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AMERIBANC INVESTORS GROUP REPORTS NET INCOME OF $484,000 FOR FOURTH QUARTER 1992

 ANNANDALE, Va., Jan. 26 /PRNewswire/ -- Ameribanc Investors Group (AIG) (NASDAQ-NMS: AINVS) reported net income of $484,000 ($0.07 per share) for the fourth quarter of 1992 compared to $207,000 ($0.04 per share) for the same quarter of 1991. The 1992 fourth quarter results included loss provisions of $3.4 million to write down the carrying value of troubled real estate loans and foreclosed properties compared to writedowns of $2.2 million in the year earlier quarter. The 1992 fourth quarter provisions were substantially offset by gains totaling $2.7 million on the sales of developed residential lots at Walden, a golf community located in Crofton, Md. Net income for the year ended Dec. 31, 1992, was $411,000 ($0.06 per share) compared to losses of $9.9 million ($1.56 per share) for 1991 and $19.9 million ($3.14 per share) for 1990.
 Operating income (pretax income adjusted for certain items that do not regularly occur) totaled $2.4 million for the fourth quarter of 1992 and $0.6 million for the fourth quarter of 1991. Operating income for the year ended Dec. 31, 1992, totaled $7.9 million compared to an operating loss of $1.3 million for 1991.
 As of Dec. 31, 1992, AIG had $131.4 million in non-earning assets or 11.3 percent of assets, down from $136.6 million (11.9 percent of assets) as of Sept. 30, 1992.
 The combined equity rights and public offering of shares of beneficial interest in AIG was successfully concluded on Dec. 30, 1992. The offering was oversubscribed with 29,169,667 shares sold, raising gross proceeds of $36.5 million. As a result of the successful offering, AIG invested $30 million in its principal subsidiary, Ameribanc Savings Bank, FSB (ASB), repositioning ASB to be compliant with all regulatory capital requirements and, in fact, to exceed the ratios by significant margins. ASB's tangible, core, and risk-based capital ratios as of yearend 1992 were 4.34 percent, 5.73 percent, and 9.62 percent, respectively; compared to ASB's minimum regulatory requirements as of that date of 1.50 percent, 4.00 percent, and 8.00 percent, respectively. Effective Dec. 31, 1992, the Office of Thrift Supervision announced a change in the risk-based capital requirement, reducing the amount of capital needed to support non-earning loans and foreclosed properties from 16 percent to 8 percent. This change was made to make the capital requirements for thrift institutions more consistent with those of commercial banks and resulted in a 121 basis point increase in ASB's risk-based capital ratio.
 David W. Campbell, president of ASB, stated that "the improvement in the bank's capital position enables us to concentrate on the primary objectives of expanding market share and continuing the reduction in non-performing assets. We plan to introduce new business-building initiatives in our deposit and mortgage banking areas in 1993 to enhance our value for our shareholders."
 Residential mortgage loan originations increased to $157 million in the fourth quarter of 1992, bringing the 1992 total to $568 million, an historical high for Ameribanc. Originations were $133 million in the third quarter of 1992 and $132 million in the fourth quarter of 1991. Sales of mortgage loans totaled $144 million in the fourth quarter of 1992 and $473 million for the entire year. As of Dec. 31, 1992, the portfolio of loans serviced for others totaled $864 million, up from $798 million as of the end of the third quarter of 1992.
 AIG is the holding company for Ameribanc Savings Bank, FSB, a $1.15 billion bank with headquarters in Annandale, operating 29 branch offices in Northern Virginia, Hampton Roads and Charlottesville.
 AMERIBANC INVESTORS GROUP
 Selected Financial Data
 ($ In thousands, except per share data)
 Financial Condition Dec. 31, 1992 Dec. 31, 1991
 Loans receivable and MBS, net $ 821,530 $ 931,910
 Total assets 1,162,814 1,187,104
 Deposits 827,814 905,402
 Shareholders' investment 75,054 40,686
 Book value per share 2.11(A) 6.35
 (A) Before giving effect to the stock offering, book value per share would have been $6.48 at Dec. 31, 1992.
 Quarter Ended Year Ended
 Dec. 31, Dec. 31,
 Results of Operations 1992 1991 1992 1991
 Total interest revenue $18,894 $21,835 $81,355 $97,639
 Total interest expense 11,613 17,102 53,999 78,021
 Net interest revenue 7,281 4,733 27,356 19,618
 Provision for losses
 on loans 591 100 9,442 14,330
 Net interest revenue
 after provision
 for losses 6,690 4,633 17,914 5,288
 Other revenue 5,484 5,252 19,170 17,760
 Ot7 1,034 (14,553)
 Provision (benefit)
 for taxes 1,387 370 623 (4,656)
 Net income (loss) $ 484 $ 207 $ 411 $(9,897)
 Earnings (loss)
 per share $0.07 $0.04 $0.06 $(1.56)
 Regulatory Capital Position Requirement Actual
 Tangible 1.50 pct. 4.34 pct.
 Core 4.00 5.73
 Risk-based 8.00 9.62
 -0- 1/26/93
 /CONTACT: John J. Houseman, president, Ameribanc Investors Group, 703-658-2721; or David W. Campbell, president, Ameribanc Savings Bank, FSB, 703-658-1002/
 (AINVS)


CO: Ameribanc Investors Group ST: Virginia IN: FIN SU: ERN

TW -- DC002 -- 8885 01/26/93 08:06 EST
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Date:Jan 26, 1993
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