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ALLIED BANKSHARES, INC. ANNOUNCES 1993 FOURTH QUARTER NET INCOME PER SHARE INCREASES BY 20 PERCENT

 THOMSON, Ga., Jan. 11 /PRNewswire/ -- Allied Bankshares, Inc. (NASDAQ: ABGA) today reported that net income per share for the fourth quarter of 1993 increased 20 percent to $.24, as compared to $.20 per share earned for the fourth quarter of 1992 according to Boone A. Knox, chairman and chief executive officer. Net income per share for the year ended Dec. 31, 1993 was $.91 as compared to $.76 per share for 1992.
 Net income for the fourth quarter of 1993 totaled $l,809,000 as compared to $1,565,000 for the fourth quarter of 1992. For the fourth quarter of 1993 the returns on average assets and average equity were 2.05 percent and 17.74 percent as compared to 1.88 percent and 17.43 percent, respectively, for the fourth quarter of 1992. Net income for the year ended Dec. 31, 1993 was $6.9 million as compared to $5.8 million for 1992. For the year ended Dec. 31, 1993 the returns on average assets and average equity were 1.98 percent and 17.78 percent, respectively.
 The company adopted Statement of Financial Accounting Standards No. 115 at Dec. 31, 1993 which resulted in an increase to stockholders' equity of $4.2 million, net of taxes, from net unrealized holding gains and losses from available-for-sale securities.
 Knox stated that the company's provision for loan losses for the fourth quarter of 1993 was $150,000 as compared to $490,000 for the fourth quarter of 1992. At Dec. 31, 1993 the company's ratio of allowance for loan losses to net loans was 1.87 percent. Total nonperforming assets declined to $840,000 at Dec. 31, 1993 as compared to $1,400,000 at Sept. 30, 1993 and $1,800,000 at Dec. 31, 1992.
 ALLIED BANKSHARES, INC.
 Financial Summary
 (Dollars in thousands, except per share data)
 Year Ended Percent
 Dec. 31, Increase
 1993 1992 Decrease
 Results of Operations
 Interest and Fees on Loans $17,057 $17,541 (3)
 Interest on Investment
 Securities 10,499 10,221 3
 Interest on Federal Funds Sold 141 165 (15)
 Total Interest Income 27,697 27,927 (1)
 Interest on Deposits 9,256 11,290 (18)
 Interest on Funds Purchased 99 109 (9)
 Interest on Short-term Borrowings 730 721 1
 Interest on Long-term Debt 115 158 (27)
 Total Interest Expense 10,200 12,278 (17)
 Net Interest Income 17,497 15,649 12
 Provision for Loan Losses 400 1,075 (63)
 Net Income After Provision
 for Loan Losses 17,097 14,574 17
 Service Charges on Deposit
 Accounts 1,879 1,668 13
 Investment Securities Gains, net 261 531 (51)
 Other Income 2,760 2,759 0
 Total Noninterest Income 4,900 4,958 (1)
 Salaries and Other
 Personnel Benefits 6,383 6,170 3
 Net Occupancy and
 Equipment Expense 1,710 1,814 (6)
 Computer Expense 695 450 54
 FDIC Insurance Premiums 587 600 (2)
 Legal and Professional Expense 402 339 19
 Amortization of Goodwill
 and Intangibles 433 510 (15)
 Other expense 2,117 1,903 11
 Total Noninterest Expense 12,327 11,786 5
 Net Income Before Provision
 for Income Taxes 9,670 7,746 25
 Provision for Income Taxes 2,751 1,946 41
 Net Income 6,919 5,800 19
 Per Common Share
 Net Income $0.91 $0.76
 Cash dividends paid 0.33 0.26
 Average shares outstanding 7,616 7,593
 Year end shares outstanding 7,641 7,593
 Year end book value per share 5.93 4.76
 Quarterly Financial Summary
 (Dollars in thousands, except per-share data)
 1992 1993
 4th 1st 2nd 3rd 4th
 Qtr Qtr Qtr Qtr Qtr
 Results of Operations
 Interest and Fees on Loans $4,484 $4,039 $4,240 $4,398 $4,380
 Interest on Investment
 Securities 2,294 2,715 2,637 2,603 2,544
 Interest on Federal Funds Sold 14 55 23 25 38
