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BANK SOUTH REPORTS FOURTH QUARTER NET INCOME OF $21 MILLION; PROBLEM ASSETS DECREASE 50 PERCENT DURING 1992

 ATLANTA, Jan. 21 /PRNewswire/ -- Bank South (NASDAQ: BKSO) announced today fourth quarter net income of $21.0 million, or 51 cents per share, compared to a loss of $7.7 million, or 22 cents per share in the fourth quarter of 1991.
 Net income for the full year of 1992 was $28.3 million, or 74 cents per share, compared to a loss of $55.2 million, or $1.59 per share during 1991.
 Non-performing assets declined by 50 percent to $107.4 million during 1992, their lowest level since the first quarter of 1990. Non- performing assets at Dec. 31, 1992, represented 3.98 percent of total loans and other real estate owned (OREO). A year ago, non-performing assets totaled $215.6 million, representing 7.59 percent of total loans and OREO.
 Included in the fourth quarter and full-year results were securities gains of $24.5 million and $32.1 million, respectively. Also included in fourth quarter and full-year results were $6.0 million and $9.4 million, respectively, in non-recurring items. These non-recurring items related primarily to branch consolidations and legal reserves in the fourth quarter, and to an adjustment to the carrying value of purchased mortgage servicing rights earlier in the year.
 "By any reasonable measurement, 1992 was a year of strong turnaround," said Patrick L. Flinn, chairman and chief executive officer. "During 1993, we expect to continue what we started in improving asset quality, increasing productivity, and expanding our customer base with an emphasis on consumer markets.
 "Of particular importance, our core earnings power is increasing as problem assets decline, the economy improves and business development efforts take hold," Flinn added.
 Net charge-offs for the fourth quarter were $12.4 million compared to $27.2 million for the fourth quarter of 1991. Net charge-offs for the full year of 1992 were $38.9 million, or 1.43 percent of average loans, compared to $79.3 million for 1991, or 2.62 percent of average loans. The allowance for loan losses was $75.1 million at Dec. 31, 1992, representing 109 percent of non-performing loans and 2.82 percent of total loans outstanding.
 At year-end, total loans stood at $2.7 billion, a decrease of 4 percent compared to a year earlier. The decrease is attributable to sluggish corporate loan demand and the bank's restructuring of its loan portfolio to achieve a lower risk profile.
 "A key priority for 1993 is to build corporate and consumer loan volume -- with an unwavering commitment to quality," said Flinn. "Other emphases for growth and profitability include expense management, generation of non-interest income and strategic resource allocation."
 Shareholders' equity increased by $87.8 million during 1992, to $325.5 million. Equity represented 7.29 percent of total assets at year-end, compared to 5.35 percent at the end of 1991. Capital is well in excess of all regulatory requirements. The tier one and total risk- based capital ratios were 9.78 percent and 12.57 percent, respectively, and the leverage ratio was 6.73 percent at Dec. 31, 1992. The growth in equity reflects common stock issued overseas last April, the impact of the Dividend Reinvestment and Stock Purchase Plan, and the company's return to profitable operations.
 The net interest margin for the fourth quarter and the full year were 4.52 percent and 4.25 percent, respectively, compared to 3.89 and 4.01 in 1991. The improvement in the margin reflects a 13.5 percent growth in checking, savings and NOW accounts, a 17 percent increase in consumer loans, a 50 percent decline in non-performing assets, and an increase in off balance sheet investment activities.
 At year-end, book value per share was $7.79, compared to $6.82 a year earlier.
 In addition to improving asset quality, boosting capital and returning to profitability, Bank South's major accomplishments during 1992 included a "Trade In Your Bank" marketing campaign that led to new banking relationships with over 49,000 consumer households. Marketing programs continue to emphasize the bank's unique consumer delivery system which results in convenience for customers, and its status as the only remaining Atlanta-based regional bank. Recently, Bank South initiated an innovative new service whereby customers can actually apply for loans and obtain access to other banking services by telephone. The Bank South teleservices line is 452-2006 in Atlanta, or 800-841-5742.
