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CONTINENTAL SAVINGS OF AMERICA ANNOUNCES EARNINGS FOR THE PERIOD ENDED MARCH 31, 1993

 SAN FRANCISCO, May 4 /PRNewswire/ -- Continental Savings of America (NASDAQ: CSAV), a federally chartered savings and loan association, reports a profit for the three-month period ended March 31, 1993, of $58,000, or 3 cents primary and fully diluted earnings per common share. Continental reported earnings of $1.8 million, or 64 cents per common share for the same period a year ago. The provision for loan losses was $290,000 for the current three-month period versus $156,000 for the same period a year ago.
 Primary earnings per common share are computed based on the weighted average number of common shares outstanding and the dilutive effect of stock options outstanding. The computation of fully diluted earnings per common share in 1993 does not include the effect of convertible preferred stock issued in the fourth quarter of 1992 because the effect is anti dilutive.
 According to Charles A. Chenes, chairman, president and chief executive officer, "Gains and other fees declined due to reduced loan originations and sales, and expenses associated with new loan origination offices and the effect of non-performing assets also contributed to a decrease in earnings as compared to the year-earlier period." The expansion of the loan origination network is well ahead of the plans announced last year when $18 million of preferred stock was issued. Chenes added, "Results for the second quarter of 1993 are expected to approximate those of the first quarter, due to the adoption in late April of a program for the early disposition of certain assets acquired through foreclosure, which generally were the result of a weak local economy, particularly in Southern California and a decline in real estate values."
 Acceleration of the disposition of real estate owned will be accomplished through the discounting of sale prices in order to significantly reduce the amount of such assets now carried by the association.
 Continental Savings is a federally chartered savings and loan association with assets of $514 million. It operates six savings branch offices in the San Francisco area, and 26 loan origination offices in Northern and Southern California, an increase of 10 loan offices from the end of 1992. The association is in compliance with all regulatory capital requirements. Its principal business consists of originating loans secured by existing single-family residences for sale in the secondary mortgage market.
 CONTINENTAL SAVINGS OF AMERICA
 Three months ended March 31, 1993 1992
 FINANCIAL SUMMARY
 Net interest income $ 3,346,888 $ 4,401,246
 Provision for possible loan losses (290,408) (156,052)
 Loan servicing income & other fees 646,426 1,022,485
 Gain on sale of loans & loan
 servicing rights 1,806,812 2,224,645
 Loss from real estate operations (378,045) (79,035)
 Operating expenses:
 Compensation and benefits 2,124,160 1,870,257
 Occupancy and equipment 867,313 743,882
 Provision for loss on investment
 securities and real estate 229,882 518,000
 Other general and
 administrative exp. 1,811,904 1,174,555
 Income before income taxes 98,414 3,106,595
 Income taxes 40,350 1,273,703
 Net income $ 58,064 $ 1,832,892
 Average shares outstanding 3,399,031 2,701,914
 Net income per common share:
 Primary $0.03 $0.64
 Fully diluted $0.03 $0.64
 ASSETS, LIABILITIES AND CAPITAL
 Cash & equivalents $ 37,093,327 $ 30,971,696
 Investment securities 40,542,737 46,323,008
 Loans 382,628,465 476,859,870
 Allowance for loan losses (6,036,735) (4,885,188)
 Real estate owned 32,638,450 18,712,756
 Other assets 26,557,937 21,581,226
 Total assets $513,424,181 $589,563,368
 Deposits $428,794,557 $495,551,213
 Advances and borrowings 43,916,215 65,610,685
 Other liabilities 5,560,559 8,797,546
 Shareholders equity 35,152,850 19,603,924
 Total liabilities and equity $513,424,181 $589,563,368
 Capital levels:
 Tangible & core 6.50 pct. 3.33 pct.
 Risk based 9.71 pct. 4.77 pct.
 OTHER INFORMATION
 Return on average common
 stockholders' equity 1.14 pct. 39.23 pct.
 Return on average assets 0.04 pct. 1.25 pct.
 Operating expense/average assets 3.81 pct. 2.93 pct.
 Loss allowances/loans &
 real estate owned 2.31 pct. 1.18 pct.
 Full-time equivalent employees 292 208
 Retail deposit branches 6 6
 Loan offices 26 7
 -0- 5/4/93
 /CONTACT: Ralph Christy of Continental Savings, 415-274-3000/
 (CSAV)


CO: Continental Savings of America ST: California IN: FIN SU: ERN

SG-TB -- SF009 -- 4414 05/04/93 14:46 EDT
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Date:May 4, 1993
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