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PALFED, INC. ANNOUNCES FIRST QUARTER EARNINGS FOR 1993

 AIKEN, S.C., May 4 /PRNewswire/ -- PALFED, Inc. (NASDAQ: PALM), the holding company for Palmetto Federal Savings Bank of South Carolina ("Palmetto"), reported net earnings of $301,000 or $0.20 per common share for the first quarter of 1993 compared to net earnings $1.5 million or $1.06 per common share for the same quarter in 1992. Earnings before cumulative effect of a change in accounting principle were $301,000 or $0.20 per common share for the first quarter of 1993 compared to $424,000 or $0.30 per common share for the same period of 1992.
 The decrease in net earnings was principally related to the 1992 $1.1 million ($0.76 per common share) cumulative effect of a change in accounting for income taxes. Earnings were also affected by $121,000 paid for severance costs related to a reduction in work force effected by the company in March 1993.
 During the quarter the company liquidated a portion of its securities portfolio to repay other borrowings which resulted in a decrease in total assets from $746.4 to $704.5 million. As a result of these actions and the retention of earnings, the ratio of tangible equity to assets increased from 3.4 percent at Dec. 31, 1992 to 3.7 percent at March 31, 1993. Tangible equity per share increased from $17.32 to $17.69 during the same period.
 John C. Troutman, PALFED president and chief executive officer, reported that Palmetto continues to exceed all three regulatory capital standards.
 Palmetto operates 16 branches and four mortgage origination offices in South Carolina. At March 31, 1993, PALFED had consolidated assets of $704.5 million and deposits of $502.2 million. PALFED's common stock is traded in the NASDAQ Over-the-Counter Securities Exchange under the symbol "PALM".
 PALFED, Inc.
 Unaudited Financial Information
 (Dollars in thousands)
 Three months ended
 March 31,
 1993 1992
 Net interest income $4,117 $4,157
 Provision for loan losses (987) (671)
 Non-interest income 1,670 1,293
 Non-interest expense (4,253) (4,010)
 Pre-tax income (loss) before
 the cumulative effect of a
 change in accounting principle 547 769
 Income tax expense 246 345
 Income before the cumulative
 effect of a change in
 accounting principle $301 $424
 Cumulative effect of a change
 in accounting principle -- 1,086
 Net income $301 $1,510
 Earnings per share:
 Income before cumulative effect $0.20 $0.30
 Cumulative effect 0.00 0.76
 Net income $0.20 $1.06
 March 31, Dec. 31, March 31,
 1993 1992 1992
 Total assets $704,530 $746,362 $756,652
 Loans receivable net 454,996 452,820 533,970
 Deposits 502,187 520,613 534,119
 Goodwill & intangibles 13,715 13,955 14,672
 Stockholders' equity 39,676 39,375 38,018
 Nonperforming assets(A) 22,553 23,897 17,030
 Tangible equity per
 common share $17.70 $17.33 $16.38
 (A) Non-performing assets include non-accrual loans, real estate acquired through foreclosure, in-substance foreclosures.
 -0- 5/4/93
 /CONTACT: Darrell R. Rains, Executive Vice President and Chief Financial Officer, PALFED, Inc. 803-642-1328/
 (PALM)


CO: PALFED, Inc.; Palmetto Federal Savings Bank of South Carolina ST: South Carolina IN: FIN SU: ERN

SB-MM -- CH013 -- 4453 05/04/93 15:25 EDT
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Publication:PR Newswire
Date:May 4, 1993
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