 Bank South Corporation is a $4.5 billion, multi-bank holding company with 135 banking offices throughout Georgia and northwest Florida. Forty of these offices are located inside supermarkets, and most are open seven days a week until 8 p.m.
 Highlights for 1992
 -- Net income was $28.3 million, compared to a loss of $55.2 million
 in 1991;
 -- Non-performing assets declined by 50 percent, from $215.6 million
 to $107.4 million;
 -- Equity represented 7.29 percent of total assets at year-end,
 compared to 5.35 at the end of 1991.
 BANK SOUTH CORPORATION AND SUBSIDIARIES
 Selected Financial Information (Unaudited)
 (Dollars in thousands, except per share data)
 1991
 1st qtr. 2nd qtr. 3rd qtr. 4th qtr.
 For the period:
 Net interest income,
 taxable equivalent $46,330 $ 45,908 $ 42,819 $40,410
 Net interest income 43,081 42,713 39,979 38,775
 Provision for loan losses 5,932 19,809 33,903 13,395
 Other income 22,670 22,900 22,328 22,366
 Realized/unrealized gains/
 losses on securities 76 56 (469) 7,971
 Other real estate expense 2,011 16,409 20,302 7,995
 Other expense 50,852 49,713 53,409 55,510
 Income tax expense (benefit) 1,386 (3,949) (8,983) (76)
 Net income (loss) $ 5,646 $(16,313) $(36,793) $(7,712)
 Year end 1992
 12/31/91 1st qtr. 2nd qtr. 3rd qtr.
 For the period:
 Net interest income,
 taxable equivalent $175,467 $ 38,941 $ 42,429 $43,582
 Net interest income 164,548 38,148 41,670 42,902
 Provision for loan losses 73,039 9,000 8,000 7,000
 Other income 90,264 22,509 22,652 25,501
 Realized/unrealized gains/
 losses on securities 7,634 6,074 81 1,490
 Other real estate expense 46,717 5,470 4,489 1,723
 Other expense 209,484 51,440 50,025 54,931
 Income tax exp. (benefit) (11,622) 153 326 1,184
 Net income (loss) $(55,172) $ 668 $ 1,563 $ 5,055
 1992 Year end 4Q 92 vs. YTD 92 vs.
 4th qtr. 12/31/92 4Q 91 YTD 91
 For the period: (pct.) (pct.)
 Net interest income,
 taxable equivalent $ 45,791 $170,743 13 (3)
 Net interest income 45,139 167,859 16 2
 Provision for loan losses 7,000 31,000 (48) (58)
 Other income 25,187 95,849 13 6
 Realized/unrealized gains/
 losses on securities 24,499 32,144 207 321
 Other real estate expense 3,702 15,384 (54) (67)
 Other expense 58,381 214,777 5 3
 Income tax exp. (benefit) 4,739 6,402 6,336 155
 Net income (loss) $ 21,003 $ 28,289 372 151
 1991
 1st qtr. 2nd qtr. 3rd qtr. 4th qtr.
 Per common share:
 Net income (loss) $ 0.16 $ (0.47) $ (1.06) $ (0.22)
 Cash dividends declared 0.13 0.13 0.00 0.00
 Book value 8.69 8.07 7.04 6.82
 Common stock price:
 High $ 8.25 $ 7.75 $ 7.50 $ 6.88
 Low 5.00 5.50 5.50 5.38
 Quarter end 7.25 6.63 5.75 5.63
 Year end 1992
 12/31/91 1st qtr. 2nd qtr. 3rd qtr.
 Per common share:
 Net income (loss) $ (1.59) $ 0.02 $ 0.04 $ 0.13
 Cash dividends declared 0.26 0.00 0.00 0.00
 Book value 6.82 6.84 7.01 7.20
 Common stock price:
 High $ 8.25 $ 10.00 $11.88 11.50
 Low 5.00 5.63 8.75 9.25
 Quarter end 5.63 8.75 10.88 10.88
 1992 Year end 4Q 92 vs. YTD 92 vs.
 4th Qtr. 12/31/92 4Q 91 YTD 91
 Per common share: (pct.) (pct.)
