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ALLIED BANKSHARES THIRD QUARTER NET INCOME PER SHARE INCREASES BY 68 PERCENT; NINE MONTH NET INCOME PER SHARE INCREASES BY 50 PERCENT

 ALLIED BANKSHARES THIRD QUARTER NET INCOME PER SHARE INCREASES BY 68 PERCENT; NINE MONTH NET INCOME PER SHARE INCREASES BY 50 PERCENT
 THOMSON, Ga., Oct. 7 /PRNewswire/ -- Allied Bankshares, Inc. (NASDAQ: ABGA) today reported that net income per share for the third quarter of 1992 increased 68 percent to $.32, as compared to $.19 earned for the third quarter of 1991 according to Boone A. Knox, chairman and chief executive officer.
 Net income per share for the first nine months of 1992 was $.84 as compared to $.56 per share for the first nine months of 1991.
 Net income for the third quarter of 1992 totaled $1,622,000 as compared to $929,000 for the third quarter of 1991. For the third quarter of 1992 the returns on average assets and average equity were 2.00 percent and 18.19 percent as compared to 1.28 percent and 12.28 percent, respectively, for the third quarter of 1991. Net income for the first nine months of 1992 was $4.2 million as compared to $2.8 million for the first nine months of 1991.
 The company's net interest margin improved to 5.90 percent for the third quarter of 1992 as compared to 5.59 percent for the third quarter of 1991.
 Knox stated that the company's provision for loan losses for the third quarter of 1992 was $105,000 as compared to $330,000 for the third quarter of 1991. At Sept. 30, the company's ratio of allowance for loan losses to net loans was 1.73 percent. Total nonperforming assets declined to $2.0 million at Sept. 30, as compared to $4.7 million at Sept. 30, 1991.
 ALLIED BANKSHARES, INC.
 Financial Highlights
 Sept. 30, 1992
 3 mos. ended 9 mos. ended
 9/30/92 9/30/91 9/30/92 9/30/91
 ($ in thousands, except per share data)
 Net Income and Dividends
 Net income $1,622 $ 929 $4,236 $2,804
 Common dividends declared 501 365 1,461 1,100
 Per common share
 Net income $0.32 $0.19 $0.84 $0.56
 Securities gains,
 net of taxes 0.00 0.00 0.07 0.00
 Net income from oper. 0.32 0.19 0.77 0.56
 Dividends declared 0.10 0.07 0.29 0.21
 Avg. shrs. outst. (000s) 5,021 5,021 5,021 5,021
 Performance Ratios
 Return (annualized) on:
 Average assets (ROA) 2.00 pct. 1.28 pct. 1.76 pct. 1.41 pct.
 Avg. common stockholders'
 equity (ROE) 18.19 pct. 12.28 pct. 16.43 pct. 12.26 pct.
 Average assets $325,029 $290,326 $320,817 $264,476
 Income Statement Data
 Net interest income $4,114 $3,191 $11,566 $8,949
 Prov. for loan losses 105 330 585 640
 Non-interest income 1,007 792 3,179 2,049
 Investment securities
 gains 17 1 499 6
 Non-interest expense 2,832 2,434 8,947 6,645
 Net income 1,622 929 4,236 2,804
 Nonperforming Assets 9/30/92 9/30/91
 Nonaccrual loans $ 1,174 $ 3,200
 Loans past due 90 days or more 641 1,035
 Other real estate owned 214 458
 Total nonperforming assets $ 2,029 $ 4,693
 At Sept. 30 1992 1991
 Assets $334,040 $312,052
 Earning assets 301,993 280,356
 Loans, net of unearned income 171,861 155,710
 Allowance for loan losses 2,977 2,768
 Deposits 263,911 254,091
 Stockholders' equity 35,128 31,508
 Common shares outstanding (000s) 5,021 5,021
 Book value per common share $7.00 $6.28
 Allowance for loan losses
 Balance, Jan. 1 $ 2,530 $ 2,451
 Charge-offs (684) (496)
 Recoveries 546 173
 Provision for loan losses 575 640
 Balance, Sept. 30 $ 2,967 $ 2,768
 Allowance for loan losses to
 net loans 1.73 pct. 1.78 pct.
 -0- 10/7/92
 /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 -- AT003 -- 7420 10/07/92 11:32 EDT
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Date:Oct 7, 1992
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