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SC BANCORP ANNOUNCES 1991 FINANCIAL RESULTS

 SC BANCORP ANNOUNCES 1991 FINANCIAL RESULTS
 DOWNEY, Calif., Jan. 22 /PRNewswire/ -- SC Bancorp (AMEX: SCK),


parent company of Southern California Bank, and the board of directors announced unaudited 1991 earnings of $2.7 million or $.78 per share. Comparable 1990 earnings were $4.2 million or $1.22 per share. This decline reflects a narrowing net interest margin due to the reduction in interest rates, non-performing loans and non-recurring professional fees. At year-end, non-performing loans declined slightly from the previous quarter to $11.2 million. Due to the uncertainty of the local economy, the company added $1 million during the year into the allowance for possible loan losses. For the year, the company's net operating income before the provisions for possible loan losses and taxes, increased by 3 percent to $6.4 million. The company ended 1991 with total assets of $454 million, net loans of $297 million and total deposits of $411 million.
 During the fourth quarter of 1991, SC Bancorp earned $503,000 or $.15 per share. This compares to $1.2 million or $.33 per share during the same period of 1990. During the fourth quarter, an annual cash dividend of $0.20 per share was declared, to be paid on Jan. 15, 1992, to shareholders of record on Dec. 16, 1991.
 As previously stated shares of SC Bancorp common stock are listed on the American Stock Exchange under the ticker symbol of SCK.
 SC BANCORP
 Earnings Summary
 Unaudited Audited
 1991 1990
 Quarter ended Dec. 31:
 Net income $503,000 $1,160,000
 Per share earnings .15 .33
 Year ended Dec. 31:
 Net income $2,708,000 $4,220,000
 Per share earnings .78 1.22
 Shares outstanding 3,468,505 3,468,505
 SC BANCORP AND ITS SUBSIDIARY SOUTHERN CALIFORNIA BANK
 Consolidated Balance Sheets
 (Dollars in thousands)
 Unaudited Audited
 12/31/91 12/31/90
 Assets
 Cash and due from banks $21,002 $26,282
 Investment securities
 (market value: 1991 $108,541
 1990 $67,975) 105,127 67,907
 Federal funds sold 12,030 16,195
 Loans 301,882 293,829
 Less:
 Unearned income (392) (909)
 Deferred fee income (526) (366)
 Allowance for possible loan losses (4,050) (3,050)
 Net loans 296,914 289,504
 Premises, equipment, land and
 leasehold improvements 9,111 7,444
 Real estate owned foreclosure 258 ---
 Other assets 9,284 10,441
 Total assets $453,726 417,773
 Liabilities
 Deposits
 Interest bearing $322,190 $286,511
 Non-interest bearing 88,566 90,114
 Total deposits 410,756 376,625
 Treasury tax and loans 6,420 6,155
 Other liabilities 3,646 4,103
 Total liabilities 420,822 386,883
 Stockholders' Equity
 Common stock, no par or stated value;
 authorized 20,000,000 shares:
 shares issued and
 outstanding 3,468,505 23,436 23,436
 Retained earnings 9,468 7,454
 Total stockholders' equity 32,904 30,890
 Total liabilities & stockholders'
 equity $453,726 $417,773
 SC BANCORP AND ITS SUBSIDIARY SOUTHERN CALIFORNIA BANK
 Consolidated Income Statements
 12 months ended Dec. 31, 1991
 (Dollars in thousands, except per share amounts)
 12 months
 Unaudited Audited
 12/31/91 12/31/90
 Total revenue on earning assets $39,440 $41,306
 Total cost of funds 17,678 19,722
 Net income on earning assets 21,762 21,584
 Provision for loan losses 2,363 373
 Net income after provision 19,399 21,211
 Non-interest income 4,455 4,141
 Net income from operations 23,854 25,352
 Other non-operating expenses 19,838 19,833
 Net income before income taxes 4,016 5,519
 Income taxes 1,308 1,299
 Net income (loss) $2,708 $4,220
 Earnings per share (a) $0.78 $1.22
 (a) Based on year-end 1991 outstanding shares.
 SC BANCORP AND ITS SUBSIDIARY SOUTHERN CALIFORNIA BANK
 Consolidated Income Statements
 Three months ended Dec. 31, 1991
 (Dollars in thousands, except per share amounts)
 Three months unaudited
 12/31/91 12/31/90
 Total revenue on earning assets $9,630 $11,123
 Total cost of funds 4,171 5,265
 Net income on earning assets 5,459 5,858
 Provision for loan losses 851 57
 Net income after provision 4,608 5,801
 Non-interest income 1,113 1,680
 Net income from operations 5,721 7,481
 Other non-operating expenses 5,001 6,031
 Net income before income taxes 720 1,450
 Income taxes 217 290
 Net income (loss) $503 $1,160
 Earnings per share (a) $0.15 $0.33
 (a) Based on year-end 1991 outstanding shares.
 SC BANCORP AND ITS SUBSIDIARY SOUTHERN CALIFORNIA BANK
 Summary of Results
 (12 months ended Dec. 31)
 Unaudited Audited Percent
 12/31/91 12/31/90 Change
 Total assets $453,726,000 $417,773,000 8.6 percent
 Total deposits $410,756,000 $376,625,000 9.1 percent
 Total gross loans $301,882,000 $293,829,000 2.7 percent
 Shareholders'
 equity $32,904,000 $30,890,000 6.5 percent
 Total revenue $43,895,000 $45,447,000 -3.4 percent
 Net income after
 taxes $2,708,000 $4,220,000 -35.8 percent
 Earnings per
 share (a) $0.78 $1.22 -35.8 percent
 Fourth Quarter Results
 (Three months ended Dec. 31)
 Percent
 12/31/91 12/31/90 Change
 Total revenue $10,743,000 $12,803,000 -16.1 percent
 Net income after
 taxes $503,000 $1,160,000 -56.6 percent
 Earnings per
 share (a) $0.15 $0.33 -56.6 percent
 (a) Based on year-end 1991 outstanding shares.
 -0- 1/22/92
 /CONTACT: Norman Morales, executive VP of SC Bancorp, 310-923-9811/
 (SCK) CO: SC Bancorp ST: California IN: FIN SU: ERN


AL-CH -- LA021 -- 2344 01/22/92 13:12 EST
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