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PRIME BANCSHARES REPORTS THIRD QUARTER RESULTS

 PRIME BANCSHARES REPORTS THIRD QUARTER RESULTS
 DECATUR, Ga., Oct. 30 /PRNewswire/ -- Prime Bancshares, Inc.


(AMEX: PMB), the holding company for Prime Bank, Federal Savings Bank, today announced the results of operations for the third quarter and nine months ended Sept. 30.
 Both third quarter and nine month results were impacted by non- recurring gains and special charges. Net earnings for the third quarter totaled $670,000 or $.39 per fully diluted share, compared to $639,000 or $.39 per fully diluted share for the same period in 1991. The company suffered a net loss of $219,000, or $.13 per share, for the nine months ended Sept. 30, compared to net earnings of $1.9 million, or $1.13 per fully diluted share, in the year-earlier nine month period. Nine month results for 1992 reflect a special loss provision of $1.6 million associated with the redesignation of the company's securities portfolio as required by the Office of Thrift Supervision for the first quarter of 1992.
 Net operating earnings, which exclude gains and losses on the sale of securities and special charges, amounted to $339,000 for the third quarter of 1992, as compared to $455,000 in the third quarter of 1991. Net interest income increased by $540,000 to $3.9 million.
 Other operating income amounted to $1.6 million in the third quarter of 1992, reflecting a decrease of $1.3 million for the similar period in 1991, due primarily to a $1.4 million gain on sale of loan servicing rights, which took place in the third quarter of 1991. Operating expenses, excluding special charges, increased by $69,000 to $4.4 million.
 During the third quarter the provision for loan losses was $478,000 compared to $1 million in the 1991 period. Charge-offs for the third quarter of 1992 totaled $298,000, as compared to $259,000 in the third quarter of 1991.
 Net operating earnings amounted to $987,000 for the nine months ended Sept. 30 as compared to $837,000 for the same period in 1991. One-time expenses of $1.9 million reduced pre-tax earnings in the first nine months of 1992.
 At Sept. 30, Prime Bancshares had consolidated total assets of $665 million and total deposits of $512 million, both amounts virtually unchanged from Dec. 31, 1991. Stockholders' equity was $37 million or 5.7 percent of total assets, and book value per share was $23.03, as of Sept. 30.
 On Sept. 24, Prime Bancshares entered into an Agreement and Plan of Merger with SouthTrust Corporation (NASDAQ-NMS: SOTR) for the merger of Prime Bancshares into a subsidiary of SouthTrust. The merger is subject to regulatory approval, approval of Prime Bancshares' stockholders and completion of satisfactory due diligence by SouthTrust.
 Prime Bancshares' common stock is listed on the American Stock Exchange under the symbol "PMB." Its subsidiary, Prime Bank, Federal Savings Bank, operates 14 full-service banking offices and 11 loan origination offices in the metropolitan Atlanta area.
 PRIME BANCSHARES, INC. AND SUBSIDIARY
 Financial Highlights
 ($ in thousands, except per share data)
 (unaudited)
 For the 3 mos. ended 9/30/92 9/30/91
 Net earnings (loss) $ 670 $ 639
 Net earnings (loss) per share --
 fully diluted 0.39 0.39
 Net interest income 3,879 3,339
 Net interest yield 2.51 pct. 2.27 pct.
 Return on average assets 0.40 pct. 0.41 pct.
 Return on average equity 6.91 pct. 6.97 pct.
 For the 9 mos. ended 9/30/92 9/30/91
 Net earnings (loss) $ (219) $ 1,857
 Net earnings (loss) per share --
 fully diluted (0.13) 1.13
 Net interest income 10,812 9,231
 Net interest yield 2.33 pct. 2.15 pct.
 Return on average assets (0.04)pct. 0.41 pct.
 Return on average equity (0.77)pct. 6.82 pct.
 9/30/92 12/31/91 9/30/91
 Total assets $665,112 $665,295 $638,761
 Loans, net 322,782 274,066 264,735
 Mortgage-backed
 securities 214,553 188,203 237,024
 Investments 17,643 17,120 14,450
 Assets held for sale 40,611 78,712 53,144
 Deposits 512,586 512,478 490,601
 Non-performing assets 13,308 15,809 8,872
 Stockholders' equity 37,690 37,949 36,626
 Equity to total assets 5.67 pct. 5.70 pct. 5.73 pct.
 Book value per share $ 23.03 $ 23.20 $ 22.40
 PRIME BANCSHARES, INC. AND SUBSIDIARY
 Consolidated Statements of Earnings
 (dollars in thousands except per share data)
 (unaudited)
 3 months ended Sept. 30 1992 1991
 Interest income:
 Interest on loans $ 8,235 $ 8,351
 Interest on mortgage-backed securities 4,087 4,788
 Interest and dividends on investments 440 676
 Total interest income 12,762 13,815
 Interest expense:
 Interest on deposits 7,083 8,632
 Interest on Federal Home Loan Bank
 advances 1,088 1,047