 Net income (loss) $ 0.51 $ 0.74 331 147
 Cash dividends declared 0.00 0.00 0 (100)
 Book value 7.79 7.79 14 14
 Common stock price:
 High $ 12.88 $12.88 87 56
 Low 10.50 5.63 95 13
 Quarter end 11.75 11.75 109 109
 1991
 1st qtr. 2nd qtr. 3rd qtr. 4th qtr.
 Quarter end balances:
 Loans, net of unearned
 income $3,197,265 $3,023,488 $2,837,491 $2,761,167
 Earning assets 4,656,235 4,372,689 4,223,500 3,879,562
 Total assets 5,167,467 4,896,430 4,886,629 4,444,825
 Core deposits 3,153,724 3,163,475 3,367,706 3,305,064
 Total deposits 4,005,021 3,898,019 3,935,602 3,634,185
 Long-term debt 62,667 62,623 62,580 62,452
 Shareholders' equity 299,677 279,802 244,778 237,711
 Common shares outst. 34,476,479 34,652,767 34,772,080 34,849,682
 Year end 1992
 12/31/91 1st qtr. 2nd qtr. 3rd qtr.
 Quarter end balances:
 Loans, net of unearned
 income $2,761,167 $2,776,450 $2,745,349 $2,701,919
 Earning assets 3,879,562 3,914,323 4,077,538 4,319,456
 Total assets 4,444,825 4,479,182 4,600,258 4,758,414
 Core deposits 3,305,064 3,317,695 3,365,979 3,338,472
 Total deposits 3,634,185 3,565,677 3,564,657 3,557,640
 Long-term debt 62,452 61,829 60,263 59,734
 Shareholders' equity 237,711 238,653 280,510 294,620
 Common shares outst. 34,849,682 34,899,730 39,989,254 40,913,947
 1992 Year end 4Q 92 vs. YTD 92 vs.
 4th Qtr. 12/31/92 4Q 91 YTD 91
 Quarter end balances: (pct.) (pct.)
 Loans net of unearned
 income $2,658,218 $2,658,218 (4) (4)
 Earning assets 3,916,388 3,916,388 1 1
 Total assets 4,464,459 4,464,459 0 0
 Core deposits 3,418,527 3,418,527 3 3
 Total deposits 3,632,429 3,632,429 (0) (0)
 Long-term debt 59,600 59,600 (5) (5)
 Shareholders' equity 325,520 325,520 37 37
 Common shares outst. 41,804,901 41,804,901 20 20
 1991
 1st qtr. 2nd qtr. 3rd qtr. 4th qtr.
 Average balances:
 Loans, net of unearned
 income $3,199,884 $3,123,459 $2,943,174 $2,837,905
 Earning assets 4,561,175 4,478,400 4,348,987 4,120,483
 Total assets 5,092,846 5,013,960 4,873,769 4,651,570
 Core deposits 3,106,310 3,142,736 3,212,468 3,259,322
 Total deposits 3,962,148 3,959,411 3,869,133 3,736,874
 Long-term debt 62,824 62,643 62,601 62,462
 Shareholders' equity 298,615 289,740 269,024 241,974
 Weighted average common
 shares outstanding 34,436,913 34,587,848 34,754,194 34,830,218
 Year end 1992
 12/31/91 1st qtr. 2nd qtr. 3rd qtr.
 Average balances:
 Loans, net of unearned
 income $3,025,046 $2,766,193 $2,757,422 $2,675,356
 Earning assets 4,376,048 3,910,625 4,013,594 4,097,086
 Total assets 4,906,834 4,433,015 4,505,873 4,590,218
 Core deposits 3,180,837 3,261,830 3,325,884 3,352,211
 Total deposits 3,881,282 3,560,850 3,560,208 3,560,085
 Long-term debt 62,629 61,918 60,282 59,963
 Shareholders' equity 275,921 240,026 275,782 287,174
 Weighted average common
 shares outstanding 34,653,650 34,892,377 39,479,248 40,345,840
 1992 Year end 4Q 92 vs. YTD 92 vs.
 4th Qtr. 12/31/92 4Q 91 YTD 91
 Average balances: (pct.) (pct.)
