RICHMOND, Va. -- Central Fidelity Banks Inc. said it has restated first-quarter and second-quarter earnings for 1992 as a result of accounting for certain securities holdings at the lower of cost or market value.

The adjustment reduced net income for the first quarter by $1.22 million, or 6 cents a share, to $15.6 million, or 72 cents a share -- 6% higher than in the first quarter of 1991.

The second-quarter 1992 earnings went up by the same 6 cents a share, to 91 cents or $19.9 million, and therefore the six-month total was not affected by the move to accounting guidelines suggested by the Securities and Exchange Commission.

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