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GEORGE MASON BANKSHARES, INC., REPORTS NINE MONTHS EARNINGS

 FAIRFAX, Va., Oct. 20 /PRNewswire/ -- The board of directors of George Mason Bankshares, Inc. (NASDAQ: GMBS), reported that net income for the third quarter of 1993 totaled $1.03 million or 41 cents per share. This compares to $569,000 or 29 cents per share for the third quarter of 1992. Return on average assets and equity for the third quarter of 1993 were 1.16 percent and 11.07 percent respectively, compared to .81 percent and 8.89 percent for the third quarter of last year.
 Net income for the nine months ended Sept. 30, 1993, was $2.58 million compared with $2.53 million for the same period in 1992. Earnings per share for the comparable nine month periods were $1.21 and $1.31 respectively. Moreover, return on average assets for the first nine months of 1993 was 1.04 percent compared to 1.29 percent for the same period in 1992. Year to date return on average equity for 1993 was 11.44 percent as compared to 13.53 percent in 1992.
 Net interest income for the third quarter of 1993 increased 36 percent to $4.3 million up from $3.1 million for the third quarter of 1992, while net interest income for the first nine months of 1993 was $11.4 million representing a 31 percent increase over the same period in 1992.
 Securities gains were an important factor in the results posted in 1992 as compared to 1993. Securities gains for the nine month period ended Sept. 30, 1993, were $581,000 compared to $1.7 million for the same period in 1992. Gains for the third quarter of 1993 were $475,000 vs. $66,000 a year earlier.
 Due to an improvement in overall asset quality, provisions for loan losses for the three months ended Sept. 30, 1993, were $100,000 as compared to $450,000 for the third quarter of 1992. Similarly, provisions for loan losses for the nine month period ended Sept. 30, 1993, totaled $400,000 as compared to $1.6 million for the same period in 1992. The bank's reserve for loan losses for the period ended Sept. 30, 1993, was $3.45 million and represented 2.0 percent of loans. The reserve for loan losses for the same period in 1992 was $2.97 million and represented 1.8 percent of loans.
 Total assets at Sept. 30, 1993, were $388 million representing an increase of 21 percent from $321 million at the same date in 1992. In addition, total deposits increased by 17 percent to $321 million vs. $274 million at Sept. 30, 1992. Loans (net of unearned income) were $171 million as of Sept. 30, 1993, compared to $162 million on Sept. 30, 1992. Loans at Sept. 30, 1993, and Sept. 30, 1992, included short term loan participations of $0 and $19.6 million respectively.
 Non-performing assets consisting of non-accrual loans and foreclosed properties declined by 69 percent to $2.6 million at Sept. 30, 1993, as compared to $8.3 million for the third quarter of 1992.
 In support of the growth outlined above, non-interest expenses increased by $1.6 million or 71 percent for the quarter ended Sept. 30, 1993. Year to date non-interest expenses as of Sept. 30, 1993, were $9.4 million compared to $6.3 million for the nine month period ended Sept. 30, 1992. In following its strategic plan, the bank continues to expand its branch banking system, its lending personnel and its mortgage banking subsidiary.
 Activity for George Mason Mortgage Corporation increased significantly. Loan closings were $31 million for the quarter ended Sept. 30, 1993, compared to $13 million for the third quarter ended 1992. For the first nine months of 1993, loan closings totaled $58 million as compared to $34 million for the same period last year. The mortgage company's current pipeline totals $43 million compared to $19 million at Sept. 30, 1992.
 The company's Tier 1 and total risk-based capital ratios at Sept. 30, 1993, were 17.03 percent and 18.28 percent respectively, well in excess of the regulatory requirement for "well capitalized institutions." The company's leveraged ratio of 9.61 percent was also well in excess of the regulatory requirement at the close of the third quarter.
 The company had 2,514,427 shares of common stock outstanding on Sept. 30, 1993, with a book value of $14.94 per share. This compares to 1,933,835 shares with a book value of $13.35 per share on the same date in 1992. The company completed a public offering in June of 1993 resulting in 575,000 additional shares issued which generated $9.4 million in net new capital.
 George Mason Bankshares, Inc., is a one-bank holding company for George Mason Bank which operates nine offices in Fairfax and Arlington Counties.
 GEORGE MASON BANKSHARES, INC.
