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CF BANCORP, INC. ANNOUNCES EARNINGS

 DAVENPORT, Iowa, Jan. 12 /PRNewswire/ -- Paul Eckert, chairman of CF Bancorp, Inc. (NASDAQ-NMS: CFBC), Davenport, Iowa, announced the following second quarter and six month earnings results:
 For the quarter ended Dec. 31, 1993, versus the quarter ended Dec. 31, 1992:
 -- Operating earnings increased 51.7% to $763,000 from $503,000 in
 the year earlier quarter. Included in the $763,000 is a one time
 gain of $97,000 resulting from the disposition of real estate
 owned.
 -- Fully diluted operating earnings per share increased 62.5% to
 $0.78 from $0.48 in the year earlier quarter.
 -- Return on assets increased to 1.51% versus 1.27% in the year
 earlier quarter.
 -- Return on equity increased to 15.33% versus 11.08% in the year
 earlier quarter.
 -- Net interest spread for the quarter averaged 3.44% versus
 3.42% for the year earlier quarter.
 -- Actual shares outstanding at Dec. 31, 1993, were 906,286.
 For the six months ended Dec. 31, 1993, versus the six months ended Dec. 31, 1992:
 -- Operating earnings increased 47.5% to $1,571,000 from $1,065,000
 in the year earlier period. An additional $435,000 income
 resulted from an accounting change for income taxes bringing
 total earnings for the six months ended Dec. 31, 1993, to
 $2,006,000.
 -- Fully diluted operating earnings per share increased 55.9% to
 $1.59 from $1.02 in the year earlier period. After accounting
 for income from the above noted accounting change, earnings per
 share for the six months ended Dec. 31, 1993, were $2.03.
 -- Return on assets was 1.53% and return on equity was 16.13% for
 the recent period versus 1.40% and 11.90% respectively for the
 year earlier period.
 -- Net interest spread averaged 3.36% for the recent six month
 period versus 3.42% for the year earlier period.
 -- Book value per share at Dec. 31, 1993, was $21.93 versus $18.38 a
 year earlier.
 Eckert noted that the corporation continues to perform well because its main asset, Citizens Federal Savings Bank, Davenport, Iowa, has continued to benefit from the low interest rate environment and a solid local economy.
 CF Bancorp, Inc., is the holding company for Citizens Federal Savings Bank, Davenport, Iowa, and trades on the NASDAQ Stock Exchange under the symbol CFBC.
 -0- 1/12/94
 /CONTACT: Greg I. Bohac, executive vice president and secretary, CF Bancorp, 319-322-6237/
 (CFBC)


CO: CF Bancorp, Inc.; Citizens Federal Savings Bank ST: Iowa IN: FIN SU: ERN

MM-JM -- CH006 -- 1373 01/12/94 11:07 EST
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Publication:PR Newswire
Date:Jan 12, 1994
Words:425
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