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ALLIED BANKSHARES REPORTS SECOND QUARTER NET INCOME PER SHARE INCREASES BY 17 PERCENT; SIX MONTH NET INCOME PER SHARE INCREASES BY 28 PERCENT

 THOMSON, Ga., July 6 /PRNewswire/ -- Allied Bankshares, Inc. (NASDAQ: ABGA) today reported that net income per share for the second quarter of 1993 increased 17 percent to $.28, as compared to $.24 earned for the second quarter of 1992.
 Net income for the six months ended June 30 increased 28 percent to $.55, as compared to $.43 for the six months ended June 30, 1992.
 Net income for the second quarter of 1993 totaled $1,704,000 as compared to $1,485,000 for the second quarter of 1992. For the second quarter of 1993 the returns on average assets and average equity were 1.94 percent and 17.66 percent as compared to 1.84 percent and 17.55 percent, respectively, for the second quarter of 1992.
 Net income for the six months ended June 30, was $3,355,000 as compared to $2,614,000 for the six months ended June 30, 1992. Total nonperforming assets declined to $2.0 million at June 30, as compared to $2.2 million at March 31, 1992 and are backed by $3,240,000 in loan loss reserves, a coverage ratio of 1.62 percent at June 30, 1993.
 ALLIED BANKSHARES INC.
 Financial Highlights
 June 30, 1993
 3 mos. ended 6 mos. ended
 6/30/93 6/30/92 6/30/93 6/30/92
 ($ in thousands, except per share data)
 Net Income and Dividends
 Net income $1,704 $1,485 $3,355 $2,614
 Cash dividends paid 609 501 1,161 959
 Per common share
 Net income $0.28 $0.24 $0.55 $0.43
 Securities gains,
 net of taxes 0.02 0.05 0.03 0.05
 Net income from oper. 0.26 0.19 0.52 0.38
 Cash dividends paid 0.10 0.08 0.19 0.17
 Avg. shrs. outst. (000s) 6,088 6,075 6,083 6,075
 Performance Rati ? Return (annualized) on:
 Average assets (ROA) 1.94 pct. 1.84 pct. 1.93 pct. 1.63 pct.
 Avg. common stockholders'
 equity (ROE) 17.66 pct. 17.55 pct. 17.76 pct. 15.51 pct.
 Average assets $351,784 $322,619 $348,528 $320,807
 Income Statement Data
 Net interest income $4,334 $3,890 $8,517 $7,421
 Prov. for loan losses 100 360 225 480
 Non-interest income 932 1,143 2,028 2,287
 Investment securities
 gains 179 473 242 482
 Non-interest expense 2,992 3,193 5,893 6,230
 Net income 1,704 1,485 3,355 2,614
 6/30/93 6/30/92
 Nonperforming Assets
 Nonaccrual loans $ 895 $ 1,009
 Loans past due 90 days or more 156 180
 Other real estate owned 993 144
 Total nonperforming assets $ 2,044 $ 1,333
 At June 30, 1993
 Assets $353,429 $324,971
 Earning assets 321,963 285,121
 Loans, net of unearned income 177,984 158,974
 Allowance for loan losses 3,240 3,134
 Deposits 278,923 264,507
 Stockholders' equity 38,638 34,007
 Common shares outstanding (000s) 6,098 6,075
 Allowance for loan losses
 Balance, Jan. 1 $ 3,263 $ 2,530
 Charge-offs (469) (369)
 Recoveries 175 493
 Provision for loan losses 225 480
 Branch acquisition 46 ---
 Balance, June 30 $ 3,240 $ 3,134
 Allowance for loan losses to
 net loans 1.82 pct. 1.97 pct.
 -0- 7/6/93
 /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-RA -- AT009 -- 8780 07/06/93 16:52 EDT
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Date:Jul 6, 1993
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