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 BIRMINGHAM, Ala., July 15 /PRNewswire/ -- Central Bancshares of the South, Inc. (NASDAQ-NMS: CBSS), Birmingham, Ala., today reported record net income of $22.2 million for the second quarter of 1993, an increase of 18 percent over the prior year.
 Net income per common share was $.60 for the second quarter compared to $.51 for the same period of 1992, an 18 percent increase. Net income for the first half of 1993, also a record, was $43.8 million, an increase of 17 percent over the $37.3 million for the first six months of 1992. Net income per common share for the first six months of 1993 was $1.18, a 17 percent increase over the same period of 1992. Return on average assets was 1.3 percent and return on average common shareholders' equity was 17.2 percent for the quarter ended June 30, 1993.
 Central is the parent company of Texas-based Compass Bancshares, Inc. Central first entered the Texas marketplace in 1987 with the purchase of the First National Bank of Crosby. Since that time with a number of strategic acquisitions, Compass has expanded to operate 21 bank offices in Dallas and 14 in Houston.
 D. Paul Jones Jr., chairman and chief executive officer, said "While the net interest margin decreased slightly in the second quarter of this year compared to the historically high margin in the first quarter, quality loan growth and noninterest expense controls kept our earnings at a record pace. These factors, along with low levels of credit losses, provide us with optimism that our 1993 goals are well within reach." Jones also noted that the company issued $75 million of subordinated debt in April to take advantage of the attractive interest rate environment.
 Central's total assets increased five percent to $7.0 billion at June 30, 1993 from $6.7 billion at June 30, 1992. Loans outstanding increased 14 percent to $4.8 billion at June 30, 1993 from $4.2 billion a year earlier. Deposits increased six percent to $5.3 billion from $5.0 billion and shareholders' equity increased 13 percent to $532 million at June 30, 1993.
 In Texas, Compass' total assets grew to $1.8 billion, total deposits to $1.6 billion, and shareholders' equity to $146 million at June 30, 1993. In the second quarter Compass signed a definitive agreement to purchase Spring National Bank with its two strategic locations in the Houston, Texas market, which will increase total assets to $1.9 billion in Texas.
 Also in the second quarter, Central signed a letter of intent to purchase 1st Performance National Bank, with 16 offices located in the greater Jacksonville area, marking the Company's entrance into the Northeast Florida market. Upon the completion of the 1st Performance and other pending Florida acquisitions, Central's Florida assets will grow to $500 million.
 Shares of Central Bancshares of the South, Inc.'s common stock are traded in the NASDAQ national market system under the symbol CBSS.
 -0- 7/15/93
 /CONTACT: Michael A. Bean, 205-558-5740 or Ellen Laden, 205-933-3554, both of Central Bancshares of the South Inc./

CO: Central Bancshares of the South, Inc. ST: Alabama IN: FIN SU: ERN

WB-MG -- NY048 -- 1997 07/15/93 13:08 EDT
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Publication:PR Newswire
Date:Jul 15, 1993

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