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COLUMBIA FIRST BANK ANNOUNCES RESULTS FOR THE QUARTER ENDED DEC. 31, 1992

 ARLINGTON, Va., Jan. 19 /PRNewswire/ -- Columbia First Bank, a Federal Savings Bank (NASDAQ: CFFS), today reported increased quarterly earnings for the sixth consecutive period.
 Net income was $2,228,000, or 68 cents per share, for the quarter ended Dec. 31, 1992, an increase of 8.2 percent over the prior quarter's earnings of $2,060,000, or 63 cents per share. The current quarterly earnings represent an increase of 187.5 percent over the comparable prior-year period earnings of $775,000, or 26 cents per share. Columbia First's fiscal year end is Sept. 30, and the bank's results for the year ended Sept. 30, 1992, have been previously released.
 President and CEO Thomas J. Schaefer said, "We are pleased that the bank has established an earnings trend, and we expect to continue this trend. One of our primary goals this fiscal year is the continued reduction of real estate owned. We are pleased that these non-earning asset balances were reduced $4.4 million, or 13.9 percent, during the quarter. Sales activity has improved, and we expect a number of contracts in hand to be consummated during the upcoming months."
 The bank reported a net interest yield of 2.68 percent for the quarter ended Dec. 31, 1992, compared to the 2.44 percent reported for the fiscal year ended Sept. 30, 1992. 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 ratio of reserves as a percentage of loans increased from 1.40 percent to 1.52 percent during the period, thus providing additional protection against possible future loan losses. The residential real estate portfolio, which comprises the vast majority of the bank's asset base, continues to perform well. The bank's 30-day delinquency ratio of 1.40 percent as of Dec. 31, 1992, 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 September month- end, the 30-day delinquency ratio, which measures residential loans past due more than 30 days as a proportion of total residential loans, was 5.37 percent within Columbia First's region and 4.80 percent nationally, as reported by the Mortgage Bankers Association of America.
 Columbia First has total assets of $2.3 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 Dec. 31, 1992, were $1.4 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 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)
 Three months ended Dec. 31 1992 1991
 OPERATING RESULTS
 Net interest income $14,863 $11,167
 Provision for loan losses 1,700 3,042
 Noninterest income 2,806 3,956
 Noninterest expense 11,029 9,007
 Net income before extraordinary item 2,226 909
 Extraordinary item, net of taxes 2 (134)
 Net income $ 2,228 $ 775
 PER SHARE DATA
 Primary:
 Net income before extraordinary item $.68 $ .30
 Extraordinary item, net of taxes -- (.04)
 Net income $.68 $ .26
 Fully diluted:
 Net income before extraordinary item $.63 $ .30
 Extraordinary item, net of taxes -- (.04)
 Net income $.63 $ .26
 12/31/92 9/30/92
 BALANCE SHEET
 Assets $2,311,081 $2,318,387
 Deposits 1,358,925 1,351,839
 Loans, net of unearned income 1,355,820 1,358,137
 Mortgage-backed securities 738,993 730,691
 Advances from FHLB of Atlanta 690,200 651,499
 Stockholders' equity 103,909 101,625
 Tangible stockholders' equity $ 89,170 $ 86,224
 Common shares outstanding 3,263,527 3,258,027
 Tangible book value per common share $27.32 $26.47
 ALLOWANCE FOR LOAN LOSSES
 Balance $ 20,618 $ 18,946
 Allowance/loans, net of unearned income 1.52 pct 1.40 pct
 Allowance/loans paying at less than
 contractual rates 38.09 pct 38.38 pct
 NONPERFORMING/UNDERPERFORMING ASSETS
 Nonaccruing loans $ 11,944 $ 1,047
 Nonaccruing loans upon which interest
 is being received 10,406 16,511
 Restructured loans performing
 in accordance with modified
 contractual terms 31,780 31,810
 Total loans paying at less than
 contractual rates 54,130 49,368
 Real estate owned 27,219 31,623
 Nonperforming/underperforming assets $ 81,349 $ 80,991
 Loans paying at less than contractual
 rates/loans, net of unearned income 3.99 pct 3.64 pct
 Nonperforming and underperforming assets/
 assets 3.52 pct 3.49 pct
 -0- 1/19/93
 /CONTACT: Robert J. Creighton, senior vice president and chief financial officer of Columbia First, 703-247-5090/
 (CFFS)


CO: Columbia First Bank, a Federal Savings Bank ST: Virginia IN: FIN SU: ERN

GK-CA -- NY039 -- 6302 01/19/93 11:40 EST
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