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CSF HOLDINGS THIRD QUARTER EARNINGS UP 61 PERCENT ABOVE SECOND QUARTER, BUT LOWER THAN COMPARABLE QUARTER LAST YEAR; CORE EARNINGS, DEPOSITS, INTEREST RATE SPREAD AND CAPITAL RATIOS ALL ACHIEVE STRONG INCREASES ABOVE A YEAR AGO

CSF HOLDINGS THIRD QUARTER EARNINGS UP 61 PERCENT ABOVE SECOND QUARTER,
 BUT LOWER THAN COMPARABLE QUARTER LAST YEAR;
 CORE EARNINGS, DEPOSITS, INTEREST RATE SPREAD AND CAPITAL RATIOS
 ALL ACHIEVE STRONG INCREASES ABOVE A YEAR AGO
 MIAMI, Nov. 1 /PRNewswire/ -- CSF Holdings, Inc. (NASDAQ-NMS: CSFCB) has reported net earnings, after preferred stock dividends of $3,596,000 ($1.17 per share) on total income of $96,990,000 for the three months ended Sept. 30, 1991, compared to net earnings, after preferred stock dividends, of $8,545,000 ($2.85 per share) on total income of $98,380,000 for the same quarter of 1990. The 1991 third quarter earnings were 61 percent higher than the company's second quarter net of $2,230,000 ($.73 per share).
 For the nine months ended Sept. 30, 1991, CSF Holdings reported net earnings, after preferred stock dividends of $6,861,000 ($2.24 per share) on total income of $289,505,000, compared to net earnings of $14,031,000 ($4.66 per share) on total income of $301,895,000 for the same period of 1990.
 Comparison of the 1991 results to 1990 for both the third quarter and nine months were reduced by a combination of extraordinary items. The quarter ended Sept. 30, 1991, had an extraordinary charge of $1,463,000, compared to an extraordinary gain of $12,439,000 in 1990. The nine months ended Sept. 30, 1991, had an extraordinary charge of $1,079,000, compared to an extraordinary gain of $12,439,000 in 1990.
 In announcing the earnings, Charles B. Stuzin, chairman and president of CSF Holdings, stated, "We had an excellent quarter with core earnings much higher than a year ago, but we could not match up to last year's third period when our bottom line included an extraordinary gain of $12.4 million.
 "Our deposits are up 15 percent above a year ago and our interest rate spread is 106 basis points higher than this time last year. These strong core results indicate that our year-end numbers again should be among the best in our beleaguered industry.
 "The high quality of our loan portfolio continues to be one of the company's strongest assets, with a delinquency level far below the national average. Non-performing loans were only 1.13 percent of assets as of Sept. 30, 1991, compared to 1.10 percent on June 30, 1991, 1.09 percent on March 31, 1991, and 1.10 percent on Dec. 31, 1990.
 "Our customer service gains also have been very gratifying. Compared to a year ago, deposits rose by $447 million to $3.4 billion and our portfolio of loans and mortgage-backed securities rose by $145 million to $3.8 billion.
 "Our capital position easily exceeds all current and fully phased-in regulatory requirements, and has improved each quarter. As of Sept. 30, 1991, tangible capital of $203 million equaled 4.9 percent vs. 1.5 percent required, core capital of $288 million equaled 6.9 percent vs. three percent required, and risk-based capital of $322 million equaled 14.2 percent vs. 7.2 percent required."
 As of Sept. 30, 1991, CSF Holdings had a stockholders' equity of $47.00 per common share and a tangible stockholders' equity of $33.31 per common share.
 CSF Holdings, Inc. is a publicly owned financial institution with $4.2 billion in assets and a principal subsidiary which operates 83 banking offices in five states...Florida, Illinois, Ohio, California and Virginia. The company's stock (CSFCB) is traded on the NASDAQ national market system.
 -0- 11/1/91
 /CONTACT: Morton Trilling, executive vice president of CSF Holdings, Inc., 305-978-5454; or John K. Schulte of Schulte, Ross & Aguilar, Inc., 305-856-1442, for CSF Holdings, Inc./
 (CSFCB) CO: CSF Holdings, Inc. ST: Florida IN: FIN SU: ERN SS-MR -- FL010 -- 0323 11/01/91 15:32 EST
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Date:Nov 1, 1991
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