Carteret Savings Bank enters fiscal year 1986 with increased growth and profitability.

CARTERET SAVINGS BANK ENTERS FISCAL YEAR 1986 WITH INCREASED GROWTH AND PROFITABILITY

Carteret Savings Bank, FA, (OTC:CFCC) like other major, regional financial companies, must continue to expand and diversify its income sources, markets and services in order to deal with unresolved economic and regulatory issues. The $5.1 billion-asset Bank, is the 15th largest publicly-owned savings institution in the United States with deposits of $4.0 billion.

Strategies for profitability

"During 1985, Carteret achieved strong operating earnings performance, expanded its newer investment areas, enlarged its system of distribution of services, and established alternative methods of capital funding," said Robert B. O'Brien, chairman and chief executive officer. The company had also agreed to acquire a Maryland-based S&L, subject to regulatory approval, as its first move to broaden its market coverage beyond New Jersey and Florida.

Carteret ended its fiscal year on September 30 1985, with net income of $25.2 million, more than thre times the $7.5 million results recorded in fiscal 1984. Primary earnings per common share were $2.73 in the recent fiscal year (or $2.68 on a fully diluted basis), compared to $0.91, after adjustment for stock dividends, for the previous 12 months.

For the six months ended March 31 1986, net income was $21,955,00, as against $11,050,000 in the same period last year.