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DFSE REPORTS EARNINGS, DECLARES DIVIDEND FOR QUARTER ENDED JUNE 30

 DFSE REPORTS EARNINGS, DECLARES DIVIDEND FOR QUARTER ENDED JUNE 30
 DECATUR, Ga., July 17 /PRNewswire/ -- DFSoutheastern, Inc. (DFSE) (NASDAQ: DFSE), the Decatur, Ga.-based holding company for Decatur Federal Savings and Loan Association, today announced the results of operations for the second quarter and six months ended June 30, as well as declared a dividend in the amount of $.05 per share for shareholders of record as of July 31.
 The dividend will be paid on Aug. 7.
 For the second quarter of 1992, DFSE reported net income of $438,000, or $.09 per share, compared with net income of $1.1 million, or $.25 per share, for the same period in 1991. Net interest income for the quarter was $19.7 million compared to $15.8 million for the same quarter last year, a 24.7 percent increase.
 Net earnings for the first six months of 1992 were $12.5 million, or $2.70 per share, compared to $2.9 million, or $.64 per share, after the cumulative effect of a change in method of accounting. During the second quarter, the company adopted Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes," which generated an extraordinary gain of $8 million. Before the cumulative effect of the change in accounting principle, net income for the first six months of 1992 was $4.5 million, or $.97 per share.
 This $8 million gain provided management an opportunity to increase loan loss reserves by an additional $4.5 million bringing the total provision for the second quarter of 1992 to $6.9 million. The company also provided an additional $500,000 for possible losses on real estate owned. According to Chairman and Chief Executive Officer Robert C. McMahan: "Rather than recognize the entire effect from the extraordinary gain in earnings, management exercised the conscious decision to continue our strategy of building our loan loss reserves while still maintaining our strong capital position. These moves helped us to shore up our balance sheet giving us a solid foundation for further core earnings growth.
 "As a result of this loan loss provision, we are in line with our peers in terms of the loan loss reserves to loans outstanding, with a ratio of 1.11 percent. This is a dramatic increase from the December 31, 1991, level of .81 percent. Our reserves to nonperforming assets as of June 30, 1992, were 33 percent compared to 18 percent as of December 31, 1991. In addition, our reserves to nonperforming loans as of June 30, 1992, also showed a dramatic increase to 57 percent, compared to 34 percent as of the end of 1991.
 "Nonperforming assets continued a downward trend in the quarter ended June 30, 1992. As of the end of the quarter, nonperforming assets were $65.9 million, or 2.54 percent of total assets, compared to $73 million, 2.68 percent of total assets at March 31, 1992. At December 31, 1991, nonperforming assets were $76 million, or 2.97 percent of total assets."
 With the declining interest rate environment in the second quarter, the company's net interest margin continued to widen. For the three months ended June 30, 1992, the net interest margin was 3.17 percent, compared to 2.84 percent during the first quarter of 1992 and 2.53 percent for the quarter ended June 30, 1991. The net interest margin for the first six months of 1992 was 3.01 percent compared to 2.51 percent for the same period in 1991.
 At June 30, DFSE had consolidated assets of $2.59 billion compared to $2.56 billion at Dec. 31, 1991. Deposits were $2.05 billion at the end of the second quarter of 1992 compared to $2.03 billion at the end of 1991. Decatur Federal, the wholly owned subsidiary of DFSoutheastern, Inc., has 33 branches and six mortgage loan offices serving metropolitan Atlanta and north Georgia. DFSoutheastern Mortgage, Inc., a wholly owned subsidiary of Decatur Federal, operates 20 loan offices, some of which operate under the name Fairfield Financial Associates, in Georgia, Tennessee, North Carolina, South Carolina, Alabama and north Florida. DFSoutheastern's common stock is traded in the NASDAQ Over-The-Counter Securities Exchange under the symbol "DFSE."
 -0- 7/17/92
 /FIRST AND FINAL ADD -- TABULAR MATERIAL -- TO FOLLOW/
 /CONTACT: Susan Paul Smith, staff vice president, 404-371-4411, or James R. Wallis, chief financial officer, 404-371-4074, both of DFSoutheastern/
 (DFSE) CO: DFSoutheastern, Inc. ST: Georgia IN: FIN SU: ERN


BN-BR -- AT007 -- 0244 07/17/92 12:06 EDT
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Date:Jul 17, 1992
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