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GWINNETT BANCSHARES REPORTS EARNINGS

 GWINNETT BANCSHARES REPORTS EARNINGS
 LAWRENCEVILLE, Ga., July 15 /PRNewswire/ -- Gwinnett Bancshares,


Inc. (NASDAQ: GBSI), the holding company for Gwinnett Federal Bank, FSB of Lawrenceville, today reported that its second quarter 1992 net income was $637,000 or $.44 per share, compared with $605,000 or $.38 per share in 1991.
 Gwinnett's earnings for the first six months of 1992 were $1,201,000 or $.82 per share, compared with $1,077,000 or $.68 per share in 1991. Gwinnett's return on average assets for the first six months of 1992 was .82 percent, compared with .78 percent in 1991.
 As of June 30, Gwinnett had total assets of $294.0 million, a $12.2 million increase from the previous year. In other year-to-year comparisons, gross loans, including loans serviced for others, increased $21.3 million to $258.4 million; deposits increased $13.1 million to $256.5 million and the reserve for loan losses increased $298,000 to $1.2 million. The stock repurchase program reduced shareholder's equity $860,000 to $35.0 million.
 Nonperforming assets decreased from $1,045,000 at March 31 to $986,000 at the end of the second quarter. Gwinnett's capital ratio was 11.92 percent of assets on June 30.
 Gwinnett was established in 1931 and has seven 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 6/30/92 6/30/91
 Net income $ 637 $ 605
 Primary earnings per share 0.44 0.38
 Dividends declared per share 0.11 0.10
 Financial ratios:
 Return on average assets 0.87 pct. 0.87 pct.
 Return on average equity 7.26 pct. 6.76 pct.
 Net interest margin 3.52 pct. 3.51 pct.
 Equity/assets 11.92 pct. 12.74 pct.
 Income statement:
 Interest income 5,578 6,231
 Interest expense 3,185 3,986
 Net interest income 2,393 2,245
 Provision for loan losses 270 150
 Noninterest income 735 540
 Noninterest expense 1,798 1,708
 Income taxes 423 322
 Net income 637 605
 Balance sheet (average balances):
 Total assets 292,568 277,375
 Earning assets 272,050 255,544
 Net loans 158,126 178,598
 Total deposits 253,283 236,458
 Shareholders' equity 35,083 35,813
 Primary common shrs. outst. 1,437,002 1,576,672
 Balance sheet (period ending balances):
 Total assets 294,001 281,842
 Earning assets 275,075 258,777
 Net loans 160,081 179,478
 Gross loans 258,389 237,092
 Total deposits 256,532 243,395
 Shareholders' equity 35,041 35,901
 Actual common shrs. outst. 1,366,551 1,592,850
 Book value per share 25.64 22.54
 Nonperforming assets
 Non-accrual loans 114 167
 REO 872 2,609
 Total nonperforming assets 986 2,776
 Reserve for loan losses:
 Beginning balance 1,162 879
 Provision for loan losses 270 150
 Net (charge offs),/recoveries (210) (105)
 Ending balance 1,222 924
 Net charge-offs/average net loans 0.53 pct. 0.24 pct.
 6 mos. ended 6/30/92 6/30/91
 Net income $ 1,201 $ 1,077
 Primary earnings per share 0.82 0.68
 Dividends declared per share 0.22 0.20
 Financial ratios:
 Return on average assets 0.82 pct. 0.78 pct.
 Return on average equity 6.82 pct. 6.03 pct.
 Net interest margin 3.46 pct. 3.49 pct.
 Equity/assets 11.92 pct. 12.74 pct.
 Income statement:
 Interest income 11,331 12,467
 Interest expense 6,651 8,050
 Net interest income 4,680 4,417
 Provision for loan losses 450 325
 Noninterest income 1,353 990
 Noninterest expense 3,629 3,384
 Income taxes 753 621
 Net income 1,201 1,077
 Balance sheet (average balances):
 Total assets 291,366 274,591
 Earning assets 270,603 253,320
 Net loans 159,252 178,251
 Total deposits 251,661 234,691
 Shareholders' equity 35,213 35,749
 Primary common shrs. outst. 1,459,536 1,578,773
 Balance sheet (period ending balances):
 Total assets 294,001 281,842
 Earning assets 275,075 258,777
 Net loans 160,081 179,478
 Gross loans 258,389 237,092
 Total deposits 256,532 243,395
 Shareholders' equity 35,041 35,901
 Actual common shrs. outst. 1,366,551 1,592,850
 Book value per share 25.64 22.54
 Nonperforming assets
 Non-accrual loans 114 167
 REO 872 2,609
 Total nonperforming assets 986 2,776
 Reserve for loan losses:
 Beginning balance 1,044 1,033
 Provision for loan losses 450 325
 Net (charge offs),/recoveries (272) (404)
 Ending balance 1,222 924
 Net charge-offs/average net loans 0.34 pct. 0.45 pct.
 -0- 7/15/92
 /CONTACT: James F. Pack, chairman and chief executive officer, or Robert F. Huttman, chief financial officer of Gwinnett Bancshares, 404-995-6000/
 (GBSI) CO: Gwinnett Bancshares, Inc. ST: Georgia IN: FIN SU: ERN


EA-BR -- AT006 -- 9438 07/15/92 10:10 EDT
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