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REGENCY BANCSHARES INC. (RSBI) ANNOUNCES FIRST QUARTER FINANCIAL RESULTS

 HICKORY, N.C., Oct. 21 /PRNewswire/ -- Regency Bancshares Inc. (NASDAQ: RSBI) today reported unaudited results for the three month period ended Sept. 30, 1993.
 Net income for the three months ended Sept. 30, 1993, was $1,285,951, up 89.8 percent when compared to net income of $677,452 for the three months ended Sept. 30, 1992. Included in the net income for the three months ended Sept. 30, 1993, is a one time increase to net income of $430,000 resulting from a required change in the method of accounting for income taxes. Net income, excluding the effect of the accounting change, was $855,951 for a 26.3 percent increase over the same period in 1992. Fully-diluted earnings per share for the three months ended Sept. 30, 1993 were $.95 and $.63 (before cumulative effect of the change in accounting method), compared to $.51 for the same period in 1992.
 On an annualized basis, excluding the effect of the change in accounting method, the results for the three months ended Sept. 30, 1993, represents a return on average assets of 1.24 percent versus .97 percent for the same period in 1992 and a return on average equity of 13.19 percent versus 11.75 percent.
 Total assets at Sept. 30, 1993, were $271,965,785 compared to $278,773,422 at Sept. 30, 1992. Stockholders' equity on Sept. 30, 1993, was 9.73 percent of total assets.
 Regency Bancshares Inc. is a bank holding company headquartered in Hickory, North Carolina, with two wholly owned subsidiaries: First Savings Bank, SSB, located in Hickory, N.C., and Davidson Savings Bank, SSB, located in Lexington, N.C.
 -0- 10/21/93
 /CONTACT: H. Edward Scarboro, Chief Financial Officer, of Regency Bancshares Inc., 704-243-2461 (office), or 919-476-7134 (home)/
 (RSBI)


CO: Regency Bancshares Inc. ST: North Carolina IN: FIN SU: ERN

SB -- CH017 -- 5380 10/21/93 15:29 EDT
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Publication:PR Newswire
Date:Oct 21, 1993
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