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CHARTER BANCSHARES REPORTS 1992 FIRST QUARTER EARNINGS OF $1,414,000

 CHARTER BANCSHARES REPORTS 1992 FIRST QUARTER EARNINGS OF $1,414,000
 HOUSTON, April 15 /PRNewswire/ -- Charter Bancshares, Inc. (NASDAQ: SAIL) today announced earnings for the quarter ended March 31, 1992 of $1,414,000, or $.30 per common share, up 39 percent over Charter's year earlier first quarter earnings of $1,020,000, or $.21 per common share. Jerry Finger, chairman of Charter Bancshares, noted that such earnings resulted from "solid and still improving earnings from ongoing operations. We continue to experience performance that conforms to our long-term profit plan."
 Charter Bancshares, Inc. is a multibank holding company with two member banks and nine locations in and around Houston. With approximately $600 million in assets as of March 31, 1992, Charter is Houston's largest commercial banking organization to have emerged from the economic downturn of the mid-eighties without the benefit of an FDIC bailout or takeover by an out-of-state banking company.
 CHARTER BANCSHARES, INC.
 Financial Highlights
 Period ended Quarter
 3/31/92 3/31/91
 (in thousands)
 Net income $ 1,414 $ 1,020
 Provision for credit losses 390 430
 Average shares outstanding 4,571,401 4,571,313
 Total assets $ 599,123 $ 560,194
 CHARTER BANCSHARES, INC.
 Financial Highlights
 Period ended Quarter
 March 31, 1992
 Net earnings for the first quarter
 ended 3/31/92 $ 1,414,000
 Average shares outstanding 4,571,401
 Primary earnings per common share $ 0.30
 Fully diluted earnings per common share $ 0.27
 Provision for credit losses $ 390,000
 Net earnings for the fourth quarter
 ended 12/31/91 $ 1,326,000
 Total assets as of 3/31/92 $599,123,000
 Total assets as of 12/31/91 $556,338,000
 Quarter March 31 1992 1991
 Net earnings $ 1,414,000 $ 1,020,000
 Net earnings per common share (primary)$ 0.30 $ 0.21
 Net earnings per common share (fully
 diluted) $ 0.27 $ 0.19
 Average shares outstanding 4,571,401 4,571,313
 Total assets $599,123,000 $560,194,000
 For Prior Years Ended Dec. 31 1991 1990
 Net earnings $ 4,368,000 $ 2,804,000
 Net earnings per common share (primary)$ 0.85 $ 0.49
 Provision for credit losses $ 1,662,000 $ 696,000
 Average shares outstanding 4,571,379 4,340, 1991
 (in percents)
 Core capital to assets (leverage ratio) 6.2 5.5
 Allowance for credit losses/non-performing
 loans 91.1 55.3
 Non-performing assets/total assets 1.6 2.6
 Earning assets/total assets 90.6 90.0
 Loans-to-deposits 41.5 39.6
 -0- 4/15/92
 /CONTACT: Jerry E. Finger, chairman, or Mark T. Giles, president of Charter Bancshares, 713-692-6121/
 (SAIL) CO: Charter Bancshares, Inc. ST: Texas IN: FIN SU: ERN


SH -- NY110 -- 8879 04/15/92 16:08 EDT
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Publication:PR Newswire
Date:Apr 15, 1992
Words:454
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