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AMSOUTH REPORTS RECORD QUARTERLY EARNINGS OF $24.8 MILLION, $.62 PER COMMON SHARE

 AMSOUTH REPORTS RECORD QUARTERLY EARNINGS
 OF $24.8 MILLION, $.62 PER COMMON SHARE
 BIRMINGHAM, Ala, July 13 /PRNewswire/ -- AmSouth Bancorporation (NYSE: ASO) reported record net income of $24.8 million, or $.62 per common share, during the second quarter of 1992.
 The unaudited net earnings represent a 23.9 percent increase over second quarter 1991 results, while earnings per share improved 8.8 percent over the $.57 earned in last year's second quarter.
 The corporation's performance resulted in a 1.10 percent return on average asets and a 13.42 percent return on average equity for the second quarter.
 "Sustaining earnings momentum is an important goal for AmSouth in 1992, and we are delighted to achieve two consecutive quarters of record earnings for the first half of the year," AmSouth chairman and chief executive officer, John W. Woods, said.
 Woods added that all major areas of the company performed well in the second quarter. Of special mention was AmSouth Bank of Florida, the coporation's $1.0 billion Florida bank, headquartered in Pensacola. AmSouth Bank of Florida earned $5.2 million through June 30, for a 1.04 percent return on average assets, compared to $1.5 million in net earnings for the same period in 1991.
 For the first six months of 1992, the corporation's unaudited net income totalled $48.7 million, compared to $38.7 million for the same period in 1991, a 25.9 percent increase.
 At June 30, 1992, AmSouth's shareholders' equity had increased to $749.2 million, the highest of any banking institution headquartered in Alabama, Northwest Florida and Tennessee. The corporation's average equity to average assets ratio of 8.18 percent at quarter end also continues to rank AmSouth among the highest capitalized major bank holding companies in the Southeast.
 In addition to record earnings, Woods cited AmSouth's definitive agreement to acquire First Chattanooga Financial Corporation, parent company of First Federal Bank, FSB, in Chattanooga, among the highlights of the first half of 1992.
 "We have expressed our interest in building a major AmSouth franchise in Tennessee for a number of years, and our agreement with First Chattanooga will enable us to enter the Chattanooga marketn?ked second in eposit market share," Woods said.
 AmSouth reached the agreement on June 29, and anticipates completing the acquisition by the end of the first quarter of 1993, pending First Chattanooga shareholder and regulatory approvals. First Chattanooga assets at March 31, 1992, were $1.0 billion. The company operates 15 offices in Chattanooga, plus four additional Tennessee offices and one office in Summerville, Ga. SECOND QUARTER PERFORMANCE ANALYSIS
 AmSouth's gross interest margin for the second quarter improved $3.7 million, or 4.2 percent, compared to the first quarter of 1992. The gross interest spread was 4.72 percent, an 18 basis point increase over the first quarter.
 At June 30 the allowance for loan losses totalled $83.5 million, and equalled 1.50 percent of net loans. The provision for loan losses for the second quarter reflected net charge-offs of $7.0 million and the impact of a $105.2 million increase in net loans. Nonperforming assets declined $15.4 million compared to the prior quarter-end. Nonperforming assets are 1.99 percent of loans net of unearned income. The second quarter of 1992 represents the fifth consecutive quarter of declining nonperforming assets. Nonperforming assets have declined a total of $71.3 million, or 39.1 percent, from their peak at March 31, 1991.
 Noninterest revenues for the second quarter decreased $1.7 million compared to the first quarter primarily due to a $4.5 million decrease in securities gains. This decrease was partially offset by a $3.0 million decline in writedowns related to market value adjustments for securities and mortgage loans held for sale.
 Noninterest expenses remained essentially flat compared to the first quarter. Foreclosed properties expense increased $1.7 million offset by a $2.1 million decrease in other operating expenses.
 AMSOUTH BANCORPORATION
 (Unaudited)
 (In thousands except per share data)
 EARNINGS SUMMARY
 3 mos. ended June 30 1992 1991 Pct. chg.
