July 21, 2004

Central Bancshares Reports Second Quarter Performance

Lexington, KY. -- Chairman, president & CEO Luther Deaton, Jr. reported assets for Central Bancshares Inc., reached $1.272 billion at second quarter end. This compared to $1.168 billion on June 30, 2003, up 8.9%. Net loans and leases were $1.005 billion, rising 11.2%. Deposits climbed to $1.048 billion, an increase of 13.1%. Shareholders' equity was $108 million, an increase of 12.5% from June 30, 2003. Central Bancshares' earnings for the quarter ended June 30, 2004, were $3,853,857, or $11.10 per share, compared to $3,329,478, or $9.57 per share in 2003. Earnings year-to-date are $7,061,869, or $20.30 per share, compared to $6,390,807, or 18.37 per share in 2003.

Commenting on performance, Deaton stated, "As Central Bancshares continues to post strong growth and earnings, it could not happen without the support of our customers, board and especially the hard work of our staff. I would like to thank everyone who continues to make it possible for us to achieve such 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 bank 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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