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CHARTER FEDERAL ANNOUNCES EARNINGS OF $2.3 MILLION FOR FIRST QUARTER OF FISCAL 1994

 BRISTOL, Va., Oct. 14 /PRNewswire/ -- Charter Federal Savings Bank (NASDAQ: CHFD) today announced that net income for the first quarter ended Sept. 30, 1993 was approximately $2.3 million or $0.09 per share based upon 25,627,802 shares outstanding at the end of the period. This compares to net income of approximately $2.8 million for the first quarter of fiscal 1993 ended Sept. 30, 1992, and net income of approximately $2.2 million for the fourth quarter of fiscal 1993 ended June 30, 1993.
 During the first quarter of fiscal 1994 ended Sept. 30, 1993, Charter Federal recorded a provision for losses on loans and REO of $2,528,000 which was partially offset by a tax benefit of $1,593,000 recorded as a result of the implementation of Financial Accounting Standards Board Statement #109.
 Charter Federal, which began operation in 1920, is a federally- chartered stock saving bank headquartered in Bristol, Va. with 26 offices throughout Southwest Virginia and Northeast Tennessee. At Sept. 30, 1993, Charter Federal had $718 million in total assets, $546 million in deposits, and $35 million in shareholders' equity.
 CHARTER FEDERAL SAVINGS BANK
 FINANCIAL HIGHLIGHTS
 Sept. 30, June 30, Sept. 30,
 1993 1993 1992
 Period End Balances
 Total Assets $717,522 $678,395 $792,753
 Loans (Net) 407,390 414,623 425,073
 Mortgage-Backed Securities 231,757 188,357 220,063
 Allowance for Losses 12,301 11,232 12,674
 Non-Performing Loans 13,317 13,609 24,890
 Non-Performing Assets 17,194 18,313 28,022
 Deposits 545,824 573,506 617,518
 Borrowings 121,582 104,500 137,200
 Shareholders' Equity 34,978 (9,832) 28,830
 Tangible Shareholders' Equity 34,978 (9,832) (13,576)
 Shares Outstanding 25,627,802 3,656,397 3,656,297
 Three Months Ended
 Sept. 30, June 30, Sept. 30
 1993 1993 1992
 Results of Operations
 Net Interest Income $6,412 $6,360 $6,284
 Provision for Losses 1,748 618 569
 Net Interest Income after
 Provision 4,664 5,742 5,715
 Non-Interest Income 597 660 1,349
 Non-Interest Expense
 Provision for REO Losses 780 364 228
 Amortization of Goodwill 0 0 649
 Other Non-Interest Expense 3,471 3,384 3,267
 Provision for Taxes (1,299) 450 62
 Net Income (Loss) 2,309 2,204 2,858
 Per Share Data(A)
 Earnings $0.09 $0.09 $0.11
 Book Value 1.36 (0.38) 1.12
 Tangible Book Value 1.36 (0.38) (0.53)
 Selected Ratios (Percent)
 Performance
 Return on Average Assets 1.32 1.29 1.43
 Return on Tangible Equity 26.41 NM NM
 Net Interest Margin 3.75 3.83 3.34
 Asset Quality
 NPLs/Loans & REO 3.24 3.24 5.81
 NPLs/Assets 2.40 2.70 3.53
 Reserves/NPLs 92.37 82.53 50.92
 Reserves/NPAs 71.54 61.33 45.23
 (A) June 1993 & September 1992 Per Share Data restated to reflect current outstanding shares of 25,627,802.
 NM -- Not Meaningful
 -0- 10/14/93
 /CONTACT: Douglas D. Deppen, senior vice president and chief financial officer, of Charter Federal Savings Bank, 703-645-5301/
 (CHFD)


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

CM-JM -- CH001 -- 2028 10/14/93 08:46 EDT
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Date:Oct 14, 1993
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