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CHARTER ONE FINANCIAL, INC. REPORTS 31 PERCENT INCREASE IN NET INCOME FOR 1992 FIRST QUARTER

 CHARTER ONE FINANCIAL, INC. REPORTS 31 PERCENT
 INCREASE IN NET INCOME FOR 1992 FIRST QUARTER
 CLEVELAND, April 22 /PRNewswire/ -- Charter One Financial, Inc. (NASDAQ/NMS:COFI), holding company for The First Federal Savings Bank, today reported that net income for the first quarter of 1992 increased 31 percent to $7.6 million, resulting in earnings of $1.03 per share compared to $5.8 million or 81 cents per share last year, an increase of 27.2 percent on a per share basis.
 Core earnings, which exclude gains on sale of securities, increased 55.4 percent to $7.3 million or $1.00 per share versus $4.7 million or 66 cents per share in the comparable 1991 quarter.
 Charles John Koch, President and Chief Executive Officer, said, "Our core earnings increase is attributed to a 36.8 percent increase in net interest income after provisions for loan losses, and a 42.4 percent increase in recurring fee income. The increase in net interest income was driven by higher spreads and a larger asset base which was the result of the September 1991 purchase from the Resolution Trust Corporation (RTC) of certain assets of the former First Federal of Toledo."
 Koch concluded, "For the quarter, Charter One's annualized Return on Equity (ROE) was 15.74 percent and annualized Return of Assets (ROA) was .84 percent. The quality of our loan portfolio remains stable despite the continued uncertainty relating to the national economy. Our non-performing assets to total assets ratio of 1.41 percent compares favorably to the national average of 3.84 percent for all publicly-traded thrifts as of Dec. 31, 1991. The allowance for loan losses now stands at $24.1 million or 1.11 percent of loans. Charter One's tangible shareholders' equity was 5.43 percent as of March 31, and its Bank subsidiary exceeds all present and fully-phased in capital requirements."
 Charter One Financial Inc.'s subsidiary, The First Federal Savings Bank, has assets of $3.6 billion and currently operates 79 offices in an 11 county area in Ohio, serving the Greater Cleveland, Akron, Youngstown and Portsmouth markets and in Toledo, where the Bank operates under the name People's Savings.
 On March 9, 1992, Charter One announced the acquisition of First American BanCorp of Canton, Ohio, in a stock-for-stock transaction. Under terms of the definitive agreement, First American's subsidiary, First American Savings Bank, F.S.B., would be merged into The First Federal Savings Bank, Charter One's subsidiary. Included in conditions remaining prior to completion of the transaction are regulatory approvals and both Charter One and First American shareholder approvals. Subject to satisfaction of all conditions, the merger is expected to be completed later in the year. As of March 31, 1992, First American had total assets of $703.9 million and presently operates 13 retail banking offices, serving Canton, Massillon, Alliance, Salem and the surrounding communities in northeast Ohio. First American BanCorp common stock is traded on the NASDAQ national market system under the symbol "FASB".
 Operating Highlights
 (In thousands, except per share amounts)
 Three Months Ended
 3/31/92 3/31/91
 Interest income $ 77,109 $ 72,211
 Interest expense 49,711 51,936
 Net interest income 27,398 20,275
 Provision for loan losses 1,571 1,390
 Net interest income after
 provision for loan losses 25,827 18,885
 Gain from sale of investments,
 loans and mortgage-backed
 securities 351 1,605
 Other income 4,306 2,965
 Other expenses 18,523 14,403
 Income before federal
 income taxes 11,961 9,052
 Federal income taxes 4,390 3,270
 Net income 7,571 5,782
 Net income per common and
 common stock equivalent
 share: $ 1.03 $ 0.81
 Weighted average number of
 common and common equivalent
 shares outstanding 7,348,265 7,145,232
 Balance Sheet Highlights
 (In thousands)
 3/31/92 3/31/91 12/31/91
 Total assets (1) $3,584,853 $3,057,001 $3,665,755
 Total loans and mortgage-
 backed securities (1) 3,187,467 2,644,277 3,238,807
 Deposits (1) 3,135,592 2,501,483 3,187,470
 Shareholders' equity 194,607 162,066 187,811
 (1) On Sept. 27, 1991, First Federal acquired approximately $767.8 million of assets and assumed a like amount of liabilities of the former First Federal Savings and Loan Association of Toledo, Ohio from the Resolution Trust Corporation.
 -0- 4/22/92
 /CONTACT: Charles John Koch, Leonard A. Krysinski or James E. Pietrangelo of Charter One Financial, Inc., 216-566-5300; or William L. Dupuy of Edward Howard & Co., 216-781-2400, for Charter One Financial, Inc./
 (COFI) CO: Charter One Financial, Inc. ST: Ohio IN: FIN SU: ERN


CG -- CL016 -- 1312 04/22/92 13:18 EDT
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Date:Apr 22, 1992
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