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CK FEDERAL SAVINGS BANK ANNOUNCES RESULTS

 CK FEDERAL SAVINGS BANK ANNOUNCES RESULTS
 CONCORD, N.C., Jan. 15 /PRNewswire/ -- CK Federal Savings Bank


(NASDAQ: CKSB) today reported net earnings of $601,567 or $.45 per share for the quarter ending Dec. 31, 1991, the first quarter of fiscal 1992, compared with $820,070 or $.61 per share reported in the same quarter of the previous year. The decline is primarily the result of continuing economic uncertainty, evidenced by increased charge-offs and levels of non-performing assets higher than the first quarter of fiscal 1991.
 PERFORMANCE HIGHLIGHTS
 (Unaudited)
 Dec. 31, 1991 Dec. 31, 1990
 Quarterly Earnings $601,567 $820,070
 Quarterly Earnings (per share) $.45 $.61
 Assets $422 million $414 million
 Deposits $379 million $372 million
 Capital Ratio 8.0 pct. 7.7 pct.
 Tangible Equity (per share) $22.83 $21.30
 According to Gabe S. Stewart, Chairman of the Board, President and CEO, first quarter results were achieved in an environment of growing unemployment, depressed real estate values and public skepticism. With interest rates at their lowest leve,s;in years, margins have tightened somewhat, but loan originations, spurred mainly by the current wave of refinancing requests, totalled approximately $40 million, almost doubling the production of the first quarter of fiscal 1991.
 Safety and soundness continue to be major factors for healthy, competitive financial institutions. CK Bank's capital ratio, measured according to generally accepted accounted principles, increased to 8.04 percent as of Dec. 31, 1991. In addition, the Bank has increased the allowance for loan losses more than 6 percent during the quarter to just under $2 million. Finally, the Bank significantly exceeds all regulatory capital requirements.
 CK Bank has nine full service banking offices in the Piedmont and Western regions of North Carolina. The company's stock is traded over-the-counter with the NASDAQ symbol CKSB.
 -0- 1/15/92
 /CONTACT: Ben Guion, CFO, CK Federal Savings Bank, 704-783-0365/ CO: CK Federal Savings Bank ST: North Carolina IN: FIN SU: ERN


DF -- CH005 -- 0035 01/15/92 13:17 EST
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Date:Jan 15, 1992
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