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COLUMBIA FIRST BANK ANNOUNCES RESULTS FOR QUARTER ENDED MARCH 31, 1993

 ARLINGTON, Va., April 20 /PRNewswire/ -- Columbia First Bank, a Federal Savings Bank (NASDAQ-NMS: CFFS) reported increased quarterly earnings for the seventh consecutive period. Net income was $2,398,000, or 72 cents per share, for the quarter ended March 31, 1993, an increase of 7.6 percent over the prior quarter's earnings of $2,228,000, or 68 cents per share. The current quarterly earnings represent an increase of 93.9 percent over the comparable prior year period earnings of $1,237,000, or 39 cents per share. For the six months ended March 31, 1993, the bank reported net income of $4,626,000, or $1.40 per share, compared to income of $2,012,000, or 65 cents per share, in the prior year period.
 President and CEO Thomas J. Schaefer said: "We continue to be pleased with the bank's earnings trend, and we expect this trend to continue into the future. One of our primary goals this fiscal year is the reduction of non-performing and underperforming assets, and we are pleased with the progress to date. We have reduced these non-earning and lower yielding asset balances by $18.1 million, or 22.4 percent, during the fiscal year. In addition, we have just disposed of a residential development parcel of land at its $5.4 million book value in a cash transaction. We expect continued improvement during the upcoming months in our efforts to reduce non-performing and underperforming assets." The recent sale transaction, which is not reflected in the March 31, 1993, balances reduces the bank's current real estate owned to $22.5 million, and reduces the non-performing/underperforming category to $57.5 million.
 The bank reported a net interest yield of 2.59 percent for the six months ended March 31, 1993, compared to the 2.44 percent reported for the fiscal year ended Sept. 30, 1992. The bank has repositioned its borrowing base and lengthened maturities to take advantage of anticipated rising interest rates in the future. This strategy will enable the bank to reap the benefits of these low-cost borrowings in future years, although the immediate cost of funds is higher than it would be with short-term borrowings. Management believes that this is the prudent course of action in light of the current market expectations for gradually rising rates in future periods.
 The residential real estate loan portfolio, which comprises the vast majority of the bank's asset base, continues to perform well. The bank's delinquency ratio of 1.39 percent as of March 31, 1993, on the residential loan portfolio is well below regional and national averages. Current regional and national data has not yet been released; however, as of December month-end, the delinquency ratio, which measures residential loans past due more than 30 days as a proportion of total residential loans, was 4.93 percent within the bank's region and 4.24 percent nationally, as reported by the Mortgage Bankers Association of America.
 Columbia First has total assets of $2.4 billion and is the largest savings institution headquartered in Virginia. The bank operates 28 full-service banking offices in Virginia, Maryland and the District of Columbia. Deposits at March 31, 1993, were $1.3 billion, and these


funds were obtained from residents of Maryland (39 percent), the District of Columbia (25 percent), Virginia (21 percent) and other areas (15 percent). Columbia First offers an extensive line of mortgage and consumer loans at each branch location. The bank also originates mortgage loans from four loan production offices, the newest of which is located in Waldorf, Md. This office opened in March, and is expected to serve the surrounding Maryland and District of Columbia residential market.
 The bank exceeds all current and fully phased-in capital requirements.
 COLUMBIA FIRST BANK, A FEDERAL SAVINGS BANK AND SUBSIDIARIES
 Financial Highlights
 (Dollars in thousands, except share data)
 For the Three For The Six
 Months Ended Months Ended
 March 31, March 31,
 1993 1992 1993 1992
 Operating Results
 Net interest income $14,458 $13,017 $29,321 $24,184
 Provision for loan losses 1,710 2,906 3,410 5,948
 Non-interest income 2,234 3,056 5,040 7,012
 Non-interest expense 10,920 10,047 21,949 19,054
 Net income before
 extraordinary item 2,403 1,218 4,629 2,127
 Extraordinary item, net
 of taxes (5) 19 (3) (115)
 Net income 2,398 1,237 4,626 2,012
 Per share data
 Primary:
 Net income before
 extraordinary item $ 0.72 $ 0.39 $ 1.40 $ 0.69
 Extraordinary item, net
 of taxes -- -- -- (0.04)
 Net income $ 0.72 $ 0.39 $ 1.40 $ 0.65
 Fully Diluted:
 Net income before
 extraordinary item $ 0.67 $ 0.37 $ 1.30 $ 0.66
 Extraordinary item, net
 of taxes -- 0.01 -- (0.03)
 Net income $ 0.67 $ 0.38 $ 1.30 $ 0.63
 March 31, Sept. 30,
 1993 1992
 Balance Sheet
 Assets $2,377,096 $2,318,387
 Deposits 1,342,474 1,351,839
 Loans, net of unearned income 1,363,714 1,358,137
 Mortgage-backed securities 802,611 730,691
 Advances from FHLB of Atlanta 765,200 651,499
 Stockholders' equity 106,329 101,625
 Tangible stockholders' equity 92,241 86,224
 Common shares outstanding 3,265,527 3,258,027
 Tangible book value per common share $28.25 $26.47
 Allowance for Loan Losses
 Balance $ 16,681 $ 18,946
 Allowance/loans, net of unearned income 1.22 pct. 1.40 pct.
 Allowance/loans paying at less than
 contractual rates 47.70 pct. 38.38 pct.
 Non-Performing/Underperforming Assets
 Non-accruing loans $ 9,641 $ 6,463
 Non-accruing loans upon which
 interest is being received 10,339 11,095
 Restructured loans performing
 in accordance with
 modified contractual terms 14,988 31,610
 Total loans paying at less than
 contractual rates 34,968 49,368
 Real estate owned 27,887 31,623
 Non-performing/underperforming assets $ 62,855 $ 80,991
 Loans paying at less than
 contractual rates/loans, net of
 unearned income 2.58 pct. 3.64 pct.
 Non-performing and underperforming
 assets/assets 2.64 pct. 3.49 pct.
 -0- 4/20/93
 /CONTACT: Robert J. Creighton, senior vice president/chief financial officer, Columbia First Bank, 703-247-5090/
 (CFFS)


CO: Columbia First Bank ST: Virginia IN: FIN SU: ERN

MH-DC -- DC008 -- 8169 04/20/93 14:27 EDT
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Date:Apr 20, 1993
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