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DFSE REPORTS EARNINGS FOR YEAR ENDED DEC. 31, 1991, AND DECLARES QUARTERLY DIVIDEND

 DFSE REPORTS EARNINGS FOR YEAR ENDED DEC. 31, 1991,
 AND DECLARES QUARTERLY DIVIDEND
 DECATUR, Ga., Jan. 22 /PRNewswire/ -- DFSoutheastern, Inc. (DFSE) (NASDAQ: DFSE), the Decatur, Ga.-based holding company for Decatur Federal Savings and Loan Association, today announced the results of operations for the year ended Dec. 31, 1991, as well as declared a quarterly dividend in the amount of $.05 per share for shareholders of record as of Jan. 31, 1992.
 The dividend will be paid on Feb. 14.
 For the year ended Dec. 31, DFSE reported net earnings of $3.5 million or $.77 per share, compared with a net loss of $9.6 million, or $2.10 per share, for the same period in 1990 after the cumulative effect on prior years of a change in method of accounting for goodwill amortization. Before the change in accounting principle, earnings for 1990 were $4.8 million, or $1.04 per share.
 During the year, DFSE set aside $18.6 million to cover possible loan losses, compared with $9.7 million for the same period last year. Net interest income for 1991 was $67.1 million compared to $62.7 million for 1990, a 7 percent increase.
 For the fourth quarter of 1991, DFSE reported net income of $1.5 million, or $.32 per share, compared with a loss of $2.3 million, or $.52 per share, in the previous year.
 According to Chairman and Chief Executive Officer Robert C. McMahan: "Based upon the trend of the fourth quarter, we are encouraged about the prospects for 1992. During the fourth quarter, we began seeing an improvement in our nonperforming assets, which peaked during the third quarter at $90 million. During the fourth quarter, nonperforming assets dropped to $76 million or 2.97 percent of total assets compared to $77 million, or 2.94 percent of total assets as of September 30, 1991. We look forward to continued improvement in the new year."
 The board of directors of DFSoutheastern, Inc. has set the company's 1992 annual meeting of shareholders for Wednesday, April 22, at 10 a.m. in the Decatur Federal Sky Room, 250 East Ponce de Leon Ave., Decatur, Ga. The record date for the meeting has been fixed as Feb. 20. Pursuant to the DFSE bylaws, no matter may be brought before the meeting by a shareholder and no person may be nominated for election as a director at the meeting by a shareholder unless the matter or the nominee has been specified in a written notice delivered to the secretary of the company at the principal executive offices of the company not more than 50 days nor less than 21 days prior to the date of the meeting, and the notice otherwise complies with Section 9 of Article II of the company's bylaws.
 At Dec. 31, DFSE had consolidated assets of $2.56 billion compared to $2.54 billion a year ago. Deposits were $2.03 billion at the end of the year for 1991 and $1.81 billion for the same period in 1990. Decatur Federal, the wholly owned subsidiary of DFSoutheastern, Inc., has 32 branch offices and five mortgage loan offices serving metropolitan Atlanta and north Georgia. DFSoutheastern Mortgage, Inc., a wholly owned mortgage subsidiary of Decatur Federal, operates 15 mortgage loan offices in Georgia, Tennessee, North Carolina, South Carolina, Alabama and north Florida. Some of those mortgage loan offices operate under the name Fairfield Financial Associates. DFSoutheastern's common stock is traded in the NASDAQ Over-the-Counter Securities Exchange under the symbol "DFSE."
 DFSOUTHEASTERN, INC. AND SUBSIDIARIES
 Financial Highlights
 At Dec. 31 1991 1990
 Shares outstanding 4,547,630 4,515,393
 Book value per share $ 27.33 $ 26.89
 Tangible book value per share $ 26.64 $ 26.07
 Total assets $2,559,554 $2,541,843
 Total deposits $2,028,896 $1,805,779
 Capital ratios (percents):
 Core (minimum req. 1.5 pct.) 4.94 4.84
 Tangible (minimum req. 3.0 pct.) 4.79 4.68
 Risk-Based (minimum req. 7.2 pct.) 8.67 8.37
 Risk-Based (min. requirement 8.0 pct.
