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GWINNETT BANCSHARES REPORTS EARNINGS

 GWINNETT BANCSHARES REPORTS EARNINGS
 LAWRENCEVILLE, Ga., Jan. 15 /PRNewswire/ -- Gwinnett Bancshares,


Inc. (OTC: GBSI), the holding company for Gwinnett Federal Bank, FSB, today reported its 1991 net income was $2,254,000 or $1.44 per share, compared with $1,748,000 or $.88 per share in 1990.
 This represented a 29.0 percent increase in net income over 1990. Gwinnett reported net income of $573,000 or $.37 per share for the fourth quarter of 1991 as compared to $511,000 or $.32 per share for the fourth quarter of 1990. Earnings per share for 1990 is computed for the period of May 16, 1990 (date of stock conversion) to Dec. 31, 1990. The return on average assets for the year ended Dec. 31, 1991, was 0.80 percent, compared with 0.67 percent in the prior year.
 The board of directors of Gwinnett on Dec. 10, 1991, declared a regular quarterly dividend of $.10 per share of common stock to be paid on Jan. 15, 1992, to shareholders of record as of Jan. 1, 1992. Currently, there are 1,528,551 shares of common stock outstanding.
 As of Dec. 31, 1991, Gwinnett had total assets of $291 million, a $20 million increase from the previous year. During the year, nonperforming assets decreased $1.8 million to $1.3 million which is 0.5 percent of total assets; deposits increased $17 million to $251 million, while total shareholders' equity increased $.9 million to $36.4 million. Gwinnett's capital ratio was 12.5 percent of assets on Dec. 31, 1991.
 Gwinnett was established in 1931 and has seven offices in Gwinnett County.
 Financial highlights follow:
 GWINNETT BANCSHARES, INC.
 Financial Highlights
 Dollars in thousands, except per share data
 Operating ratios are annualized
 3 mos. ended 12/31/91 12/31/90
 Net income $ 573 $ 511
 Primary earnings per share 0.37 0.32
 Dividends declared per share 0.10 ---
 Financial ratios:
 Return on average assets 0.79 pct. 0.75 pct.
 Return on average equity 6.31 pct. 5.78 pct.
 Net interest margin 3.42 pct. 3.71 pct.
 Equity/assets 12.55 pct. 13.07 pct.
 Income statement:
 Interest income 6,158 6,539
 Interest expense 3,857 4,200
 Net interest income 2,301 2,339
 Provision for loan losses 125 235
 Noninterest income 499 452
 Noninterest expense 1,784 1,704
 Income taxes 318 341
 Net income 573 511
 Balance sheet (average balances):
 Total assets 288,506 272,636
 Earning assets 268,790 252,099
 Net loans 163,566 178,862
 Total deposits 248,402 233,983
 Shareholders' equity 36,296 35,380
 Primary common shares
 outstanding 1,557,036 1,597,489
 Balance sheet (period ending balances):
 Total assets 290,107 271,629
 Earning assets 271,256 249,975
 Net loans 161,805 178,836
 Gross loans 238,626 233,651
 Total deposits 251,243 234,022
 Shareholders' equity 36,418 35,507
 Actual common shares
 outstanding 1,528,551 1,594,350
 Book value per share 23.83 22.27
 Nonperforming assets
 Non-accrual loans 160 479
 REO 1,097 2,531
 Total nonperforming assets 1,257 3,010
 Reserve for loan losses:
 Beginning balance 1,016 998
 Provision for loan losses 125 235
 Net (charge offs),/recoveries (97) (230)
 Ending balance 1,044 1,003
 Reserve for loan losses:
 General reserve 926 922
 Specific reserve 118 81
 Total loan reserves 1,044 1,003
 Net charge-offs/average net loans 0.06 pct. 0.13 pct.
 12 mos. ended 12/31/91 12/31/90
 Net income $ 2,254 $ 1,748
 Primary earnings per share 1.44 0.88 (a)
 Dividends declared per share 0.40 ---
 Financial ratios:
 Return on average assets 0.80 pct. 0.67 pct.
 Return on average equity 6.26 pct. 6.04 pct.
 Net interest margin 3.46 pct. 3.56 pct.
 Equity/assets 12.55 pct. 13.07 pct.
 Income statement:
 Interest income 24,876 25,202
 Interest expense 15,898 16,630
 Net interest income 8,978 8,572
 Provision for loan losses 640 710
 Noninterest income 2,113 1,687
 Noninterest expense 6,906 6,671
 Income taxes 1,291 1,130
 Net income 2,254 1,748
 Balance sheet (average balances):
 Total assets 280,412 260,572
 Earning assets 259,745 240,956
 Net loans 173,474 172,524
 Total deposits 240,371 227,716
 Shareholders' equity 35,980 28,944
 Primary common shares
 outstanding 1,570,652 1,646,795 (a)
 Balance sheet (period ending balances):
 Total assets 290,107 271,629
 Earning assets 271,256 249,975
 Net loans 161,805 178,836
 Gross loans 238,626 233,651
 Total deposits 251,243 234,022
 Shareholders' equity 36,418 35,507
 Actual common shares
 outstanding 1,528,551 1,594,350
 Book value per share 23.83 22.27
 Nonperforming assets
 Non-accrual loans 160 479
 REO 1,097 2,531
 Total nonperforming assets 1,257 3,010
 Reserve for loan losses:
 Beginning balance 1,003 771
 Provision for loan losses 640 710
 Net (charge offs),/recoveries (599) (478)
 Ending balance 1,044 1,003
 Reserve for loan losses:
 General reserve 926 922
 Specific reserve 118 81
 Total loan reserves 1,044 1,003
 Net charge-offs/average net loans 0.35 pct. 0.28 pct.
 (a) Earnings per share and average common shares outstanding is computed for the time period of May 16, 1990 (date of stock conversion), to Dec. 31, 1990.
 -0- 1/15/92
 /CONTACT: James F. Pack, president, or Robert F. Huttman, chief financial officer of Gwinnett Bancshares, 404-995-6000/
 (GBSI) CO: Gwinnett Bancshares, Inc. ST: Georgia IN: FIN SU: ERN DIV


BN-BR -- AT006 -- 0104 01/15/92 15:20 EST
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