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CK FEDERAL SAVINGS BANK REPORTS RESULTS

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


(NASDAQ: CKSB), today reported net earnings for the quarter ending March 31, 1992 of $671,891, or $.50 per share. This compares favorably with $221,062 or $.16 per share earned for the quarter ending March 31, 1991, a period which contained significant increases in losses on loans and real estate owned. Net income for the six-month period just ended was $1,273,458 or $.94 per share, an increase of 22 percent over the $1,041,132 or $.77 reported in the same period of the previous year.
 PERFORMANCE HIGHLIGHTS
 March 31, March 31,
 (unaudited) 1992 1991
 Quarterly Earnings $671,891 $221,062
 Six-Month Earnings $1,273,458 $1,041,132
 Assets $432 million $416 million
 Deposits $387 million $375 million
 Capital Ratio 8.0 percent 7.7 percent
 Tangible Equity (per share) $23.24 $21.39
 Loan volumes remained high, led mainly by the continued surge in refinancing activity. Total loan originations were approximately $59 million for the quarter ending March 31, 1992, an increase of 116 percent over the same period last year. Interest spreads remained somewhat constant, while net interest income decreased slightly due to an increase in non-performing assets to just over 2 percent of total assets. Other income increased more than 70 percent in the quarter ending March 31, 1992 over the same quarter of the previous year due partially to the increased lending activity. Other expenses remained relatively flat for those same two periods.
 Gabe S. Stewart, Chairman, President and CEO of the Bank, stated that he was pleased with the earnings results and the improved efficiency in controlling costs. Additionally, Stewart pointed out that the loan origination volume was the highest in CK Bank's history.
 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- 4/15/92
 /CONTACT: Ben Guion, CFO, CK Federal Savings Bank, 704-783-0365/
 (CKSB) CO: CK Federal Savings Bank ST: North Carolina IN: FIN SU: ERN


JZ -- CH015 -- 8916 04/15/92 16:36 EDT
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Date:Apr 15, 1992
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