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OMNI REPORTS THIRD QUARTER RESULTS; ANNOUNCES CASH DIVIDEND

 OMNI REPORTS THIRD QUARTER RESULTS; ANNOUNCES CASH DIVIDEND
 SALISBURY, N.C., April 15 /PRNewswire/ -- Omni Capital Group, Inc. (NASDAQ-NMS: OCGI) today announced financial results for its third fiscal quarter and the nine months ended March 31, 1992.
 For the three months ended March 31, 1992, net income rose 5.4 percent to $1,426,000, or $.54 per share, compared with net income of $1,353,000, or $.53 per share in the same period last year. For the nine months ended March 31, 1992, net income increased 6.3 percent to $4,424,000, or $1.70 per share, compared with net income of $4,160,000, or $1.64 per share in the same period last year.
 At March 31, 1992, total assets were $557,370,000, net loans and mortgage-backed securities were $449,693,000, and deposit accounts were $465,994,000. Stockholders' equity was $63,390,000, or 11.4 percent of total assets, at March 31, 1992.
 Commenting on the results, David B. Jordan, President and CEO, said "We are pleased with OMNI's earnings for the third quarter and for the fiscal year. Included in the third quarter results was approximately $109,000 in expenses incurred in connection with the proposed merger with First Security Financial Corporation. OMNI's asset quality remained high, with non-performing assets being substantially below most financial institutions."
 Jordan also announced that on April 15, 1992, the Board of Directors of OMNI declared a quarterly cash dividend of $.13 (thirteen cents) per share payable on May 11, 1992, to shareholders of record at the close of business on April 27, 1992.
 On February 14, 1992, OMNI entered into an Agreement of Combination with First Security Financial Corporation (FSFC) (NASDAQ-NMS: FSFC) a bank holding company headquartered in Salisbury, North Carolina. FSFC will exchange 2.25 shares of its common stock for each share of OMNI's outstanding common stock in a combination to be accounted for under the pooling-of-interests method of accounting. Upon consummation of the combination, the name of the combined company will be Security Capital Bancorp. Both entities anticipate consummating the combination during the second quarter of 1992, dependent upon receipt of approvals from the applicable regulatory authorities and the shareholders of OMNI and FSFC.
 Omni Capital Group, Inc. is a multi-thrift holding company headquartered in Salisbury, North Carolina with three wholly-owned subsidiaries: OMNIBANK, FSB of Salisbury, Citizens Savings, FSB of Concord, and Home Federal Savings Bank of Kings Mountain, North Carolina.
 OMNI CAPITAL GROUP, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME
 (Unaudited)
 Three Months Nine Months
 Ended March 31, Ended March 31,
 1992 1991 1992 1991
 Total interest income $11,797 13,585 37,337 40,449
 Total interest expense 7,215 9,075 23,833 27,247
 Provision for loan losses 220 187 746 1,137
 Net interest income after
 provision for loan losses 4,362 4,323 12,758 12,065
 Other income 1,057 839 3,317 3,144
 Other expense 3,129 3,022 9,040 8,204
 Income before taxes 2,290 2,140 7,035 7,005
 Income taxes 864 787 2,611 2,845
 Net income 1,426 1,353 4,424 4,160
 Net income per common
 and common equivalent
 share (A) $.54 .53 1.70 1.64
 At March 31,
 1992 1991
 Total assets $557,370 563,154
 Loans and mortgage-backed securities, net 449,693 478,071
 Deposit accounts 465,994 471,449
 Total stockholders' equity 63,390 58,361
 (A) For the three and nine months ended March 31, 1992, common equivalent shares (based on stock options outstanding) are dilutive. Accordingly, net income per share, for all periods presented, includes the effect of dilutive average common equivalent shares outstanding. Average common and common equivalent shares amounted to 2,623,851 and 2,551,005 for the three months ended March 31, 1992 and 1991, respectively, and 2,604,516 and 2,532,524 for the nine months ended March 31, 1992 and 1991, respectively.
 -0- 4/15/92
 /CONTACT: David B. Jordan, President-CEO, Omni Capital Group, Inc., 704-636-3775/
 (OCGI FSFC) CO: Omni Capital Group, Inc.; First Security Financial Corporation ST: North Carolina IN: FIN SU: ERN


JM -- CH014 -- 8893 04/15/92 16:16 EDT
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Publication:PR Newswire
Date:Apr 15, 1992
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