 Loans, net of unearned
 income $2,664,601 $2,715,642 (6) (10)
 Earning assets 4,031,622 4,013,512 (2) (8)
 Total assets 4,530,056 4,515,038 (3) (8)
 Core deposits 3,355,223 3,323,950 3 4
 Total deposits 3,585,772 3,566,762 (4) (8)
 Long-term debt 59,630 60,496 (5) (3)
 Shareholders' equity 311,627 278,768 29 1
 Weighted average common
 shares outstanding 41,346,312 38,407,496 19 11
 1991
 1st qtr. 2nd qtr. 3rd qtr. 4th qtr.
 Key performance ratios:
 Return on avg. assets 0.45 pct. (1.31) pct. (3.00) pct.(0.66)pct.
 Return on avg. shareholders'
 equity 7.67 (22.58) (54.26) (12.64)
 Net interest margin,
 taxable equivalent 4.12 4.11 3.91 3.89
 Allowance for loan losses/
 total loans 2.72 2.96 3.42 3.02
 Shareholders' equity/
 total assets 5.80 5.71 5.01 5.35
 Year end 1992
 12/31/91 1st qtr. 2nd qtr. 3rd qtr.
 Key performance ratios:
 Return on avg. assets (1.12) pct. 0.06 pct. 0.14 pct. 0.44 pct.
 Return on avg. shareholders'
 equity (20.00) 1.12 2.28 7.00
 Net interest margin,
 taxable equivalent 4.01 4.01 4.25 4.23
 Allowance for loan losses/
 total loans 3.02 3.17 3.00 2.99
 Shareholders' equity/
 total assets 5.35 5.33 6.10 6.19
 1992 Year end 4Q 92 vs. YTD 92 vs.
 4th Qtr. 12/31/92 4Q 91 YTD 91
 Key performance ratios: (pct.) (pct.)
 Return on avg. assets 1.84 pct. 0.63 pct. 2.50 pct. 1.75 pct.
 Return on avg. shareholders'
 equity 26.81 10.15 39.45 30.15
 Net interest margin,
 taxable equivalent 4.52 4.25 0.63 0.24
 Allowance for loan losses/
 total loans 2.82 2.82 (0.20) (0.20)
 Shareholders' equity/
 total assets 7.29 7.29 1.94 1.94
 BANK SOUTH CORPORATION AND SUBSIDIARIES
 Loan Quality Analysis
 (Dollars in thousands)
 1991
 1st qtr. 2nd qtr. 3rd qtr. 4th qtr.
 Analysis of Allowance for Loan Losses
 Beginning balance $ 89,520 $ 87,017 $ 89,369 $ 97,038
 Provision for loan losses 5,932 19,809 33,903 13,395
 Net loan charge-offs (8,435) (17,457) (26,234) (27,175)
 Adjustment for sale
 of branch --- --- --- ---
 Ending balance $ 87,017 $ 89,369 $ 97,038 $ 83,258
 Non-Performing Assets
 Non-accrual loans $130,962 $137,312 $145,162 $132,449
 Renegotiated loans 11,851 7,378 1,602 1,620
 Other real estate owned 89,566 82,149 85,325 77,924
 Other non-performing assets --- --- 3,646 3,646
 Total non-performing
 assets $232,379 $226,839 $235,735 $215,640
 Loans 90 days or more past
 due on accrual status $ 27,268 $ 20,268 $ 11,324 $ 12,151
 Year-end 1992
 12/31/91 1st qtr. 2nd qtr. 3rd qtr.
