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CHARTER FEDERAL ANNOUNCES PROFIT FOR FIRST QUARTER OF FISCAL 1992

     CHARTER FEDERAL ANNOUNCES PROFIT FOR FIRST QUARTER OF FISCAL 1992
     BRISTOL, Va., Nov. 12 /PRNewswire/ -- Charter Federal Savings Bank (NASDAQ: CHFD) today announced a net profit of $206,000 of $0.06 per share on 3,656,297 average shares outstanding for the first quarter of fiscal 1992 ended Sept. 30, 1991.
    The profit for the quarter was attributed to the continuing positive impact of savings realized from consolidation of branch operations and reduction of total staff in previous quarters, to other expense reductions and to lower market interest rates.
    The net income for the first quarter of fiscal 1992 compares with a loss of $955,000 or $0.26 per share on 3,656,297 average shares outstanding for the first quarter of fiscal 1991. "The Board of Directors and management are encouraged by the improvement in financial operating results," said E.L. Byington, Jr., Chief Executive Officer. "We analyze our operations continually in search of opportunities to achieve greater savings and enhance income in an effort to generate greater profits in the future," he said.
    Assets at Sept. 30, 1991 totaled approximately $828 million, a $75 million decline from total assets at Sept. 30, 1990.  The reduction of the asset base was in keeping with objectives of the Savings Bank's Business Plan.  Stockholders' equity at Sept. 30, 1991 was $20.7 million, down from $28.6 million at Sept. 30, 1990.  The decline in stockholders' equity was due for the most part to the establishment during fiscal 1991 of allowances for losses on loans and other assets. The Savings Bank does not currently meet the three capital standards required by the Financial Institutions Reform, Recovery and Enforcement Act which became law in August 1989.  Charter Federal is continuing to follow its Business Plan, although the Plan has been disapproved by the OTS.  The Plan provides for full compliance with all existing capital requirements by June 30, 1994.
    Charter Federal, which began operation in 1920, is a federally-chartered stock Savings Bank headquartered in Bristol, Va. with 29 branch offices throughout Southwest and Southside Virginia and East Tennessee.
           CHARTER FEDERAL SAVINGS BANK AND SUBSIDIARIES
                SELECTED QUARTERLY DATA (UNAUDITED)
          Dollars in Thousands, Except Per Share Amounts
                                       Three Months Ended
                                            Sept. 30,
                                      1991           1990
    Net Interest Income             $3,607          $2,951
    Net Gain (Loss) on sale
     of investments and
     marketable equity
     securities                         60            (233)
    Other Income                       517             856
    Other expense                    3,978           4,529
    Net Income (Loss)               $  206          $ (955)
    Net Income (Loss) Per Share     $  .06          $ (.26)
    Average Number of Common
     Shares Outstanding          3,656,297       3,656,297
                      CHARTER FEDERAL SAVINGS BANK
                            AND SUBSIDIARIES
         CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION
                         (Dollars in Thousands)
                              (UNAUDITED)
                                        September 30,    September 30,
                                              1991            1990
    ASSETS
    Cash:
     Interest bearing                      $11,491         $11,047
     Noninterest bearing                     7,392          13,063
     Restricted cash                         1,086               0
    Federal funds sold                       5,900           9,850
    Investment securities                   89,269         102,607
    Investment in joint venture              2,980           2,975
    Loans receivable, net and
     mortgage-backed certificates          639,764         665,857
    Direct finance leases                    1,607          23,255
    Office properties and equipment, net     6,513           7,174
    Real estate owned, net                   5,029           5,352
    Cost in excess of fair value of
     net assets acquired                    45,001          47,595
    Prepaid and other assets                12,384          14,364
     Total Assets                       $  828,416      $  903,139
    LIABILITIES AND STOCKHOLDERS' EQUITY
    Liabilities
     Savings deposits                     $615,680        $648,510
     Short-term borrowings                  77,270          98,027
     Advance payments by borrowers for
      taxes and insurance                    1,816           2,009
     Accounts payable and accrued
      liabilities                            5,493           5,634
     Checks outstanding on
      disbursement account                   3,000           3,372
     Advances from Federal Home Loan Bank
      and other borrowings                 104,500         117,000
       Total Liabilities                  $807,759        $874,552
    Stockholders' Equity:
     Preferred stock                             0               0
     Common stock                               37              37
     Additional paid-in capital              9,475           9,475
     Retained earnings                      12,315          24,578
     Net unrealized loss on marketable
      equity securities                     (1,120)         (5,453)
                                           $20,707         $28,637
     Less cost of treasury stock                50              50
     Total Stockholders' Equity            $20,657         $28,587
     Total Liabilities and
      Stockholders' Equity                $828,416        $903,139
    -0-                            11/12/91
    /CONTACT:  Douglas D. Deppen, Senior Vice President and Chief Financial Officer, Charter Federal Savings Bank, 703-669-5101/
    (CHFD) CO:  Charter Federal Savings Bank ST:  Virginia IN:  FIN SU:  ERN CM-DF -- CH004 -- 3364 11/12/91 10:22 EST
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Date:Nov 12, 1991
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