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CENTRAL FIDELITY REPORTS RECORD EARNINGS

 RICHMOND, Va., July 14 /PRNewswire/ -- Central Fidelity Banks, Inc. (NASDAQ-NMS: CFBS) reported record earnings for the second quarter and six months ended June 30, 1993.
 Net income for the second quarter increased 32.5 percent to $26,317,000 compared with $19,864,000 for the same period in 1992. Net income per share for the quarter was 68 cents vs. 60 cents in 1992, an increase of 13.3 percent on higher average shares outstanding.
 For the first half of 1993, net income was $50,444,000 or $1.31 per share vs. $35,616,000 or $1.08 in the first six months of 1992. This growth in earnings represented increases of 41.6 percent in net income and 21.3 percent in earnings per share.
 Total assets as of June 30, 1993, were $9,135,565,000, an increase of 28.4 percent from the prior year. Total loans at quarter-end rose 13.1 percent to $4,213,262,000 with especially strong growth in residential first mortgage lending activities, while total deposits grew
18.6 percent to $6,714,410,000. Shareholders' equity rose 40.8 percent to $639,706,000 or 7.0 percent of total assets vs. $454,297,000 a year ago. The book value per common share was $16.52 compared with $13.80 on June 30, 1992.
 The company's return on average total assets for the second quarter was 1.19 percent vs. 1.13 percent for the comparable quarter in 1992. The return on average shareholders' equity was 16.61 percent during the quarter, down from 17.72 percent a year ago as a result of the higher base of equity capital.
 On a tax-equivalent basis, net interest income for the second quarter of 1993 increased 15.8 percent to $86,044,000 as average earning assets grew 27.5 percent to $8,364,433,000. The net interest margin was 4.13 percent vs. 4.56 percent in the second quarter of 1992.
 Noninterest income for the second quarter of 1993, excluding the significant trading securities gains of a year ago, increased 9.8 percent to $17,938,000. Principal contributing factors in this increase were higher deposit fees and charges and commissions from the sale of annuities and mutual funds.
 Noninterest expense increased 8.9 percent during the quarter to $50,932,000. This increase was attributable primarily to higher personnel costs, expenses associated with foreclosed properties, and higher FDIC insurance premiums. For the first six months of 1993, noninterest expense grew 8.2 percent.
 Non performing assets as of June 30, 1993 were $112,369,000 or 1.23 percent of total assets compared to $112,306,000 or 1.29 percent at the end of first quarter and $116,225,000 or 1.63 percent at the same date last year. The allowance for loan losses at quarter-end was $101,800,000 or 2.42 percent of loans compared with $81,300,000 or 2.18 percent of loans at the end of the second quarter 1992.
 Net loan charge-offs for the quarter were $12,513,000, representing 1.22 percent of average loans on an annualized basis compared to $21,764,000 or 2.37 percent of average loans for the second quarter of 1992. For the six months ended June 30, 1993, net charge-offs were $31,334,000 or 1.55 percent of average loans compared to $28,447,000 or 1.56 percent of average loans for 1992.
 Commenting on the company's performance, Carroll L. Saine, chairman of the board, said: "We are pleased that Central Fidelity continues its growth in earnings in such a slow and uneven economic recovery. We remain hopeful that sound policies for jobs creation and economic stimulus materialize and translate into further opportunities for profitable growth through the remainder of 1993."
 Central Fidelity Banks, Inc. is a Richmond-based bank holding company with 230 branch offices throughout the state.
 -0- 7/14/93
 /CONTACT: Charles W. Tysinger, chief financial officer, 804-697-7038, or Peggy Cummings, director of public relations, 804-697-7261, both of Central Fidelity Banks/
 (CFBS)


CO: Central Fidelity Banks, Inc. ST: Virginia IN: FIN SU: ERN

DC-KD -- DC014 -- 1333 07/14/93 11:10 EDT
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Date:Jul 14, 1993
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