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FIRST SOUTHERN BANCORP, INC. ANNOUNCES FIRST QUARTER EARNINGS

 ASHEBORO, N.C., April 15 /PRNewswire/ -- First Southern Bancorp, Inc. (NASDAQ: FSOU) announced today higher earnings for the first quarter ending March 31, 1993. Net income increased to $828,445 versus $520,845 for the first quarter of 1992 due in part to a change in the method of accounting for income taxes of $300,000 as income. Net interest income increased 11.4 percent to $2.34 million as compared to $2.10 million in the first quarter 1992 as a result of an improved net interest margin and a higher level of earning assets.
 First Southern Bancorp, Inc. was formed to acquire all the stock of First Southern Savings Bank, Inc., SSB upon its conversion from a mutual savings bank to a stock savings bank on Feb. 22, 1993. As a result of the conversion and successful completion of a stock offering together with increased earnings,


stockholders' equity increased $18.7 million, or 96.9 percent, during the first quarter of 1993 to $37.9 million. Equity to assets was 13.1 percent at the end of the quarter and book value per share was $19.64. All of the stock issued in the conversion was purchased by depositors of the bank.
 Assets increased $10.5 million, or 3.8 percent, to $288.7 million during the first quarter. Deposits decreased $7.4 million during the quarter as many First Southern customers used deposits at the bank to purchase stock in the initial offering. The allowance for loan losses strengthened to $1.61 million, or .83 percent of net loans at March 31, 1993, from $1.50 million, or .76 percent of net loans at Dec. 31, 1992.
 First Southern Bancorp, Inc. offers a wide range of banking and financial services through its subsidiary, First Southern Savings Bank, Inc., SSB, a full service financial institution with nine branches in seven cities located in Piedmont and Western North Carolina.
 -0- 4/15/93
 /CONTACT: Allen Liles, Chief Financial Officer, First Southern Bancorp, Inc., 919-626-8637/
 (FSOU)


CO: First Southern Bancorp, Inc. ST: North Carolina IN: FIN SU: ERN

MM -- CH008 -- 6383 04/15/93 15:20 EDT
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Publication:PR Newswire
Date:Apr 15, 1993
Words:357
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