 fully phased-in ratio) 8.48 8.15
 Consolidated Statements of Operations
 3 mos. ended Dec. 31 1991 1990
 Interest income:
 Loans receivable $ 46,739 $ 51,312
 Mortgage-backed securities 7,742 8,099
 Investment securities 2,245 1,789
 Other interest income 794 1,045
 Total interest income 57,520 62,245
 Interest and dividend expense:
 Deposits 32,567 33,014
 Dividends on preferred stock of subsidiary
 company --- ---
 Advances and other borrowings 7,646 11,554
 Total interest and dividend expense 40,213 44,568
 Net interest income 17,307 17,677
 Provision for loan losses 3,293 5,783
 Net interest income after provision for
 loan losses 14,014 11,894
 Other income:
 Loan fees and servicing income 1,182 1,026
 Deposit and other service charges 2,280 2,010
 Loan fee income on sale of loans 1,103 642
 Gain (loss) on sale of loans 507 181
 Gain on sale of investment and mortgage-backed
 securities 782 91
 Gain on sale real estate held for development
 and sale 258 270
 Loss on sale of real estate held for
 investment --- 19
 Unrealized loss on real estate held for
 investment (778) ---
 Loss on real estate acquired in settlement
 of loans (3,228) (1,765)
 Other, net 1,410 1,365
 Total other income 3,516 3,839
 General and administrative expenses:
 Compensation and related benefits 7,221 8,460
 Net occupancy expense 2,128 2,085
 Advertising 701 1,393
 Federal insurance premiums 1,109 906
 Amortization of goodwill 140 171
 Other operating expenses 4,553 3,698
 Total general and administrative expenses 15,852 16,713
 Earnings (loss) before income tax expense 1,678 (980)
 Income tax expense 217 1,346
 Earnings before cumulative effect of change
 in accounting principle 1,461 (2,326)
 Cumulative effect on prior years of a change
 in the method of accounting for goodwill --- ---
 Net earnings (loss) $ 1,461 $ (2,326)
 Earnings per common share before cumulative
 effect of a change in accounting principle $ 0.32 $ (0.52)
 Loss per common share from cumulative effect
 on prior years of change in method of
 accounting for goodwill --- ---
 Earnings (loss) per common share $ 0.32 $ (0.52)
 Weighted avg. common shares 4,529,211 4,485,274
 Year ended Dec. 31 1991 1990
 Interest income:
 Loans receivable $193,959 $188,586
 Mortgage-backed securities 32,756 31,885
 Investment securities 8,823 7,679
 Other interest income 3,394 4,133
 Total interest income 238,932 232,283
 Interest and dividend expense:
 Deposits 132,339 130,262
 Dividends on preferred stock of subsidiary
 company --- 89
 Advances and other borrowings 39,519 39,238
 Total interest and dividend expense 171,858 169,589
 Net interest income 67,074 62,694
 Provision for loan losses 18,632 9,717
 Net interest income after provision for
 loan losses 48,442 52,977
 Other income:
 Loan fees and servicing income 4,356 3,511
 Deposit and other service charges 8,050 6,782
 Loan fee income on sale of loans 4,617 2,063
 Gain (loss) on sale of loans 3,019 (765)
 Gain on sale of investment and mortgage-backed
 securities 3,049 1,039
 Gain on sale real estate held for development
 and sale 1,085 771
 Loss on sale of real estate held for
 investment --- (2)
 Unrealized loss on real estate held for
 investment (1,382) (1,413)
 Loss on real estate acquired in settlement
 of loans (8,130) (3,378)
 Other, net 5,631 5,754
 Total other income 20,295 14,452
 General and administrative expenses:
 Compensation and related benefits 30,267 28,557
 Net occupancy expense 8,330 7,853
 Advertising 3,187 2,640
 Federal insurance premiums 4,291 3,563
 Amortization of goodwill 560 687
 Other operating expenses 16,319 13,069
 Total general and administrative expenses 62,954 56,369
 Earnings (loss) before income tax expense 5,783 11,060
 Income tax expense 2,321 6,262
 Earnings before cumulative effect of change
 in accounting principle 3,462 4,798
 Cumulative effect on prior years of a change
 in the method of accounting for goodwill --- (14,436)
 Net earnings (loss) $ 3,462 $ (9,638)
 Earnings per common share before cumulative
 effect of a change in accounting principle $ 0.77 $ 1.04
 Loss per common share from cumulative effect
 on prior years of change in method of
 accounting for goodwill --- (3.14)
 Earnings (loss) per common share $ 0.77 $ (2.10)
 Weighted avg. common shares 4,521,222 4,599,480
 -0- 1/22/92
 /CONTACT: Susan Paul Smith, 404-371-4411, or James R. Wallis, chief financial officer, 404-371-4074, both of DFSoutheastern/
 (DFSE) CO: DFSoutheastern, Inc. ST: Georgia IN: FIN SU: ERN


BN-BR -- AT007 -- 2342 01/22/92 13:09 EST
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