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FIRST COMMERCIAL BANCSHARES ANNOUNCES RECORD EARNINGS

 FIRST COMMERCIAL BANCSHARES ANNOUNCES RECORD EARNINGS
 JASPER, Ala., July 9 /PRNewswire/ -- First Commercial Bancshares,


Inc. (NASDAQ-NMS: FSCB) today announced earnings per common and dilutive common equivalent share of $0.56 (unaudited) for the quarter ended June 30, representing an increase of 33.3 percent over earnings of $0.42 per share in the same quarter of 1991.
 For the six months ended June 30, earnings per share were $1.11 as compared to $0.87 for the same period in 1991. The company's total assets at June 30 were $882.0 million, up from $840.3 million at the same date in 1991, representing an increase of 5.0 percent. Total stockholders' equity at June 30 was $79.7 million or $18.43 on a per share basis.
 John T. Oliver Jr., chairman of the board and chief executive officer of First Commercial, stated that: "We are extremely proud of our performance, especially in light of the improvement in our nonperforming assets (including loans past due 90 days or more) from a high of 2.20 percent of loans at March 31, 1992, to 1.70 percent at June 30, 1992. We have worked extremely hard to reduce nonperforming assets to a more acceptable level, and we will continue our efforts in the future. The company's net interest margin on a tax equivalent basis has improved steadily over the past 12 months to 4.54 percent for the second quarter of 1992. This increase coupled with an excellent second quarter at First Commercial Bank's Investment Services Department has produced the best quarter ever for our company."
 On April 7, the company announced that it had signed a Letter of Intent with Synovus Financial Corp. (NYSE: SNV) of Columbus, Ga. Under the proposed Letter of Intent, Synovus will exchange 1.5 of its shares for each outstanding share of First Commercial (subject to certain adjustments for fluctuations in the price of Synovus shares). The proposed transaction is subject to the due diligence review of both parties, all necessary regulatory approvals, and the approval of First Commercial's shareholders.
 First Commercial Bancshares, Inc. has five banking subsidiaries: First National Bank of Jasper (Jasper), First Commercial Bank of Birmingham (Birmingham, Ala.), The Bank of Tuscaloosa (Tuscaloosa, Ala.), Sterling Bank (Montgomery, Ala.), and First Commercial Bank of Huntsville (Huntsville, Ala.).
 FIRST COMMERCIAL BANCSHARES, INC.
 Consolidated Financial Information
 June 30, 1992
 (In thousands, except per share data)
 (Unaudited)
 Statements of Condition 6/30/92 6/30/91 Pct. chg.
 Total assets $881,961 $840,256 4.96
 Loans, net of unearned income 591,208 534,080 10.70
 Total deposits 751,958 726,257 3.54
 Stockhkolders' equity 79,731 73,430 8.58
 Book value per share $18.43 $17.02 8.28
 Equity/assets 9.04 pct. 8.74 pct.
 Allowance for loan losses/loans,
 net of unearned income 1.61 pct. 1.50 pct.
 Cumulative net charge-offs/
 average loans (annualized) 0.63 pct. 0.79 pct.
 Nonperforming assets/loans and
 other real estate (including
 loans past due 90 days) 1.70 pct. 1.82 pct.
 Allowance for loan losses/
 nonperforming assets
 (including loans past due
 90 days) 94.69 pct. 82.37 pct.
 Statements of Income
 3 mos. ended June 30 1992 1991 Pct. chg.
 Interest income $17,001 $18,837 (9.75)
 Interest expense 7,917 10,633 (25.54)
 Gross interest margin 9,084 8,204 10.73
 Provision for loan losses 1,519 1,467 3.54
 Net interest margin 7,565 6,737 12.29
 Non-interest income 2,223 1,806 23.09
 Non-interest expense 6,200 5,894 5.19
 Income before provision for income
 taxes 3,588 2,649 35.45
 Provision for income taxes 1,102 803 37.24
 Net income $ 2,486 $ 1,846 34.67
 Net income per common and dilutive
 common equivalent share $ 0.56 $ 0.42 33.33
 Return on avg. assets (annualized) 1.14 pct. 0.89 pct.
 Return on avg. equity (annualized) 12.60 pct.10.10 pct.
 Average shares and dilutive common
 equivalent shares outstanding 4,448 4,354
 Statements of Income
 6 mos. ended June 30 1992 1991 Pct. chg.
 Interest income $34,330 $37,885 (9.38)
 Interest expense 16,399 21,716 (24.48)
 Gross interest margin 17,931 16,169 10.90
 Provision for loan losses 2,884 2,509 14.95
 Net interest margin 15,047 13,660 10.15
 Non-interest income 4,366 3,273 33.39
 Non-interest expense 12,286 11,489 6.94
 Income before provision for income
 taxes 7,127 5,444 30.91
 Provision for income taxes 2,216 1,656 33.82
 Net income $ 4,911 $ 3,788 29.65
 Net income per common and dilutive
 common equivalent share $ 1.11 $ 0.87 27.59
 Return on avg. assets (annualized) 1.13 pct. 0.92 pct.
 Return on avg. equity (annualized) 12.57 pct. 10.55 pct.
 Average shares and dilutive common
 equivalent shares outstanding 4,427 4,359
 -0- 7/9/92
 /CONTACT: Robert Couch of First Commercial Bancshares, 205-868-4816/
 (FSCB SNV) CO: First Commercial Bancshares, Inc.; Synovus Financial Corp. ST: Alabama, Georgia IN: FIN SU: ERN


EA -- AT010 -- 8085 07/09/92 18:40 EDT
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