)
 Stockholders'
 equity per
 share 9.76 11.55 ---
 -0- 1/26/93
 /CONTACT: Aubrey L. Austin, president of Santa Monica Bank, 310-394-9611/
 (SMO)


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

MS-JB -- LA029 -- 9323 01/26/93 17:53 EST
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Date:Jan 26, 1993
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