July 16, 2003

Central Bancshares Reports Second Quarter Performance

Lexington, KY. -- Chairman, president & CEO Luther Deaton, Jr. reported assets for Central Bancshares Inc., reached $1.168 billion at second quarter end. This compared to $1.014 billion on June 30, 2002, up 15.2%. Net loans and leases were $904 million, rising 20.2%. Deposits climbed to $927 million, an increase of 15.5%. Shareholders' equity was $96 million, an increase of 14.6% from June 30, 2002.

Central Bancshares' earnings for the second quarter ended June 30, 2003, were $3,329,477, or $9.57 per share. Earnings for the second quarter of 2002 were $3,065,177, or $8.81 per share. Earnings for the six months ended June 30, 2003, were $6,390,807, or $18.37 per share, compared to $6,169,116, or $17.73 per share for the same period in 2002.

Commenting on performance, Deaton explained, "We are encouraged by our results in a relatively slow economy. I would like to compliment the support of our customers, board and staff who have made it possible for us to achieve strong performance in all our markets."

Central Bancshares, Inc. is the holding company of Central Bank & Trust Co., Central Bank, FSB, Salt Lick Deposit Bank, Central Bank Insurance Agency Inc. and Central Investment Center, Inc. The company operates 19 full service banking centers, 25 ATMs and a mortgage origination office in Clark, Fayette, Jessamine, Scott and Bath counties.

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