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ALLIED BANKSHARES REPORTS SECOND QUARTER RESULTS

 ALLIED BANKSHARES REPORTS SECOND QUARTER RESULTS
 THOMSON, Ga., July 7 /PRNewswire/ -- Allied Bankshares, Inc.


(NASDAQ: ABGA) today reported that net income per share for the second quarter of 1992 increased 58 percent to $.30, as compared to $.19 earned for the second quarter of 1991, according to Boone A. Knox, chairman and chief executive officer.
 Net income per share for the first six months of 1992 was $.52 as compared to $.37 per share for the first six months of 1991.
 Net income for the second quarter of 1992 totaled $1,485,000 as compared with $954,000 for the second quarter of 1991. For the second quarter of 1992 the returns on average assets and average equity were 1.84 percent and 17.52 percent as compared to 1.51 percent and 12.49 percent, respectively, for the second quarter of 1991. Net income for the first six months of 1992 was $2.6 million as compared to $1.9 million for the first six months of 1991.
 Second quarter earnings for 1992 included after tax securities gains of $312,000 or $.06 per share as compared with no securities gains for 1991. The company's net interest margin improved from 5.40 percent for the second quarter of 1991 to 5.58 percent for the second quarter of 1992.
 Knox stated that the company's provision for loan losses for the second quarter of 1992 was $480,000 as compared to $310,000 for the second quarter of 1991. At June 30, the company's ratio of allowance for loan losses to net loans was 1.97 percent. Total nonperforming assets declined from $4.0 million at June 30, 1991 to $1.3 million at June 30, 1992.
 ALLIED BANKSHARES INC.
 Financial Highlights
 June 30, 1992
 3 mos. ended 6 mos. ended
 6/30/92 6/30/91 6/30/92 6/30/91
 ($ in thousands, except per share data)
 Net Income and Dividends
 Net income $1,485 $ 954 $2,614 $1,876
 Common dividends declared 501 364 959 735
 Per common share
 Net income $0.30 $0.19 $0.52 $0.37
 Securities gains,
 net of taxes 0.06 0.00 0.06 0.00
 Net income from oper. 0.24 0.19 0.46 0.37
 Dividends declared 0.10 0.07 0.19 0.14
 Avg. shrs. outst. (000s) 5,021 5,021 5,021 5,021
 Performance Ratios
 Return (annualized) on:
 Average assets (ROA) 1.84 pct. 1.51 pct. 1.63 pct. 1.49 pct.
 Avg. common shareholders'
 equity (ROE) 17.52 pct. 12.49 pct. 15.51 pct. 12.26 pct.
 Average assets $322,619 $253,430 $320,817 $251,551
 Income Statement Data
 Net interest income $3,890 $2,939 $ 7,421 $ 5,757
 Prov. for loan losses 360 170 480 310
 Non-interest income 1,143 669 2,287 1,258
 Investment securities
 gains 473 2 482 4
 Non-interest expense 3,193 2,148 6,230 4,211
 Net income 1,485 954 2,614 1,876
 6/30/92 6/30/91
 Nonperforming assets
 Nonaccrual loans $1,009 $2,779
 Loans past due 90 days or more 180 952
 Other real estate owned 144 237
 Total nonperforming assets $1,333 $3,968
 At June 30, 1992 1991
 Assets $324,941 $257,883
 Earning assets 285,121 234,733
 Loans, net of unearned income 158,974 148,512
 Allowance for loan losses 3,134 2,568
 Deposits 264,507 200,450
 Stockholders' equity 34,007 30,945
 Common shares outstanding (000s) 5,021 5,021
 Book value per common share $6.77 $6.16
 Allowance for loan losses
 Balance, Jan. 1 $ 2,530 $ 2,451
 Charge-offs (369) (358)
 Recoveries 493 165
 Provision for loan losses 480 310
 Balance, June 30 $ 3,134 $ 2,568
 Allowance for loan losses to
 net loans 1.97 pct. 1.73 pct.
 -0- 7/7/92
 /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


BR-EA -- AT007 -- 6949 07/07/92 11:06 EDT
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