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ALLIED BANKSHARES 1993 FIRST QUARTERNET INCOME PER SHARE INCREASES BY 50 PERCENT

 THOMSON, Ga., April 6 /PRNewswire/ -- Allied Bankshares, Inc. (NASDAQ: ABGA) announced today that net income per share for the first quarter of 1993 increased by 50 percent to $.30, as compared to $.20 earned for the first quarter of 1992, according to Boone A. Knox, chairman and chief executive officer.
 Net income for the first quarter of 1993 totaled $1,652,000 as compared with $1,129,000 for the first quarter of 1992. For the first quarter of 1993 the returns on average assets and average equity were 1.91 percent and 17.88 percent as compared to 1.42 percent and 14.78 percent, respectively, for the first quarter of 1992.
 Knox attributed the increase in net income to a 10 percent increase in average earning assets and a 7 percent increase in net interest margin.
 Nonperforming assets were $2.2 million at March 31, compared to $1.8 million at Dec. 31, 1992, and $2.1 million at March 31, 1992.
 ALLIED BANKSHARES INC.
 Financial Highlights
 March 31, 1993
 3 mos. ended 3/31/93 3/31/92
 ($ in thousands, except per share data)
 Net Income and Dividends
 Net income $1,652 $1,129
 Common dividends paid 552 457
 Per common share
 Net income $0.30 $0.20
 Securities gains, net of taxes 0.01 0.00
 Net income from operations 0.29 0.20
 Cash dividends paid 0.10 0.08
 Avg. shares outstanding (000s) 5,525 5,523
 Performance Ratios
 Return (annualized) on:
 Average assets (ROA) 1.91 pct. 1.42 pct.
 Avg. common stockholders'
 equity (ROE) 17.88 pct. 14.78 pct.
 Average assets $345,271 $319,015
 Income Statement Data
 Net interest income $4,183 $3,535
 Prov. for loan losses 125 120
 Non-interest income 1,096 1,255
 Investment securities gains 63 10
 Non-interest expense 2,901 3,153
 Net income 1,652 1,129
 Nonperforming assets 3/31/93 3/31/92
 Nonaccrual loans $1,829 $1,137
 Loans past due 90 days or more 132 589
 Other real estate owned 257 336
 Total nonperforming assets $2,218 $2,062
 At March 31, 1993 1992
 Assets $354,872 $321,168
 Earning assets 327,068 291,099
 Loans, net of unearned income 166,680 156,348
 Allowance for loan losses 3,322 2,569
 Deposits 278,293 265,045
 Stockholders' equity 37,326 33,026
 Common shares outstanding (000s) 5,530 5,523
 Allowance for loan losses
 Balance, Jan. 1 $ 3,263 $ 2,530
 Charge-offs (125) (191)
 Recoveries 59 110
 Provision for loan losses 125 120
 Balance, March 31 $ 3,322 $ 2,569
 Allowance for loan losses to
 net loans 1.99 pct. 1.64 pct.
 -0- 4/6/93
 /CONTACT: Ben O. Howell Jr., chief financial officer of Allied Bankshares, 706-595-1142/
 (ABGA)


CO: Allied Bankshares, Inc. ST: Georgia IN: FIN SU: ERN

BR-BN -- AT007 -- 3577 04/06/93 17:18 EDT
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Date:Apr 6, 1993
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