 Total Interest Income 6,792 6,809 6,900 7,026 6,962
 Interest on Deposits 2,471 2,393 2,295 2,281 2,287
 Interest on Funds Purchased 31 12 22 30 35
 Interest on Short-term Borrowings 197 206 232 177 115
 Interest on Long-term Debt 10 15 17 16 67
 Total Interest Expense 2,709 2,626 2,566 2,504 2,504
 Net Interest Income 4,083 4,183 4,334 4,522 4,458
 Provision for Loan Losses 490 125 100 25 150
 Net Income After Provision for
 Loan Losses 3,593 4,058 4,234 4,497 4,308
 Service Charges on Deposit
 Accounts 448 430 471 484 494
 Investment Securities Gains, net 45 63 179 2 17
 Other Income 787 666 461 722 911
 Total Non-interest Income 1,280 1,159 1,111 1,208 1,422
 Salaries and Other Personnel
 Benefits 1,411 1,484 1,568 1,581 1,750
 Net Occupancy & Equipment Expense 397 421 433 447 409
 Computer Expense 173 187 183 149 176
 FDIC Insurance Premiums 129 136 113 169 169
 Legal and Professional Expense 116 99 110 89 104
 Amortization of Goodwill
 and Intangibles 109 108 108 108 109
 Other Expense 503 466 477 679 495
 Total Non-interest Expense 2,838 2,901 2,992 3,222 3,212
 Net Income Before Provision
 for Income Taxes 2,035 2,316 2,353 2,483 2,518
 Provision for Income Taxes 470 664 649 728 710
 Net Income $1,565 $1,652 $1,704 $1,755 $1,808
 Per Common Share
 Net Income $0.20 $0.22 $0.22 $0.23 $0.24
 Cash dividends paid $0.07 $0.07 $0.08 $0.08 $0.10
 Average shares outstanding 7,593 7,597 7,622 7,631 7,634
 Quarterly Financial Summary
 12/31/92 3/30/93 6/30/93 9/30/93 12/31/93
 Balance Sheet Data
 Investment Securities $134,551 $146,787 $137,979 $139,125 $145,603
 Mortgage Loans Held
 for Sale 4,547 6,364 12,066 9,839 4,230
 Loans, net of
 unearned income 162,682 160,316 165,920 167,873 168,374
 Federal Funds Sold 674 13,600 6,000 3,850 23,094
 Earning Assets 302,454 327,067 321,965 320,687 341,301
 Total Assets 333,998 354,872 353,429 351,532 376,516
 Deposits 272,630 278,293 278,923 278,768 294,262
 Short-term Borrowings 19,936 33,853 30,970 24,188 29,601
 Long-term Debt 1,289 1,274 1,262 1,342 1,226
 Interest-bearing
 Liabilities 293,855 313,420 311,155 304,298 325,089
 Stockholders' Equity 36,137 37,325 38,638 39,894 45,324
 1992 1993
 Year-To-Date Average Balances
 Investment Securities $127,358 $141,112
 Loans, net of unearned income 161,974 173,383
 Federal Funds Sold 4,844 4,600
 Earning Assets 294,176 319,095
 Total Assets 324,217 351,020
 Deposits 228,513 239,183
 Short-term Borrowings 21,123 29,812
 Long-term Debt 2,384 1,318
 Interest-bearing Liabilities 252,020 270,313
 Stockholders' Equity 34,753 38,936
 Quarter Ended
 12/31/92 3/30/93 6/30/93 9/30/93 12/31/93
 Allowance For
 Loan Losses
 Beginning Balance $2,977 $3,263 $3,322 $3,240 $3,137
 Charge-offs 249 125 344 171 197
 Recoveries 45 59 116 43 52
 Provision for
 loan losses 490 125 100 25 150
 Branch Acquisition 0 0 46 0 0
 Ending Balance 3,263 3,322 3,240 3,137 3,142
 Allowance For Loan
 Losses to net Loans 2.01% 2.07% 1.95% 1.87% 1.87%
 Non Performing Assets
 Non Accruing Loans 954 1,829 895 454 264
 Past Due Loans
 90 days or more 665 132 156 647 363
 Other Real Estate
 Owned 183 257 993 290 213
 Total Non
 Performing Assets 1,802 2,218 2,044 1,391 840
 Performance Ratios
 Quarterly
 Return on Average
 Assets 1.89% 1.91% 1.94% 1.98% 2.05%
 Return on Average
 Equity 17.68% 17.88% 17.66% 17.87% 17.74%
 1992 1993
 Year-to-date
 Return on Average
 Assets 1.79% 1.98%
 Return on Average Equity 16.69% 17.78%
 -0- 1/11/94
 /CONTACT: Ben O. Howell Jr. chief financial officer of Allied Bankshares, 706-595-1142/
 (ABGA)


CO: Allied Bankshares, Inc. ST: Georgia IN: FIN SU: ERN

TM -- NY089 -- 1200 01/11/94 19:56 EST
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