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CHARTER FEDERAL ANNOUNCES EARNINGS OF $2.2 MILLION FOR THE FOURTH QUARTER OF FISCAL 1993

 BRISTOL, Va., July 7 /PRNewswire/ -- Charter Federal Savings Bank (NASDAQ: CHFDC) today announced that net income for the fourth quarter ended June 30, 1993 was approximately $2.2 million. This compares to net income of $513,000 for the fourth quarter ended June 30, 1992, and operating income before write-off of goodwill of $2.0 million for the quarter ended March 31, 1993. Net income for the fourth quarter ended June 30, 1993, reflects federal income taxes of $450,000, compared to $90,000 in the March quarter. No taxes were paid for the quarter ended June 30, 1992. The net interest margin increased from 3.59 percent to 3.83 percent between the third and fourth quarters of fiscal 1993.
 During the fourth quarter ended June 30, 1993, Charter Federal recorded a provision for losses of $982,000 compared to $1.2 million for the third quarter ended March 31, 1993. The fourth quarter provision resulted in an allowance for losses of $11.1 million at June 30, 1993, or 81.65 percent of nonperforming loans and 60.68 percent of nonperforming assets at such date. The allowance for losses was $10.6 million, or 77.38 percent of nonperforming loans and 51.68 percent of nonperforming assets at March 31, 1993.
 During the quarter ended June 30, 1993, total nonperforming assets decreased from $20.5 million to $18.3 million, or 2.70 percent of total assets. Total nonperforming loans decreased to $13.6 million, or 3.33 percent of loans and real estate owned, from $13.7 million, at March 31, 1993.
 Charter Federal, which began operation in 1920, is a federally- chartered stock savings bank headquartered in Bristol, Va. with 26 offices throughout Southwest Virginia and Northeast Tennessee. At June 30, 1993, Charter Federal had $678 million in total assets and $574 million in deposits.
 -0- 7/7/93
 /CONTACT: Cecil R. McCullar, President and Chief Executive Officer, Charter Federal Savings Bank, 703-645-5220/
 (CHFDC)


CO: Charter Federal Savings Bank ST: Virginia IN: FIN SU: ERN

JM -- CH003 -- 8969 07/07/93 09:36 EDT
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Date:Jul 7, 1993
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