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CHARTER ONE FINANCIAL, INC. REPORTS RECORD OPERATING RESULTS FOR THE 1992 SECOND QUARTER

 CHARTER ONE FINANCIAL, INC. REPORTS RECORD
 OPERATING RESULTS FOR THE 1992 SECOND QUARTER
 CLEVELAND, July 20 /PRNewswire/ -- Charter One Financial, Inc. (NASDAQ/NMS: COFI), holding company for The First Federal Savings Bank, today reported that net income for the second quarter of 1992 was $8.8 million, or 79 cents per share, compared to $9.2 million, or 85 cents per share adjusted for a 3 for 2 stock split, for the 1991 comparable period. However, the 1991 second quarter included 38 cents per share realized from gains on sale of securities, while 1992 second quarter net income included only 1 cent per share from gains on sale. Thus, after eliminating gains on sale from results for both years, core income from operations for the second quarter 1992 increased 31 cents per share to 78 cents per share compared to 47 cents per share in last year's quarter.
 Charles John Koch, president and chief executive officer, said, "Our second quarter results were excellent, particularly when considering the fact that 1992 second quarter core earnings per share, which eliminate gains on sale, increased 66 percent from a year ago. The increase was primarily attributable to a 39 percent increase in net interest income and a 50 percent increase in fee income. Our .98 percent return on average assets and 17.56 percent return on average equity further emphasize our second quarter achievements."
 For the six months ended June 30, 1992, net income increased 9.3 percent compared to last year's period, while net income per share increased 6.5 percent to $1.48 per share from $1.39 per share in 1991. Earnings per share, after elimination of gains on sale, increased 59.3 percent to $1.45 from 91 cents for the first half of 1991. Return on average assets was .91 percent and return on average equity 16.67 percent.
 Koch said, "The quality of the Bank's loan portfolio continues to be very favorable, with the nonperforming assets to total assets ratio at 1.32 percent, down from 1.41 percent for the prior quarter. This compares very favorably to the 4.22 percent national average as of March 31, 1992 for all publicly-traded thrifts and the Ohio average of 2.60 percent. In addition, the Bank's allowance for loan losses to non-performing loans stands at 77.62 percent compared to the national average of 22.50 percent and the Ohio average of 24.14 percent."
 Other 1992 second quarter highlights include:
 Net yield on interest-earning assets increased to 3.33 percent from 2.79 percent for the 1991 second quarter.
 Interest rate spread increased to 3.14 percent from 2.55 percent last year.
 Net interest income increased 39.1 percent to $28.7 million from $20.6 million last year.
 Tangible book value increased 17.3 percent to $19.20 per share from $16.37 per share last year.
 Tangible shareholders' equity to total assets increased 2.5 percent to 5.65 percent from 5.51 percent last year.
 Charter One Financial, Inc's subsidiary, The First Federal Savings Bank, has total assets of $3.6 billion and 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 of People's Savings. On March 9, 1992, Charter One announced the proposed acquisition of First American BanCorp of Canton, Ohio. The transaction is expected to be completed later in the year, subject to regulatory and shareholder approvals. When completed, First Federal's assets will approximate $4.3 billion and the Bank will operate 92 offices in Ohio.
 Operating Highlights
 (In thousands, except per share amounts)
 Three Months Ended Six Months Ended
 6/30/92 6/30/91 6/30/92 6/30/91
 Interest income $74,327 $71,463 $151,436 $143,674
 Interest expense 45,604 50,819 95,315 102,755
 Net interest income 28,723 20,644 56,121 40,919
 Provision for
 loan losses 1,243 1,499 2,814 2,889
 Net interest income
 after provision for
 loan losses 27,480 19,145 53,307 38,030
 Gain from sale of
 investments, loans
 and mortgage-backed
 securities 193 6,208 544 7,813
 Other income 4,137 2,802 8,443 5,767
 Other expenses 17,967 14,075 36,490 28,478
 Income before federal
 income taxes 13,843 14,080 25,804 23,132
 Federal income taxes 5,067 4,910 9,457 8,180
 Net income $ 8,776 $ 9,170 $ 16,347 $ 14,952
 Net income per common
 and common stock
 equivalent share: $ 0.79 $ 0.85 $ 1.48 $ 1.39
 Weighted average number
 of common and common
 equivalent shares
 outstanding 11,047,966 10,803,803 11,035,468 10,760,826
 Balance Sheet Highlights
 (In thousands)
 6/30/92 6/30/91 12/31/91
 Total assets (A) $3,590,421 $3,092,660 $3,665,755
 Total loans and mortgage-
 backed securities (A) 3,234,272 2,686,374 3,238,807
 Deposits (A) 3,093,023 2,525,418 3,187,470
 Shareholders' equity 202,801 170,421 187,811
 (A) 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- 7/20/92 R
 /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


SM -- CL005 -- 0606 07/20/92 09:42 EDT
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Date:Jul 20, 1992
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