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CF BANCORP REPORTS RECORD 4TH QUARTER AND FISCAL YEAR PROFITS

 DAVENPORT, Iowa, July 22 /PRNewswire/ -- Paul L. Eckert, chairman of CF Bancorp, Inc. (NASDAQ-NMS: CFBC), announced record earnings of $805,000 for the fourth fiscal quarter ended June 30, 1993. This is an increase of 81 percent over last year's fourth quarter earnings of $445,000. This quarter's earnings include a one time gain on the sale of an REO property of $92,000, net of tax effect. For the full fiscal year, earnings increased 27 percent from $1,964,000 in 1992 to a record $2,503,000 in 1993.
 Fourth quarter return on average assets was 1.54 percent compared to 1.16 percent in the same quarter the prior year. For the full year, return on average assets was 1.34 percent compared to 1.30 percent for fiscal 1992.
 Fully diluted earnings per share for the fourth quarter was $0.89. This compared to $0.68 for the third quarter ended March 31, 1993. Prior year comparisons are not applicable because CF Bancorp, Inc. became a stock company on July 1, 1992. Retroactively allowing for a 10 percent stock dividend payable to holders of record on July 15, 1993, fourth quarter fully diluted earnings per share was $0.80 compared to $0.62 in the third quarter ended March 31, 1993.
 For the fiscal year, fully diluted earnings per share was $2.67. Adjusted for the 10 percent stock dividend payable to holders of record on July 15, 1993, fiscal year fully diluted earnings per share was $2.42.
 Fourth quarter net interest income increased 28 percent from $1,378,000 in 1992 to $1,761,000 in 1993. For the fiscal year, net interest income increased 11.4 percent from $6,021,000 in 1992 to $6,710,000 in 1993. The improvement in net interest income was primarily attributable to an increased asset base. The bank purchased $50,000,000 of adjustable rate securities in December 1992 which were financed by similarly adjusting FHLB advances.
 Assets increased 34 percent from $155,730,000 at June 30, 1992, to $208,196,000 at June 30, 1993. The increased asset base was primarily a result of the transaction described above.
 Eckert further noted that loan production was at record levels. Mortgage, construction and consumer loan origination totaled $71,691,000 for the year. Loans outstanding increased 12.3 percent to $109,741,000 at fiscal year end. Asset quality improved with non performing assets as a percent of total assets declining from 0.50 percent at June 30, 1992, to 0.35 percent at June 30, 1993.
 CF Bancorp, Inc., holding company for Citizens Federal Savings Bank, Davenport, Iowa, trades on the NASDAQ National Market System under the symbol CFBC. The stock was first issued on July 1, 1992, for $10.00 per share and closed at $19.75 per share on June 30, 1993, prior to accounting for a 10 percent stock dividend payable to holders of record on July 15, 1993. At June 30, 1993, the corporation had $208,196,000 in assets and stockholder's equity of $18,655,000. On such date, the corporation had 849,500 shares outstanding prior to accounting for a 10 percent stock dividend payable to holders of record on July 15, 1993.
 -0- 7/22/93
 /CONTACT: Greg I. Bohac of CF Bancorp, Inc., 319-322-6237/
 (CFBC)


CO: CF Bancorp, Inc. ST: Iowa IN: FIN SU: ERN DIV

CM-SB -- CH006 -- 4457 07/22/93 10:54 EDT
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Publication:PR Newswire
Date:Jul 22, 1993
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