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/FIRST AND FINAL ADD -- NY095 -- CRAGIN FINANCIAL EARNINGS/

 In the current quarter, options to purchase 9,385 shares of common stock were exercised by officers and employees of the bank. The company reissued 945 shares purchased in the open market to satisfy some of the options exercises and reissued 8,440 shares from treasury to satisfy the remaining option exercises.
 Cragin Federal Bank for Savings is a federally chartered stock savings bank. The bank has a network of 27 branches in Chicago and the western and northwestern suburbs of Chicago. The stock of Cragin Financial Corp., the holding company of Cragin Federal Bank for Savings and Cragin Service Development Corp., is quoted on the NASDAQ National Market System under the symbol "CRGN."
 CRAGIN FINANCIAL CORP. AND SUBSIDIARIES
 (Dollars in thousands, except per share data)
 Financial Condition Highlights
 Sept. 30, 1993 Dec. 31, 1992
 (unaudited)
 Total assets $ 2,828,446 2,744,043
 Interest-earning assets 2,639,991 2,542,366
 Interest-bearing liabilities 2,441,991 2,359,284
 Non-performing assets 22,751 27,521
 Non-performing loans 18,744 22,085
 Allowance for loan losses 22,410 21,722
 Stockholders' equity 329,288 311,362
 Shares outstanding-actual 12,822,349 13,551,728
 Shares outstanding-fully diluted 13,916,113 14,997,979
 Selected Asset Quality Ratios:
 Non-performing loans to loans
 receivable, net (pct.) 1.26 1.50
 Non-performing assets to total assets 0.80 1.15
 Allowance for loan losses to non-
 performing loans 119.56 98.36
 Allowance for loan losses to loans
 receivable, net 1.50 1.44
 Periods ended NINE MONTHS
 Sept. 30 1993 1992
 (unaudited)
 Selected Operating Activities (Annualized):
 Return on average assets (A) (pct.) 1.58 1.34
 Return on average equity 13.79 11.61
 Operating expenses to average assets 1.81 1.84
 Interest rate spread during period 3.95 4.05
 Net interest margin 4.27 4.44
 Selected Investing Activities:
 Loans originated and purchased $317,226 290,873
 Information per common share:(B)
 Primary and fully diluted earnings:
 Primary earnings before cumulative
 effect of accounting change $2.09 1.72
 Fully diluted earnings before cumulative
 effect of accounting change 2.08 1.72
 Primary earnings per share 2.33 1.72
 Fully diluted earnings per share 2.32 1.72
 Book value (actual shares outstanding) 25.68 22.14
 Book value (fully diluted) 23.66 20.74
 Tangible book value 23.53 20.10
 Market price (closing) 36 3/8 17 3/8
 P/E ratio (1) 11.43 7.40
 NOTES: (A) The return on average assets, the return on average equity and the P/E ratio for the nine months ended Sept. 30, 1993 all include a $3.5 million cumulative effect of change in accounting for income taxes recorded during the first quarter of 1993. These ratios are 1.41 percent, 12.33 percent and 12.76 percent, respectively, before the effects of the change in accounting.
 (B) Sept. 30, 1992 information per common share is restated to reflect 3 for 2 stock split on Dec. 28, 1992.
 CRAGIN FINANCIAL CORP. AND SUBSIDIARIES
 Consolidated Statements of Financial Condition
 (Dollars in thousands)
 Sept. 30, 1993 Dec. 31, 1992
 (unaudited)
 Assets
 Cash and due from banks $ 24,343 27,837
 Interest-earning deposits 913 687
 Federal funds sold 8,000 9,700
 Investment securities 198,351 307,245
 Investment securities held for sale 48,899 40,310
 Mortgage-backed securities 826,271 680,641
 Mortgage-backed securities
 held for sale 66,168 --
 Loans receivable, net 1,491,389 1,503,783
 Accrued interest receivable 21,481 21,598
 Foreclosed real estate, net 4,007 5,436
 Real estate held for development