 Gross interest margin $ 92,030 $ 79,244 16.1
 Provision for loan losses 7,315 1,868 291.6
 Net interest margin 84,715 77,376 9.5
 Noninterest revenues 35,312 33,407 5.7
 Noninterest expenses 85,616 83,802 2.2
 Income before income taxes 34,411 26,981 27.5
 Applicable income taxes 9,652 7,002 37.8
 Net income $ 24,759 $ 19,979 23.9
 Primary earnings per share $0.62 $0.57 8.8
 Avg. primary shares outst. 40,009 35,193
 End of period shares outst. 40,065 35,267
 6 mos. ended June 30 1992 1991 Pct. chg.
 Gross interest margin $180,379 $154,699 16.6
 Provision for loan losses 14,168 13,795 2.7
 Net interest margin 166,211 140,904 18.0
 Noninterest revenues 72,310 66,820 8.2
 Noninterest expenses 171,064 156,209 9.5
 Income before income taxes 67,457 51,515 30.9
 Applicable income taxes 18,709 12,798 46.2
 Net income $ 48,748 $ 38,717 25.9
 Primary earnings per share $1.22 $1.10 10.9
 Avg. primary shares outst. 39,910 35,165
 BALANCE SHEET SUMMARY
 Avg. for 3 mos. ended June 30 1992 1991 Pct. chg.
 Loans net of unearned income $ 5,500,518 $ 5,430,620 1.3
 Investment securities 2,336,951 2,220,697 5.2
 Earning assets 8,190,191 7,788,460 5.2
 Total assets 9,066,253 8,693,382 4.3
 Noninterest-bearing deposits 1,143,230 990,660 15.4
 Interest-bearing deposits 6,066,522 6,020,774 0.8
 Total deposits 7,209,752 7,011,434 2.8
 Shareholders' equity 741,806 605,244 22.6
 Avg. for 6 mos. ended June 30 1992 1991 Pct. chg.
 Loans net of unearned income $ 5,466,956 $ 5,485,921 (0.3)
 Investment securities 2,346,494 2,178,489 7.7
 Earning assets 8,189,057 7,753,928 5.6
 Total assets 9,084,726 8,648,165 5.0
 Noninterest-bearing deposits 1,120,350 987,126 13.5
 Interest-bearing deposits 6,132,608 5,980,038 2.6
 Total deposits 7,252,958 6,967,164 4.1
 Shareholders' equity 733,532 600,106 22.2
 Ending balance June 30 1992 1991 Pct. chg.
 Loans net of unearned income $ 5,573,897 $ 5,461,515 2.1
 Investment securities 2,427,932 2,366,030 2.6
 Earning assets 8,339,889 7,914,694 5.4
 Total assets 9,266,934 8,774,454 5.6
 Noninterest-bearing deposits 1,203,781 1,035,092 16.3
 Interest-bearing deposits 5,998,483 6,026,303 (0.5)
 Total deposits 7,202,264 7,061,395 2.0
 Shareholders' equity 749,202 611,277 22.6
 1992 1992 1991
 SELECTED RATIOS - 1992 2nd qtr. 1st qtr. 4th qtr.
 Avg. shareholders' equity
 to avg. total assets 8.18 pct. 7.95 pct. 7.78 pct.
 End of period shareholders'
 equity to end of period
 total assets 8.08 7.93 7.57
 Loans net of unearned income
 to total deposits 77.39 74.57 75.44
 Net income (annualized) to
 avg. total assets 1.10 1.06 0.93
 Net income (annualized) to
 avg. shareholders' equity 13.42 13.31 11.97
 Book value per common share 18.70 18.37 18.02
 SELECTED RATIOS 1991-3rd qtr. 1991-2nd qtr.
 Avg. shareholders' equity
 to avg. total assets 7.48 pct. 6.96 pct.
 End of period shareholders'
 equity to end of period
 total assets 7.71 6.97
 Loans net of unearned income
 to total deposits 74.27 77.34
 Net income (annualized) to
 avg. total assets 0.91 0.92
 Net income (annualized) to
 avg. shareholders' equity 12.09 13.24
 Book value per common share 17.74 17.33
 AMSOUTH BANCORPORATION
 (In thousands)
 (Unaudited)
 6/30/92 6/30/91 Pct.
