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CENTRAL FIDELITY REPORTS RECORD FIRST QUARTER EARNINGS

 CENTRAL FIDELITY REPORTS RECORD FIRST QUARTER EARNINGS
 RICHMOND, Va., April 14 /PRNewswire/ -- Central Fidelity Banks,


Inc. (NASDAQ-NMS: CFBS) reported record earnings for the quarter ended March 31, 1992. Net income for the quarter grew 15.5 percent to $16,974,000 compared with $14,695,000 for the 1991 period. Net income per share was $.78 versus $.68, an increase of 14.7 percent on higher average shares outstanding.
 Total assets as of March 31, 1992 were $6,887,274,000, an increase of 13.8 percent from the previous year. Total loans at quarter-end were $3,624,996,000, up 1.0 percent reflecting the continuation of depressed loan demand. Total deposits increased 18.1 percent to $5,597,582,000, driven by strong core deposit growth. Shareholders' equity at quarter-end was $442,530,000 or 6.4 percent of total assets. the book value per common share grew 10.4 percent and was $20.21 compared to $18.31 last year.
 Central Fidelity's return on average total assets during the first quarter of 1992 was 1.04 percent compared to 1.02 percent for the comparable 1991 period. The Company's return on average shareholders' equity improved to 15.55 percent versus 15.21 percent last year.
 Net interest income for the first quarter of 1992 grew 16.2 percent to $65,876,000. On a tax-equivalent basis, the net interest margin was 4.55 percent compared to 4.56 percent for the first quarter of 1991.
 Noninterest income for the quarter increased 11.2 percent to $19,322,000 due primarily to higher deposit fees and charges, and increased financial services and other fee income.
 Noninterest expense for the first quarter of 1992 increased only 2.5 percent to $47,057,000 with higher F.D.I.C. premiums accounting for virtually all of the increase.
 Nonperforming assets as of March 31, 1992 were $95,217,000 or 2.60 percent of loans and foreclosed properties compared to $69,236,000 or 1.90 percent of loans at Dec. 31, 1991, and $88,494,000 or 2.45 percent of loans at March 31, 1991. A single commercial real estate credit relationship, totalling $22.2 million, accounted for the major portion of the increase in nonperforming loans. The allowance for loan losses at quarter-end was $69,500,000 or 1.92 percent of loans compared to $61,000,000 or 1.69 percent at year-end and $62,330,000 or 1.74 percent for the same period last year.
 Loan charge-offs for the quarter were $6,683,000, representing .74 percent of average loans on an annualized basis compared to $24,588,000 in net charge-offs for the quarter ended Dec. 31, 1991 and $7,476,000 for the same period last year.
 Commenting on the bank's performance, Carroll L. Saine, chairman of the Board and Chief Executive Officer, said, "During this period of weak economic conditions and continued difficulties in the commercial real estate markets, we are pleased with our record earnings and confident of opportunities for growth throughout the year."
 Central Fidelity Banks, Inc. is a Richmond, Va.-based bank holding company with 205 branch offices throughout the state.
 -0- 4/14/92
 /CONTACT: William F. Shumadine, Jr., President, 804-697-6744, or Peggy Cummings, Public Relations Manager, 804-697-7261, both of Central Fidelity Banks, Inc./
 (CFBS) CO: Central Fidelity Banks, Inc. ST: Virginia IN: FIN SU: ERN


DF-CM -- CH004 -- 8165 04/14/92 10:31 EDT
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Date:Apr 14, 1992
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