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GWINNETT BANCSHARES REPORTS ANNUAL EARNINGS

 LAWRENCEVILLE, Ga., Jan. 12 /PRNewswire/ -- Gwinnett Bancshares, Inc. (NASDAQ: GBSI), the holding company for Gwinnett Federal Bank, FSB of Lawrenceville, today reported that its 1993 net income was $3,915,000 or $1.80 per share, compared with $2,764,000 or $1.27 per share in 1992.
 This represented a 42% increase in net income over 1992. Gwinnett reported net income of $956,000 or $0.44 per share for the fourth quarter of 1993 as compared to $791,000 or $0.37 per share for the fourth quarter of 1992. All earnings per share amounts reflect a 3-for-2 stock split effective Nov. 1, 1993. Gwinnett's return on average assets for the year ended Dec. 31, 1993, was 1.26%, compared to 0.94% in the prior year.
 During the first quarter of 1993, Gwinnett adopted Financial Accounting Standards Board Statement 109 which changed Gwinnett's method of accounting for income taxes from the deferred method under APB 11 to the asset and liability method. Net income before the cumulative effect of the change in accounting for income taxes for 1993 was $3,610,000 or $1.66 per share, compared to $2,764,000 or $1.27 per share for the previous year. This represented a 31% increase in net income over 1992. This increase is primarily attributable to a $1,468,000 increase in net interest income due to lower interest rates.
 As of Dec. 31, 1993, Gwinnett had total assets of $321 million compared with $298 million for the same period in 1992. At the end of the year, total loans serviced (including loans serviced for others) were $324 million compared to $275 million on Dec. 31, 1992, an 18% increase. Total deposits at Dec. 31, 1993, were $278 million compared with $260 million from the previous year, up $18 million, a 7% increase. Gwinnett's capital ratio was 12.45% of assets on Dec. 31, 1993.
 Gwinnett's allowance for loan losses was $1,971,000 at Dec. 31, 1993, up from $1,375,000 at Dec. 31, 1992. Gross charge-offs for 1993 were $630,000 or an annualized rate of 0.37% of average gross loans outstanding. At Dec. 31, 1993, the allowance for loan losses was 1.17% of gross outstanding loans.
 Gwinnett was established in 1931 and has eight offices in Gwinnett County. The common stock of Gwinnett Bancshares is traded over-the- counter and quoted on the National Association of Securities Dealers Automated Quotation (NASDAQ) System under the symbol "GBSI."
 Financial highlights follow:
 GWINNETT BANCSHARES INC.
 Financial Highlights
 Dollars in thousands, except per share data
 Operating ratios are annualized
 3 mos. ended 12/31/93 12/31/92
 Net income $ 956 $ 791
 Net income per share 0.44 0.37
 Dividends declared per share 0.15 0.07
 Financial ratios:
 Return on average assets 1.19 pct. 1.06 pct.
 Return on average equity 9.84 pct. 8.79 pct.
 Net interest margin 3.98 pct. 3.80 pct.
 Net interest spread 3.72 pct. 3.49 pct.
 Equity/assets 12.45 pct. 12.10 pct.
 Income statement:
 Interest income $ 5,479 $ 5,404
 Interest expense 2,488 2,745
 Net interest income 2,991 2,659
 Provision for loan losses 400 310
 Noninterest income 992 915
 Noninterest expense 2,194 1,961
 Income taxes 433 512
 Cumulative effect/change in
 accounting principle --- ---
 Net income 956 791
 Balance sheet (average balances):
 Total assets 320,477 298,991
 Earning assets 300,700 280,131
 Net loans & loans held
 for sale 157,776 155,617
 Total deposits 278,939 260,000
 Shareholders' equity 38,862 36,000
 Weighted avg. common & common
 equiv. shares outstndg. 2,185,010 2,160,713
 Balance sheet (period ending balances):
 Total assets 320,952 298,187
 Earning assets 299,962 277,740
 Net loans & loans held
 for sale 155,139 150,524
 Total loans serviced 324,475 275,397
 Total deposits 278,175 259,916
 Shareholders' equity 39,968 36,093
 Actual common shares
 outstanding 2,047,385 2,047,385
 Book value per share 19.52 17.63
 Nonperforming assets
 Non-accrual loans 43 123
 Real Estate Owned ("REO") 534 705
 Restructured loans 215 1,349
 Total nonperforming assets 792 2,177
 Allowance for loan losses:
 Beginning balance 1,862 1,267
 Provision for loan losses 400 310
 Net (charge offs),/recoveries (291) (202)
 Ending balance 1,971 1,375
 Gross charge-offs/average gross
 loans 0.75 pct. 0.51 pct.
 12 mos. ended 12/31/93 12/31/92
 Net income $ 3,915 $ 2,764
 Net income per share 1.80 1.27
 Dividends declared per share 0.45 0.29
 Financial ratios:
 Return on average assets 1.26 pct. 0.94 pct.
 Return on average equity 10.39 pct. 7.79 pct.
 Net interest margin 3.90 pct. 3.57 pct.
 Net interest spread 3.64 pct. 3.23 pct.
 Equity/assets 12.45 pct. 12.10 pct.
 Income statement:
 Interest income $ 21,551 $ 22,232
 Interest expense 10,231 12,380
 Net interest income 11,320 9,852
 Provision for loan losses 1,180 970
 Noninterest income 3,333 3,018
 Noninterest expense 7,998 7,425
 Income taxes 1,865 1,711
 Cumulative effect/change in
 accounting principle 305 ---
 Net income 3,915 2,764
 Balance sheet (average balances):
 Total assets 310,435 294,504
 Earning assets 289,916 275,738
 Net loans & loans held
 for sale 156,894 158,532
 Total deposits 270,004 255,955
 Shareholders' equity 37,692 35,501
 Weighted avg. common & common
 equiv. shares outstndg. 2,173,021 2,177,735
 Balance sheet (period ending balances):
 Total assets 320,952 298,187
 Earning assets 299,962 277,740
 Net loans & loans held
 for sale 155,139 150,524
 Total loans serviced 324,475 275,397
 Total deposits 278,175 259,916
 Shareholders' equity 39,968 36,093
 Actual common shares
 outstanding 2,047,385 2,047,385
 Book value per share 19.52 17.63
 Nonperforming assets
 Non-accrual loans 43 123
 Real Estate Owned ("REO") 534 705
 Restructured loans 215 1,349
 Total nonperforming assets 792 2,177
 Allowance for loan losses:
 Beginning balance 1,375 1,044
 Provision for loan losses 1,180 970
 Net (charge offs),/recoveries (584) (639)
 Ending balance 1,971 1,375
 Gross charge-offs/average gross
 loans 0.37 pct. 0.39 pct.
 -0- 1/12/94
 /CONTACT: James F. Pack, chairman and chief executive officer, or Robert F. Huttman, chief financial officer, Gwinnett Bancshares, 404-995-6000/
 (GBSI)


CO: Gwinnett Bancshares, Inc. ST: Georgia IN: FIN SU: ERN

BR-BN -- AT005 -- 1322 01/12/94 09:58 EST
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Date:Jan 12, 1994
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