 CONSOLIDATED BALANCE SHEET
 (Unaudited) (Unaudited) (Audited)
 As of Sept. 30, Sept. 30, Dec. 31,
 1993 1992 1992
 Assets:
 Cash and Due from Banks
 Noninterest-Bearing
 Deposits and Cash $19,814,743 $13,909,619 $17,182,768
 Interest-Bearing
 Deposits $18,859,891 0 0
 Federal Funds Sold 12,100,000 8,320,000 18,000,000
 Total Cash and Cash
 Equivalents $50,774,634 $22,229,619 $35,182,768
 Investment Securities
 (Approximate market
 value 1993 $76,495,200;
 1992 $15,498,386; 12/31/92
 $19,920,338) $74,889,148 $14,840,932 $19,330,151
 Securities Available for
 Sale (approximate market
 value 1993 $75,307,579;
 1992 $111,358,761;
 12/31/92 $112,235,323) 74,299,777 109,631,350 112,263,857
 Loans -- net of unearned
 income 171,167,780 161,966,018 143,581,740
 Less: Allowance for Loan
 Losses (3,450,005) (2,967,180) (3,561,092)
 Loans, Net 167,717,775 158,998,838 140,020,648
 Mortgage Loans Held for
 Resale 11,229,890 4,053,262 2,597,874
 Bank Premises and
 Equipment, Net 4,245,057 2,728,133 3,783,445
 Accrued Interest
 Receivable 2,015,599 2,121,558 2,287,698
 Prepaid Expenses &
 Other Assets 1,064,676 1,785,548 1,021,555
 Deferred Income Tax Charges 888,645 864,698 1,090,868
 Other Real Estate Owned 448,390 4,217,623 2,588,762
 TOTAL ASSETS $387,573,591 $321,471,561 $320,167,626
 Liabilities and Stockholders' Equity:
 Deposits:
 Demand and Interest
 Checking $102,945,721 $68,294,836 $77,397,158
 Savings 130,447,882 113,091,136 113,631,346
 Time 87,292,409 92,922,921 84,004,683
 Total Deposits $320,686,012 $274,308,893 $275,033,187
 Purchased Funds $27,110,350 $19,870,885 $17,000,572
 Accrued Expenses and
 Other Liabilities 1,980,136 1,364,166 1,937,233
 Dividends Payable 241,715 111,367 151,252
 Total Liabilities $350,018,213 $295,655,311 $294,122,244
 Stockholders' Equity
 Common Stock $4,187,040 $3,223,239 $3,231,172
 Surplus 24,305,921 15,779,685 15,797,191
 Undivided Profits 9,062,417 6,813,326 7,017,019
 Total Stockholders'
 Equity $37,555,378 $25,816,250 $26,045,382
 TOTAL LIABILITIES AND
 STOCKHOLDERS' EQUITY $387,573,591 $321,471,561 $320,167,626
 GEORGE MASON BANKSHARES, INC.
 CONSOLIDATED STATEMENT OF INCOME (unaudited)
 Three Months Three Months
 Ended Ended
 As of Sept. 30, 1993 Sept. 30, 1992
 Interest Income:
 Interest and Fees on Loans $ 4,128,537 $ 3,419,536
 Interest on Federal Funds Sold 74,255 165,110
 Interest on Investment Securities:
 U.S. Treasury 180,629 214,538
 U.S. Government Agencies 1,582,991 1,163,872
 State and Political Subdivision 221,029 245,546
 Other Securities Income 75,826 32,970
 Total Interest Income $ 6,263,267 $ 5,241,572
 Interest Expense:
 Interest on Deposits $ 1,871,000 $ 2,017,419
 Interest on Securities
 Sold Under Agreements
 to Repurchase 114,574 82,751
 Total Interest Expense $ 1,985,574 $ 2,100,170
 Net Interest Income $ 4,277,693 $ 3,141,402
 Provision for Loan Losses 100,000 450,000
 Net Interest Income After
 Provision for Loan Losses $ 4,177,693 $ 2,691,402
 Other Income
 Service Fees $ 280,754 $ 224,362
 Other 166,369 74,506
 Securities Income 474,878 66,016
 Gain on sale of loans held
 for resale 223,015 68,984
 Total Other Income $ 1,145,016 $ 453,868
 Other Expenses:
 Salaries and Employee Benefits $ 1,892,198 $ 1,097,918
 Occupancy Expenses 223,054 156,728
 Equipment Rentals, Depreciation
 and Maintenance 169,590 98,473
 Other Operating Expenses 1,457,272 838,264
 Total Other Expenses $ 3,742,114 $ 2,191,383
 Income Before Taxes $ 1,580,595 $ 953,887
 Federal and State Income Taxes:
 Current $ 450,769 $ 420,160
 Deferred 96,550 (35,374)
 NET INCOME $ 1,033,276 $ 569,101
 Net Income Per Share $0.41 $0.29
 Average Shares Outstanding 2,512,307 1,933,489
 CONSOLIDATED STATEMENT OF INCOME (unaudited) (Continued)
 Nine Months Nine Months
 Ended Ended
 As of Sept. 30, 1993 Sept. 30, 1992
 Interest Income:
 Interest and Fees on Loans $ 11,125,565 $ 9,735,633
 Interest on Federal Funds Sold 185,048 352,452
 Interest on Investment Securities:
 U.S. Treasury 494,786 825,465
 U.S. Government Agencies 4,698,010 3,534,842
 State and Political Subdivision 678,058 721,707
 Other Securities Income 198,061 135,293
 Total Interest Income $ 17,379,528 $ 15,305,392
 Interest Expense:
 Interest on Deposits $ 5,598,223 $ 6,376,280
 Interest on Securities
 Sold Under Agreements
 to Repurchase 346,725 210,809
 Total Interest Expense $ 5,944,948 $ 6,587,089
 Net Interest Income $ 11,434,580 $ 8,718,303
 Provision for Loan Losses 400,000 1,600,000
 Net Interest Income After
 Provision for Loan Losses $ 11,034,580 $ 7,118,303
 Other Income
 Service Fees $ 849,871 $ 711,532
 Other 284,435 147,495
 Securities Income 580,957 1,701,181
 Gain on sale of loans held
 for resale 386,783 114,929
 Total Other Income $ 2,102,046 $ 2,675,137
 Other Expenses:
 Salaries and Employee Benefits $ 4,735,806 $ 3,061,239
 Occupancy Expenses 602,872 426,630
 Equipment Rentals, Depreciation
 and Maintenance 462,615 263,785
 Other Operating Expenses 3,640,471 2,518,786
 Total Other Expenses $ 9,441,764 $ 6,270,440
 Income Before Taxes $ 3,694,862 $ 3,523,000
 Federal and State Income Taxes:
 Current $ 997,063 $ 1,206,481
 Deferred 116,694 (213,809)
 NET INCOME $ 2,581,105 $ 2,530,328
 Net Income Per Share $1.21 $1.31
 Average Shares Outstanding 2,131,328 1,929,999
 GEORGE MASON BANKSHARES INC.
 FINANCIAL HIGHLIGHTS
 THIRD QUARTER 1993
 Percent
 1993 1992 $ Change Change
 EARNINGS:
 For the Three Months
 Ended Sept. 30:
 Net Interest Income 4,277,693 3,141,402 1,136,291 36.17 pct
 Provision for Loan
 Losses 100,000 450,000 (350,000) -77.76 pct
 Gain on Loans Held
 for Resale 223,015 68,984 154,031 223.29 pct
 Net Gain on Sale
 of Securities 474,878 66,016 408,862 619.34 pct
 Other Operating Income 447,123 318,868 128,255 40.22 pct
 Other Operating
 Expenses 3,742,114 2,191,383 1,550,731 70.76 pct
 Income Taxes 547,319 384,786 162,533 42.24 pct
 Net Income 1,033,276 569,101 464,175 81.56 pct
 For the Nine Months
 Ended Sept. 30:
 Net Interest Income 11,434,580 8,716,303 2,716,277 31.16 pct
 Provision for Loan
 Losses 400,000 1,600,000 (1,200,000) -75.00 pct
 Gain on Loans Held
 for Resale 386,783 114,929 271,854 236.54 pct
 Net Gain on Sale
 of Securities 580,957 1,701,181 (1,120,224) -65.85 pct
 Other Operating Income 1,134,306 859,027 275,279 32.05 pct
 Other Operating
 Expenses 9,441,764 6,270,440 3,171,324 50.58 pct
 Income Taxes 1,113,757 992,672 121,085 12.20 pct
 Net Income 2,581,105 2,530,328 50,777 2.01 pct
 PER SHARE INFORMATION:
 For the Three Months
 Ended Sept. 30
 Net Income 0.41 0.29 0.12 41.38 pct
 Cash Dividends Declared 0.09 0.05 0.04 80.00 pct
 Weighted Average
 Shares Outstanding 2,512,307 1,933,469 -- --
 For the Nine Months
 Ended Sept. 30:
 Net Income 1.21 1.31 (0.10) -7.63 pct
 Cash Dividends
 Declared 0.25 0.15 0.10 66.67 pct
 Weighted Average
 Shares Outstanding 2,131,326 1,929,999 201,329 10.43 pct
 Actual Shares
 Outstanding 2,514,427 1,933,835 580,592 30.02 pct
 Period Book Value 14.94 13.36 1.59 11.91 pct
 GEORGE MASON BANKSHARES INC.