 or sale, net 28,482 30,767
 Premises and equipment 26,649 26,554
 Excess of cost over fair value of
 net assets acquired 27,601 28,513
 Prepaid expenses and other assets 55,892 60,972
 $2,828,446 $2,744,043
 Liabilities And Stockholders' Equity:
 Liabilities:
 Deposits 2,101,154 2,097,985
 Borrowed funds 340,837 261,299
 Advance payments by borrowers
 for taxes and insurance 8,043 17,299
 Accrued interest payable 21,212 21,620
 Other liabilities 27,912 34,478
 $2,499,158 $2,432,681
 Stockholders' Equity
 Preferred stock, $.01 par value;
 authorized 10,000,000 shares;
 none outstanding -- --
 Common stock, $.01 par value;
 authorized 30,000,000 shares;
 issued 15,653,775 and
 outstanding 12,822,349 shares 156 156
 Additional paid-in capital 95,610 95,561
 Retained earnings, substantially
 restricted 291,783 258,577
 Treasury stock, at cost
 (2,831,426 shares) (51,371) (34,861)
 Common stock acquired by Employee
 Stock Ownership Plan (4,748) (5,299)
 Common stock awarded by Bank
 Recognition Plans (2,142) (2,772)
 Total Stockholders' Equity 329,288 311,362
 Commitments and contingencies -- --
 Total $2,828,446 $2,744,043
 CRAGIN FINANCIAL CORP. AND SUBSIDIARIES
 Consolidated Statements of Income
 (dollars in thousands)
 Periods ended Sept. 30 Three Months Nine Months
 1993 1992 1993 1992
 (Unaudited)
 Interest income $50,328 54,342 156,616 167,487
 Interest expense 23,685 26,547 72,435 86,034
 Net interest income before
 provision for loan losses 26,643 27,795 84,181 81,453
 Provision for loan losses 500 750 1,750 2,250
 Net interest income after provision
 for loan losses 26,143 27,045 82,431 79,203
 Non-Interest Income:
 Gain (loss) on sale and writedown of:
 Mortgage-backed securities, net 426 3 22 (72)
 Trading account securities -- 565 -- 826
 Investment securities, net 28 11 7 123
 Income (loss) from real estate
 operations 530 179 1,364 (950)
 Fees and commissions 1,336 1,662 4,032 4,030
 Other 1,024 432 1,995 1,380
 Total non-interest income 3,344 2,852 7,420 5,337
 Non-Interest Expense:
 Compensation & benefits 7,401 6,659 21,150 19,856
 Office occupancy and
 equipment 1,407 1,316 4,098 4,033
 Federal deposit
 insurance premiums 1,334 1,313 3,758 3,936
 Advertising and promotion 400 331 1,391 1,093
 Data processing 415 384 1,212 1,141
 Professional services 774 801 1,516 1,600
 Amortization of excess of cost
 over fair value of net assets
 acquired 303 303 911 911
 Provision for losses on
 mortgage-backed and
 investment securities -- -- -- 355
 Provision for losses on
 foreclosed real estate -- -- -- 42
 Other 1,663 1,596 4,879 4,693
 Total non-interest expense 13,697 12,703 38,915 37,660
 Income before income tax
 expense and cumulative effect
 of accounting change 15,790 17,194 50,936 46,880
 Income tax expense 6,467 7,959 21,250 20,243
 Income before cumulative
 effect of accounting change 9,323 9,235 29,686 26,637
 Cumulative effect of
 accounting change -- -- 3,520 --
 Net income $9,323 9,235 33,206 26,637
 Primary and fully diluted earnings per share:
 Primary earnings before cumulative
 effect of accounting change $0.67 0.61 2.09 1.72
 Fully diluted earnings before
 cumulative effect of
 accounting change 0.67 0.61 2.08 1.72
 Primary earnings per share 0.67 0.61 2.33 1.72
 Fully diluted earnings per share 0.67 0.61 2.32 1.72
 -0- 10/18/93 AA NY095
 /PRNewswire -- Oct. 18/
 /END FIRST AND FINAL ADD/
 (CRGN)


CO: Cragin Financial Corporation ST: New York IN: FIN SU: ERN

TM -- NY095A -- 3632 10/18/93 17:54 EDT
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Date:Oct 18, 1993
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