Charter One Reports Record 1st Quarter EPS of $.54, Up 8%

Highlights for the quarter ended 03/31/01:



* Net earnings a record $.54 per share, up 8% over year ago quarter

* Net yield during quarter of 2.94%, up 16 basis points from 2.78% in

fourth quarter

* Retail banking revenue up 30% from year ago quarter, up 3% from fourth

quarter

* Total deposits up $815 million from 12/31/00, or 4%

* Core deposits up 12% from 12/31/00; noninterest-bearing checking

account balances up 8%

* Loan originations of $3.3 billion, including $1.7 billion, or 52%, in

energized assets

* Energized asset portfolio up 5% from 12/31/00, now 58% of loans

* Nonperforming assets totaled .57% of total assets at 3/31/01, down from

.58% at 12/31/00



Apr 19, 2001, 01:00 ET from Charter One Financial, Inc.

    CLEVELAND, April 19 /PRNewswire/ -- Charter One Financial, Inc.
 (NYSE:   CF), the holding company of Charter One Bank, F.S.B., today reported
 net earnings of $114.8 million for the three months ended March 31, 2001, or a
 record $.54 per diluted share.  This was up 8% from $.50 in net earnings per
 diluted share reported in the year ago quarter, and up 4% from $.52 in the
 fourth quarter of 2000.  All per share data have been restated for the 5%
 stock dividend paid on September 30, 2000.
     Net earnings for the quarter generated annualized returns of 1.38% on
 average assets and 18.29% on average equity.  These compared with returns of
 1.45% on average assets and 18.25% on average equity in the first quarter of
 2000, and 1.33% on average assets and 18.26% on average equity for the fourth
 quarter of 2000.
     "We continue to see very nice momentum throughout our operation,"
 commented Charles John Koch, Charter One's Chairman and Chief Executive
 Officer.  "That momentum is coming out of our retail franchise in the form of
 unprecedented deposit and retail banking revenue growth, as well as an
 extraordinary level of loan originations.  We are especially pleased with the
 expansion in net yield during the quarter, which we expect to continue
 throughout the year, and the overall stability of credit quality."
     Net interest income and net yield -- Net interest income was $229.5
 million for the three months ended March 31, 2001, up 7% from the fourth
 quarter of 2000 and down 2% from the first quarter of 2000.  The net yield
 during the first quarter of 2001 was 2.94%, up 16 basis points from 2.78% in
 the fourth quarter of 2000.  The expansion in net yield reflected the recent
 decline in interest rates combined with core deposit and energized asset
 growth.  Given the favorable long-term rate environment, the Company also took
 the opportunity to lengthen certain liabilities, effectively neutralizing the
 one-year interest-rate repricing gap.
     Noninterest income -- Noninterest income for the first quarter of 2001
 totaled $104.0 million, up 26% from the year ago quarter.  The largest
 component of recurring noninterest income was derived from retail banking
 activities, which accounted for $67.4 million of the total in the three months
 ended March 31, 2001.  Retail banking revenue was up an impressive 30% from
 the year ago quarter.  This year-over-year retail banking growth can be
 attributed to successful integration of past mergers together with ongoing
 franchise development initiatives.
     Mortgage banking revenue declined to $9.5 million in the first quarter of
 2001, down from $13.7 million a year ago.  The decline resulted primarily from
 reduced servicing income following last quarter's sale of $3 billion in
 servicing, and increased amortization of loan servicing rights in the present
 interest rate environment.  The current rate environment is driving very high
 levels of loan originations, which will rapidly replenish the sold servicing.
     Charter One has a stated business plan of limiting growth in its single-
 family loan portfolio.  The recent record loan volume is creating
 significantly more residential mortgage assets than the Company included in
 its targeted balance sheet growth rates.  Historically, Charter One has
 managed portfolio size and mix through sales of mortgage-backed securities
 comprised primarily of seasoned bank-originated mortgage product.  During the
 first quarter of 2001, gains primarily from the sale of such securities
 totaled $16 million, more than offsetting the decline in mortgage banking
 revenue.
     Lending production and pipeline -- Loan and lease originations for the
 first quarter of 2001 totaled $3.3 billion, compared to $2.8 billion in the
 fourth quarter of 2000 and $2.2 billion in the year ago quarter.  The mix of
 originations continued to favor energized asset production, which represented
 52% of the total.  The Company uses the term energized assets to include all
 lending products other than traditional single-family loans.  Originations of
 energized assets totaled $1.7 billion, up 50% from the year ago quarter.  The
 mix of single-family originations included 95% in fixed-rate products,
 reflecting customers' preferences as rates decline.
     As of March 31, 2001, the pipeline of loans in process totaled
 approximately $3.9 billion; nearly double the level a year ago.  The mix of
 the current pipeline included 59% in single-family products and 41% in
 energized assets: $2.3 billion in single-family, $1.0 billion in consumer,
 $145 million in commercial mortgage, and $443 million in leasing and corporate
 banking.  Although the decline in rates has prompted an increase in refinance
 activity, 40% of the current single-family pipeline is for new purchase loans
 as opposed to refinances of existing loans.
     "If you isolate the new purchase pipeline of single-family products, we
 are running at nearly $1 billion of new residential business currently in
 process," Koch commented.  "That is an extremely high level for the first
 quarter, which is typically our lowest production quarter.  Not only does that
 underscore the strength of our sales culture, it is an important indicator of
 our ability to replenish portfolio that may prepay in this cycle."
     Lending portfolio -- The net loan and lease portfolio held for investment
 totaled $24.0 billion at March 31, 2001, down $143 million in the quarter.
 The energized asset portion of the portfolio totaled $14.0 billion at March
 31, 2001, or 58% of the total loan portfolio, compared with 55% at December
 31, 2000.  Energized assets increased by 5% during the quarter (20% annualized
 growth rate), well in line with the Company's goal of 17% growth for 2001.
 The one-to-four family portion of the lending portfolio totaled $10.2 billion
 at March 31, 2001, down from $10.9 billion at the end of 2000.  During the
 first quarter of 2001, the Bank securitized $1.4 billion in one-to-four family
 loans, $588 million of which were in adjustable-rate products.  Without the
 securitization, the one-to-four family portfolio would have increased by 7%,
 or 28% on an annualized basis.
     In the past several months, the Company has sold over $1 billion out of
 its adjustable-rate portfolio.  This, together with an overall mortgage-
 related yield of 7.25%, substantially reduces the inherent prepayment risk
 that naturally occurs in an environment of increasing refinance activity.
     Credit quality -- Annualized net charge-offs increased slightly to .24% of
 average loans for the first quarter.  This compared with a recurring net
 charge-off ratio (based on net charge-offs excluding suspected fraudulent
 activity) of .22% for the fourth quarter of 2000.  The only area of the
 overall portfolio posting a sequential increase in net charge-offs during the
 quarter was the indirect auto portfolio ($8.6 million in the first quarter of
 2001, up from $6.2 million in the fourth quarter of 2000).  This experience
 was not only consistent with a softening economy but also with normal seasonal
 fluctuations.  During the quarter, the allowance for loan and lease losses
 increased by $3.4 million to $193 million, as the quarter's provision for
 losses exceeded current charge-offs.  The portfolio remains well diversified
 and 96% of all loans are collateralized, with 63% backed by single and multi-
 family real estate.
     Nonperforming assets (including troubled debt restructurings and loans
 delinquent 90 days and still accruing) totaled $192.3 million at March 31,
 2001, resulting in a ratio of nonperforming assets to total assets of .57% at
 the end of the quarter, down slightly from .58% at December 31, 2000.  Based
 on the Company's experience, since the vast majority of the loans in
 nonperforming assets are collateralized by real estate, any losses resulting
 from possible future charge-offs would be substantially less than the loan
 balances.
     Deposits -- Deposits totaled $20.4 billion at March 31, 2001, up $815
 million, or 4%, from December 31, 2000.  Core deposits, which include
 checking, money market and savings accounts, totaled $10.6 billion at March
 31, 2001, up $1.2 billion, or 12%, from December 31, 2000.  One core deposit
 component showing impressive growth was noninterest-bearing checking accounts,
 up 8% from the end of 2000.  The deposit growth was consistent across all of
 the Bank's markets and geographic regions.  The Company opened a record 91,400
 checking accounts, bringing the total to 1.1 million accounts.  Additionally,
 average account balances continued to show healthy growth, with overall core
 accounts moving from $5,700 at December 31, 2000 to $6,300 at March 31, 2001,
 and checking accounts increasing from $3,800 to $4,000.
     "This is exceptional deposit growth for Charter One," observed Koch.  "The
 trend has actually been building over the past 12 months.  Comparing March 31,
 2001 balances with one year ago, we have increased overall deposits by 8%, and
 core deposits nearly 18%, including a 19% increase in checking balances.  It
 is important to note that this growth was accomplished without acquisitions or
 significant branch additions.  Furthermore, we are among only a handful of
 large financial institutions posting this type of deposit growth.  In my mind,
 this demonstrates the power of our retail banking franchise."
     Charter One launched its on-line banking product in mid-December 2000.
 The adoption rate in just three months has been extremely strong, with over
 72,000 active users and over 20,000 bill pay/ presentment customers.  The on-
 line channel is also proving to be effective for selling loan products.  In
 the first quarter of 2001, Internet and telemarketing sales yielded over $1
 billion in loan applications.  This has all been accomplished in advance of a
 concerted marketing program, which is scheduled for mid-April.  Gomez, a
 highly regarded independent evaluator of Internet sites, ranked ours 8th among
 all US banking sites.  Additionally, on March 6 Charter One became one of the
 first financial institutions to offer wireless on-line banking.
     Operating expenses -- Administrative expenses totaled $147.6 million in
 the three months ended March 31, 2001, up 4% from the fourth quarter of 2000
 and 6% from the year ago quarter.  The increase was primarily attributable to
 increased marketing costs as the Company launched a variety of targeted
 programs geared to support sales efforts throughout the Bank.  Operating
 expenses translated into an efficiency ratio (administrative expenses,
 excluding goodwill amortization and nonrecurring expenses and charges, as a
 percent of top-line revenue) of 43.05% for the first quarter of 2001, compared
 to 41.79% for the fourth quarter of 2000 and 43.40% for the first quarter of
 2000.
     Stock repurchase update -- On July 18, 2000, the Company authorized the
 repurchase of 10% of its outstanding shares, or approximately 20 million
 shares.  Since that time, Charter One has repurchased 6.6 million shares, 1.3
 million in 2001 and 5.3 million in 2000.  Shares purchased in 2001 had an
 average price of $27.14, for an aggregate of $35.6 million.
     Merger update -- On January 23, 2001, Charter One joined Alliance Bancorp,
 a $2 billion savings and loan headquartered in Chicago, in announcing a
 definitive agreement between the two companies under which Alliance would be
 merged into Charter One.  Terms of the agreement call for each share of
 Alliance common stock to be exchanged for $5.25 in cash and .72 of a share of
 Charter One common stock.  Management expects to issue approximately 6.7
 million shares in conjunction with the merger.  As of this date, all
 regulatory filings have been completed and the transaction is on track to be
 completed early in the third quarter of 2001.
 
