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BMR FINANCIAL GROUP REPORTS NET INCOME

 ATLANTA, May 13 /PRNewswire/ -- BMR Financial Group, Inc. (NASDAQ: BMRG) today reported net income of $234,000, or $.09 per common share, for the first quarter ended March 31, compared with net income of $74,000, or $.03 per share, for the first quarter ended March 31, 1992.
 The company's results of operations for 1993 and 1992 include only its two Florida bank subsidiaries and the holding company. Included in the company's net income for the first quarter of 1993 is a net gain of $114,000, or $71,000 after taxes, which resulted from the sale of securities classified as Securities Held for Sale in the company's Dec. 31, 1992, financial statements. Included in the company's non- interest expense for the first quarter of 1993 is a one-time expense recorded in conjunction with severance payments.
 During the quarter, the company set aside $40,000 as a provision for possible loan losses. For the same period in 1992, the company provided $133,000 for possible loan losses. Non-performing assets at March 31, were $2.4 million, compared with $2.5 million at Dec. 31, 1992, and $4.4 million at March 31, 1992.
 As previously reported, on April 28, the company and SouthTrust Corporation of Birmingham, Ala., executed a non-binding letter of intent which calls for the acquisition of the company by SouthTrust. Each outstanding share of company stock would be purchased by SouthTrust for $6.25 in cash, subject to possible adjustment. At March 31, there were 2,538,644 shares of the company's common stock outstanding.
 Consummation of the transaction is subject to further due diligence by SouthTrust, negotiation, authorization and execution of a definitive merger agreement, and approval by the company's shareholders and by various regulatory authorities. The letter of intent provides that it will be terminated if the parties do not execute a definitive agreement by May 31.
 BMR FINANCIAL GROUP INC.
 Selected Consolidated Financial Data
 (In thousands, except per share amounts)
 3 mos. ended March 31 1993 1992 Pct. chg.
 Income Statement Data: (a)
 Interest income $ 1,581 $ 1,732 (8.72)
 Interest expense 473 877 (46.07)
 Provision for loan losses 40 133 (69.92)
 Net interest income after provision
 for loan loss 1,068 722 47.92
 Non-interest income 473 847 (44.16)
 Non-interest expense 1,167 1,366 (14.57)
 Provision for income taxes 140 9 1,455.56
 Net income 234 194 20.62
 Preferred stock dividends --- 120 (100.00)
 Net inc. applicable to com. stock $ 234 $ 74 216.22
 Per common share data:
 Average common shares outst. 2,540 2,892 (12.17)
 Net income per common share (b) $ 0.09 $ 0.03 207.09
 At end of period 3/31/93 12/31/92 Pct. chg.
 Total assets $ 97,598 $ 97,209 0.40
 Total earning assets 86,953 86,205 0.87
 Loans, net of unearned income 51,263 51,532 (0.52)
 Allowance for loan losses (1,424) (1,402) 1.57
 Total deposits 82,272 82,315 (0.05)
 Common shareholders' equity 14,497 14,251 1.73
 Market capitalization 10,155 7,596 33.69
 Book value per common share 5.71 5.63 1.42
 Market value per common share 4.00 3.00 33.33
 Ratios:
 At end of period:
 Common shareholders' equity
 to assets 14.85 pct. 14.66 pct.
 During the period 1993--3 mos. 1992--12 mos.
 (annualized)
 Net income applicable to common stock to:
 Average total assets 0.98 pct. .67 pct.
 Average common shareholders' equity 6.58 9.20
 Average common shareholders' equity
 to average assets 14.88 7.23
 (a) Subsequent to Dec. 31, 1991, the company entered into agreements to dispose of its Georgia and Tennessee banks. The results of their operations are not included in income statement data for 1992. Meigs County Bank, Decatur, Tenn., was sold on June 30, 1992; Brice Banking Company, Vidalia, Ga., Citizens Bank of Swainsboro, Swainsboro, Ga., and Citizens Bank of Americus, Americus, Ga., were sold on July 2, July 9 and July 20, 1992, respectively.
 (b) In connection with the Meigs County Bank disposition, the company received 354,537 shares of its common stock which were cancelled upon receipt. As a result of this transaction, the number of shares outstanding subsequent to the Meigs County Bank disposition was significantly lower than previous quarters. The effect of these shares being outstanding was dilutive for all periods prior to the disposition.
 -0- 5/13/93
 /CONTACT: Michael J. Williams, chief financial officer of BMR Financial Group, 404-938-8050/
 (BMRG)


CO: BMR Financial Group, Inc. ST: Georgia IN: FIN SU: ERN

RA-BN -- AT015 -- 8304 05/13/93 16:38 EDT
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Date:May 13, 1993
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