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GWINNETT BANCSHARES ANNOUNCES SECOND QUARTER EARNINGS

 LAWRENCEVILLE, Ga., July 14 /PRNewswire/ -- Gwinnett Bancshares, Inc. (NASDAQ: GBSI), the holding company for Gwinnett Federal Bank, FSB of Lawrenceville, today reported that its second quarter 1993 net income was $922,000 or $.64 per share, compared with $637,000 or $.44 per share in 1992.
 Gwinnett's earnings for the first six months of 1993 were $1,984,000 or $1.38 per share, compared with $1,201,000 or $.82 per share in 1992. The return on average assets for the first six months of 1993 was 1.31 percent, compared with 0.82 percent in the prior year.
 During the first quarter of 1993, Gwinnett adopted Financial Accounting Standards Board Statement 109 which changed Gwinnett's method of accounting for income taxes from the deferred method under APB 11 to the asset and liability method. Net income before the cumulative effect of the change in accounting for income taxes for the first six months of 1993 was $1,679,000 or $1.17 per share, compared to $1,201,000 or $.82 per share. This represented a 40 percent increase in net income over 1992. This increase is primarily attributable to a $734,000 increase in net interest income due to lower interest rates.
 As of June 30, Gwinnett had total assets of $308 million compared with $294 million for the same period in 1992. At the end of the second quarter, total gross loans, including loans serviced for others, were $293 million compared to $258 million on June 30, 1992, a 13 percent increase. Total deposits at June 30 were $268 million compared with $257 million at the end of the second quarter last year, a 4 percent increase. Gwinnett's capital ratio was 12.25 percent of assets on June 30.
 Gwinnett was established in 1931 and has eight offices in Gwinnett County. The common stock of Gwinnett Bancshares is traded over-the- counter and quoted on the National Association of Securities Dealers Automated Quotation (NASDAQ) System under the symbol "GBSI."
 Financial highlights follow:
 GWINNETT BANCSHARES, INC.
 Financial Highlights
 Dollars in thousands, except per share data
 Operating ratios are annualized
 3 mos. ended 6/30/93 6/30/92
 Net income $ 922 $ 637
 Net income per share 0.64 0.44
 Dividends declared per share 0.15 0.11
 Financial ratios:
 Return on average assets 1.21 pct. 0.87 pct.
 Return on average equity 9.87 pct. 7.26 pct.
 Net interest margin 3.90 pct. 3.52 pct.
 Net interest spread 3.61 pct. 3.17 pct.
 Equity/assets 12.25 pct. 11.92 pct.
 Income statement:
 Interest income $ 5,371 $ 5,578
 Interest expense 2,574 3,185
 Net interest income 2,797 2,393
 Provision for loan losses 255 270
 Noninterest income 820 735
 Noninterest expense 1,913 1,798
 Income taxes 527 423
 Cumulative effect/change in
 accounting principle --- ---
 Net income 922 637
 Balance sheet (average balances):
 Total assets 305,471 292,568
 Earning assets 287,071 272,050
 Net loans & loans held for sale 158,977 158,126
 Total deposits 265,663 253,283
 Shareholders' equity 37,360 35,083
 Weighted average common & common
 equivalent shares 1,442,525 1,437,002
 Balance sheet (period ending balances):
 Total assets 307,610 294,001
 Earning assets 289,850 275,075
 Net loans & loans held for sale 159,492 160,081
 Gross loans & loans held
 for sale 292,787 258,389
 Total deposits 268,015 256,532
 Shareholders' equity 37,667 35,041
 Actual common shares outs. 1,364,951 1,366,551
 Book value per share 27.60 25.64
 Nonperforming assets
 Non-accrual loans 122 114
 REO 101 872
 Restructured loans 309 450
 Total nonperforming assets 532 1,436
 Allowance for loan losses:
 Beginning balance 1,608 1,162
 Provision for loan losses 255 270
 Net (charge offs),/recoveries (139) (210)
 Ending balance 1,724 1,222
 Net charge-offs/average net loans 0.35 pct. 0.53 pct.
 6 mos. ended 6/30/93 6/30/92
 Net income $ 1,984 $ 1,201
 Net income per share 1.38 0.82
 Dividends declared per share 0.30 0.22
 Financial ratios:
 Return on average assets 1.31 pct. 0.82 pct.
 Return on average equity 10.75 pct. 6.82 pct.
 Net interest margin 3.82 pct. 3.46 pct.
 Net interest spread 3.53 pct. 3.09 pct.
 Equity/assets 12.25 pct. 11.92 pct.
 Income statement:
 Interest income $ 10,622 $ 11,331
 Interest expense 5,208 6,651
 Net interest income 5,414 4,680
 Provision for loan losses 510 450
 Noninterest income 1,496 1,353
 Noninterest expense 3,775 3,629
 Income taxes 946 753
 Cumulative effect/change in
 accounting principle 305 ---
 Net income 1,984 1,201
 Balance sheet (average balances):
 Total assets 302,938 291,366
 Earning assets 283,756 270,603
 Net loans & loans held for sale 156,189 159,252
 Total deposits 263,366 251,661
 Shareholders' equity 36,904 35,213
 Weighted average common & common
 equivalent shares 1,440,181 1,459,536
 Balance sheet (period ending balances):
 Total assets 307,610 294,001
 Earning assets 289,850 275,075
 Net loans & loans held for sale 159,492 160,081
 Gross loans & loans held
 for sale 292,787 258,389
 Total deposits 268,015 256,532
 Shareholders' equity 37,667 35,041
 Actual common shares outs. 1,364,951 1,366,551
 Book value per share 27.60 25.64
 Nonperforming assets
 Non-accrual loans 122 114
 REO 101 872
 Restructured loans 309 450
 Total nonperforming assets 532 1,436
 Allowance for loan losses:
 Beginning balance 1,375 1,044
 Provision for loan losses 510 450
 Net (charge offs),/recoveries (161) (272)
 Ending balance 1,724 1,222
 Net charge-offs/average net loans 0.21 pct. 0.34 pct.
 -0- 7/14/93
 /CONTACT: James F. Pack, chairman and chief executive officer, or Robert F. Huttman, chief financial officer of Gwinnett Bancshares, Inc., 404-995-6000/
 (GBSI)


CO: Gwinnett Bancshares, Inc. ST: Georgia IN: FIN SU: ERN

RA-BR -- AT006 -- 1367 07/14/93 11:50 EDT
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