     Outlook
     Koch commented on his outlook for the remainder of the year:
 "Notwithstanding a weaker economy, we continue to be comfortable with the
 consensus operating earnings estimate published by First Call, which is now
 $2.31 per share for 2001.  As a result of the favorable changes in interest
 rates, including yesterday's reduction in short-term rates, we see net
 interest income levels continuing to expand throughout the year.  Looking at
 our current pipeline, we also expect overall loan originations to continue at
 record levels.  If that happens, we will likely continue to manage the size
 and mix of our portfolio of excess mortgage assets through sales of mortgage-
 backed securities.  Additionally, if retail deposit growth continues at a
 record pace, we could see more balance sheet growth than we originally
 targeted.  As is usual, there are several factors that may impact these
 forecasts.  We have assumed that today's interest rate and economic
 environment continue throughout the year.  Any potential further reduction in
 short-term rates would likely benefit our net interest margin.  However, it
 should be noted this benefit could be offset by a further softening in the
 economy, which may require additional increases in our loan loss provision.
 Finally, we need to point out, as always, that these estimates may change
 based on the forward-looking factors noted below."
     Company profile -- Charter One has approximately $34 billion in total
 assets, making it one of the 30 largest bank holding companies in the country.
 The Bank has 423 branch locations in Ohio, Michigan, New York, Illinois,
 Massachusetts, and Vermont.  The branch locations operate under the Charter
 One name in all areas except in Michigan, where the Bank is known as First
 Federal of Michigan.  The Company's diverse product set includes: consumer
 banking, indirect auto finance, commercial leasing, business lending,
 commercial real estate lending, mortgage banking, and retail investment
 products.  For additional information, including press releases and investor
 presentations, investors are directed to Charter One's web site:
 www.charterone.com .
     The Company has scheduled a conference call to discuss quarterly results
 for 10 a.m. eastern time on Friday, April 20, 2001.  To participate in the
 call, dial 888-428-4473 and ask for the Charter One 1st quarter earnings call.
 The call is available on a replay basis until April 30, 2001 by dialing
 320-365-3844, access code 579888.  Alternatively, the call will be available
 through Charter One's website, both on a live and a replay basis.
 
     Forward-Looking Information
     This release contains certain estimates of future operating trends for
 Charter One Financial, Inc., as well as estimates of financial condition and
 earnings, operating efficiencies, revenue creation, lending origination, loan
 sale volumes, charge-offs and loan loss provisions.  These estimates
 constitute forward-looking statements (within the meaning of the Private
 Securities Litigation Reform Act of 1995), which involve significant risks and
 uncertainties.  Actual results may differ materially from the results
 discussed in these forward-looking statements.  Factors that might cause such
 a difference include, but are not limited to: (1) revenue growth is lower than
 expected; (2) competitive pressures among depository institutions increase
 significantly; (3) changes in the interest rate environment reduce interest
 margins; (4) general economic conditions, either nationally or in the states
 in which the Company does business, are less favorable than expected; and (5)
 legislation or regulatory changes adversely affect the businesses in which the
 Company is engaged.  Other factors which may affect these statements are
 identified in previous filings with Securities and Exchange Commission.
 
 
                            CHARTER ONE FINANCIAL, INC.
                         CONSOLIDATED STATEMENTS OF INCOME
                                    (unaudited)
 
                                        Three Months Ended
                    3/31/01     12/31/00      9/30/00      6/30/00      3/31/00
             (Dollars in thousands, except per share data)
     Interest income:
       Loans and
        leases     $466,667     $472,623     $462,766     $447,109     $428,110
       Mortgage-backed securities:
        Available for
         sale        82,724       69,608       66,222       50,065       55,474
        Held to
         maturity    26,287       28,108       29,442       30,908       32,354
       Investment securities:
        Trading           -            -            -            -           38
        Available for
         sale         2,836        8,057        8,142        8,202        9,011
        Held to
         maturity       145          333          417          420          424
       Other interest-earning
        assets       10,617       11,173       10,529        8,894        8,659
         Total interest
          income    589,276      589,902      577,518      545,598      534,070
     Interest expense:
       Deposits     214,457      211,787      192,399      181,668      180,255
       FHLB
        advances    135,747      141,910      151,549      125,425      113,699
       Other
        borrowings    9,591       21,375       10,401        6,472        7,113
         Total interest
          expense   359,795      375,072      354,349      313,565      301,067
         Net interest
          income    229,481      214,830      223,169      232,033      233,003
       Provision for
        loan and lease
        losses       17,728       20,920       13,178       11,509        8,598
         Net interest
          income after
          provision for
          loan and
          lease
          losses    211,753      193,910      209,991      220,524      224,405
     Other income:
       Retail
        banking      67,369       65,648       64,401       61,760       51,738
       Mortgage
        banking       9,480       35,967       13,994       14,238       13,715
       Leasing
        operations    1,207          905        2,022       10,394        1,598
       Net gains
        (losses)     16,094       (2,862)       5,522        3,064        3,547
       Other          9,849       11,909       13,850        9,441       12,020
         Total other
          income    103,999      111,567       99,789       98,897       82,618
     Administrative expenses:
       Compensation and
       employee
       benefits      68,099       61,656       67,507       71,215       70,264
       Net occupancy
        and
        equipment    26,861       25,902       26,076       25,351       24,564
       Federal deposit
        insurance
        premiums        916          939        1,066        1,001        1,005
       Merger expenses    -        3,427        1,961       20,845        3,258
       Amortization of
        goodwill      4,039        4,045        4,045        4,046        4,044
       Other administrative
        expenses     47,671       49,112       47,962       45,071       39,593
         Total administrative
          expenses  147,586      145,081      148,617      167,529      142,728
       Income before
        income
        taxes       168,166      160,396      161,163      151,892      164,295
       Income taxes  53,376       51,022       51,571       48,605       52,586
         Net
          income   $114,790     $109,374     $109,592     $103,287     $111,709
 
     Basic earnings
      per share(1)    $ .55        $ .53        $ .52        $ .47        $ .51
 
     Diluted earnings
      per share(1)    $ .54        $ .52        $ .51        $ .47        $ .50
 
     Average common shares outstanding(1):
     Basic      208,427,813  207,969,291  209,379,604  217,603,358  219,896,363
     Diluted    213,565,740  212,268,351  213,766,432  221,643,977  222,687,956
     Cash dividends
      declared per
      share(1)        $ .18        $ .18        $ .17        $ .17        $ .15
 
     (1) Restated to reflect the 5% stock dividend issued September 30, 2000.
 
 
                            CHARTER ONE FINANCIAL, INC.
                   CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                                    (unaudited)
 
