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/FIRST AND FINAL ADD -- NY092 -- CRAGIN FINANCIAL CORP./

 CRAGIN FINANCIAL CORP. AND SUBSIDIARIES
 Financial Condition Highlights
 (Dollars in thousands, except per share data)
 June 30, Dec. 31,
 1993 1992
 (unaudited)
 Total assets $ 2,809,159 $ 2,744,043
 Interest-earning assets 2,643,479 2,542,366
 Interest-bearing liabilities 2,421,477 2,359,284
 Non-performing assets 25,614 27,521
 Non-performing loans 20,323 22,085
 Stockholders' equity 319,588 311,362
 Shares outstanding - actual 12,813,909 13,551,728
 Shares outstanding - fully diluted 14,262,443 14,997,979
 Selected Asset Quality Ratios:
 Non-performing loans to loans
 receivable, net (Pct.) 1.38 1.50
 Non-performing assets to total
 assets 0.91 1.15
 Allowance for loan losses to
 non-performing loans 108.01 98.36
 Allowance for loan losses to
 loans receivable, net 1.49 1.44
 Six Months
 Periods ended June 30 1993 1992
 (unaudited)
 Selected Operating Activities (annualized):
 Return on average assets (a) (pct.) 1.71 1.31
 Return on average equity (a) 14.95 11.37
 Operating expenses to average assets 1.76 1.81
 Interest rate spread during period 4.08 3.98
 Net interest margin 4.40 4.38
 Selected Investing Activities:
 Loans originated and purchased $178,283 $206,386
 Information Per Common Share: (b)
 Primary and fully diluted earnings:
 Primary earnings before cumulative
 effect of accounting change: $1.42 1.11
 Fully diluted earnings before
 cumulative effect of accounting
 change 1.41 1.11
 Primary earnings per share 1.66 1.11
 Fully diluted earnings per share 1.65 1.11
 Book value (actual shares outstanding) 24.94 21.43
 Book value (fully diluted) 22.41 19.68
 Tangible book value 22.76 19.41
 Market price (closing) 24 3/8 17 3/8
 P/E ratio (a) 7.27 7.81
 (a) The return on average assets, the return on average equity and the P/E ratio for the six months ended June 30, 1993, all include a $3.5 million cumulative effect of change in accounting for income taxes recorded during the first quarter of 1993. These ratios are 1.46 percent, 12.75 percent and 8.52, respectively, before the effects of the change in accounting.
 (b) June 30, 1992 information per common share is restated to reflect a 3 for 2 stock split on Dec. 28, 1992.
 CRAGIN FINANCIAL CORP. AND SUBSIDIARIES
 Consolidated Statements of Financial Condition
 (Dollars in thousands)
 June 30, Dec. 31,
 1993 1992
 (unaudited)
 Assets:
 Cash and due from banks 12,811 27,837
 Interest-earning deposits 486 687
 Federal funds sold 38,000 9,700
 Investment securities 233,638 307,245
 Investment securities held for sale 20,015 40,310
 Mortgage-backed securities 813,987 680,641
 Mortgage-backed scurities held for sale 65,257 --
 Loans receivable, net 1,472,095 1,503,783
 Accrued interest receivable 19,297 21,598
 Foreclosed real estate, net 5,291 5,436
 Real estate held for development or
 sale, net 30,599 30,767
 Premises and equipment 26,770 26,554
 Excess of cost over fair value of net
 assets acquired 27,905 28,513
 Prepaid expenses and other assets 43,008 60,972
 $2,809,159 $2,744,043
 Liabilities And Stockholders' Equity
 Liabilities:
 Deposits 2,097,970 2,097,985
 Borrowed funds 323,507 261,299
 Advance payments by borrowers for
 taxes and insurance 18,790 17,299
 Accrued interest payable 21,789 21,620
 Other liabilites 27,515 34,478
 2,489,571 2,432,681
 Stockholders' equity:
 Preferred stock, $.01 par value;
 authorized 10,000,000 shares; none
 outstanding -- --
 Common stock, $.01 par value;
 authorized 30,000,000 shares; issued
 15,653,775 and outstanding 12,813,909
 shares 156 156
 Additional paid-in capital 95,649 95,561
 Retained earnings, substantially
 restricted 282,459 258,577
 Treasury stock, at cost (2,839,866
 shares) (51,524) (34,861)
 Common stock acquired by Employee
 Stock Ownership Plan (4,870) (5,299)
 Common stock awarded by Bank
 Recognition Plans (2,282) (2,772)
 Total Stockholders' Equity 319,588 311,362
 Commitments and contingencies $2,809,159 $2,744,043
 CRAGIN FINANCIAL CORP. AND SUBSIDIARIES
 Consolidated Statements of Income
 (Dollars in thousands)
 Three Months Ended Six Months Ended
 Periods ended June 30 1993 1992 1993 1992
 (unaudited)
 Interest income $52,892 $54,895 106,288 113,154
 Interest expense 24,083 28,756 48,750 59,496
 Net interest income before
 provision for loan losses 28,809 26,139 57,538 53,658
 Provision for loan losses 500 750 1,250 1,500
 Net interest income after
 provision for loan losses 28,309 25,389 56,288 52,158
 Non-interest income:
 Gain (loss) on sale and
 writedown of:
 Mortgage-backed securities,
 net (404) -- (404) (75)
 Trading account securities (259) 266 -- 261
 Investment securities, net (69) 103 (21) 112
 Income (loss) from real estate
 operations 323 (812) 834 (1,129)
 Fees and commissions 1,446 1,156 2,696 2,289
 Other 527 478 971 1,027
 Total non-interest income 1,564 1,191 4,076 2,485
 Non-interest expense:
 Compensation and benefits 6,751 5,798 13,749 13,197
 Office occupancy and equipment 1,321 1,378 2,691 2,717
 Federal deposit insurance
 premiums 1,212 1,212 2,424 2,623
 Advertising and promotion 633 557 991 762
 Data processing 382 391 797 757
 Professional services 352 572 742 799
 Amortization of excess of
 cost over fair value of net
 assets acquired 304 304 608 608
 Provision for losses on
 mortgage-backed and investment
 securities -- -- -- 355
 Provision for losses on
 foreclosed real estate -- -- -- 42
 Other 1,626 1,331 3,216 3,097
 Total non-interest expense 12,581 11,543 25,218 24,957
 Income before income tax
 expense and cumulative
 effect of accounting change 17,292 15,037 35,146 29,686
 Income tax expense 7,103 5,992 14,783 12,284
 Income before cumulative
 effect of accounting change 10,189 9,045 20,363 17,402
 Cumulative effect of
 accounting change -- -- 3,520 --
 Net income $10,189 9,045 23,883 17,402
 Primary and fully diluted
 earnings per share:
 Primary earnings before
 cumulative effect of
 accounting change $0.72 0.58 1.42 1.11
 Fully diluted earnings
 before cumulative effect
 of accounting change 0.71 0.58 1.41 1.11
 Primary earnings per share 0.72 0.58 1.66 1.11
 Fully diluted earnings per
 share 0.71 0.58 1.65 1.11
 -0- 7/19/93 AA NY092
 /PRNewswire -- July 19/
 /END FIRST AND FINAL ADD/
 (CRGN)


CO: Cragin Financial Corp. ST: Illinois IN: FIN SU: ERN

TM -- NY092A -- 3313 07/19/93 19:06 EDT
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