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CHARTER BANCSHARES REPORTS A 70 PERCENT RISE IN 1992 SECOND QUARTER EARNINGS; ANNOUNCES 5 PERCENT COMMON STOCK DIVIDEND

 CHARTER BANCSHARES REPORTS A 70 PERCENT RISE IN 1992 SECOND
 QUARTER EARNINGS; ANNOUNCES 5 PERCENT COMMON STOCK DIVIDEND
 HOUSTON, July 17 /PRNewswire/ -- Charter Bancshares, Inc. (NASDAQ: SAIL), today reported net income of $1,550,000, or $0.31 per share, for the second quarter ended June 30, 1992. The company earned $910,000, or $0.16 per share, for the same quarter of 1991.
 For the first six months of 1992, Charter Bancshares reported earnings of $2,964,000, or $0.61 per share, as compared to $1,930,000, or $0.37 per share, for the six months ended June 30, 1991.
 "Earnings for the first two quarters of 1992 reflected sharply higher net interest income, which increased by 70 percent and 54 percent over 1991 for the second quarter and first half, respectively. The increase in net interest income was due primarily to an improvement in the ratio of interest earning assets and a higher net interest spread," said Jerry Finger, chairman and chief executive officer.
 Charter also announced today that its board of directors has declared a 5 percent common stock dividend. The dividend will be payable on Aug. 10, 1992, to shareholders of record as of July 31, 1992.
 "The stock dividend reflects our confidence in our earnings potential and our continuing commitment to our loyal shareholders," noted Finger.
 The 1992 first half results represent an annualized return on average equity of 16.72 percent, and an annualized return on average assets of 1.03 percent. Charter Bancshares had total assets at June 30, 1992, of $572.2 million and deposits of $514.7 million. Shareholders' equity was $36.5 million at the end of the second quarter, representing book value of $6.61 per share. The Tier 1 and risk-based capital levels were 14.57 percent and 17.02 percent, respectively, at June 30, 1992.
 Net interest income was $5,991,000 for the 1992 second quarter and $11,815,000 for the first six months. The comparable 1991 figures were $5,159,000 and $10,430,000, respectively. The net interest margin widened to 4.51 percent for the 1992 second quarter, as compared to 4.47 percent for the first quarter of 1992 and 4.10 percent for the same six months of 1991.
 The company's provision for possible loan losses was $385,000 for the second quarter of 1992, as compared to $390,000 in the first quarter of 1992. Other real estate owned, amounted to $6.1 million at the end of the recent quarter, a decrease from $8.4 million a year ago, and $7.3 million at the end of the first quarter of 1992. Non-performing loans (which includes all non-accruing loans, restructured loans, and loans 90 days past due and still accruing interest) continued to decline, equalling 1.34 percent of total loans for the latest quarter vs. 1.64 percent three months earlier and 2.48 percent one year ago. The reserve for loan losses to non-performing loans was 111.12 percent at June 30, 1992. The reserve for loan losses to non-accrual loans was 348.06 percent as of the same date.
 Total other income was $1,736,000 for the 1992 second quarter, compared with $1,891,000 for the same period of fiscal 1991. For the six months ended June 30, 1992 and 1991, other income was $3,816,000 and $3,526,000, respectively.
 Total operating expenses were $5,936,000 for the recent quarter and $11,985,000 for six months, compared with $5,757,000 and $11,190,000 for the respective year-ago periods. Operating expenses included other real estate owned expenses and writedowns of $667,000 and $1,577,000 for the three-months and six-months ended June 30, 1992.
 Charter Bancshares, Inc. is a multibank holding company with two member banks and nine locations in and around Houston, Texas, having aggregate total assets of $572.2 million at June 30, 1992.
 CHARTER BANCSHARES, INC.
 Financial Results
 (Dollars in thousands, except per share)
 Three Months Ended Six Months Ended
 6/30/92 6/30/91 6/30/92 6/30/91
 Interest Income $10,423 $11,263 $20,916 $23,394
 Interest Expense 4,432 6,104 9,101 12,964
 Net Interest
 Income 5,991 5,159 11,815 10,430
 Provisions for
 Credit Losses 385 362 775 792
 Non-Interest Income:
 Fees 1,029 1,057 2,160 2,059
 Investment
 Securities Gains 102 303 629 303
 Other 605 531 1,027 1,164
 Total Non-
 Interest
 Income $ 1,736 $ 1,891 $ 3,816 $ 3,526
 Non-Interest
 Expense:
 Salaries and
 Benefits 2,530 2,292 5,135 4,717
 Occupancy 800 779 1,609 1,573
 OREO 667 314 1,577 679
 Other 1,939 2,372 3,664 4,221
 Total Non-
 Interest
 Expense $ 5,936 $ 5,757 $11,985 $11,190
 Earnings before
 income taxes 1,406 931 2,871 1,974
 Income tax
 expense
 (benefit) (144) 21 (93) 44
 Net earnings $ 1,550 $ 910 $ 2,964 $ 1,930
 Per share:
 Primary $0.31 $0.16 $0.61 $0.37
 Fully diluted $0.29 $0.16 $0.56 $0.36
 Weighted average
 shares
 Primary 4,568,401 4,571,401 4,569,901 4,571,357
 Fully
 diluted 5,214,050 5,217,050 5,215,550 5,217,000
 Financial Highlights
 (Dollars in thousands, except per share)
 June 1992 March 1992 Dec. 1991
 Assets $572,240 $599,123 $556,338
 Trust Assets Under
 Management 48,500 40,100 36,743
 Deposits 514,715 532,193 499,078
 Loans 213,344 220,876 221,748
 Allowance for Possible
 Credit Losses 3,182 3,294 3,116
 Shareholders' Equity 36,537 35,620 34,206
 Net Earnings 2,964 1,414 4,386
 Earnings per Common
 Share $0.61 $0.30 $0.85
 Book Value per Common
 Share 6.61 6.32 6.03
 ROAA (percent) 1.03 0.98 0.79
 ROAE (percent) 16.72 15.91 13.36
 Leverage Ratio (percent) 6.28 6.20 6.32
 Tier 1 Risk-Based Ratio 14.57 13.60 13.12
 Total Risk-Based Capital
 Ratio 17.02 16.10 15.47
 Loans-to-Deposit (pct.) 41.45 41.50 44.64
 Allowance/Total Loans 1.49 1.49 1.40
 Allowance/Non-Performing
 Loans 111.12 91.12 81.39
 Net Loans Charged Off/
 Average Loans 0.66 0.40 0.68
 Non-Accrual Loans $ 914 $ 1,196 $ 1,232
 Restructured Loans -- 837 832
 Other Real Estate
 Owned, (net) 6,140 7,345 8,164
 Total Non-performing
 Assets $ 7,054 $ 9,378 $ 10,228
 Non-performing
 Assets/Total Assets (pct)1.23 1.57 1.84
 -0- 7/17/92
 /CONTACT: Jerry E. Finger, chairman and CEO, or Mark T. Giles, president, both of Charter Bancshares, 713-692-6121, or Lynn Morgen or Michele Katz of Morgen-Walke Associates, 212-986-5900/
 (SAIL) CO: Charter Bancshares Inc. ST: Texas IN: FIN SU: ERN


PS -- NY017 -- 0147 07/17/92 10:32 EDT
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