                    3/31/01     12/31/00      9/30/00      6/30/00      3/31/00
                          (Dollars in thousands, except per share data)
     ASSETS
     Cash and deposits
      with banks   $537,754     $530,771     $518,425     $531,636     $421,555
     Federal funds
      sold and
      other          35,494          486          428          470       44,587
       Total cash
        and cash
        equivalents 573,248      531,257      518,853      532,106      466,142
     Investments securities:
       Available
        for sale    113,242      426,701      437,842      432,674      473,209
       Held to
        maturity      7,469       22,514       23,484       28,136       30,231
     Mortgage-backed securities:
       Available for
        sale      5,385,106    4,087,196    3,930,862    3,701,980    2,405,117
       Held to
        maturity  1,415,280    1,506,175    1,601,627    1,710,538    1,814,376
     Loans and leases,
      net        23,807,368   23,950,172   23,900,935   23,455,358   23,185,170
     Loans held
      for sale      157,762       58,002       36,386       31,516       43,441
     Bank owned life
      insurance     753,323      743,509      734,158      724,425      719,294
     Federal Home
      Loan Bank
      stock         577,135      568,377      559,802      520,288      466,678
     Premises and
      equipment     331,459      323,911      324,932      322,252      316,021
     Accrued interest
      receivable    159,103      165,990      165,649      190,310      152,219
     Real estate and
      other collateral
      owned          36,573       27,731       26,685       29,421       36,220
     Loan servicing
      assets        127,301      121,735      147,473      134,677      118,540
     Goodwill       168,319      172,411      176,510      180,608      185,914
     Other assets   218,973      265,746      193,275      227,973      207,119
       Total
        assets  $33,831,661  $32,971,427  $32,778,473  $32,222,262  $30,619,691
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
     Deposits:
       Checking
        accounts $4,365,660   $3,941,912   $3,806,721   $3,739,100   $3,661,051
       Money market
        and savings
        accounts  6,220,615    5,486,158    5,413,712    5,474,854    5,313,833
       Certificates of
        deposit   9,834,765   10,177,601    9,501,825    9,355,003   10,022,712
         Total deposits
                 20,421,040   19,605,671   18,722,258   18,568,957   18,997,596
     Federal Home
      Loan Bank
      advances    9,635,622    9,636,277    9,765,956   10,151,761    8,271,887
     Federal funds
      purchased and
      reverse repurchase
      agreements     56,472      262,326      983,588       53,087       37,179
     Other
      borrowings    289,010      284,808      267,450      267,579      268,899
     Advance payments
      by borrowers
      for taxes and
      insurance      50,306       60,761       55,005       83,784       73,706
     Accrued interest
      payable        91,849       54,499       80,638       54,137       75,495
     Accrued expenses
      and other
      liabilities   742,738      610,881      569,461      698,640      436,883
         Total liabilities
                 31,287,037   30,515,223   30,444,356   29,877,945   28,161,645
     Shareholders' equity:
       Preferred stock - $.01
        par value per share;
        20,000,000 shares
        authorized and
        unissued          -            -            -            -            -
       Common stock - $.01
        par value per share;
        360,000,000 shares
        authorized;
        212,681,891,
        212,684,698,
        212,681,105,
        212,681,105
        and 212,676,730
        shares issued 2,127        2,127        2,127        2,127        2,127
       Additional paid-in
        capital   1,747,775    1,745,232    1,742,188    1,740,020    1,739,238
       Retained
        earnings    850,961      786,793      720,738      874,242      811,048
       Less 4,667,371,
        4,456,293,
        4,964,365,
        10,307,140
        and 3,172,498 shares
        of common stock
        held in treasury
        at cost    (110,821)    (100,545)    (110,768)    (228,900)    (65,948)
       Borrowings of employee
        investment and stock
        ownership plan (942)      (1,256)      (1,569)      (2,044)     (2,595)
       Accumulated other
        comprehensive
        income       55,524       23,853      (18,599)     (41,128)    (25,824)
         Total shareholders'
          equity  2,544,624    2,456,204    2,334,117    2,344,317   2,458,046
         Total liabilities
          and shareholders' equity
                $33,831,661  $32,971,427  $32,778,473  $32,222,262 $30,619,691
 
 
                            CHARTER ONE FINANCIAL, INC.
                             SELECTED STATISTICAL DATA
                                    (unaudited)
 
 
                                          Three Months Ended
                           3/31/01  12/31/00    9/30/00    6/30/00     3/31/00
                            (Dollars in thousands, except per share data)
     Operating earnings (excluding merger expenses):
      Operating earnings  $114,790  $111,704   $110,925   $117,462    $113,827
      Operating earnings
       per share(1)            .54       .53        .52        .53         .51
     Annualized returns and ratios based on operating earnings:
      Return on average
       assets                 1.38%     1.36%      1.37%      1.51%       1.47%
      Return on average
       equity                18.29     18.65      18.96      19.08       18.60
      Average equity to
       average assets         7.52      7.28       7.21       7.91        7.93
      Net interest income to
       administrative
       expenses               1.55x     1.52x      1.52x      1.58x       1.67x
      Administrative expenses
       to average assets      1.77%     1.72%      1.81%      1.88%       1.81%
      Efficiency ratio       43.05     41.79      44.93      43.50       43.40
     Annualized returns based on net income:
      Return on average
       assets                 1.38      1.33       1.35       1.33        1.45
      Return on average
       equity                18.29     18.26      18.73      16.78       18.25
 
     (1) Restated to reflect the 5% stock dividend issued September 30, 2000.
 
 
                           3/31/01  12/31/00    9/30/00    6/30/00     3/31/00
     End of period capitalization:
      Equity to assets        7.52%     7.45%      7.12%      7.28%       8.03%
      Tangible equity to
       assets                 7.02      6.92       6.58       6.71        7.41
      Book value per
       share(1)             $12.23    $11.80     $11.24     $11.03      $11.17
      Tangible book value
       per share(1)          11.42     10.96      10.38      10.17       10.32
 
     Miscellaneous end-of-period data:
      Number of employees
       (full-time
        equivalents)         6,551     6,573      6,569      6,824       7,049
      Number of full-service
       branches                423       419        421        418         418
      Number of loan
       production offices       32        32         35         36          36
      Number of ATMs           910       913        912        910         941
 
     (1) Restated to reflect the 5% stock dividend issued September 30, 2000.
 
 
                              COMPOSITION OF DEPOSITS
                                    (unaudited)
 
                        3/31/01    12/31/00     9/30/00     6/30/00     3/31/00
                                           (Dollars in thousands)
     Checking accounts:
      Interest-
       bearing       $2,853,954  $2,547,726  $2,416,001  $2,357,297  $2,305,717
      Noninterest-
       bearing        1,511,706   1,394,186   1,390,720   1,381,803   1,355,334
     Money market and
      savings
      accounts        6,220,615   5,486,158   5,413,712   5,474,854   5,313,833
     Certificates of deposit:
      Retail          9,695,516   9,979,198   9,322,776   9,205,595   9,872,989
      Brokered          139,249     198,403     179,049     149,408     149,723
       Total
        deposits    $20,421,040 $19,605,671 $18,722,258 $18,568,957 $18,997,596
 
 
                            CHARTER ONE FINANCIAL, INC.
                      AVERAGE BALANCE SHEET, YIELDS AND COSTS
                                    (unaudited)
 
 
                                            Three Months Ended
                       3/31/01    12/31/00     9/30/00     6/30/00     3/31/00
                                            (Dollars in thousands)
     Average balance sheet data:
      Interest-earning assets:
       Loans and
        leases     $24,414,279 $24,501,333 $24,185,872 $23,716,364 $22,900,394
       Mortgage-backed
        securities   6,096,885   5,362,632   5,266,489   4,511,029   4,984,641
       Investment
        securities     155,647     461,514     469,556     481,334     521,534
       Other interest-
        earning assets 594,483     584,097     554,356     489,180     501,319
        Total interest-earning
         assets     31,261,294  30,909,576  30,476,273  29,197,907  28,907,888
       Allowance for loan and lease
        losses        (187,665)   (187,769)   (186,036)   (183,514)   (185,146)
       Noninterest-earning
        assets(1)    2,295,337   2,197,735   2,184,945   2,136,747   2,162,762
        Total
         assets    $33,368,966 $32,919,542 $32,475,182 $31,151,140 $30,885,504
       Interest-bearing liabilities:
        Checking
         accounts   $3,957,804  $3,743,410  $3,708,654  $3,674,891  $3,429,346
        Money market and savings
         accounts    5,861,567   5,367,142   5,480,546   5,487,480   5,276,653
        Certificates of
         deposit     9,964,579  10,101,086   9,321,115   9,607,596  10,276,908
         Total
          deposits  19,783,950  19,211,638  18,510,315  18,769,967  18,982,907
        FHLB
         advances    9,819,816   9,380,222  10,336,097   8,959,241   8,549,562
        Other
         borrowings    531,171   1,209,359     550,075     309,641     383,685
         Total interest-bearing liabilities
                    30,134,937  29,801,219  29,396,487  28,038,849  27,916,154
       Noninterest-bearing
        liabilities    723,044     722,980     738,021     649,547     521,055
         Total liabilities
                    30,857,981  30,524,199  30,134,508  28,688,396  28,437,209
       Shareholders'
        equity       2,510,985   2,395,343   2,340,674   2,462,744   2,448,295
       Total liabilities and shareholders'
        equity     $33,368,966 $32,919,542 $32,475,182 $31,151,140 $30,885,504
 
     Yields and costs during period:
      Weighted average yield:
       Loans and
        leases(2)         7.68%       7.70%       7.64%       7.55%       7.49%
       Mortgage-backed
        securities        7.15        7.29        7.27        7.18        7.05
       Investment
        securities        7.66        7.27        7.29        7.17        7.27
       Other interest-earning
        assets            7.14        7.49        7.43        7.19        6.83
        Total interest-earning
         assets           7.56        7.62        7.57        7.48        7.40
      Weighted average cost(3):
       Checking
        accounts          1.94        1.78        1.66        1.46        1.36
       Money market and savings
        accounts          3.60        3.35        3.30        3.08        2.73
       Certificates of
        deposit           5.84        5.90        5.61        5.29        5.20
        Total deposits    4.40        4.39        4.14        3.89        3.82
       FHLB advances      5.60        6.01        5.83        5.62        5.34
       Other borrowings   7.22        6.95        7.53        8.33        7.39
        Total interest-bearing
         liabilities      4.84        5.00        4.79        4.49        4.33
 
       Interest rate
        spread            2.72        2.62        2.78        2.99        3.07
 
       Net yield on interest-earning
        assets            2.94        2.78        2.93        3.18        3.22
 
     (1) Includes mark-to-market adjustments on securities available for sale.
     (2) Excludes impact of related tax benefits.
     (3) Includes the annualized effect of interest rate risk management
     instruments.
 
