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COASTAL BANC SAVINGS FIRST QUARTER EARNINGS UP FROM PRIOR YEAR

 HOUSTON, April 15 /PRNewswire/ -- Coastal Banc Savings Association (NASDAQ: CBSA) today reported that net income for the quarter ended March 31, 1993 increased 63 percent to $3,469,103 from $2,122,363 for the quarter ended March 31, 1992. The $1.3 million increase in net income was due in part to a non-recurring benefit of $972,645 as a result of implementing FAS 109.
 Earnings per share for the three months ended March 31, 1993 were $.65, compared to $.63 for the same period last year. Common stock equivalents outstanding during the period were 5,374,335 and 3,385,784, respectively.
 Earnings per share calculations for the periods were affected by Coastal Banc's issuance of 2,061,384 shares of common stock in March 1992. Earnings per share during the first quarter of 1992 would have been $.40 on common stock equivalents of 5,309,486 had the shares issued in the offering been outstanding for the full quarter.
 Without the cumulative effect of the FAS 109 change in accounting principle, earnings per share would have been $.46 for the quarter ended March 31, 1993.
 At March 31, 1993, Coastal Banc had assets of approximately $1.4 billion and total stockholder's equity of approximately $72.6 million.
 Coastal Banc Savings Association is a Texas-chartered, federally insured savings and loan association headquartered in Houston. It operates 16 branch offices in Metropolitan Houston and the more rural areas west and southwest of Houston. As previously announced, Coastal Banc has entered into agreements with two thrift institutions to acquire 11 additional branch locations with deposits totalling approximately $442 million, subject to receipt of regulatory approval.
 COASTAL BANC SAVINGS
 Selected Financial Data
 For The Quarter Ended
 March 31,
 1993 1992
 Net interest income $8,108,188 $6,428,462
 Provision for loan loss 281,979 (68)
 Noninterest income 890,038 1,028,885
 Noninterest expense 5,100,511 4,529,511
 Tax provision 1,119,278 805,541
 Cumulative effect of FAS 109 972,645 -
 Net income 3,469,103 2,122,363
 Earnings per share 0.65 0.63
 Common stock equivalents 5,374,335 3,385,784
 At March 31,
 1993 1992
 Total assets $1.4 billion $1.0 billion
 Non-performing assets 3.4 million 3.7 million
 -0- 4/15/93
 /CONTACT: Manuel J. Mehos, CEO, or Catherine N. Wylie, chief accounting officer of Coastal Banc Savings, 713-623-2600; or Don King of Churchill Group Inc., 713-781-0020, for Coastal Banc/
 (CBSA)


CO: Coastal Banc Savings Association ST: Texas IN: FIN SU: ERN

SH -- NY074 -- 6296 04/15/93 13:15 EDT
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Publication:PR Newswire
Date:Apr 15, 1993
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