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CHARTER FEDERAL ANNOUNCES PROFIT FOR THE THIRD QUARTER OF FISCAL 1992

 CHARTER FEDERAL ANNOUNCES PROFIT FOR THE THIRD QUARTER
 OF FISCAL 1992
 BRISTOL, Va., April 20 /PRNewswire/ -- Charter Federal Savings Bank (NASDAQ: CHFD) today announced that operations continued to generate profits in the third quarter of fiscal 1992 ended March 31, 1992, with $1.4 million or $0.37 per share on 3,656,297 average shares outstanding in net income having been produced during the quarter.
 Net income for the first three quarters of fiscal 1992 totaled $3.9 million or $1.06 per share on 3,656,297 average shares outstanding. The net profit for the second quarter of fiscal 1992 which ended December 31, 1991 was $2.3 million or $0.63 per share on 3,656,297 average shares outstanding, which included approximately $1.9 million representing the recovery resulting from action taken by the Savings Bank to collect funds embezzled by a former employee, as previously announced.
 "An analysis of our income and expense statements for the past three quarters clearly illustrates a steady, upward trend in net income exclusive of non-recurring items," said E.L. Byington, Jr., President of Charter Federal. "We expect that trend of growing core earnings to continue as we continue to restructure Charter Federal's balance sheet to further decrease interest rate risk and as we persist in our search for new opportunities to make our operations more profitable."
 The improvement in core earnings during the fiscal year was attributed in large part to the re-alignment of the asset mix whereby more dollars have been invested in shorter term, higher rate consumer loans and less in longer term, fixed rate mortgage loans, as well as to a marked increase in net interest margin from 1.794 percent at June 30, 1991 to 2.880 percent at March 31, 1992.
 Assets at March 31, 1992 totaled approximately $822.5 million, which represented a $4.3 million increase over assets at December 31, 1991 and a $35.5 million decline from assets at March 31, 1991. Stockholders' equity at March 31, 1992 was $24.4 million, as compared with $23.5 million at December 31, 1991, and $30.3 million at March 31, 1991.
 Stockholders' equity exceeds the tangible capital standard but does not currently meet the core and risk-based capital standards required 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 OTS. The Plan provides for full compliance with all three existing capital requirements by June 30, 1994.
 Charter Federal, which began operation in 1920, is a federally-chartered stock Savings Bank headquartered in Bristol, Virginia with 26 branch offices throughout Southwest and Southside Virginia and East Tennessee.
 CHARTER FEDERAL SAVINGS BANK
 AND SUBSIDIARIES
 SELECTED QUARTERLY DATA (UNAUDITED)
 Dollars in Thousands, Except Per Share Amounts
 Three Months Nine Months
 Ended March 31 Ended March 31
 1992 1991 1992 1991
 Net Interest Income $5,057 $3,305 $13,084 $8,933
 Net Gain on sale of
 GNMA, FHLMC, other
 loans, investments
 and marketable
 securities 437 254 606 321
 Other Income 838 629 2,049 2,224
 Other Expense 4,950 4,132 11,850 13,029
 Net Income (Loss) $1,382 $56 $3,889 $(1,551)
 Net Income (Loss)
 Per Share $.37 $.02 $1.06 $(.42)
 Average Number of
 Common Shares
 Outstanding 3,656,297 3,656,297 3,656,297 3,656,297
 CHARTER FEDERAL SAVINGS BANK
 AND SUBSIDIARIES
 CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION
 (Dollars in Thousands)
 (Unaudited)
 March 31 March 31
 1992 1991
 ASSETS
 Cash:
 Interest bearing $ 27,816 $12,871
 Noninterest bearing 7,673 12,157
 Restricted cash 1,539 1,175
 Federal funds sold 17,775 11,050
 Investment securities 64,157 102,373
 Investment in joint
 venture 2,980 2,980
 Loans receivable, net
 and mortgage-backed
 certificates 636,172 639,227
 Direct finance leases, net 1,007 3,994
 Office properties and
 equipment, net 5,598 6,854
 Real estate owned, net 4,420 6,942
 Cost in excess of fair
 value of net assets acquired 43,703 46,298
 Prepaid and other assets 9,660 12,145
 Total assets $ 822,500 $ 858,066
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Liabilities:
 Savings deposits $ 622,170 $ 621,190
 Short-term borrowings 62,584 92,387
 Advance payments by
 borrowers for taxes
 and insurance 1,086 1,048
 Accounts payable and
 accrued liabilities 5,210 5,433
 Checks outstanding on
 disbursement account 2,562 3,210
 Advances from Federal Home
 Loan Bank and other
 borrowings 104,500 104,500
 Total liabilities $ 798,112 $ 827,768
 Stockholders' Equity:
 Preferred stock --- ---
 Common stock 37 37
 Additional paid-in capital 9,475 9,475
 Retained earnings 15,999 23,982
 Net unrealized loss on
 marketable equity
 securities (1,073) (3,146)
 $ 24,438 $ 30,348
 Less cost of treasury
 stock 50 50
 Total Stockholders'
 Equity $24,388 $30,298
 Total Liabilities and
 Stockholders' Equity $822,500 $858,066
 -0- 4/20/92
 /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


BR-FL -- CH008 -- 9991 04/20/92 11:10 EDT
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Date:Apr 20, 1992
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