 
                            CHARTER ONE FINANCIAL, INC.
                         YIELDS AND COSTS AT END OF PERIOD
                                    (unaudited)
 
                                3/31/01  12/31/00   9/30/00 6/30/00   3/31/00
     Yields and costs at end of period:
       Weighted average yield:
         Real estate loans        7.45%     7.49%     7.41%   7.36%     7.31%
         Retail consumer loans    7.82      7.86      7.77    7.68      7.60
         Automobile loans         8.63      8.67      8.62    8.60      8.58
         Consumer finance loans   8.76      8.91      9.04    9.19      9.40
         Leases(1)                6.27      6.33      6.28    6.24      6.15
         Corporate banking loans  8.34      8.89      8.91    8.98      8.70
           Total loans and leases 7.69      7.73      7.66    7.61      7.54
         Mortgage-backed
          securities              7.06      7.29      7.24    7.25      7.10
         Investment securities    7.92      7.40      7.39    7.37      7.26
         Other interest-earning
          assets                  7.12      7.46      7.44    7.30      6.89
           Total interest-earning
            assets                7.54      7.64      7.58    7.53      7.46
       Weighted average cost(2):
        Checking accounts         1.93      1.73      1.66    1.54      1.40
        Money market and savings
         accounts                 3.79      3.29      3.54    3.20      2.93
        Certificates of deposit   5.76      5.93      5.73    5.43      5.20
         Total deposits           4.34      4.35      4.27    3.99      3.83
       FHLB advances              5.51      5.86      5.77    5.83      5.45
       Other borrowings           8.06      7.21      7.06    7.91      8.00
           Total interest-bearing
            liabilities           4.75      4.89      4.88    4.68      4.37
 
     Interest rate spread         2.79      2.75      2.70    2.85      3.09
 
     Net yield on
      interest-earning assets     2.97      2.91      2.85    3.02      3.26
 
     (1) Excludes impact of related tax benefits.
     (2) Includes the annualized effect of interest rate risk management
     instruments.
 
 
                              LOAN AND LEASE PORTFOLIO
                                    (unaudited)
 
 
                       3/31/01    12/31/00     9/30/00     6/30/00    3/31/00
                                        (Dollars in thousands)
     Loan and lease portfolio, net:
      One-to-four family:
       Permanent:
        Fixed rate  $4,788,565  $4,543,712  $4,666,771  $5,077,841 $6,098,844
        Adjustable
         rate        5,034,817   5,989,120   6,373,274   6,538,729  6,006,653
       Construction    354,997     345,930     325,385     294,784    283,410
                    10,178,379  10,878,762  11,365,430  11,911,354 12,388,907
 
      Commercial real estate:
       Multifamily   1,031,704   1,115,360   1,181,941   1,202,393  1,263,011
       Other         1,001,852     855,266     849,999     772,498    722,768
                     2,033,556   1,970,626   2,031,940   1,974,891  1,985,779
      Consumer:
       Retail        4,853,952   4,631,476   4,470,682   4,232,809  3,906,625
       Automobile    3,308,099   3,151,084   3,002,714   2,697,127  2,506,848
       Consumer
        finance      1,098,983     988,879     941,218     819,609    759,657
                     9,261,034   8,771,439   8,414,614   7,749,545  7,173,130
      Business:
       Leases        1,869,117   1,778,021   1,583,840   1,354,663  1,198,907
       Corporate
        banking        816,035     798,942     731,080     682,615    667,155
                     2,685,152   2,576,963   2,314,920   2,037,278  1,866,062
       Loans and leases before
        allowance for loan
        and lease
        losses      24,158,121  24,197,790  24,126,904  23,673,068 23,413,878
       Allowance for loan
        and lease
        losses        (192,991)   (189,616)   (189,583)   (186,194)  (185,267)
       Loans and leases,
        net        $23,965,130 $24,008,174 $23,937,321 $23,486,874 $23,228,611
 
     Portfolio of loans
      serviced for
      others       $10,723,836 $10,379,644 $12,568,760 $11,616,497 $10,526,595
 
 
                            CHARTER ONE FINANCIAL, INC.
                              LOAN AND LEASE ACTIVITY
                                    (unaudited)
                                         Three Months Ended
                       3/31/01    12/31/00     9/30/00     6/30/00    3/31/00
                                        (Dollars in thousands)
     Originations:
     Real estate:
      Permanent:
       One-to-four
        family      $1,453,923  $1,120,250  $1,381,679  $1,394,433 $1,020,269
       Multifamily      14,026       4,818      15,380       9,374      4,882
       Commercial       60,806      28,424      61,687      52,613     56,924
        Total permanent
         loans       1,528,755   1,153,492   1,458,746   1,456,420  1,082,075
      Construction:
       One-to-four
        family         121,929     163,533     173,190     169,119     99,398
       Multifamily      38,187      11,185      23,494      34,299      9,564
       Commercial       86,216      20,225      31,036      19,130     33,654
        Total construction
         loans         246,332     194,943     227,720     222,548    142,616
        Total real estate loans
         originated  1,775,087   1,348,435   1,686,466   1,678,968  1,224,691
     Retail consumer   584,345     490,514     533,559     617,864    421,415
     Automobile        490,625     450,274     597,303     464,193    280,002
     Consumer finance   56,705      82,606     157,049      96,421     69,117
     Leases            144,837     228,801     258,647     203,137    104,362
     Corporate banking 213,985     248,647     211,515     210,271    147,961
        Total loans and leases
         originated  3,265,584   2,849,277   3,444,539   3,270,854  2,247,548
     Loans purchased     7,896       1,919       8,984       4,142      3,764
     Sales and principal reductions:
      Loans sold       293,094     145,247     125,852     113,061     88,462
      Loans exchanged for
       mortgage-backed
       securities    1,422,334   1,209,198   1,310,813   1,471,076          -
      Principal
       reductions    1,597,326   1,439,129   1,532,501   1,382,508  1,239,525
        Total sales and
         principal
         reductions  3,312,754   2,793,574   2,969,166   2,966,645  1,327,987
       Increase (decrease)
        before net
        items         $(39,274)    $57,622    $484,357    $308,351   $923,325
 
                        ALLOWANCE FOR LOAN AND LEASE LOSSES
                                    (unaudited)
                                          Three Months Ended
                       3/31/01    12/31/00     9/30/00     6/30/00    3/31/00
                                       (Dollars in thousands)
     Allowance for loan and lease losses:
       Balance, beginning
        of period     $189,616    $189,583    $186,194    $185,267   $186,400
       Provision for
        loan and lease
        losses          17,728      20,920      13,178      11,509      8,598
       Loans and leases charged off:
         One-to-four
          family        (1,005)     (1,500)     (1,117)     (1,399)    (1,707)
         Commercial
          real estate      (35)       (162)          -           -       (179)
         Retail
          consumer      (1,955)     (3,632)     (2,997)     (3,674)    (2,205)
         Automobile     (9,986)     (7,532)     (6,414)     (6,786)    (7,095)
         Consumer
          finance       (2,057)     (2,537)       (949)       (990)      (518)
         Leases              -           -           -           -          -
         Corporate
          banking       (1,269)     (8,349)       (153)       (313)      (123)
           Total charge-
            offs       (16,307)    (23,712)    (11,630)    (13,162)   (11,827)
       Recoveries:
         One-to-four
          family            24         507         143         258        247
         Commercial real
          estate             1         146          36          57          2
         Retail consumer   421         634         229         563        184
         Automobile      1,366       1,308       1,402       1,515      1,585
         Consumer finance   51           -           -           1         16
         Leases              -           -           -           -          -
         Corporate banking  91         230          31         186         62
           Total
            recoveries   1,954       2,825       1,841       2,580      2,096
             Net loan and
              lease charge-
              offs     (14,353)    (20,887)     (9,789)    (10,582)    (9,731)
       Balance, end of
        period        $192,991    $189,616    $189,583    $186,194   $185,267
       Net charge-offs to
        average loans
        and leases
        (annualized)       .24%        .34%        .16%        .18%       .17%
 
 
                            CHARTER ONE FINANCIAL, INC.
                                NONPERFORMING ASSETS
                                    (unaudited)
 
 
                       3/31/01    12/31/00     9/30/00     6/30/00    3/31/00
                                         (Dollars in thousands)
     Nonperforming loans and leases:
       Nonaccrual loans and leases:
         Real estate mortgage loans:
           One-to-four
            family(1)  $71,531     $71,269     $70,692     $68,671    $73,661
           Multifamily and
            commercial   8,566       8,132       6,869       6,614     14,027
           Construction
            and land     7,683       8,806       5,606       5,074        584
             Total real
              estate mortgage
              loans     87,780      88,207      83,167      80,359     88,272
         Retail
          consumer      12,924      11,120      12,687      12,948     18,171
         Automobile         56         130         229         268        305
         Consumer
          finance       51,898      48,673      43,216      36,764     31,667
         Leases              -           -           -           -          -
         Corporate
          banking       16,593      18,707      17,973       7,836      9,070
             Total nonaccrual
              loans and
              leases   169,251     166,837     157,272     138,175    147,485
       Accruing loans and leases
        delinquent more than 90 days:
         Real estate mortgage loans:
           One-to-four
            family           -           -           -           -          -
           Multifamily and
            commercial       -           -           -           -          -
           Construction and
            land             -           -           -           -          -
             Total real
              estate mortgage
              loans          -           -           -           -          -
         Retail
          consumer(1)    2,947       2,586       2,055       1,908      2,408
         Automobile      5,887       6,911       5,842       4,275      3,903
         Consumer finance    -           -           -           -          -
         Leases          1,958       2,956       3,044       2,475      2,759
         Corporate
          banking        1,114       2,086       3,808       7,286      5,510
             Total accruing
              loans and leases
              delinquent more
              than 90
              days      11,906      14,539      14,749      15,944     14,580
       Restructured real
        estate mortgage
        loans              662         666         669         671        953
             Total nonperforming
              loans and
              leases   181,819     182,042     172,690     154,790    163,018
     Real estate acquired
      through foreclosure
      and other collateral
      owned             33,363      27,523      23,495      23,065     24,761
             Total nonperforming
              assets   215,182     209,565     196,185     177,855    187,779
             Less government
              guaranteed
              loans     22,878      19,225      20,105      20,293     19,037
             Nonperforming assets
              net of government
              guaranteed
              loans   $192,304    $190,340    $176,080    $157,562   $168,742
 
     Ratio of (excluding government
      guaranteed nonperforming loans):
       Nonperforming loans
        and leases to
        total loans
        and leases         .66%        .68%        .64%        .57%       .62%
       Nonperforming assets
        to total assets    .57         .58         .54         .49        .55
       Allowance for loan and lease losses to:
         Nonperforming loans
          and leases    121.42      116.46      124.25      138.44     128.67
         Total loans and
          leases before
          allowance        .80         .78         .79         .79        .79
 
 
     (1) Includes government guaranteed loans.
 
