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SANTA MONICA BANK REPORTS THIRD QUARTER RESULTS

 SANTA MONICA BANK REPORTS THIRD QUARTER RESULTS
 SANTA MONICA, Calif., Oct. 22 /PRNewswire/ -- Santa Monica Bank's


net income (AMEX: SMO) for the third quarter of 1992 was $1,249,614, or $.18 per share, compared with $3,098,786, or $.44 per share in 1991, and $3,346,421, or $.47 per share in 1990. Income before income taxes for third quarter of 1992 was $1,639,244 compared with $4,811,527 in 1991 and $5,220,890 in 1990.
 Net income for the nine months ended Sept. 30, 1992, was $5,878,046 or $.83 per share, compared with $9,106,670, or $1.29 per share in 1991, and $9,785,335, or $1.38 per share in 1990. Income before income taxes for the same period was $8,597,054, compared with $14,002,344 in 1991 and $14,819,229 in 1990.
 Joe L. Walling, chairman of the board and chief executive officer, reported that lower earnings were due primarily to the increase in the provision for loan losses during the third quarter from $700,000 in 1991 to $3,200,000 in 1992.
 Santa Monica Bank's total assets on Sept. 30, 1992, amounted to $832,482,842 compared with $837,670,706 in 1991. Loans amounted to $567,100,417 compared with $613,849,365 in 1991. Reserve for loan losses rose 39 percent to $8,575,336 from $6,173,198 in 1991. Deposits decreased 1 percent to $742,493,687 when compared with $751,080,625 for last year. Stockholders' equity advanced 6 percent to $84,304,757, or $11.92 per share from $79,700,952, or $11.27 per share in 1991.
 SANTA MONICA BANK
 Financial Highlights
 (Amounts in Thousands Except Per Share Data)
 Three Months Ended Percent
 Sept. 30, Increase/(Decrease)
 1992 1991 1990 92 vs. 91 92 vs. 90
 Net interest income 10,117 11,143 10,821 (9 pct.) (7 pct.)
 Provision for loan
 losses 3,200 700 300 357 pct. 967 pct.
 Net interest income
 after provision
 for loan losses 6,917 10,443 10,521 (34 pct.) (34 pct.)
 Total other operating
 income 1,964 1,889 1,729 4 pct. 14 pct.
 Total other operating
 expense 7,242 7,520 7,029 (4 pct.) 3 pct.
 Income before income
 taxes 1,639 4,812 5,221 (66 pct.) (69 pct.)
 Applicable income
 taxes 390 1,713 1,875 (77 pct.) (79 pct.)
 Net income 1,249 3,099 3,346 (60 pct.) (63 pct.)
 Net income per share .18 .44 .47
 Year-to-Date Percent
 Sept. 30, Increase/(Decrease)
 1992 1991 1990 92 vs. 91 92 vs. 90
 Net interest income 31,078 32,827 31,054 (5 pct.) 0 pct.
 Provision for loan
 losses 5,800 1,750 950 231 pct. 511 pct.
 Net interest income
 after provision
 for loan losses 25,278 31,077 30,104 (19 pct.) (16 pct.)
 Total other operating
 income 5,935 5,486 5,286 8 pct. 12 pct.
 Total other operating
 expense 22,616 22,561 20,571 0 pct. 10 pct.
 Income before income
 taxes 8,597 14,002 14,819 (39 pct.) (42 pct.)
 Applicable income
 taxes 2,719 4,896 5,034 (44 pct.) (46 pct.)
 Net income 5,878 9,106 9,785 (35 pct.) (40 pct.)
 Net income per share .83 1.29 1.38
 Financial Ratios (in pcts.)
 Return on average
 stockholders' equity 9.4 16.0 19.5
 Return on average
 assets 0.9 1.5 1.6
 Equity capital to
 assets 10.1 9.5 8.8
 Sept. 30, Percent
 1992 1991 Increase/(Decrease)
 Total assets 832,482 837,671 (1 pct.)
 Net loans 567,100 613,849 (8 pct.)
 Reserve for loan losses 8,575 6,173 39 pct.
 Total deposits 742,494 751,081 (1 pct.)
 Stockholders' equity 84,305 79,701 6 pct.
 Stockholders' equity
 per share 11.92 11.27
 -0- 10/22/92
 /CONTACT: Dario O. Quiroga of Santa Monica Bank, 310-394-9611/
 (SMO) CO: Santa Monica Bank ST: California IN: FIN SU: ERN


JB-EH -- LA030 -- 3869 10/22/92 17:14 EDT
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