 Analysis of Allowance for Loan Losses
 Beginning balance $ 89,520 $ 83,258 $ 87,975 $ 82,271
 Provision for loan losses 73,039 9,000 8,000 7,000
 Net loan charge-offs (79,301) (4,283) (13,704) (8,531)
 Adjustment for sale
 of branch --- --- --- ---
 Ending balance $ 83,258 $ 87,975 $ 82,271 $ 80,740
 Non-Performing Assets
 Non-accrual loans $132,449 $106,683 $ 87,916 $ 91,224
 Renegotiated loans 1,620 2,340 2,261 1,395
 Other real estate owned 77,924 66,079 61,276 48,925
 Other non-performing assets 3,646 3,646 3,646 2,646
 Total non-performing
 assets $215,640 $178,748 $155,099 $144,190
 Loans 90 days or more past
 due on accrual status $ 12,151 $ 10,321 $ 7,065 $ 2,367
 1992 Year end
 4th Qtr. 12/31/92
 Analysis of Allowance for Loan Losses
 Beginning balance $ 80,740 $ 83,258
 Provision for loan losses 7,000 31,000
 Net loan charge-offs (12,415) (38,933)
 Adjustment for sale
 of branch (267) (267)
 Ending balance $ 75,058 $ 75,058
 Non-Performing Assets
 Non-accrual loans $ 61,412 $ 61,412
 Renegotiated loans 7,630 7,630
 Other real estate owned 35,683 35,683
 Other non-performing assets 2,646 2,646
 Total non-performing
 assets $107,371 $107,371
 Loans 90 days or more past
 due on accrual status $ 4,402 $ 4,402
 1991
 1st qtr. 2nd qtr. 3rd qtr. 4th qtr.
 Loan Quality Ratios
 Allowance for loan losses
 as a percent of total loans
 at end of period 2.72 pct. 2.96 pct. 3.42 pct. 3.02 pct.
 Allowance for loan losses
 as a percent of non-performing
 loans at end of period 60.93 pct. 61.77 pct. 66.12 pct. 62.10 pct.
 Net loan charge-offs as
 a percent of average
 loans outst. during
 period (annualized) 1.07 pct. 2.24 pct. 3.54 pct. 3.80 pct.
 Non-performing assets as
 a percent of total loans,
 other real estate owned &
 other non-performing assets
 at end of period 7.07 pct. 7.30 pct. 8.06 pct. 7.59 pct.
 Loans 90 days or more
 past due as a percent of
 total loans, other real
 estate owned & other non-
 performing assets at end of
 period 0.83 pct. 0.65 pct. 0.39 pct. 0.43 pct.
 Non-performing assets &
 loans 90 days or more
 past due as a percent of
 total loans, other real
 estate owned & other non-
 performing assets at end of
 period 7.90 pct. 7.95 pct. 8.45 pct. 8.02 pct.
 Year end 1992
 12/31/91 1st qtr. 2nd qtr. 3rd qtr.
 Loan Quality Ratios
 Allowance for loan losses
 as a percent of total loans
 at end of period 3.02 pct. 3.17 pct. 3.00 pct. 2.99 pct.
 Allowance for loan losses
 as a percent of non-performing
 loans at end of period 62.10 pct. 80.69 pct. 91.23 pct. 87.17 pct.
 Net loan charge-offs as
 a percent of average
 loans outst. during
 period (annualized) 2.62 pct. 0.62 pct. 2.00 pct. 1.27 pct.
 Non-performing assets as
 a percent of total loans,
 other real estate owned &
 other non-performing assets
 at end of period 7.59 pct. 6.28 pct. 5.52 pct. 5.24 pct.
 Loans 90 days or more
 past due as a percent of
 total loans, other real
 estate owned & other non-
 performing assets at end of
 period 0.43 pct. 0.36 pct. 0.25 pct. 0.09 pct.
 Non-performing assets &
 loans 90 days or more
 past due as a percent of
 total loans, other real
 estate owned & other non-
 performing assets at end of
 period 8.02 pct. 6.64 pct. 5.77 pct. 5.32 pct.
 1992 Year end
 4th Qtr. 12/31/92
 Loan Quality Ratios
 Allowance for loan losses
 as a percent of total loans
 at end of period 2.82 pct. 2.82 pct.
 Allowance for loan losses
 as a percent of non-performing
 loans at end of period 108.71 pct. 108.71 pct.
