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ALLIED BANKSHARES, INC. FIRST QUARTER NET INCOME PER SHARE INCREASES BY 25 PERCENT

 ALLIED BANKSHARES, INC. FIRST QUARTER NET INCOME PER SHARE
 INCREASES BY 25 PERCENT
 THOMSON, Ga., April 8 /PRNewswire/ -- Allied Bankshares, Inc. (NASDAQ: ABGA) today reported that net income per share for the first quarter of 1992 increased 25 percent to $.25, as compared to $.20 earned for the first quarter of 1991, according to Boone A. Knox, chairman and chief executive officer.
 Net income for the first quarter of 1992 totaled $1,129,000 as compared with $922,000 for the first quarter of 1991. For the first quarter of 1992 the returns on average assets and average equity were 1.42 percent and 14.78 percent as compared to 1.48 percent and 12.02 percent, respectively, for the first quarter of 1991.
 During the first quarter of 1992, the company acquired a new branch office in Louisville, Ga., with deposits of $7.2 million, and opened its Peach Orchard Road Branch in Augusta, Ga.
 Nonperforming assets declined to $2.1 million at March 31, compared to $2.7 million at Dec. 31, 1991, and $3.1 million at March 31, 1991.
 ALLIED BANKSHARES INC.
 Financial Highlights
 March 31, 1992
 3/31/92 3/31/91
 ($ in thousands, except per share data)
 Net Income and Dividends
 Net income $1,129 $ 922
 Common dividends paid 457 371
 Per common share
 Net income $ 0.25 $ 0.20
 Securities gains,
 net of taxes 0.00 0.01
 Net income from oper. 0.25 0.19
 Dividends paid 0.10 0.08
 Avg. shrs. outst. (000s) 4,565 4,614
 Performance Ratios
 Return (annualized) on:
 Average assets (ROA) 1.42 pct. 1.48 pct.
 Avg. common shareholders'
 equity (ROE) 14.78 pct. 12.02 pct.
 Average assets $319,015 $249,672
 Income Statement Data
 Net interest income $ 3,535 $ 2,818
 Prov. for loan losses 120 140
 Non-interest income 1,255 596
 Investment securities
 gains 10 3
 Non-interest expense 3,153 2,063
 Net income 1,129 922
 Nonperforming Assets
 Nonaccrual loans $ 1,137 $ 2,374
 Loans past due 90 days or more 589 333
 Other real estate owned 336 432
 Total nonperforming assets $ 2,062 $ 3,139
 At March 31 1992 1991
 Assets $321,168 $253,180
 Earning assets 291,099 229,360
 Loans, net of unearned income 156,348 148,040
 Allowance for loan losses 2,569 2,523
 Deposits 265,045 199,024
 Stockholders' equity 33,026 30,366
 Common shares outstanding (000s) 4,565 4,565
 Book value per common share $ 7.23 $ 6.65
 Allowance for loan losses
 Balance, Jan. 1 $ 2,530 $ 2,451
 Charge-offs (191) (163)
 Recoveries 110 95
 Provision for loan losses 120 140
 Balance, March 31 $ 2,569 $ 2,523
 Allowance for loan losses to
 net loans 1.64 pct. 1.70 pct.
 -0- 4/8/92
 /CONTACT: Ben O. Howell Jr., chief financial officer of Allied Bankshares, 404-595-1142/
 (ABGA) CO: Allied Bankshares, Inc. ST: Georgia IN: FIN SU: ERN


BN-BR -- AT003 -- 6362 04/08/92 15:12 EDT
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Publication:PR Newswire
Date:Apr 8, 1992
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