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CFSB BANCORP, INC. REPORTS 20-PERCENT EARNINGS INCREASE

 CFSB BANCORP, INC. REPORTS 20-PERCENT EARNINGS INCREASE
 LANSING, Mich., July 20 /PRNewswire/ -- CFSB Bancorp, Inc.


(NASDAQ-NMS: CFSB), holding company for Community First Bank, today reported net income for the second quarter 1992 of $1,248,000. Net income of $1,037,000 was recorded for the comparable period in 1991.
 For the six months ended June 30, 1992, net income was $2,397,000 compared to net income of $2,046,000 during the same period in 1991, a 17.2-percent increase.
 At June 30, 1992, total assets of CFSB Bancorp, Inc. were $674.9 million and stockholders' equity, all tangible, was $46.7 million or 6.92 percent of total assets. This compares to total assets at Dec. 31, 1991, of $673.0 million and tangible equity of $44.6 million. The regulatory capital of Community First Bank exceeds all fully phased- in regulatory capital requirements.
 Community First Bank, now in its 102nd year, specializes in residential mortgage lending and retail banking services. Headquartered in Lansing, the bank serves mid-Michigan from 19 branch locations.
 CFSB BANCORP, INC. AND SUBSIDIARY
 SELECTED CONSOLIDATED FINANCIAL INFORMATION
 (Dollars in thousands except per-share data)
 (Unaudited)
 Three Months Ended Six Months Ended
 June 30 June 30
 SUMMARY OF OPERATIONS 1992 1991 1992 1991
 Interest income $13,297 $15,363 $27,218 $30,593
 Interest expense 8,685 10,574 17,966 21,232
 Net interest income 4,612 4,789 9,252 9,361
 Provision for possible
 loan losses 60 90 120 180
 4,552 4,699 9,132 9,181
 Non-interest income 1,462 1,155 2,763 2,129
 Non-interest expense 4,030 4,212 8,055 8,155
 Income before income taxes 1,984 1,642 3,840 3,155
 Income tax expense 736 605 1,443 1,109
 Net income $1,248 $1,037 $2,397 $2,046
 Earnings per share -
 fully diluted(a) $0.44 $0.41 $0.83 $0.78
 Cash dividends declared
 per share(a) 0.075 0.0675 0.15 0.1275
 Book value per share(a)
 (at end of period) 16.94 15.54 --- ---
 Common shares
 outstanding(a) 2,757,540 2,146,800 --- ---
 (a) -- Common shares outstanding and per-share amounts have been restated for all periods presented to reflect a 4-for-3 stock split declared on June 16, 1992.
 -0- 7/20/92
 /CONTACT: Robert H. Becker, president and CEO, 517-374-3588, or John W. Abbott, executive vice president and COO, 517-483-4871, both of CFSB Bancorp/
 (CFSB) CO: CFSB Bancorp, Inc. ST: Michigan IN: FIN SU: ERN


ML-SB -- DE016 -- 0758 07/20/92 12:47 EDT
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Publication:PR Newswire
Date:Jul 20, 1992
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