 SELECTED AVERAGE BALANCES Pct.
 (THIRD QUARTER) 1993 1992 $ Change Change
 Total Assets 352,470,086 281,153,976 71,316,110 25.37 pct
 Loans (Net of Earned
 Income)(A) 163,383,458 139,097,606 24,285,650 17.46 pct
 Mortgage Loans
 Held for Resale 10,637,764 3,247,300 7,390,464 227.59 pct
 Securities and other
 Investments 143,322,157 102,473,440 40,848,717 39.86 pct
 Deposits 290,438,698 242,991,299 47,447,399 19.53 pct
 Shareholders'
 Equity 37,026,640 25,474,606 11,552,032 45.35 pct
 (A) Before Reserves
 SELECTED AVERAGE BALANCES:
 (YEAR TO DATE)
 Total Assets 331,639,010 261,064,415 70,574,595 27.03 pct
 Loans (Net of
 Unearned Income)(A) 157,770,618 130,999,193 26,771,625 20.44 pct
 Mortgage Loans
 Held for Resale 5,515,317 3,280,343 2,234,974 68.13 pct
 Securities and Other
 Investments 136,805,621 100,421,101 36,384,720 36.23 pct
 Deposits 276,919,887 226,009,548 52,910,339 23.41 pct
 Shareholders' Equity 36,169,561 24,982,422 5,187,139 20.76 pct
 (A) Before Reserves
 SELECTED PERIOD
 END BALANCES:
 Total Assets 387,573,591 321,471,561 66,102,030 20.56 pct
 Loans (Net of
 Unearned Income)(A) 171,167,780 161,966,018 9,201,762 5.68 pct
 Mortgage Loans
 Held for Resale 11,229,890 4,053,262 7,176,628 117.06 pct
 Allowance for Loan
 Losses 3,450,005 2,967,180 482,825 16.27 pct
 Securities and
 Other Investments 149,166,925 124,472,282 24,716,643 19.86 pct
 Deposits 320,686,012 274,308,893 46,377,119 16.91 pct
 Shareholders' Equity 37,555,012 25,816,250 11,739,128 45.47 pct
 (A) Before Reserves
 SELECTED RATIOS:
 For the Three Months
 Ended Sept. 30
 Return on Average
 Assets (Annualized) 1.16 pct 0.81 pct -- --
 Return on Average
 Equity (Annualized) 11.07 pct 8.89 pct -- --
 Yield on Earning Assets
 (Tax Equivalent) 7.76 pct 6.25 pct -- --
 Cost to Fund
 Earning Assets 2.43 pct 3.16 pct -- --
 Net Interest Margin
 (Tax Equivalent) 5.33 pct 5.09 pct -- --
 For the Nine Months
 Ended Sept. 30
 Return on Average
 Assets (Annualized) 1.04 pct 1.29 pct -- --
 Return on Average
 Equity (Annualized) 11.44 pct 13.53 pct -- --
 Yield on Earning Assets
 (Tax Equivalent) 7.67 pct 8.45 pct -- --
 Cost to Fund
 Earning Assets 2.57 pct 3.54 pct -- --
 Net Interest Margin
 (Tax Equivalent) 5.10 pct 4.91 pct -- --
 -0- 10/20/93
 /CONTACT: Jim Consagra of George Mason Bankshares, 703-222-2511/
 (GMBS)


CO: George Mason Bankshares, Inc. ST: Virginia IN: FIN SU: ERN

MH-PB -- DC037 -- 4854 10/20/93 18:27 EDT
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