Though its yearend net income rose 30%, Vallicorp Holding Inc. will likely count 1995 as one of its worst years on record.

Staggered by a tough third quarter, which included more than $5 million in bad loan reserves, Vallicorp's overall performance was anything but smooth. The net income gain looks impressive, but merger and restructuring costs had sapped 1994 profits, putting a different perspective on 1995's $10.2 million of net income.

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