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CENTRAL HOLDING COMPANY REPORTS RESULTS OF QUARTER ENDED SEPT. 30, 1993

 CLINTON TOWNSHIP, Mich., Oct. 26 /PRNewswire/ -- Central Holding Company (the "Company" or "CHC") (NASDAQ-NMS: CHOL) reported net income of $458,000 or $0.12 per share for the quarter ended Sept. 30, 1993, as compared to net income of $217,000 or $0.06 per share for the quarter ended Sept. 30, 1992. The results for the quarter ended Sept. 30, 1993 include a benefit of $164,000 or $0.04 per share due to the cumulative effect of a change in the Company's method of accounting for income taxes. The results for the quarter ended Sept. 30, 1992, include net income from discontinued operations of $102,000 or $0.03 per share.
 CHC attributed the improvement in operating results for the quarter ended Sept. 30, 1993, as compared to the corresponding period one year earlier to a reduction in the provision for losses and expenses associated with foreclosed real estate and declines in general and administrative costs.
 As of Sept. 30, 1993, the Company's subsidiary, Colonial Central Savings Bank, F.S.B. ("Colonial") had a tangible capital ratio and core capital ratio of 6.32 percent as compared to current minimum tangible and core regulatory capital ratio requirements of 1.50 percent and 3.00 percent, respectively. Colonial had a risk based capital ratio of 12.01 percent at Sept. 30, 1993, as compared to a minimum required risk based capital ratio of 8.00 percent.
 At Sept. 30, 1993, Colonial had assets classified substandard or doubtful of $5.7 million or 33.9 percent of tangible capital and general valuation allowances. The ratio of non-performing assets to total assets was 1.84 percent at Sept. 30, 1993, as compared to 2.16 percent at June 30, 1993.
 Colonial was required, under a Capital Directive which it executed with the Office of Thrift Supervision in October 1992, to meet all regulatory capital requirements and reduce its ratio of assets classified substandard and doubtful to less than 75 percent of tangible capital and general valuation allowances by June 30, 1993. Colonial has met these requirements.
 CHC is a financial services organization headquartered in Clinton Township. Its main operating subsidiaries include: Colonial Central Savings Bank, F.S.B., a federally chartered stock savings bank with six branches in Michigan, and Central Mortgage Corporation, which originates residential mortgage loans.
 CENTRAL HOLDING COMPANY
 OPERATING HIGHLIGHTS
 (In thousands of dollars, except per-share data)
 Three Months Ended
 Sept. 30
 1993 1992
 (unaudited)
 Net interest income $1,818 $2,442
 Net income from continuing operations $294 $115
 Net income from discontinued operations --- 102
 Net income after discontinued operations
 but before cumulative effect of change
 in accounting principle 294 217
 Cumulative effect of change in
 accounting principle 164 ---
 Net income $458 $217
 Per share data:
 Net income per share from continuing
 operations $0.08 $0.03
 Net income per share from
 discontinued operations --- 0.03
 Net income per share after
 discontinued operations but before
 cumulative effect of change in
 accounting principle 0.08 0.06
 Net income per share from cumulative
 effect of change in accounting
 principle 0.04 ---
 Net income per share $0.12 $0.06
 Average shares outstanding, including
 common share equivalents (000s) 3,826 3,622
 Sept. 30, June 30,
 1993 1993
 (unaudited)
 Total assets $238,517 $227,120
 Loans receivable, net 138,482 140,774
 Deposit accounts 191,379 181,652
 Stockholders' equity 12,425 11,967
 Book value per share 3.29 3.16
 -0- 10/26/93
 /CONTACT: Margaret S. Makela or Robert N. Shuster of Central Holding, 313-792-7000/
 (CHOL)


CO: Central Holding Company ST: Michigan IN: FIN SU: ERN

ML-CJ -- DE014 -- 6840 10/26/93 11:07 EDT
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Publication:PR Newswire
Date:Oct 26, 1993
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