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CITIZENS BANKING REPORTS FIRST-QUARTER EARNINGS

 CITIZENS BANKING REPORTS FIRST-QUARTER EARNINGS
 FLINT, Mich., April 14 /PRNewswire/ -- Citizens Banking Corporation


(NASDAQ-NMS: CBCF) today reported 1992 first-quarter earnings.
 Citizens Banking Corporation earned net income of $5,607,000 for the quarter ended March 31, 1992, compared with $5,124,000 in the first quarter of 1991, an increase of $483,000 or 9.4 percent. Per-share net income was $0.86, an increase of 10.3 percent compared with $0.78 per share for the first quarter of 1991. The year-to-year percentage increase in earnings per share is greater than that of net income due to the effect of Citizens' stock repurchase program. Return on average assets improved to 0.92 percent from 0.86 percent and return on average equity improved to 10.27 percent from 10.06 percent.
 Charles R. Weeks, president and chief executive officer, stated that the increase in net income reflects higher net interest income, noninterest income and a reduction in income taxes offset, in part, by an increase in noninterest expenses and a higher provision for loan losses.
 The improvement in net interest income can be attributed to a slightly higher volume of earning assets, principally an increase in short-term municipal securities, and a higher net interest margin. Net interest income was $630,000 higher than last year and net interest margin improved to 4.78 percent, up from 4.67 percent.
 Investment brokerage fees were up $231,000, or 138 percent, from first-quarter 1991 levels and contributed to a $494,000, or 7.9-percent, increase in noninterest income. The increased volume of municipal securities and greater amount of associated tax-exempt income contributed to a $228,000 reduction in income taxes when compared with the first quarter of 1991.
 Noninterest expenses, net of a $206,000 increase in FDIC insurance premiums, were up 1.4 percent or $307,000. The provision for loan losses was $1,600,000, an increase of $343,000 when compared with the first quarter of 1991. The ratio of net loans charged off to average loans was 0.48 percent, well below industry averages and reflecting the quality of Citizens' loan portfolio. Nonperforming assets were 1.95 percent of total loans and other real estate owned, up from 1.91 percent at Dec. 31, 1991, and 1.67 percent a year ago. The allowance for loan losses was 1.28 percent of total loans, up from 1.26 percent a year ago.
 At March 31, 1992, total assets were $2,452,769,000 up 1.3 percent from $2,421,986,000 at March 31, 1991. Total loans and leases decreased 1.6 percent to $1,524,854,000 from $1,550,381,000, while deposits increased 2.4 percent to $2,054,892,000 from $2,006,632,000. Shareholders' equity totaled $221,629,000 or $33.88 per share compared with $208,536,000 or $31.93 per share a year ago.
 Citizens Banking Corporation is the eighth-largest bank holding company headquartered in Michigan and is the parent of Citizens Commercial & Savings Bank of Flint; Second National Bank of Saginaw; Second National Bank of Bay City, State Bank of Standish, Grayling State Bank; Century Life Insurance Company of Michigan, a credit life reinsurance company; and Commercial National Bank of Berwyn, Ill. The corporation's common stock is traded in the over-the-counter market (NASDAQ trading symbol: CBCF).
 CITIZENS BANKING CORPORATION AND SUBSIDIARIES
 FINANCIAL SUMMARY
 (Dollars in thousands except per-share data)
 Three Months Ended
 March 31
 1992 1991
 Summary of Operations
 Interest income $47,317 $53,863
 Net interest income 25,182 24,552
 Provision for loan losses 1,600 1,257
 Investment security gains (losses) (14) (1)
 Noninterest income 6,716 6,222
 Noninterest expenses 23,565 23,052
 Income taxes 1,112 1,340
 Net income 5,607 5,124
 Cash dividends 2,158 1,965
 Per common share data
 Net income $0.86 $0.78
 Cash dividends 0.33 0.30
 Book value 33.88 31.93
 Average shares outstanding (000) 6,537 6,538
 Performance ratios
 Net interest margin 4.78 pct 4.67 pct
 Return on average assets 0.92 0.86
 Return on average shareholders'
 equity 10.27 10.06
 SELECTED BALANCE SHEET DATA
 March 31 Percent
 1992 1991 Change
 At period end
 Total assets $2,452,769 $2,421,986 1
 Total loans and leases 1,524,854 1,550,381 (2)
 Total deposits 2,054,892 2,006,632 2
 Total shareholders' equity 221,629 208,536 6
 Average balances
 Total assets $2,457,927 $2,414,729 2
 Total loans and leases 1,532,442 1,549,167 (1)
 Total deposits 2,052,861 1,992,670 3
 Total shareholders' equity 219,497 206,626 6
 Statistics
 Allowance for loan losses/loans 1.28 pct 1.26 pct
 Nonpe 0.30
 Shareholders' equity/assets 9.04 8.61
 -0- 4/14/92
 /CONTACT: Wayne G. Schaeffer of Citizens Banking Corporation, 313-766-7978/
 (CBCF) CO: Citizens Banking Corporation ST: Michigan IN: FIN SU: ERN


SM-ML -- DE033 -- 8313 04/14/92 13:15 EDT
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