 LOANS Chg.
 Commercial $ 2,202,311 $2,212,225 (0.4)
 Commercial real estate:
 Commercial real estate
 mortgages 769,942 782,900 (1.7)
 Real estate construction 221,818 217,520 2.0
 Total commercial real estate 991,760 1,000,420 (0.9)
 Consumer:
 Residential first mortgages 940,457 887,429 6.0
 Other residential mortgages 437,785 346,306 26.4
 Dealer indirect 481,217 542,787 (11.3)
 Other consumer 590,902 562,705 5.0
 Total consumer 2,450,361 2,339,227 4.8
 Total loans $ 5,644,432 $ 5,551,872 1.7
 6/30/92 3/31/92 12/31/91
 NONPERFORMING ASSETS
 Nonaccrual loans $ 47,894 $ 49,345 $ 54,043
 Restructured loans 151 152 154
 Foreclosed properties 59,876 75,710 85,644
 Repossessions 3,254 1,402 1,919
 Total nonperforming assets $111,175 $126,609 $141,760
 Nonperforming assets to loans
 net of unearned income 1.99 pct. 2.32 pct. 2.55 pct.
 Accruing loans 90 days
 past due $ 19,317 $ 27,481 $ 19,337
 9/30/91 6/30/91
 NONPERFORMING ASSETS
 Nonaccrual loans $ 69,125 $ 67,893
 Restructured loans 156 81
 Foreclosed properties 88,362 98,015
 Repossessions 1,533 2,119
 Total nonperforming assets $159,176 $168,108
 Nonperforming assets to loans
 net of unearned income 2.96 pct. 3.08 pct.
 Accruing loans 90 days
 past due $ 27,184 $ 18,072
 1992 1992 1991
 ALLOWANCE FOR LOAN LOSSES - 2nd qtr. 1st qtr. 4th qtr.
 Balance at beginning of period $83,139 $83,190 $81,873
 Loans charged off 8,492 8,875 13,959
 Recoveries of loans previously
 charged off 1,525 1,971 1,322
 Net charge-offs 6,967 6,904 12,637
 Addition to allowance charged
 to expense 7,315 6,853 13,954
 Balance at end of period $83,487 $83,139 $83,190
 Allowance for loan losses to loans
 net of unearned income 1.50 pct. 1.52 pct. 1.50 pct.
 Net charge-offs to average loans
 net of unearned income 0.51 pct. 0.51 pct. 0.92 pct.
 ALLOWANCE FOR LOAN LOSSES - 1991-3rd qtr. 1991-2nd qtr.
 Balance at beginning of period $83,091 $82,302
 Loans charged off 16,261 10,497
 Recoveries of loans previously
 charged off 1,248 9,418
 Net charge-offs 15,013 1,079
 Addition to allowance charged
 to expense 13,795 1,868
 Balance at end of period $81,873 $83,091
 Allowance for loan losses to loans
 net of unearned income 1.52 pct. 1.52 pct.
 Net charge-offs to average loans
 net of unearned income 1.10 pct. 0.08 pct.
 CONSOLIDATED AVERAGE DAILY BALANCES, REVENUE AND
 EXPENSE SUMMARY, YIELDS AND RATES BY QUARTER AND YTD
 AMSOUTH BANCORPORATION
 (Unaudited)
 2nd quarter ended 6/30/92
 (Taxable equiv. basis - Average Revenue/ Yield/
 dollars in thousands) Balance Expense Rate Pct.