 

SOURCE Charter One Financial, Inc.
    CLEVELAND, April 19 /PRNewswire/ -- Charter One Financial, Inc.
 (NYSE:   CF), the holding company of Charter One Bank, F.S.B., today reported
 net earnings of $114.8 million for the three months ended March 31, 2001, or a
 record $.54 per diluted share.  This was up 8% from $.50 in net earnings per
 diluted share reported in the year ago quarter, and up 4% from $.52 in the
 fourth quarter of 2000.  All per share data have been restated for the 5%
 stock dividend paid on September 30, 2000.
     Net earnings for the quarter generated annualized returns of 1.38% on
 average assets and 18.29% on average equity.  These compared with returns of
 1.45% on average assets and 18.25% on average equity in the first quarter of
 2000, and 1.33% on average assets and 18.26% on average equity for the fourth
 quarter of 2000.
     "We continue to see very nice momentum throughout our operation,"
 commented Charles John Koch, Charter One's Chairman and Chief Executive
 Officer.  "That momentum is coming out of our retail franchise in the form of
 unprecedented deposit and retail banking revenue growth, as well as an
 extraordinary level of loan originations.  We are especially pleased with the
 expansion in net yield during the quarter, which we expect to continue
 throughout the year, and the overall stability of credit quality."
     Net interest income and net yield -- Net interest income was $229.5
 million for the three months ended March 31, 2001, up 7% from the fourth
 quarter of 2000 and down 2% from the first quarter of 2000.  The net yield
 during the first quarter of 2001 was 2.94%, up 16 basis points from 2.78% in
 the fourth quarter of 2000.  The expansion in net yield reflected the recent
 decline in interest rates combined with core deposit and energized asset
 growth.  Given the favorable long-term rate environment, the Company also took
 the opportunity to lengthen certain liabilities, effectively neutralizing the
 one-year interest-rate repricing gap.
     Noninterest income -- Noninterest income for the first quarter of 2001
 totaled $104.0 million, up 26% from the year ago quarter.  The largest
 component of recurring noninterest income was derived from retail banking
 activities, which accounted for $67.4 million of the total in the three months
 ended March 31, 2001.  Retail banking revenue was up an impressive 30% from
 the year ago quarter.  This year-over-year retail banking growth can be
 attributed to successful integration of past mergers together with ongoing
 franchise development initiatives.
     Mortgage banking revenue declined to $9.5 million in the first quarter of
 2001, down from $13.7 million a year ago.  The decline resulted primarily from
 reduced servicing income following last quarter's sale of $3 billion in
 servicing, and increased amortization of loan servicing rights in the present
 interest rate environment.  The current rate environment is driving very high
 levels of loan originations, which will rapidly replenish the sold servicing.
     Charter One has a stated business plan of limiting growth in its single-
 family loan portfolio.  The recent record loan volume is creating
 significantly more residential mortgage assets than the Company included in
 its targeted balance sheet growth rates.  Historically, Charter One has
 managed portfolio size and mix through sales of mortgage-backed securities
 comprised primarily of seasoned bank-originated mortgage product.  During the
 first quarter of 2001, gains primarily from the sale of such securities
 totaled $16 million, more than offsetting the decline in mortgage banking
 revenue.
     Lending production and pipeline -- Loan and lease originations for the
 first quarter of 2001 totaled $3.3 billion, compared to $2.8 billion in the
 fourth quarter of 2000 and $2.2 billion in the year ago quarter.  The mix of
 originations continued to favor energized asset production, which represented
 52% of the total.  The Company uses the term energized assets to include all
 lending products other than traditional single-family loans.  Originations of
 energized assets totaled $1.7 billion, up 50% from the year ago quarter.  The
 mix of single-family originations included 95% in fixed-rate products,
 reflecting customers' preferences as rates decline.
     As of March 31, 2001, the pipeline of loans in process totaled
 approximately $3.9 billion; nearly double the level a year ago.  The mix of
 the current pipeline included 59% in single-family products and 41% in
 energized assets: $2.3 billion in single-family, $1.0 billion in consumer,
 $145 million in commercial mortgage, and $443 million in leasing and corporate
 banking.  Although the decline in rates has prompted an increase in refinance
 activity, 40% of the current single-family pipeline is for new purchase loans
 as opposed to refinances of existing loans.
     "If you isolate the new purchase pipeline of single-family products, we
 are running at nearly $1 billion of new residential business currently in
 process," Koch commented.  "That is an extremely high level for the first
 quarter, which is typically our lowest production quarter.  Not only does that
 underscore the strength of our sales culture, it is an important indicator of
 our ability to replenish portfolio that may prepay in this cycle."
     Lending portfolio -- The net loan and lease portfolio held for investment
 totaled $24.0 billion at March 31, 2001, down $143 million in the quarter.
 The energized asset portion of the portfolio totaled $14.0 billion at March
 31, 2001, or 58% of the total loan portfolio, compared with 55% at December
 31, 2000.  Energized assets increased by 5% during the quarter (20% annualized
 growth rate), well in line with the Company's goal of 17% growth for 2001.
 The one-to-four family portion of the lending portfolio totaled $10.2 billion
 at March 31, 2001, down from $10.9 billion at the end of 2000.  During the
 first quarter of 2001, the Bank securitized $1.4 billion in one-to-four family
 loans, $588 million of which were in adjustable-rate products.  Without the
 securitization, the one-to-four family portfolio would have increased by 7%,
 or 28% on an annualized basis.
     In the past several months, the Company has sold over $1 billion out of
 its adjustable-rate portfolio.  This, together with an overall mortgage-
 related yield of 7.25%, substantially reduces the inherent prepayment risk
 that naturally occurs in an environment of increasing refinance activity.
     Credit quality -- Annualized net charge-offs increased slightly to .24% of
 average loans for the first quarter.  This compared with a recurring net
 charge-off ratio (based on net charge-offs excluding suspected fraudulent
 activity) of .22% for the fourth quarter of 2000.  The only area of the
 overall portfolio posting a sequential increase in net charge-offs during the
 quarter was the indirect auto portfolio ($8.6 million in the first quarter of
 2001, up from $6.2 million in the fourth quarter of 2000).  This experience
 was not only consistent with a softening economy but also with normal seasonal
 fluctuations.  During the quarter, the allowance for loan and lease losses
 increased by $3.4 million to $193 million, as the quarter's provision for
 losses exceeded current charge-offs.  The portfolio remains well diversified
 and 96% of all loans are collateralized, with 63% backed by single and multi-
 family real estate.
     Nonperforming assets (including troubled debt restructurings and loans
 delinquent 90 days and still accruing) totaled $192.3 million at March 31,
 2001, resulting in a ratio of nonperforming assets to total assets of .57% at
 the end of the quarter, down slightly from .58% at December 31, 2000.  Based
 on the Company's experience, since the vast majority of the loans in
 nonperforming assets are collateralized by real estate, any losses resulting
 from possible future charge-offs would be substantially less than the loan
 balances.
     Deposits -- Deposits totaled $20.4 billion at March 31, 2001, up $815
 million, or 4%, from December 31, 2000.  Core deposits, which include
 checking, money market and savings accounts, totaled $10.6 billion at March
 31, 2001, up $1.2 billion, or 12%, from December 31, 2000.  One core deposit
 component showing impressive growth was noninterest-bearing checking accounts,
 up 8% from the end of 2000.  The deposit growth was consistent across all of
 the Bank's markets and geographic regions.  The Company opened a record 91,400
 checking accounts, bringing the total to 1.1 million accounts.  Additionally,
 average account balances continued to show healthy growth, with overall core
 accounts moving from $5,700 at December 31, 2000 to $6,300 at March 31, 2001,
 and checking accounts increasing from $3,800 to $4,000.
     "This is exceptional deposit growth for Charter One," observed Koch.  "The
 trend has actually been building over the past 12 months.  Comparing March 31,
 2001 balances with one year ago, we have increased overall deposits by 8%, and
 core deposits nearly 18%, including a 19% increase in checking balances.  It
 is important to note that this growth was accomplished without acquisitions or
 significant branch additions.  Furthermore, we are among only a handful of
 large financial institutions posting this type of deposit growth.  In my mind,
 this demonstrates the power of our retail banking franchise."
     Charter One launched its on-line banking product in mid-December 2000.
 The adoption rate in just three months has been extremely strong, with over
 72,000 active users and over 20,000 bill pay/ presentment customers.  The on-
 line channel is also proving to be effective for selling loan products.  In
 the first quarter of 2001, Internet and telemarketing sales yielded over $1
 billion in loan applications.  This has all been accomplished in advance of a
 concerted marketing program, which is scheduled for mid-April.  Gomez, a
 highly regarded independent evaluator of Internet sites, ranked ours 8th among
 all US banking sites.  Additionally, on March 6 Charter One became one of the
 first financial institutions to offer wireless on-line banking.
     Operating expenses -- Administrative expenses totaled $147.6 million in
 the three months ended March 31, 2001, up 4% from the fourth quarter of 2000
 and 6% from the year ago quarter.  The increase was primarily attributable to
 increased marketing costs as the Company launched a variety of targeted
 programs geared to support sales efforts throughout the Bank.  Operating
 expenses translated into an efficiency ratio (administrative expenses,
 excluding goodwill amortization and nonrecurring expenses and charges, as a
 percent of top-line revenue) of 43.05% for the first quarter of 2001, compared
 to 41.79% for the fourth quarter of 2000 and 43.40% for the first quarter of
 2000.
     Stock repurchase update -- On July 18, 2000, the Company authorized the
 repurchase of 10% of its outstanding shares, or approximately 20 million
 shares.  Since that time, Charter One has repurchased 6.6 million shares, 1.3
 million in 2001 and 5.3 million in 2000.  Shares purchased in 2001 had an
 average price of $27.14, for an aggregate of $35.6 million.
     Merger update -- On January 23, 2001, Charter One joined Alliance Bancorp,
 a $2 billion savings and loan headquartered in Chicago, in announcing a
 definitive agreement between the two companies under which Alliance would be
 merged into Charter One.  Terms of the agreement call for each share of
 Alliance common stock to be exchanged for $5.25 in cash and .72 of a share of
 Charter One common stock.  Management expects to issue approximately 6.7
 million shares in conjunction with the merger.  As of this date, all
 regulatory filings have been completed and the transaction is on track to be
 completed early in the third quarter of 2001.
 
