Community Savings announces first quarter fiscal earnings.

NORTH PALM BEACH, Fla.--(BUSINESS WIRE)--Jan. 16, 1996-- Community Savings, F.A. (NASDAQ:CMSV) announced Tuesday that net income for the quarter ended Dec. 31, 1995 remained unchanged at $1.1 million, or $.22 per share, from the quarter ended Dec. 31, 1994.

While net income remained unchanged, during the comparative period, the provision for loan losses decreased by $78,000 and other income increased by $230,000, offset by a decrease in net interest income of $56,000 and an increase in operating expense of $274,000. The Association's annualized return on average assets for the three months ended Dec. 31, 1995 was .73%.

Financial highlights for Community Savings follow. The information for Dec. 31, 1995 is unaudited and subject to change after the annual audit. -0-

                    COMMUNITY SAVINGS, F.A.
             SELECTED CONSOLIDATED FINANCIAL DATA

                               At           At
                            Dec. 31,     Sept. 30,    Increase
                              1995         1995      (Decrease)
                           (Unaudited)   (Audited)
                                       (In thousands)
ASSETS

Cash and cash equivalents   $ 59,642     $ 42,497     $ 17,145
Investment securities         27,435       59,679      (32,244)
Securities available
  for sale                    75,929       27,028       48,901
Loans receivable, net        334,829      329,442        5,387
Mortgage-backed and
  related securities          59,928       77,499      (17,571)
Real estate owned, net         1,927        1,910           17
Other assets                  27,374       28,951       (1,577)
  Total assets              $587,064     $567,006     $ 20,058

LIABILITIES

Deposits                    $461,685     $437,376     $ 24,309
Borrowings                    37,643       39,101       (1,458)
Other liabilities             13,149       17,681       (4,532)
  Total liabilities          512,477      494,158       18,319

Shareholders' equity          74,587       72,848        1,739
  Total liabilities and
   equity                   $587,064     $567,006     $ 20,058

    Cash and cash equivalents increased $17.1 million to
$59.6 million at Dec. 31, 1995 from $42.5 million at Sept. 30, 1995,
due primarily to an increase in deposits of $24.3, offset by an
increase in loans receivable of $5.4 million and a decrease in
advances by borrowers of taxes and insurance of $5.5 million.
    Investment securities decreased $32.2 million to $27.5 million at
Dec. 31, 1995 from $59.7 million at Sept. 30, 1995, and
mortgage-backed and related securities decreased by $17.6 million to
$59.5 million at Dec. 31, 1995 from $77.5 million at Sept. 30, 1995,
due primarily to a one time reclassification of securities totalling
$48.8 million to securities available for sale in accordance with
provisions of Financial Accounting Standards No. 115, "Accounting
for Certain Investments in Debt and Equity Securities."
    Total deposits increased by $24.3 million to $461.7 million at
Dec. 31, 1995 from $437.4 million at Sept. 30, 1995 due primarily
to a seasonal increase in deposits, as well as the addition of
$13.0 million in two year public fund deposits.  Advances by
borrowers for taxes and insurance decreased $5.5 million to
$1.5 million at Dec. 31, 1995, from $7.0 million at Sept. 30, 1995,
due to the payment of real estate taxes during the quarter.
    Total equity increased $1.7 million, to $74.5 million at
Dec. 31, 1995, from $72.8 million at Sept. 30, 1995, due to net
income of $1.1 million, an increase in the value of securities
available for sale of $825,000, and the stock benefit plans accrual
of $254,000, offset by the payment of dividends of $392,000.

          CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

                                 Three Months Ended
                                      Dec. 31,          Increase
                                   1995      1994      (Decrease)
                                     (Unaudited)
                               (Dollars in thousands)

Interest income                  $10,205    $ 8,872     $ 1,333
Interest expense                   5,349      3,960       1,389
  Net interest income              4,856      4,912         (56)
Provision for loan losses             30        108         (78)
Other income                       1,080        850         230
Operating expense                  4,189      3,915         274
Provision for income taxes           667        673          (6)
  Net income                     $ 1,050    $ 1,066     $   (16)
Earnings per share               $  0.22    $  0.22
Weighted average common shares
  outstanding                  4,850,672  4,887,160

    Net interest income remained unchanged at $4.9 million for the
quarter ended Dec. 31, 1995 from the quarter ended Dec. 31, 1994.
While net income remained unchanged, during the comparative period,
the average net interest rate spread decreased to 3.17% for the
quarter ended Dec. 31, 1995 from 3.74% for the same period in 1994,
offset by an increase in average interest-earning assets of
$47.8 million to $538.6 million for the three months ended
Dec. 31, 1995 from $490.8 million for the same period in 1994.
    Provision for loan losses decreased to $30,000 for the quarter
ended Dec. 31, 1995 from $108,000 for the same period in 1994 due to
a lower level of charge offs and reserves for the quarter ended
Dec. 31, 1995, as compared to the comparable quarter in 1994.  Other
income increased to $1.1 million for the three months ended Dec. 31,
1995 from $850,000 for the same period in 1994, due primarily to
increased NOW account and other customer fees of $103,000, as well as
the net gain of $110,000 resulting from the call of a security.
    Operating expenses increased to $4.2 million for the quarter
ended Dec. 31, 1995 from $3.9 million for the same period in 1994,
due to an increase in employee compensation and benefits to
$2.0 million for the quarter ended Dec. 31, 1995, from $1.8 million
for the same period in 1994 primarily due to increased costs related
to the Association's stock benefit plans.

                     SELECTED FINANCIAL RATIOS

                                                    Twelve Months
                                Three Months Ended      Ended
                                     Dec. 31,         Sept. 30,
                                  1995     1994         1995

Return on average assets (1)      0.73%    0.80%        0.84%
Return of average equity (1)      5.71%    6.73%        6.60%
Interest rate spread              3.17%    3.74%        3.40%
Equity to assets at period end   12.71%   13.35%       12.85%
Non-interest income to average
  assets (1)                      0.75%    0.63%        0.62%
Non-interest expense to average
  assets (1)                      2.92%    2.92%        2.74%
Non-performing loans to total
  loans                           0.29%    0.87%        0.20%
Non-performing assets to total
  assets                          0.49%    1.23%        0.45%
Allowance for loan losses to
  non-performing loans          364.51%  123.36%      527.49%
Allowance for loan losses to
  total loans                     1.04%    1.08%        1.06%
Net yield on average interest-
  earning assets (1)              3.52%    4.00%        3.78%
Average interest-earning
  assets to average interest-
  bearing liabilities            111.04%  103.88%      110.09%

(1) Ratio is annualized for the three months ended Dec. 31, 1995
    and 1994.

Community Savings has 17 full service offices throughout Palm Beach, Martin and St. Lucie counties. The stock trades on the Nasdaq National Market under the symbol "CMSV."

CONTACT: Community Savings, F.A., North Palm Beach

James B. Pittard Jr., President

or Larry J. Baker, Treasurer 

407/881-2212