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DFSE REPORTS EARNINGS, DECLARES DIVIDEND FOR QUARTER ENDED MARCH 31

DFSE REPORTS EARNINGS, DECLARES DIVIDEND FOR QUARTER ENDED MARCH 31
 DECATUR, Ga., April 21 /PRNewswire/ -- DFSoutheastern, Inc. (NASDAQ: DFSE), the Decatur, Ga.-based holding company for Decatur Federal Savings and Loan Association, today announced the results of operations for the first quarter ended March 31, as well as declared a dividend in the amount of $.05 per share for shareholders of record as of April 30.
 The dividend will be paid on May 15.
 For the first quarter of 1992, DFSE reported net income of $3.9 million, or $.85 per share, compared with net income of $1.8 million, or $.40 per share, for the same period in 1991. Included in earnings for the first quarter are gains on the sale of investments as the company restructured its investments in mortgage backed securities which generated a gain of approximately $1.9 million and sold other securities for a gain of approximately $1.6 million.
 DFSE set aside $3.1 million in the first quarter to cover possible loan losses, compared with $2.6 million for the same period last year. Net interest income before the provision for loan losses for the quarter ended March 31 was $18 million, compared to $16.4 million for the first quarter of last year, a 10 percent increase.
 According to Chairman and Chief Executive Officer Robert C. McMahan: "We are pleased with our results of operations for the first quarter, especially with the continued improvement in asset quality. Non-performing assets continued a downward trend into the quarter ended March 31, 1992. As of the end of the quarter, nonperforming assets were $73 million, or 2.68 percent of total assets, compared to $76 million, or 2.97 percent of total assets, at December 31, 1991. We continue to increase our reserves while economic trends indicate an uncertain economy. However, we expect our earnings performance in 1992 to be better than last year."
 At March 31, DFSE had consolidated assets of $2.7 billion, compared to $2.6 billion at Dec. 31, 1991. Deposits were $2.09 billion at the end of the first 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."
 Financial Highlights
 DFSoutheastern, Inc.
 (Holding Company for Decatur Federal Savings and Loan Association)
 At March 31 1992 1991
 (in thousands)
 Shares outstanding 4,580,291 4,506,393
 Book value per share $ 28.02 $ 27.28
 Tangible book value per share $ 27.36 $ 26.20
 Total assets $2,719,228 $2,624,678
 Total deposits $2,087,461 $1,907,696
 Capital Ratios:
 Core (minimum req. 3.0 pct.) 4.79 pct. 4.76 pct.
 Tangible (minimum req. 1.5 pct.) 4.65 pct. 4.58 pct.
 Risk-based (minimum req. 7.2 pct.) 8.58 pct. 8.22 pct.
 Risk-based (minimum requirement 8.0 pct.
 fully phased-in ratio) 8.41 pct. 8.01 pct.
 DFSoutheastern, Inc. and Subsidiaries
 Consolidated Statements of Operations
 (In thousands except per share data)
 (Unaudited)
 3 mos. ended March 31 1992 1991
 Interest income:
 Loans receivable $ 46,583 $ 49,116
 Mortgage-backed securities 6,701 8,347
 Investment securities 2,406 2,179
 Other interest income 314 895
 Total interest income 56,004 60,537
 Interest and dividend expense:
 Deposits 30,887 33,291
 Dividends on preferred stock of subsidiary
 company --- ---
 Advances and other borrowings 7,083 10,807
 Total interest and dividend expense 37,970 44,098
 Net interest income 18,034 16,439
 Provision for loan losses 3,101 2,561
 Net interest income after provision for
 loan losses 14,933 13,878
 Other income:
 Loan fees and servicing income 2,072 1,213
 Deposit and other service charges 2,318 1,828
 Loan fee income on sale of loans 923 628
 Gain (loss) on sale of loans 496 711
 Gain on sale of investment and mortgage-backed
 securities 3,458 19
 Gain on sale real estate held for development
 and sale 285 98
 Loss on sale of real estate held for
 investment --- ---
 Unrealized loss on real estate held for
 investment (391) (372)
 Loss on real estate acquired in settlement
 of loans (2,472) (947)
 Other, net 1,323 1,646
 Total other income 8,012 4,824
 General and administrative expenses:
 Compensation and related benefits 7,563 7,922
 Net occupancy expense 2,267 2,076
 Advertising 549 770
 Federal insurance premiums 1,131 1,037
 Amortization of goodwill 112 140
 Other operating expenses 4,719 3,817
 Total general and administrative expenses 16,341 15,762
 Earnings (loss) before income tax expense 6,604 2,940
 Income tax expense 2,724 1,149
 Earnings before cumulative effect of change
 in accounting principle 3,880 1,791
 Cumulative effect on prior years of a change
 in the method of accounting for goodwill --- ---
 Net earnings (loss) $ 3,880 $ 1,791
 Earnings per common share before cumulative
 effect of a change in accounting principle $ 0.85 $ 0.40
 Loss per common share from cumulative effect
 on prior years of change in method of
 accounting for goodwill --- ---
 Earnings (loss) per common share $ 0.85 $ 0.40
 Weighted average common shares 4,558,190 4,477,895
 -0- 4/21/92
 /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


EA-BR -- AT013 -- 0824 04/21/92 15:56 EDT
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Date:Apr 21, 1992
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