 Net loan charge-offs as
 a percent of average
 loans outst. during
 period (annualized) 1.85 pct. 1.43 pct.
 Non-performing assets as
 a percent of total loans,
 other real estate owned &
 other non-performing assets
 at end of period 3.98 pct. 3.98 pct.
 Loans 90 days or more
 past due as a percent of
 total loans, other real
 estate owned & other non-
 performing assets at end of
 period 0.17 pct. 0.17 pct.
 Non-performing assets &
 loans 90 days or more
 past due as a percent of
 total loans, other real
 estate owned & other non-
 performing assets at end of
 period 4.15 pct. 4.15 pct.
 -0- 1/21/93
 /CONTACT: Media: Bo Spalding, 404-529-4238; Investors: Brent Lee, 404-529-4529, both of Bank South Corporation/
 (BKSO)


CO: Bank South Corporation ST: Georgia IN: FIN NEWSWIRE WASHINGTON DC 202-347-5155/

TO NATIONAL AND HEALTH/MEDICAL EDITORS:
 U.S. PUBLIC HEALTH SERVICE RELEASES REPORT ON SILVER FILLINGS
 WASHINGTON, Jan. 21 /PRNewswire/ -- The U.S. Public Health Service today released an evaluation of mercury-containing dental amalgam -- silver fillings -- that says that amalgam has continuing value in maintaining oral health. According to the report:
 -- There is no solid evidence of any harm for millions of Americans who have these fillings, and
 -- No persuasive reason to believe that avoiding amalgams or having them removed will have a beneficial effect on health.
 Amalgam has been in use more than 150 years, but the study was undertaken because of questions raised about the long-term effects of their mercury content. Mercury, at high levels, can produce poisoning symptoms.
 Amalgam fillings do release small amounts of mercury vapor which can be absorbed by the body, the report, "Dental Amalgam: A Public Health Service Strategy for Research, Education and Regulation," said. It said that mercury could cause allergic reactions in a few persons(A) but "there is scant evidence that the health of the vast majority of people with amalgam is compromised."
 The report did determine, however, that more extensive scientific evidence should be gathered to completely rule out any possibility of long-term health risks from the amalgams -- or from alternative substances that might be used -- and recommended a research program to resolve these uncertainties.
 James Mason, M.D., who ordered the study as HHS assistant secretary for health and head of the Public Health Service, said, "This report makes clear that, except for a very few people who may be allergic to substances in the amalgam, there is no scientific justification for refusing to have amalgam fillings or for having them removed."
 Produced by representatives of federal health-related agencies -- the Committee to Coordinate Environmental Health and Related Programs, or CCEHRP ("See-Surp") -- the report recommended that the PHS promote the use of fluorides, sealants and other measures to avoid dental cavities and, thus, the need for fillings.
 And manufacturers, the report advises, should be required to disclose to dentists the ingredients in restorative materials so that dentists can help patients avoid substances that they may be allergic to.
 Essentially, dental amalgam is a mixture of several metals including silver, tin, copper and mercury. The mercury provides the strength and cohesiveness necessary, and the resulting amalgam is a popular material for filling cavities because it is strong, durable and relatively inexpensive. (Amalgam is used in about half the 200 million cavity-filling procedures performed annually. The other half use such materials as gold, ceramics and plastics.)
 The study released today is the product of 25 months of work. The eight PHS agencies -- including the National Institutes of Health, the Centers for Disease Control and Prevention, the Health Resources and Services Administration, the Indian Health Service and the Food and Drug Administration -- were represented. The Environmental Protection Agency and outside experts in toxicology, biomaterials and clinical dentistry also assisted in the preparation of the report.
 (A) A report at a National Institutes of Health biotechnology conference in 1991 said there were only 50 documented cases of reactions to amalgam in medical literature since 1906.
 -0- 1/21/93
 /CONTACT: Bill Grigg of the U.S. Public Health Service, 202-690-6867/


CO: U.S. Public Health Service ST: District of Columbia IN: HEA SU:

DC -- DC014 -- 7483 01/21/93 14:09 EST
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