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CHARTER FEDERAL ANNOUNCES RESULTS OF FISCAL YEAR ENDED JUNE 30, 1992

 CHARTER FEDERAL ANNOUNCES RESULTS OF FISCAL YEAR ENDED JUNE 30, 1992
 BRISTOL, Va., Aug. 12 /PRNewswire/ -- Charter Federal Savings Bank (NASDAQ: CHFD) today announced that profits for the fiscal year ended June 30, 1992 totaled $4.4 million or $1.20 per share on 3,656,297 average shares outstanding, with a profit having been generated during each of the four quarters of the year.
 Stockholders' equity rose to $26 million at June 30, 1992 from $18.3 million at June 30, 1991, with the ratio of stockholders' equity to assets increasing to 3.2 percent at June 30, 1992 from 2.2 percent at June 30, 1991. The increase was attributed to $4.4 million net income for the year and $3.3 million recovery of unrealized losses on previously written-down marketable equity securities.
 "The Board of Directors and management of Charter Federal are very gratified by this return to sustained profitability and by the substantial improvement in stockholders' equity. Furthermore, we expect to realize a profit for each quarter of fiscal 1993 and to further strengthen our capital position during that period," said E. L. Byington, Jr., President and Chief Executive Officer. "Charter Federal has obviously made a vigorous turn-around and is positioned to steadily and surely fortify its financial health in the coming months," he said.
 Net income for the fourth quarter of fiscal 1992 totaled $512,000 or $0.14 per share on 3,656,297 average shares outstanding.
 Byington stated that the upward trend in net income exclusive of non-recurring items experienced during the first three quarters of fiscal 1992 continued in the fourth quarter. The increase in core earnings throughout the fiscal year was attributed to a significant increase in net interest margin, on-going restructuring of the asset mix designed to shorten maturities on the asset side of the balance sheet and lengthen them on the liability side in order to minimize interest rate risk, and continuing realization of savings from a cost containment program initiated in 1990. Non-recurring income received during the year included, among other items, profits on sale of securities and a recovery resulting from action taken to collect an amount that had been embezzled. Non-recurring expenses included, among others, legal fees in connection with litigation against the Office of Thrift Supervision ("OTS") and Federal Deposit Insurance Corporation ("FDIC") and other matters, cost of conversion to a new data processor, additions to reserves, and the marking to market of investments in mutual funds.
 Assets at June 30, 1992 totaled approximately $821.6 million, which represented a $21.3 million decline from total assets of $842.9 million at June 30, 1991, a deliberate reduction in keeping with the Savings Bank's Business Plan.
 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 offices throughout Southwest and Southside Virginia and the Knoxville, Tennessee area.
 CHARTER FEDERAL SAVINGS BANK
 AND SUBSIDIARIES
 CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION
 (Dollars in Thousands)
 (UNAUDITED)
 June 30 June 30
 1992 1991
 ASSETS
 Cash:
 Interest bearing $22,939 $25,766
 Noninterest bearing 11,473 9,510
 Restricted cash 1,319 1,093
 Federal funds sold 2,100 5,950
 Investment securities 64,620 108,031
 Investment in joint venture 2,980 2,980
 Loans receivable, net and
 mortgage-backed certificates 655,098 617,525
 Direct finance leases, net 704 2,206
 Office properties and
 equipment, net 5,481 6,669
 Real estate owned, net 3,345 5,336
 Cost in excess of fair value
 of net assets acquired 43,055 45,649
 Prepaid and other assets 8,445 12,188
 Total assets $821,559 $842,903
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Liabilities:
 Savings deposits $616,740 $627,454
 Short-term borrowings 63,659 82,563
 Advance payments by borrowers
 for taxes and insurance 1,893 1,193
 Accounts payable and accrued
 liabilities 4,520 5,309
 Checks outstanding on
 disbursement account 4,275 3,591
 Advances from Federal Home Loan
 Bank and other borrowings 104,500 104,500
 Total Liabilities $795,587 $824,610
 Stockholders' Equity:
 Preferred stock $ -- $ --
 Common stock 37 37
 Additional paid-in capital 9,475 9,475
 Retained earnings 16,510 12,109
 Net unrealized loss on marketable
 equity securities -0- (3,278)
 Less cost of treasury stock 50 50
 Total stockholders' Equity $25,972 $18,293
 Total Liabilities and
 Stockholders' Equity $821,559 $842,903
 CHARTER FEDERAL SAVINGS BANK
 AND SUBSIDIARIES
 SELECTED QUARTERLY DATA (UNAUDITED)
 Dollars in Thousands, Except Per Share Amounts
 Three Months Twelve Months
 Ended June 30 Ended June 30
 1992 1991 1992 1991
 Net Interest Income $5,127 $ 3,094 $ 18,211 $ 11,929
 Net Gain on sale
 of GNMA, FHLMC,
 other loans 56 -0- 141 583
 Other Income 67 963 4,577 3,024
 Other Expense 4,738 15,930 18,528 28,960
 Net Income (Loss) $ 512 $(11,873) $ 4,401 $(13,424)
 Net Income (Loss)
 Per Share $ .14 $ (3.25) $ 1.20 $ (3.67)
 Average Number of
 Common Shares
 Outstanding 3,656,297 3,656,297 3,656,297 3,656,297
 -0- 8/12/92 R
 /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


JZ -- CH002 -- 9349 08/12/92 11:25 EDT
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