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PALFED, INC. ANNOUNCES THIRD QUARTER EARNINGS FOR 1993

 AIKEN, S.C., Oct. 27 /PRNewswire/ -- PALFED, Inc. ("PALFED") (NASDAQ- NMS: PALM), the holding company for Palmetto Federal Savings Bank of South Carolina ("Palmetto Federal"), reported net earnings of $698,000 or $0.47 per common share for the third quarter of 1993 compared to net earnings of $778,000 or $0.53 per common share for the same quarter in 1992. As a result of a second quarter loss of $4.9 million, PALFED reported a net loss of $3.9 million or $2.60 per common share for the nine months ended Sept. 30, 1993, which compares to net earnings of $2.5 million or $1.72 per common share for the same period of 1992.
 As a result of its second quarter loss, Palmetto Federal did not meet its risk-based regulatory capital requirement as of Sept. 30, 1993, although Palmetto Federal continued to exceed current core and tangible capital requirements. Management expects the bank to exceed fully phased-in regulatory capital requirements upon the closing of PALFED's rights offering, which expired on Oct. 20, 1993. As of the expiration date the company had received orders for over 3.6 million shares of common stock for $20.0 million. The closing of the offering is expected to occur by Oct. 31, 1993.
 PALFED, Inc. is a South Carolina corporation whose principal subsidiary, Palmetto Federal, is a federally chartered stock savings bank. Palmetto Federal operates 14 full-service banking offices, two limited service retail branches and four mortgage loan origination centers in western and southern South Carolina. At Sept. 30, 1993, PALFED, Inc. had consolidated assets of $668.4 million and deposits of $475.3 million.
 PALFED, INC.
 Unaudited Financial Information
 (Dollars in thousands, except per share data)
 For the For the
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 Condensed Results of
 Operations 1993 1992 1993 1992
 Net interest income $4,518 $5,001 $12,511 $13,747
 Provision for loan losses (882) (3,630) (5,467) (5,347)
 Profit on sale of loan
 servicing rights 2,051 142 2,051
 Gain (loss) on morte?
 derivative securities 150 (1,060) 150 (2,000)
 Other noninterest income 1,265 3,263 93 6,426
 Noninterest expense (4,139) (4,208) (12,462) (12,340)
 Pretax income (loss)
 before the cumulative
 effect of a change in
 accounting principle 912 1,417 (5,033) 2,537
 Income tax expense (benefit) 214 639 (1,153) 1,142
 Income before the cumulative
 effect of a change in
 accounting principle 698 778 (3,880) 1,395
 Cumulative effect of a change
 in accounting principle 1,086
 Net income (loss) $698 $778 ($3,880) $2,481
 Earnings per share:
 Income (loss) before
 cumulative effect $0.47 $0.53 ($2.60) $0.96
 Cumulative effect 0.76
 Net income (loss) $0.47 $0.53 ($2.60) $1.72
 Sept. 30, June 30, Dec. 31, Sept. 30,
 Selected Balance 1993 1993 1992 1992
 Sheet Data
 Total assets $668,454 $676,214 $746,362 $745,740
 Loans receivable, net 449,171 448,114 452,820 473,071
 Deposits 475,280 485,996 520,613 530,003
 Goodwill & intangibles 13,237 13,476 13,955 14,194
 Stockholders' equity 35,571 34,873 39,375 39,100
 Tangible equity per
 common share $15.11 $14.48 $17.33 $17.30
 Nonperforming Assets and
 Restructured Loans
 Restructured loans $14,294 $17,282 $25,511 $25,665
 Nonaccrual loans 16,480 14,538 7,197 6,512
 Foreclosed real estate
 (including insubstance
 foreclosures) 16,834 17,766 9,575 16,119
 Specific valuation
 allowances (3,282) (3,488) (1,030) (1,926)
 Total $44,326 $46,098 $41,253 $46,370
 Asset Quality Ratios (pct.)
 Allowance for loan losses
 to loans receivable, net 2.21 2.37 1.82 1.89
 Nonperforming assets and
 restructured loans to loans
 receivable, net 9.87 10.29 9.11 9.80
 Nonperforming assets and
 restructured loans to
 total assets 6.63 6.82 5.53 6.22
 -0- 10/27/93
 /CONTACT: Darrell R. Rains, executive vice president and chief financial officer, of PALFED, 803-642-1328/
 (PALM)


CO: PALFED, Inc.; Palmetto Federal Savings Bank of South Carolina ST: South Carolina IN: FIN SU: ERN

SB-MM -- CH009 -- 7490 10/27/93 16:19 EDT
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Date:Oct 27, 1993
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