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VALLICORP HOLDINGS, INC. REPORTS RECORD FIRST QUARTER RESULTS FOR 1992; INCREASES REGULAR CASH DIVIDEND 20 PERCENT

 VALLICORP HOLDINGS, INC. REPORTS RECORD FIRST QUARTER RESULTS
 FOR 1992; INCREASES REGULAR CASH DIVIDEND 20 PERCENT
 FRESNO, Calif., April 21 /PRNewswire/ -- ValliCorp Holdings Inc. (NASDAQ: VALY), a regional multibank holding company headquartered in Fresno today announced record earnings for the first quarter of 1992. This is the ninth consecutive increase in net income and earnings per share for ValliCorp.
 Net income for the first quarter 1992 was $1,130,000, a 27 percent increase over the $887,000 reported in the corresponding quarter of 1991. Primary earnings per share for the quarter ended March 31, 1992, was 26 cents, a 24 percent increase, as compared to 21 cents in 1991.
 J. Mike McGowan, president and chief executive officer of ValliCorp, stated, "ValliCorp continued its healthy trend of net interest margin above 6 percent by adjusting its assets into a higher yielding mix and emphasizing loans to customers within our service area through aggressive relationship banking. Our financial performance, coupled with our belief that the national, state and local economic recovery has begun, position us well for a period of expansion."
 During the quarter ended March 31, 1992, the company achieved a return on average assets of 1.07 percent and a return on average equity of 12.75 percent compared to .92 percent and 11.23 percent, respectively, in the corresponding quarter in 1991.
 Because of management's continuing efforts to convert nonperforming assets into earning assets, the ratios of nonperforming assets to loans and OREO (1.71 percent) and to total assets (1.24 percent) declined when compared to the corresponding quarter in 1991 (1.81 percent and 1.29 percent, respectively) and to the year ended Dec. 31, 1991 (1.78 percent and 1.32 percent, respectively).
 Separately, the board of directors approved a cash dividend of 6 cents per share, payable May 15, 1992, to stockholders of record on May 1, 1992, increassing by 20 percent ValliCorp's previously announced cash dividend policy.
 ValliCorp has previously announced plans to merge with Pacific Bancorporation (NASDAQ: PABC), a $206 million holding company of Community First Bank of Bakersfield, Calif. Pending successful completion of a public offering and approval by stockholders of the respective companies and regulatory authorities, ValliCorp hopes to complete the transaction by the fourth quarter of 1992.
 ValliCorp Holdings Inc. is a $430 million multibank holding company with two bank subsidiaries, Bank of Fresno and Merced Bank of Commerce. ValliCorp is the largest independent bank holding company headquartered in the heart of California's San Joaquin Valley. The company's common stock is traded on the NASDAQ National Market System under the symbol VALY.
 VALLICORP HOLDINGS INC.
 Financial Highlights
 (Dollars in thousands, except share data)
 Three Months
 Ended March 31,
 1992 1991
 (unaudited)
 Statement of Income Data
 Net interest income $5,643 $ 5,207
 Provision for possible
 credit losses 285 92
 Other income 1,111 725
 Other expenses 4,551 4,337
 Income taxes 788 616
 Net income 1,130 887
 Balance Sheet Data
 Total assets $429,827 $402,938
 Total loans 312,334 285,633
 Total deposits 387,979 363,581
 Stockholders' equity 35,966 32,212
 Share Data
 Earnings per share
 Primary $.26 $.21
 Fully diluted .25 .21
 Book value per common share 8.47 7.70
 Selected Financial Ratios
 Return on average total assets 1.07 pct .92 pct
 Return on average equity 12.75 11.23
 Net interest margin 6.05 6.18
 Noninterest expenses to
 average assets 4.32 4.49
 Allowance for possible credit
 losses to total loans 1.56 1.68
 Net charge-offs to average loans .08 .04
 Nonperforming assets to total
 loans and OREO 1.71 1.81
 Nonperforming assets to
 total assets 1.24 1.29
 -0- 4/21/92
 /NOTE: For additional information on ValliCorp Holdings Inc. by fax, no cost, dial 800-PRO-INFO, code no. 161./
 /CONTACT: Wolfgang T.N. Muelleck, exec. VP/CFO of Vallicorp, 209-221-4427; or Gary Strong or Nick Farina of The Financial Relations Board, Chicago, 312-266-7800; or Lillian Armstrong of FRB-San Francisco, 415-986-1591; Regina Ryan of FRB-N.Y., 212-661-8030/
 (VALY PABC) CO: Vallicorp Holdings Inc.; The Financial Relations Board ST: California IN: FIN SU: ERN


AL -- LA020 -- 0645 04/21/92 12:20 EDT
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Date:Apr 21, 1992
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