     Outlook
     Koch commented on his outlook for the remainder of the year:
 "Notwithstanding a weaker economy, we continue to be comfortable with the
 consensus operating earnings estimate published by First Call, which is now
 $2.31 per share for 2001.  As a result of the favorable changes in interest
 rates, including yesterday's reduction in short-term rates, we see net
 interest income levels continuing to expand throughout the year.  Looking at
 our current pipeline, we also expect overall loan originations to continue at
 record levels.  If that happens, we will likely continue to manage the size
 and mix of our portfolio of excess mortgage assets through sales of mortgage-
 backed securities.  Additionally, if retail deposit growth continues at a
 record pace, we could see more balance sheet growth than we originally
 targeted.  As is usual, there are several factors that may impact these
 forecasts.  We have assumed that today's interest rate and economic
 environment continue throughout the year.  Any potential further reduction in
 short-term rates would likely benefit our net interest margin.  However, it
 should be noted this benefit could be offset by a further softening in the
 economy, which may require additional increases in our loan loss provision.
 Finally, we need to point out, as always, that these estimates may change
 based on the forward-looking factors noted below."
     Company profile -- Charter One has approximately $34 billion in total
 assets, making it one of the 30 largest bank holding companies in the country.
 The Bank has 423 branch locations in Ohio, Michigan, New York, Illinois,
 Massachusetts, and Vermont.  The branch locations operate under the Charter
 One name in all areas except in Michigan, where the Bank is known as First
 Federal of Michigan.  The Company's diverse product set includes: consumer
 banking, indirect auto finance, commercial leasing, business lending,
 commercial real estate lending, mortgage banking, and retail investment
 products.  For additional information, including press releases and investor
 presentations, investors are directed to Charter One's web site:
 www.charterone.com .
     The Company has scheduled a conference call to discuss quarterly results
 for 10 a.m. eastern time on Friday, April 20, 2001.  To participate in the
 call, dial 888-428-4473 and ask for the Charter One 1st quarter earnings call.
 The call is available on a replay basis until April 30, 2001 by dialing
 320-365-3844, access code 579888.  Alternatively, the call will be available
 through Charter One's website, both on a live and a replay basis.
 
     Forward-Looking Information
     This release contains certain estimates of future operating trends for
 Charter One Financial, Inc., as well as estimates of financial condition and
 earnings, operating efficiencies, revenue creation, lending origination, loan
 sale volumes, charge-offs and loan loss provisions.  These estimates
 constitute forward-looking statements (within the meaning of the Private
 Securities Litigation Reform Act of 1995), which involve significant risks and
 uncertainties.  Actual results may differ materially from the results
 discussed in these forward-looking statements.  Factors that might cause such
 a difference include, but are not limited to: (1) revenue growth is lower than
 expected; (2) competitive pressures among depository institutions increase
 significantly; (3) changes in the interest rate environment reduce interest
 margins; (4) general economic conditions, either nationally or in the states
 in which the Company does business, are less favorable than expected; and (5)
 legislation or regulatory changes adversely affect the businesses in which the
 Company is engaged.  Other factors which may affect these statements are
 identified in previous filings with Securities and Exchange Commission.
 
 
                            CHARTER ONE FINANCIAL, INC.
                         CONSOLIDATED STATEMENTS OF INCOME
                                    (unaudited)
 
                                        Three Months Ended
                    3/31/01     12/31/00      9/30/00      6/30/00      3/31/00
             (Dollars in thousands, except per share data)
     Interest income:
       Loans and
        leases     $466,667     $472,623     $462,766     $447,109     $428,110
       Mortgage-backed securities:
        Available for
         sale        82,724       69,608       66,222       50,065       55,474
        Held to
         maturity    26,287       28,108       29,442       30,908       32,354
       Investment securities:
        Trading           -            -            -            -           38
        Available for
         sale         2,836        8,057        8,142        8,202        9,011
        Held to
         maturity       145          333          417          420          424
       Other interest-earning
        assets       10,617       11,173       10,529        8,894        8,659
         Total interest
          income    589,276      589,902      577,518      545,598      534,070
     Interest expense:
       Deposits     214,457      211,787      192,399      181,668      180,255
       FHLB
        advances    135,747      141,910      151,549      125,425      113,699
       Other
        borrowings    9,591       21,375       10,401        6,472        7,113
         Total interest
          expense   359,795      375,072      354,349      313,565      301,067
         Net interest
          income    229,481      214,830      223,169      232,033      233,003
       Provision for
        loan and lease
        losses       17,728       20,920       13,178       11,509        8,598
         Net interest
          income after
          provision for
          loan and
          lease
          losses    211,753      193,910      209,991      220,524      224,405
     Other income:
       Retail
        banking      67,369       65,648       64,401       61,760       51,738
       Mortgage
        banking       9,480       35,967       13,994       14,238       13,715
       Leasing
        operations    1,207          905        2,022       10,394        1,598
       Net gains
        (losses)     16,094       (2,862)       5,522        3,064        3,547
       Other          9,849       11,909       13,850        9,441       12,020
         Total other
          income    103,999      111,567       99,789       98,897       82,618
     Administrative expenses:
       Compensation and
       employee
       benefits      68,099       61,656       67,507       71,215       70,264
       Net occupancy
        and
        equipment    26,861       25,902       26,076       25,351       24,564
       Federal deposit
        insurance
        premiums        916          939        1,066        1,001        1,005
       Merger expenses    -        3,427        1,961       20,845        3,258
       Amortization of
        goodwill      4,039        4,045        4,045        4,046        4,044
       Other administrative
        expenses     47,671       49,112       47,962       45,071       39,593
         Total administrative
          expenses  147,586      145,081      148,617      167,529      142,728
       Income before
        income
        taxes       168,166      160,396      161,163      151,892      164,295
       Income taxes  53,376       51,022       51,571       48,605       52,586
         Net
          income   $114,790     $109,374     $109,592     $103,287     $111,709
 
     Basic earnings
      per share(1)    $ .55        $ .53        $ .52        $ .47        $ .51
 
     Diluted earnings
      per share(1)    $ .54        $ .52        $ .51        $ .47        $ .50
 
     Average common shares outstanding(1):
     Basic      208,427,813  207,969,291  209,379,604  217,603,358  219,896,363
     Diluted    213,565,740  212,268,351  213,766,432  221,643,977  222,687,956
     Cash dividends
      declared per
      share(1)        $ .18        $ .18        $ .17        $ .17        $ .15
 
     (1) Restated to reflect the 5% stock dividend issued September 30, 2000.
 
 
                            CHARTER ONE FINANCIAL, INC.
                   CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                                    (unaudited)
 
                    3/31/01     12/31/00      9/30/00      6/30/00      3/31/00
                          (Dollars in thousands, except per share data)
     ASSETS
     Cash and deposits
      with banks   $537,754     $530,771     $518,425     $531,636     $421,555
     Federal funds
      sold and
      other          35,494          486          428          470       44,587
       Total cash
        and cash
        equivalents 573,248      531,257      518,853      532,106      466,142
     Investments securities:
       Available
        for sale    113,242      426,701      437,842      432,674      473,209
       Held to
        maturity      7,469       22,514       23,484       28,136       30,231
     Mortgage-backed securities:
       Available for
        sale      5,385,106    4,087,196    3,930,862    3,701,980    2,405,117
       Held to
        maturity  1,415,280    1,506,175    1,601,627    1,710,538    1,814,376
     Loans and leases,
      net        23,807,368   23,950,172   23,900,935   23,455,358   23,185,170
     Loans held
      for sale      157,762       58,002       36,386       31,516       43,441
     Bank owned life
      insurance     753,323      743,509      734,158      724,425      719,294
     Federal Home
      Loan Bank
      stock         577,135      568,377      559,802      520,288      466,678
     Premises and
      equipment     331,459      323,911      324,932      322,252      316,021
     Accrued interest
      receivable    159,103      165,990      165,649      190,310      152,219
     Real estate and
      other collateral
      owned          36,573       27,731       26,685       29,421       36,220
     Loan servicing
      assets        127,301      121,735      147,473      134,677      118,540
     Goodwill       168,319      172,411      176,510      180,608      185,914
     Other assets   218,973      265,746      193,275      227,973      207,119
       Total
        assets  $33,831,661  $32,971,427  $32,778,473  $32,222,262  $30,619,691
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
     Deposits:
       Checking
        accounts $4,365,660   $3,941,912   $3,806,721   $3,739,100   $3,661,051
       Money market
        and savings
        accounts  6,220,615    5,486,158    5,413,712    5,474,854    5,313,833
       Certificates of
        deposit   9,834,765   10,177,601    9,501,825    9,355,003   10,022,712
         Total deposits
                 20,421,040   19,605,671   18,722,258   18,568,957   18,997,596
     Federal Home
      Loan Bank
      advances    9,635,622    9,636,277    9,765,956   10,151,761    8,271,887
     Federal funds
      purchased and
      reverse repurchase
      agreements     56,472      262,326      983,588       53,087       37,179
     Other
      borrowings    289,010      284,808      267,450      267,579      268,899
     Advance payments
      by borrowers
      for taxes and
      insurance      50,306       60,761       55,005       83,784       73,706
     Accrued interest
      payable        91,849       54,499       80,638       54,137       75,495
     Accrued expenses
      and other
      liabilities   742,738      610,881      569,461      698,640      436,883
         Total liabilities
                 31,287,037   30,515,223   30,444,356   29,877,945   28,161,645
     Shareholders' equity:
       Preferred stock - $.01
        par value per share;
        20,000,000 shares
        authorized and
        unissued          -            -            -            -            -
       Common stock - $.01
        par value per share;
        360,000,000 shares
        authorized;
        212,681,891,
        212,684,698,
        212,681,105,
        212,681,105
        and 212,676,730
        shares issued 2,127        2,127        2,127        2,127        2,127
       Additional paid-in
        capital   1,747,775    1,745,232    1,742,188    1,740,020    1,739,238
       Retained
        earnings    850,961      786,793      720,738      874,242      811,048
       Less 4,667,371,
        4,456,293,
        4,964,365,
        10,307,140
        and 3,172,498 shares
        of common stock
        held in treasury
        at cost    (110,821)    (100,545)    (110,768)    (228,900)    (65,948)
       Borrowings of employee
        investment and stock
        ownership plan (942)      (1,256)      (1,569)      (2,044)     (2,595)
       Accumulated other
        comprehensive
        income       55,524       23,853      (18,599)     (41,128)    (25,824)
         Total shareholders'
          equity  2,544,624    2,456,204    2,334,117    2,344,317   2,458,046
         Total liabilities
          and shareholders' equity
                $33,831,661  $32,971,427  $32,778,473  $32,222,262 $30,619,691
 
