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CITFED BANCORP FIRST QUARTER EARNINGS UP 24.6 PERCENT; RECORDS NET INCOME OF $2.1 MILLION

 CITFED BANCORP FIRST QUARTER EARNINGS UP 24.6 PERCENT;
 RECORDS NET INCOME OF $2.1 MILLION
 DAYTON, Ohio, July 27 /PRNewswire/ -- CitFed Bancorp, Inc., (NASDAQ/NMS: CTZN), the holding company of Citizens Federal Bank, F.S.B., today announced net income of $2.1 million, or $0.49 per share, for the first quarter ended June 30, 1992 (the corporation's fiscal year ends March 31). This represented an increase of 24.6 percent over the $1.7 million in earnings reported for the same quarter a year ago. CitFed Bancorp common stock began trading on Jan. 22, 1992 at $9 per share.
 "We are pleased to report this increase in earnings," CitFed's chairman and president, Jerry L. Kirby, said. "The current low interest rate economic environment, along with our strong earnings base, has enhanced our performance. The widening of our net interest spread to 3.19 percent at June 30, 1992 compared to 2.87 percent at June 30, 1991 primarily reflects the steepness of the yield curve. While a large portion of our deposits and many assets have already re- priced to these lower market interest rates, our asset yield has not yet completely adjusted."
 Return on average assets for the three months ended June 30, 1992 was .48 percent up from .38 percent for the quarter ended June 30, 1991. Results for the quarter also showed that as of June 30, 1992, total assets were $1.7 billion and deposits totalled $1.3 billion.
 Kirby stated that Citizens Federal Bank, the corporation's thrift subsidiary, exceeded the regulatory capital requirements currently in effect with a tangible ratio of 4.45 percent, a core ratio of 5.45 percent and a risk-based ratio of 11.91 percent. In dollars, the excess was $49.2 million in tangible capital, $40.8 million in core capital and $38.2 million in risk-based capital.
 Non-performing assets at June 30, 1992 were $25.1 million which represented 1.48 percent of total assets compared to 1.51 percent at March 31, 1992.
 Mortgage loan originations totalled $221.7 million in the first quarter of fiscal 1993, compared with $117.7 million in the same period of fiscal 1992. "With the recent decline in interest rates during July, residential loan applications have risen sharply," said Kirby. "We expect to reach near record mortgage loan closings in the second quarter of our fiscal year. This increase is primarily attributed to refinancing activity."
 CitFed Mortgage, the bank's wholly owned mortgage banking subsidiary, sells substantially all of the fixed-rate mortgage loans it originates in the secondary market but retains the servicing rights to these loans. At June 30, 1992, CitFed Mortgage serviced about $3.5 billion of mortgage loans of which $2.2 billion were for other investors.
 On Jan. 29, 1992, the bank completed its initial public offering. At that time, the bank converted from a mutual stock charter and issued 100 percent of its stock to the corporation. Because the conversion and stock offering did not occur until the fourth quarter of fiscal 1992, financial information from the first quarter of fiscal 1992 pertains solely to the bank. Accordingly, fiscal 1992 first quarter income does not reflect earnings on investment of the stock offering proceeds, nor are earnings per share data for this period presented.
 The consolidated capital of the corporation at June 30, 1992, stands at $101.0 million (5.97 percent of total assets) or $24.43 per share. Consolidated tangible capital represents 4.73 percent of total assets or $19.35 per share.
 Citizens Federal is headquartered in Dayton, Ohio and operates 21 full service banking offices in the greater Dayton area as well as seven mortgage loan origination offices through its wholly owned subsidiary, CitFed Mortgage Corporation of America in Dayton, Columbus and Cincinnati, Ohio.
 CitFed Bancorp, Inc.
 Highlights
 (in thousands except for share data)
 Balance Sheet June 30, March 31,
 1992 1992
 Total Asset $1,692,773 $1,766,531
 Loans Receivable, net 832,709 887,059
 Mortgage-backed securities 556,460 539,006
 Interest-earning deposits 33,833 55,492
 Investment securities 145,746 148,427
 Deposits 1,307,312 1,360,597
 Borrowings 267,350 290,834
 Stockholders' Equity 101,041 98,926
 Operating Data
 Three Months Ended
 June 30,
 1992 1991
 Net Income $2,065 $1,657
 Earnings per common and common stock
 equivalent $0.49 N/A
 Return on average assets (annualized) .48 pct .38 pct
 Return on average equity (annualized) 8.26 pct 10.77 pct
 -0- 1/27/92
 /CONTACT: Diana Schoenberger of CitFed Bancorp, Inc., 513-229-8319/
 (CTZN) CO: CitFed Bancorp, Inc. ST: Ohio IN: FIN SU: ERN


BM -- CL010 -- 3642 07/27/92 16:06 EDT
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Date:Jul 27, 1992
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