 ASSETS
 Earning assets:
 Loans net of unearned inc. $5,500,518 $119,306 8.72
 Less allowance for loan
 losses 83,163
 Net loans 5,417,355
 Investment securities
 Taxable securities 1,889,455 36,488 7.77
 Tax-free securities 447,496 11,788 10.59
 Total investment securities 2,336,951 48,276 8.31
 Other earning assets 435,885 5,986 5.52
 Total earning assets 8,190,191 173,568 8.44
 Cash and other assets 876,062
 Total $9,066,253
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Interest-bearing liabilities:
 Interest-bearing demand
 deposits $2,559,192 21,791 3.42
 Savings deposits 498,145 4,360 3.52
 Time deposits 2,454,595 32,427 5.31
 Certificates of deposit
 of $100,000 or more 554,590 7,096 5.15
 Federal funds purchased
 and securities sold under
 agreements to repurchase 692,038 6,507 3.78
 Other interest-bearing
 liabilities 297,205 4,386 5.94
 Total interest-bearing
 liabilities 7,055,765 76,567 4.36
 Incremental interest
 spread 4.08
 Noninterest-bearing demand
 deposits 1,143,230
 Other liabilities 125,452
 Shareholders' equity 741,806
 Total $9,066,253
 Gross int. margin/spread
 on a taxable equiv. basis 97,001 4.72
 Taxable equiv. adjustment:
 Loans 1,180
 Investment securities 3,781
 Other earning assets 10
 Total taxable equiv. adjustment 4,971
 Gross interest margin $ 92,030
 2nd quarter ended 6/30/91
 (Taxable equiv. basis - Average Revenue/ Yield/
 dollars in thousands) Balance Expense Rate Pct.
 ASSETS
 Earning assets:
 Loans net of unearned inc. $5,430,620 $137,995 10.19
 Less allowance for loan
 losses 86,521
 Net loans 5,344,099
 Investment securities
 Taxable securities 1,749,721 37,699 8.64
 Tax-free securities 470,976 12,447 10.60
 Total investment securities 2,220,697 50,146 9.06
 Other earning assets 223,664 3,954 7.09
 Total earning assets 7,788,460 192,095 9.78
 Cash and other assets 904,922
 Total $8,693,382
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Interest-bearing liabilities:
 Interest-bearing demand
 deposits $2,490,931 32,568 5.24
 Savings deposits 403,781 4,898 4.87
 Time deposits 2,555,636 45,246 7.10
 Certificates of deposit
 of $100,000 or more 570,426 10,092 7.10
 Federal funds purchased
 and securities sold under
 agreements to repurchase 813,985 11,272 5.55
 Other interest-bearing
 liabilities 152,384 3,244 8.54
 Total interest-bearing
 liabilities 6,987,143 107,320 6.16
 Incremental interest
 spread 3.62
 Noninterest-bearing demand
 deposits 990,660
 Other liabilities 110,335
 Shareholders' equity 605,244
 Total $8,693,382
 Gross int. margin/spread
 on a taxable equiv. basis 84,775 4.32
 Taxable equiv. adjustment:
 Loans 1,618
 Investment securities 3,891
 Other earning assets 22
 Total taxable equiv. adjustment 5,531
 Gross interest margin $ 79,244
 6 mos. ended 6/30/92
 (Taxable equiv. basis - Average Revenue/ Yield/
 dollars in thousands) Balance Expense Rate Pct.
 ASSETS
 Earning assets:
 Loans net of unearned inc. $5,466,956 $240,019 8.83
 Less allowance for loan
 losses 83,051
 Net loans 5,383,905
 Investment securities
 Taxable securities 1,897,670 74,333 7.88
 Tax-free securities 448,824 23,701 10.62
 Total investment securities 2,346,494 96,034 8.40
 Other earning assets 458,658 13,091 5.74
 Total earning assets 8,189,057 351,144 8.54
 Cash and other assets 895,669
 Total $9,084,726
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Interest-bearing liabilities:
 Interest-bearing demand
 deposits $2,633,262 46,066 3.52
 Savings deposits 475,775 8,448 3.57
 Time deposits 2,458,380 68,810 5.63
 Certificates of deposit
 of $100,000 or more 565,191 15,057 5.36
 Federal funds purchased
 and securities sold under
 agreements to repurchase 681,471 13,553 4.00
 Other interest-bearing
 liabilities 294,455 8,816 6.02
 Total interest-bearing
 liabilities 7,108,534 160,750 4.55
 Incremental interest
 spread 3.99
 Noninterest-bearing demand
 deposits 1,120,350
 Other liabilities 122,310
 Shareholders' equity 733,532
 Total $9,084,726
 Gross int. margin/spread
 on a taxable equiv. basis 190,394 4.63
 Taxable equiv. adjustment:
 Loans 2,399
 Investment securities 7,580
 Other earning assets 36
 Total taxable equiv. adjustment 10,015
 Gross interest margin $180,379
 6 mos. ended 6/30/91
 (Taxable equiv. basis - Average Revenue/ Yield/
 dollars in thousands) Balance Expense Rate Pct.
