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CHARTER FEDERAL ANNOUNCES FIRST QUARTER FISCAL 1993 PROFIT

 CHARTER FEDERAL ANNOUNCES FIRST QUARTER FISCAL 1993 PROFIT
 BRISTOL, Va., Oct. 8 /PRNewswire/ -- Charter Federal (NASDAQ: CHFD) announced to its stockholders at their annual meeting today that a net profit of $2.9 million or $0.78 per share on 3,656,297 average shares outstanding had been produced for the first quarter of fiscal 1993 ended September 30, 1992. That profit was substantially greater than the profit realized during the first quarter of fiscal 1992, which was $206,000 or $0.06 per share on 3,656,297 average shares outstanding.
 Stockholders' equity rose to $29 million at September 30, 1992 from $21 million at September 30, 1991, with the ratio of stockholders' equity to assets increasing to 3.64 percent at September 30, 1992 from 2.49 percent at September 30, 1991. Assets at September 30, 1992 totaled approximately $792.8 million, which represented a $35.6 million decline from total assets of $828.4 million at September 30, 1991, a deliberate reduction in keeping with the Savings Bank's Business Plan.
 The profit for the first quarter of fiscal 1993 was attributed primarily to a continuing increase in the net interest margin which rose from 3.35 percent at June 30, 1992 to 3.51 percent at September 30, 1992. Profits were also generated from sales of investment securities and from day-to-day operations.
 "We at Charter Federal are very pleased that during the first quarter of fiscal 1993 we were able to build on the vigorous turn-around we accomplished in fiscal 1992," said E.L. Byington, Jr., President and Chief Executive Officer. "Our core earnings (net income exclusive of non-recurring items) rose again in the quarter ended Sept. 30, 1992, continuing the trend of last year," he said.
 With the inclusion of supervisory goodwill, stockholders' equity exceeds the tangible capital standard and as of Sept. 30, 1992 exceeds the core capital standard as well. It does not currently meet the risk- based standard. Those standards were established by the Financial Institutions Reform, Recovery and Enforcement Act. Charter Federal is continuing to follow its Business Plan, although the Plan has been disapproved by the Office of Thrift Supervision. The Plan provides for full compliance, with the inclusion of supervisory goodwill, with all existing capital requirements by June 30, 1994.
 Charter Federal, which began operation in 1920, is a federally- chartered stock Savings Bank headquartered in Bristol, Va. with 26 offices throughout Southwest and Southside Virginia and the Knoxville, Tenn. area.
 CHARTER FEDERAL SAVINGS BANK AND SUBSIDIARIES
 SELECTED QUARTERLY DATA (UNAUDITED)
 Dollars in Thousands, Except Per Share Amounts
 Three Months
 Ended September 30
 1992 1991
 Net Interest Income $6,284 $3,607
 Net Gain on sale of
 GNMA, FHLMC, other
 loans and investments 525 60
 Other Income 830 640
 Other Expense 4,776 4,101
 Net Income (Loss) $2,863 $ 206
 Net Income (Loss)
 Per Share $ .78 $ .06
 Average Number of Common
 Shares Outstanding 3,656,297 3,656,297
 CHARTER FEDERAL SAVINGS BANK AND SUBSIDIARIES
 CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION
 (Dollars in Thousands)
 (UNAUDITED)
 Sept. 30, 1992 Sept. 30, 1991
 ASSETS
 Cash:
 Interest bearing $32,511 $11,491
 Noninterest bearing 5,221 7,392
 Restricted cash 1,167 1,086
 Federal funds sold 1,800 5,900
 Investment securities 44,207 89,269
 Investment in joint venture 2,980 2,980
 Loans receivable, net and
 mortgage-backed certificates 645,136 639,764
 Direct finance leases, net 544 1,607
 Office properties and
 equipment, net 5,284 6,513
 Real estate owned, net 3,132 5,029
 Cost in excess of fair value of
 net assets acquired 42,406 45,001
 Prepaid and other assets 8,365 12,384
 Total Assets $792,753 $828,416
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Liabilities:
 Savings deposits $617,518 $615,680
 Short-term borrowings 32,700 77,270
 Advance payments by borrowers
 for taxes and insurance 2,265 1,816
 Accounts payable and accrued
 liabilities 5,139 5,493
 Checks outstanding on disbursement
 account 1,801 3,000
 Advances from Federal Home Loan
 Bank and other borrowings 104,500 104,500
 Total Liabilities $763,923 $807,759
 Stockholders' Equity:
 Preferred stock $ -- $ --
 Common stock 37 37
 Additional paid-in capital 9,475 9,475
 Retained earnings 19,368 12,315
 Net unrealized loss on
 marketable equity securities -0- (1,120)
 $28,880 $20,707
 Less cost of treasury stock 50 50
 Total Stockholders' Equity $28,830 $20,657
 Total Liabilities and
 Stockholders' Equity $792,753 $828,416
 -0- 10/8/92
 /CONTACT: Douglas D. Deppen, Senior Vice President and Chief Financial Officer, Charter Federal Savings Bank, 703-669-5101/
 (CHFD) CO: Charter Federal Savings Bank ST: Virginia IN: FIN SU: ERN


CM-JM -- CH005 -- 0325 10/08/92 09:36 EDT
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