 Interest on bonds payable 542 585
 Interest on other borrowed money 170 329
 Total 8,883 10,593
 Less capitalized interest --- (117)
 Total interest expense 8,883 10,476
 Net interest income 3,879 3,339
 Provision for losses on loans 478 1,053
 Net interest income after provision
 for losses on loans 3,401 2,286
 Other income:
 Loan fees and service charges 371 368
 Loan servicing fees 202 295
 Gain on sales of loans 724 459
 Gain on sales of mortgage-backed
 securities 595 206
 Gain on sales of loan servicing rights --- 1,425
 Gain on sales of investment securities --- 2
 Other income 257 451
 Total other income 2,149 3,206
 Operating expenses:
 Salaries and benefits 2,030 1,976
 Net occupancy expense of premises 937 751
 Federal insurance premium 295 250
 Net losses and expenses related to real
 estate 172 96
 Expenses related to new office building --- ---
 Write-off of deferred costs --- ---
 Provision for net unrealized losses on
 assets previously held for sale --- ---
 Other operating expenses 1,090 1,292
 Total operating expenses 4,524 4,365
 Earnings (loss) before income taxes 1,026 1,127
 Income tax expense (benefit) 356 488
 Net earnings (loss) $ 670 $ 639
 Earnings (loss) per share
 Primary $ 0.39 $ 0.39
 Fully diluted $ 0.39 $ 0.39
 9 months ended Sept. 30 1992 1991
 Interest income:
 Interest on loans $24,312 $23,901
 Interest on mortgage-backed securities 13,258 13,948
 Interest and dividends on investments 1,446 2,751
 Total interest income 39,016 40,600
 Interest expense:
 Interest on deposits 22,718 24,799
 Interest on Federal Home Loan Bank
 advances 3,146 3,056
 Interest on bonds payable 1,687 1,802
 Interest on other borrowed money 903 1,879
 Total 28,454 31,536
 Less capitalized interest (250) (167)
 Total interest expense 28,204 31,369
 Net interest income 10,812 9,231
 Provision for losses on loans 2,012 1,630
 Net interest income after provision
 for losses on loans 8,800 7,601
 Other income:
 Loan fees and service charges 874 1,103
 Loan servicing fees 815 847
 Gain on sales of loans 2,378 1,054
 Gain on sales of mortgage-backed
 securities 1,610 693
 Gain on sales of loan servicing rights 2,044 1,425
 Gain on sales of investment securities 62 724
 Other income 812 1,119
 Total other income 8,595 6,965
 Operating expenses:
 Salaries and benefits 6,278 5,293
 Net occupancy expense of premises 2,587 2,078
 Federal insurance premium 859 715
 Net losses and expenses related to real
 estate 998 368
 Expenses related to new office building 939 ---
 Write-off of deferred costs 692 ---
 Provision for net unrealized losses on
 assets previously held for sale 1,626 ---
 Other operating expenses 3,752 3,324
 Total operating expenses 17,731 11,778
 Earnings (loss) before income taxes (336) 2,788
 Income tax expense (benefit) (117) 931
 Net earnings (loss) $ (219) $ 1,857
 Earnings (loss) per share
 Primary $ (0.13) $ 1.14
 Fully diluted $ (0.13) $ 1.13
 PRIME BANCSHARES, INC. AND SUBSIDIARY
 Consolidated Balance Sheets
 (dollars in thousands)
 (unaudited)
 9/30/92 12/31/91
 ASSETS
 Cash $ 9,046 $ 11,434
 Interest-earning deposits 1,584 105
 Federal funds sold 7,800 17,225
 Total cash and cash equivalents 18,430 28,764
 Investment securities 17,643 17,120
 Loans, net 322,782 274,066
 Mortgage-backed securities 214,553 188,203
 Assets held for sale 40,611 78,712
 Receivables for mortgage-backed
 securities sold --- 27,896
 Real estate 10,585 13,254
 Office properties and equipment, net 27,821 22,532
 Federal Home Loan Bank stock 4,114 4,233
 Accrued interest receivable 4,305 5,525
 Other assets 4,268 4,990
 Total $665,112 $665,295
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Liabilities
 Deposits $512,586 $512,478
 Federal Home Loan Bank advances 66,099 47,071
 Bonds payable, net 21,337 23,645
 Securities sold under agreements to
 repurchase 13,597 29,536
 Guarantee of indebtedness of Employee
 Stock Ownership Plan 1,163 1,275
 Advance payments by borrowers for taxes
 and insurance 3,468 2,526
 Deferred income taxes 2,927 3,452
 Accrued expenses and other liabilities 6,245 7,363
 Total liabilities 627,422 627,346
 Stockholders' equity
 Common stock 16 16
 Additional paid-in capital 15,216 15,204
 Retained earnings 23,621 24,004
 Guarantee of indebtedness of Employee
 Stock Ownership Plan (1,163) (1,275)
 Total stockholders' equity 37,690 37,949
 Total $665,112 $665,295
 -0- 10/30/92
 /CONTACT: Darrell D. Pittard, president and chief executive officer, 404-370-8500, or Lynne Pressley, vice president, 404-370-8558, both of Prime Bancshares/
 (PMB) CO: Prime Bancshares, Inc. ST: Georgia IN: FIN SU: ERN


BR-BN -- AT004 -- 7047 10/30/92 10:41 EST
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