 ASSETS
 Earning assets:
 Loans net of unearned inc. $5,485,921 $279,991 10.29
 Less allowance for loan
 losses 83,366
 Net loans 5,402,555
 Investment securities
 Taxable securities 1,704,528 74,189 8.78
 Tax-free securities 473,961 25,312 10.77
 Total investment securities 2,178,489 99,501 9.21
 Other earning assets 172,884 6,243 7.28
 Total earning assets 7,753,928 385,735 9.93
 Cash and other assets 894,237
 Total $8,648,165
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Interest-bearing liabilities:
 Interest-bearing demand
 deposits $2,481,688 67,556 5.49
 Savings deposits 395,865 9,546 4.86
 Time deposits 2,532,438 91,153 7.26
 Certificates of deposit
 of $100,000 or more 570,047 20,775 7.35
 Federal funds purchased
 and securities sold under
 agreements to repurchase 824,922 24,108 5.89
 Other interest-bearing
 liabilities 152,053 6,547 8.68
 Total interest-bearing
 liabilities 6,957,013 219,685 6.37
 Incremental interest
 spread 3.56
 Noninterest-bearing demand
 deposits 987,126
 Other liabilities 103,920
 Shareholders' equity 600,106
 Total $8,648,165
 Gross int. margin/spread
 on a taxable equiv. basis 166,050 4.27
 Taxable equiv. adjustment:
 Loans 3,404
 Investment securities 7,906
 Other earning assets 41
 Total taxable equiv. adjustment 11,351
 Gross interest margin $154,699
 AMSOUTH BANCORPORATION
 (Unaudited)
 (Dollars in thousands)
 3 mos. ended 6/30/92 6/30/91 Pct. chg.
 NONINTEREST REVENUES
 Trust Department income $ 8,528 $ 7,895 8.0
 Service charges on deposit accounts 11,809 11,494 2.7
 Securities gains 43 6 616.7
 Mortgage administration fees 4,210 3,990 5.5
 Other operating revenues 10,722 10,022 7.0
 Total $35,312 $33,407 5.7
 NONINTEREST EXPENSES
 Salaries and employee benefits $38,386 $34,659 10.8
 Net occupancy expense 6,607 5,822 13.5
 Equipment expense 7,331 6,986 4.9
 FDIC premiums 4,066 3,294 23.4
 Foreclosed properties expe $85,616 $83,802 2.2
 INTANGIBLE ASSETS
 Goodwill $71,308 $75,446
 Purchased mortgage servicing rights 33,630 31,804
 Core deposit intangibles 8,276 671
 6 mos. ended 6/30/92 6/30/91 Pct. chg.
 NONINTEREST REVENUES
 Trust Department income $ 16,744 $ 15,686 6.7
 Service charges on deposit accounts 23,457 22,292 5.2
 Securities gains 4,554 476 856.7
 Mortgage administration fees 8,548 7,956 7.4
 Other operating revenues 19,007 20,410 (6.9)
 Total $ 72,310 $ 66,820 8.2
 NONINTEREST EXPENSES
 Salaries and employee benefits $ 76,506 $ 69,329 10.4
 Net occupancy expense 13,016 11,566 12.5
 Equipment expense 14,592 13,539 7.8
 FDIC premiums 8,156 6,583 23.9
 Foreclosed properties expense 12,461 15,665 (20.5)
 Other operating expenses 46,333 39,527 17.2
 Total $171,064 $156,209 9.5
 -0- 7/13/92 R
 /CONTACT: Harvey E. Campbell of AmSouth, 205-326-5316/
 (ASO) CO: AmSouth Bancorporation ST: Alabama IN: FIN SU: ERN


BR-EA -- AT001 -- 8559 07/13/92 10:36 EDT
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