 
                            CHARTER ONE FINANCIAL, INC.
                             SELECTED STATISTICAL DATA
                                    (unaudited)
 
 
                                          Three Months Ended
                           3/31/01  12/31/00    9/30/00    6/30/00     3/31/00
                            (Dollars in thousands, except per share data)
     Operating earnings (excluding merger expenses):
      Operating earnings  $114,790  $111,704   $110,925   $117,462    $113,827
      Operating earnings
       per share(1)            .54       .53        .52        .53         .51
     Annualized returns and ratios based on operating earnings:
      Return on average
       assets                 1.38%     1.36%      1.37%      1.51%       1.47%
      Return on average
       equity                18.29     18.65      18.96      19.08       18.60
      Average equity to
       average assets         7.52      7.28       7.21       7.91        7.93
      Net interest income to
       administrative
       expenses               1.55x     1.52x      1.52x      1.58x       1.67x
      Administrative expenses
       to average assets      1.77%     1.72%      1.81%      1.88%       1.81%
      Efficiency ratio       43.05     41.79      44.93      43.50       43.40
     Annualized returns based on net income:
      Return on average
       assets                 1.38      1.33       1.35       1.33        1.45
      Return on average
       equity                18.29     18.26      18.73      16.78       18.25
 
     (1) Restated to reflect the 5% stock dividend issued September 30, 2000.
 
 
                           3/31/01  12/31/00    9/30/00    6/30/00     3/31/00
     End of period capitalization:
      Equity to assets        7.52%     7.45%      7.12%      7.28%       8.03%
      Tangible equity to
       assets                 7.02      6.92       6.58       6.71        7.41
      Book value per
       share(1)             $12.23    $11.80     $11.24     $11.03      $11.17
      Tangible book value
       per share(1)          11.42     10.96      10.38      10.17       10.32
 
     Miscellaneous end-of-period data:
      Number of employees
       (full-time
        equivalents)         6,551     6,573      6,569      6,824       7,049
      Number of full-service
       branches                423       419        421        418         418
      Number of loan
       production offices       32        32         35         36          36
      Number of ATMs           910       913        912        910         941
 
     (1) Restated to reflect the 5% stock dividend issued September 30, 2000.
 
 
                              COMPOSITION OF DEPOSITS
                                    (unaudited)
 
                        3/31/01    12/31/00     9/30/00     6/30/00     3/31/00
                                           (Dollars in thousands)
     Checking accounts:
      Interest-
       bearing       $2,853,954  $2,547,726  $2,416,001  $2,357,297  $2,305,717
      Noninterest-
       bearing        1,511,706   1,394,186   1,390,720   1,381,803   1,355,334
     Money market and
      savings
      accounts        6,220,615   5,486,158   5,413,712   5,474,854   5,313,833
     Certificates of deposit:
      Retail          9,695,516   9,979,198   9,322,776   9,205,595   9,872,989
      Brokered          139,249     198,403     179,049     149,408     149,723
       Total
        deposits    $20,421,040 $19,605,671 $18,722,258 $18,568,957 $18,997,596
 
 
                            CHARTER ONE FINANCIAL, INC.
                      AVERAGE BALANCE SHEET, YIELDS AND COSTS
                                    (unaudited)
 
 
                                            Three Months Ended
                       3/31/01    12/31/00     9/30/00     6/30/00     3/31/00
                                            (Dollars in thousands)
     Average balance sheet data:
      Interest-earning assets:
       Loans and
        leases     $24,414,279 $24,501,333 $24,185,872 $23,716,364 $22,900,394
       Mortgage-backed
        securities   6,096,885   5,362,632   5,266,489   4,511,029   4,984,641
       Investment
        securities     155,647     461,514     469,556     481,334     521,534
       Other interest-
        earning assets 594,483     584,097     554,356     489,180     501,319
        Total interest-earning
         assets     31,261,294  30,909,576  30,476,273  29,197,907  28,907,888
       Allowance for loan and lease
        losses        (187,665)   (187,769)   (186,036)   (183,514)   (185,146)
       Noninterest-earning
        assets(1)    2,295,337   2,197,735   2,184,945   2,136,747   2,162,762
        Total
         assets    $33,368,966 $32,919,542 $32,475,182 $31,151,140 $30,885,504
       Interest-bearing liabilities:
        Checking
         accounts   $3,957,804  $3,743,410  $3,708,654  $3,674,891  $3,429,346
        Money market and savings
         accounts    5,861,567   5,367,142   5,480,546   5,487,480   5,276,653
        Certificates of
         deposit     9,964,579  10,101,086   9,321,115   9,607,596  10,276,908
         Total
          deposits  19,783,950  19,211,638  18,510,315  18,769,967  18,982,907
        FHLB
         advances    9,819,816   9,380,222  10,336,097   8,959,241   8,549,562
        Other
         borrowings    531,171   1,209,359     550,075     309,641     383,685
         Total interest-bearing liabilities
                    30,134,937  29,801,219  29,396,487  28,038,849  27,916,154
       Noninterest-bearing
        liabilities    723,044     722,980     738,021     649,547     521,055
         Total liabilities
                    30,857,981  30,524,199  30,134,508  28,688,396  28,437,209
       Shareholders'
        equity       2,510,985   2,395,343   2,340,674   2,462,744   2,448,295
       Total liabilities and shareholders'
        equity     $33,368,966 $32,919,542 $32,475,182 $31,151,140 $30,885,504
 
     Yields and costs during period:
      Weighted average yield:
       Loans and
        leases(2)         7.68%       7.70%       7.64%       7.55%       7.49%
       Mortgage-backed
        securities        7.15        7.29        7.27        7.18        7.05
       Investment
        securities        7.66        7.27        7.29        7.17        7.27
       Other interest-earning
        assets            7.14        7.49        7.43        7.19        6.83
        Total interest-earning
         assets           7.56        7.62        7.57        7.48        7.40
      Weighted average cost(3):
       Checking
        accounts          1.94        1.78        1.66        1.46        1.36
       Money market and savings
        accounts          3.60        3.35        3.30        3.08        2.73
       Certificates of
        deposit           5.84        5.90        5.61        5.29        5.20
        Total deposits    4.40        4.39        4.14        3.89        3.82
       FHLB advances      5.60        6.01        5.83        5.62        5.34
       Other borrowings   7.22        6.95        7.53        8.33        7.39
        Total interest-bearing
         liabilities      4.84        5.00        4.79        4.49        4.33
 
       Interest rate
        spread            2.72        2.62        2.78        2.99        3.07
 
       Net yield on interest-earning
        assets            2.94        2.78        2.93        3.18        3.22
 
     (1) Includes mark-to-market adjustments on securities available for sale.
     (2) Excludes impact of related tax benefits.
     (3) Includes the annualized effect of interest rate risk management
     instruments.
 
 
                            CHARTER ONE FINANCIAL, INC.
                         YIELDS AND COSTS AT END OF PERIOD
                                    (unaudited)
 
                                3/31/01  12/31/00   9/30/00 6/30/00   3/31/00
     Yields and costs at end of period:
       Weighted average yield:
         Real estate loans        7.45%     7.49%     7.41%   7.36%     7.31%
         Retail consumer loans    7.82      7.86      7.77    7.68      7.60
         Automobile loans         8.63      8.67      8.62    8.60      8.58
         Consumer finance loans   8.76      8.91      9.04    9.19      9.40
         Leases(1)                6.27      6.33      6.28    6.24      6.15
         Corporate banking loans  8.34      8.89      8.91    8.98      8.70
           Total loans and leases 7.69      7.73      7.66    7.61      7.54
         Mortgage-backed
          securities              7.06      7.29      7.24    7.25      7.10
         Investment securities    7.92      7.40      7.39    7.37      7.26
         Other interest-earning
          assets                  7.12      7.46      7.44    7.30      6.89
           Total interest-earning
            assets                7.54      7.64      7.58    7.53      7.46
       Weighted average cost(2):
        Checking accounts         1.93      1.73      1.66    1.54      1.40
        Money market and savings
         accounts                 3.79      3.29      3.54    3.20      2.93
        Certificates of deposit   5.76      5.93      5.73    5.43      5.20
         Total deposits           4.34      4.35      4.27    3.99      3.83
       FHLB advances              5.51      5.86      5.77    5.83      5.45
       Other borrowings           8.06      7.21      7.06    7.91      8.00
           Total interest-bearing
            liabilities           4.75      4.89      4.88    4.68      4.37
 
     Interest rate spread         2.79      2.75      2.70    2.85      3.09
 
     Net yield on
      interest-earning assets     2.97      2.91      2.85    3.02      3.26
 
     (1) Excludes impact of related tax benefits.
     (2) Includes the annualized effect of interest rate risk management
     instruments.
 
