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CENTRAL FIDELITY REPORTS RECORD FIRST QUARTER EARNINGS

 RICHMOND, Va., April 15 /PRNewswire/ Central Fidelity Banks, Inc. (NASDAQ-NMS: CFBS), reported record earnings for the quarter ended March 31, 1993. Net income for the quarter increased 53.2 percent to $24,127,000, compared with $15,752,000 for the 1992 period. Net income per share was 63 cents vs. 48 cents, an increase of 31.3 percent on 17.4 percent higher average shares outstanding.
 Total assets as of March 31, 1993, were $8,730,965,000, an increase of 26.5 percent from the previous year. Total loans at quarter-end were $4,011,002,000, up 10.6 percent with primary growth reflected in residential first mortgage lending activities. Total deposits increased 18.2 percent to $6,617,881,000. Shareholders' equity at March 31, 1993, was $619,207,000, representing an increase of 40.9 percent from the 1992 quarter-end level. The book value per common share increased 20.0 percent to $16.06 compared to $13.38 last year.
 Central Fidelity's return on average total assets for the quarter was 1.13 percent, compared with .96 percent for the same 1992 period. The company's return on average shareholders' equity improved to 15.81 percent vs. 14.51 percent last year.
 Net interest income for the first quarter of 1993 grew 24.0 percent to $85,222,000. On a tax-equivalent basis, the net interest margin was 4.30 percent, compared to 4.55 percent for the first quarter of 1992.
 Non-interest income for the quarter increased 19.3 percent to $20,844,000, due primarily to higher deposit fees and charges and increased financial services and other fee income.
 Non-interest expense for the first quarter of 1993 increased 7.5 percent to $50,565,000, with higher FDIC premiums and increased personnel cost accounting for most of the increase.
 Non-performing assets as of March 31, 1993, were $112,306,000, or 1.29 percent of total assets, compared to $112,302,000, or 1.29 percent, at Dec. 31, 1992, and $95,217,000, or 1.38 percent, a year ago. The allowance for loan losses at quarter-end was $101,800,000, or 2.54 percent of total loans, compared to $101,800,000, or 2.58 percent, at year-end and $69,500,000, or 1.92 percent of total loans, for the same period last year.
 Net loan charge-offs for the quarter were $18,821,000 representing 1.9 percent of average loans on an annualized basis, compared to $17,189,000 in net charge-offs for the quarter ended Dec. 31, 1992, and $6,683,000 for the same period last year.
 Commenting on the bank's performance, Carroll L. Saine, chairman of the board and chief executive officer, said: "The early signs of economic recovery should help to stimulate profitable loan demand as the year progresses. In the meantime, we are very pleased with our current earnings momentum and encouraged by the stabilization of non-performing assets, which should reduce future provisions for loan losses."
 Central Fidelity Banks, Inc., is a Richmond-based bank holding company with 230 branch offices throughout the state.
 -0- 4/15/93
 /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

MH-DS -- DC007 -- 6061 04/15/93 09:22 EDT
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Date:Apr 15, 1993
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