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CONTINENTAL SAVINGS OF AMERICA ANNOUNCES EARNINGS FOR THE PERIOD ENDING JUNE 30, 1992

 CONTINENTAL SAVINGS OF AMERICA ANNOUNCES EARNINGS
 FOR THE PERIOD ENDING JUNE 30, 1992
 SAN FRANCISCO, July 22 /PR Newswire/ -- Continental Savings of America (NASDAQ: CSAV), a federally chartered savings and loan, reported a profit for the three-month period ended June 30, 1992 of $1.5 million or $.51 per share. Continental reported earnings of $1.1 million or $.40 per share for the same period a year ago. The provision for loan losses was $421,000 for the current three-month period versus $373,000 for the prior year period.
 For the six months ended June 30, 1992, Continental reported fiscal year-to-date earnings of $3.3 million or $1.16 per share. Continental previously reported earnings of $2.1 million or $.78 per share for the same period of 1991. Net income for the six-month period of 1991 was subsequently restated to $3.6 million to give effect, retroactive to Jan. 1, 1991, of a one-time change in accounting for income taxes of $1.65 million and an increase in the tax accrual rate. Total assets were $571 million at June 30, 1992, and $616 million at June 30, 1991.
 According to Charles A. Chenes, chairman, president and chief executive officer, "The increase in profit is primarily attributable to a doubling of revenue from mortgage banking operations, and a more than 40 percent increase in the net interest margin."
 Continental Savings has six savings branch offices in the San Francisco area and eight loan origination offices in Northern and Southern California, with its headquarters at 250 Montgomery Street, San Francisco.
 Continental Savings of America, a publicly held federally chartered stock corporation, is traded over the counter under the symbol of CSAV.
 -0- 7/22/92
 /CONTACT: Ernest Jurdana of Continental Savings of America, 415-274-3001/
 (CSAV) CO: Contintental Savings of America ST: California IN: FIN SU: ERN


MC-MM -- SF012 -- 1706 07/22/92 09:03 EDT
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Publication:PR Newswire
Date:Jul 22, 1992
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