 
                              LOAN AND LEASE PORTFOLIO
                                    (unaudited)
 
 
                       3/31/01    12/31/00     9/30/00     6/30/00    3/31/00
                                        (Dollars in thousands)
     Loan and lease portfolio, net:
      One-to-four family:
       Permanent:
        Fixed rate  $4,788,565  $4,543,712  $4,666,771  $5,077,841 $6,098,844
        Adjustable
         rate        5,034,817   5,989,120   6,373,274   6,538,729  6,006,653
       Construction    354,997     345,930     325,385     294,784    283,410
                    10,178,379  10,878,762  11,365,430  11,911,354 12,388,907
 
      Commercial real estate:
       Multifamily   1,031,704   1,115,360   1,181,941   1,202,393  1,263,011
       Other         1,001,852     855,266     849,999     772,498    722,768
                     2,033,556   1,970,626   2,031,940   1,974,891  1,985,779
      Consumer:
       Retail        4,853,952   4,631,476   4,470,682   4,232,809  3,906,625
       Automobile    3,308,099   3,151,084   3,002,714   2,697,127  2,506,848
       Consumer
        finance      1,098,983     988,879     941,218     819,609    759,657
                     9,261,034   8,771,439   8,414,614   7,749,545  7,173,130
      Business:
       Leases        1,869,117   1,778,021   1,583,840   1,354,663  1,198,907
       Corporate
        banking        816,035     798,942     731,080     682,615    667,155
                     2,685,152   2,576,963   2,314,920   2,037,278  1,866,062
       Loans and leases before
        allowance for loan
        and lease
        losses      24,158,121  24,197,790  24,126,904  23,673,068 23,413,878
       Allowance for loan
        and lease
        losses        (192,991)   (189,616)   (189,583)   (186,194)  (185,267)
       Loans and leases,
        net        $23,965,130 $24,008,174 $23,937,321 $23,486,874 $23,228,611
 
     Portfolio of loans
      serviced for
      others       $10,723,836 $10,379,644 $12,568,760 $11,616,497 $10,526,595
 
 
                            CHARTER ONE FINANCIAL, INC.
                              LOAN AND LEASE ACTIVITY
                                    (unaudited)
                                         Three Months Ended
                       3/31/01    12/31/00     9/30/00     6/30/00    3/31/00
                                        (Dollars in thousands)
     Originations:
     Real estate:
      Permanent:
       One-to-four
        family      $1,453,923  $1,120,250  $1,381,679  $1,394,433 $1,020,269
       Multifamily      14,026       4,818      15,380       9,374      4,882
       Commercial       60,806      28,424      61,687      52,613     56,924
        Total permanent
         loans       1,528,755   1,153,492   1,458,746   1,456,420  1,082,075
      Construction:
       One-to-four
        family         121,929     163,533     173,190     169,119     99,398
       Multifamily      38,187      11,185      23,494      34,299      9,564
       Commercial       86,216      20,225      31,036      19,130     33,654
        Total construction
         loans         246,332     194,943     227,720     222,548    142,616
        Total real estate loans
         originated  1,775,087   1,348,435   1,686,466   1,678,968  1,224,691
     Retail consumer   584,345     490,514     533,559     617,864    421,415
     Automobile        490,625     450,274     597,303     464,193    280,002
     Consumer finance   56,705      82,606     157,049      96,421     69,117
     Leases            144,837     228,801     258,647     203,137    104,362
     Corporate banking 213,985     248,647     211,515     210,271    147,961
        Total loans and leases
         originated  3,265,584   2,849,277   3,444,539   3,270,854  2,247,548
     Loans purchased     7,896       1,919       8,984       4,142      3,764
     Sales and principal reductions:
      Loans sold       293,094     145,247     125,852     113,061     88,462
      Loans exchanged for
       mortgage-backed
       securities    1,422,334   1,209,198   1,310,813   1,471,076          -
      Principal
       reductions    1,597,326   1,439,129   1,532,501   1,382,508  1,239,525
        Total sales and
         principal
         reductions  3,312,754   2,793,574   2,969,166   2,966,645  1,327,987
       Increase (decrease)
        before net
        items         $(39,274)    $57,622    $484,357    $308,351   $923,325
 
                        ALLOWANCE FOR LOAN AND LEASE LOSSES
                                    (unaudited)
                                          Three Months Ended
                       3/31/01    12/31/00     9/30/00     6/30/00    3/31/00
                                       (Dollars in thousands)
     Allowance for loan and lease losses:
       Balance, beginning
        of period     $189,616    $189,583    $186,194    $185,267   $186,400
       Provision for
        loan and lease
        losses          17,728      20,920      13,178      11,509      8,598
       Loans and leases charged off:
         One-to-four
          family        (1,005)     (1,500)     (1,117)     (1,399)    (1,707)
         Commercial
          real estate      (35)       (162)          -           -       (179)
         Retail
          consumer      (1,955)     (3,632)     (2,997)     (3,674)    (2,205)
         Automobile     (9,986)     (7,532)     (6,414)     (6,786)    (7,095)
         Consumer
          finance       (2,057)     (2,537)       (949)       (990)      (518)
         Leases              -           -           -           -          -
         Corporate
          banking       (1,269)     (8,349)       (153)       (313)      (123)
           Total charge-
            offs       (16,307)    (23,712)    (11,630)    (13,162)   (11,827)
       Recoveries:
         One-to-four
          family            24         507         143         258        247
         Commercial real
          estate             1         146          36          57          2
         Retail consumer   421         634         229         563        184
         Automobile      1,366       1,308       1,402       1,515      1,585
         Consumer finance   51           -           -           1         16
         Leases              -           -           -           -          -
         Corporate banking  91         230          31         186         62
           Total
            recoveries   1,954       2,825       1,841       2,580      2,096
             Net loan and
              lease charge-
              offs     (14,353)    (20,887)     (9,789)    (10,582)    (9,731)
       Balance, end of
        period        $192,991    $189,616    $189,583    $186,194   $185,267
       Net charge-offs to
        average loans
        and leases
        (annualized)       .24%        .34%        .16%        .18%       .17%
 
 
                            CHARTER ONE FINANCIAL, INC.
                                NONPERFORMING ASSETS
                                    (unaudited)
 
 
                       3/31/01    12/31/00     9/30/00     6/30/00    3/31/00
                                         (Dollars in thousands)
     Nonperforming loans and leases:
       Nonaccrual loans and leases:
         Real estate mortgage loans:
           One-to-four
            family(1)  $71,531     $71,269     $70,692     $68,671    $73,661
           Multifamily and
            commercial   8,566       8,132       6,869       6,614     14,027
           Construction
            and land     7,683       8,806       5,606       5,074        584
             Total real
              estate mortgage
              loans     87,780      88,207      83,167      80,359     88,272
         Retail
          consumer      12,924      11,120      12,687      12,948     18,171
         Automobile         56         130         229         268        305
         Consumer
          finance       51,898      48,673      43,216      36,764     31,667
         Leases              -           -           -           -          -
         Corporate
          banking       16,593      18,707      17,973       7,836      9,070
             Total nonaccrual
              loans and
              leases   169,251     166,837     157,272     138,175    147,485
       Accruing loans and leases
        delinquent more than 90 days:
         Real estate mortgage loans:
           One-to-four
            family           -           -           -           -          -
           Multifamily and
            commercial       -           -           -           -          -
           Construction and
            land             -           -           -           -          -
             Total real
              estate mortgage
              loans          -           -           -           -          -
         Retail
          consumer(1)    2,947       2,586       2,055       1,908      2,408
         Automobile      5,887       6,911       5,842       4,275      3,903
         Consumer finance    -           -           -           -          -
         Leases          1,958       2,956       3,044       2,475      2,759
         Corporate
          banking        1,114       2,086       3,808       7,286      5,510
             Total accruing
              loans and leases
              delinquent more
              than 90
              days      11,906      14,539      14,749      15,944     14,580
       Restructured real
        estate mortgage
        loans              662         666         669         671        953
             Total nonperforming
              loans and
              leases   181,819     182,042     172,690     154,790    163,018
     Real estate acquired
      through foreclosure
      and other collateral
      owned             33,363      27,523      23,495      23,065     24,761
             Total nonperforming
              assets   215,182     209,565     196,185     177,855    187,779
             Less government
              guaranteed
              loans     22,878      19,225      20,105      20,293     19,037
             Nonperforming assets
              net of government
              guaranteed
              loans   $192,304    $190,340    $176,080    $157,562   $168,742
 
     Ratio of (excluding government
      guaranteed nonperforming loans):
       Nonperforming loans
        and leases to
        total loans
        and leases         .66%        .68%        .64%        .57%       .62%
       Nonperforming assets
        to total assets    .57         .58         .54         .49        .55
       Allowance for loan and lease losses to:
         Nonperforming loans
          and leases    121.42      116.46      124.25      138.44     128.67
         Total loans and
          leases before
          allowance        .80         .78         .79         .79        .79
 
 
     (1) Includes government guaranteed loans.
 
 SOURCE  Charter One Financial, Inc.

RELATED LINKS

http://www.charterone.com