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SOUTHTRUST ANNOUNCES RECORD FIRST QUARTER FINANCIAL RESULTS

 BIRMINGHAM, Ala., April 12 /PRNewswire/ -- SouthTrust Corporation (NASDAQ: SOTR) announced record first quarter 1993 financial results today, according to Wallace D. Malone Jr., chairman and chief executive officer of the corporation.
 For the quarter ended March 31, SouthTrust reported net income of $34.8 million, or $.69 per share. Net income increased 35 percent over the $25.8 million earned in the first quarter of 1992. The per-share comparison was $.69 for the first quarter of 1993 compared to $.58 for the first quarter of 1992.
 SouthTrust's asset growth, which through Dec. 31, 1992, moved it into the largest 50 bank holding companies in the nation, continued into the first quarter of 1993.
 "SouthTrust banks in all of our six southeastern states are continuing to expand in assets, loans, deposits and profitability under the leadership of our experienced and enthusiastic chief executive officers," Malone said.
 Consolidated assets of the corporation were $13.4 billion as of March 31, an increase of 30 percent over the first quarter of 1992 asset size of $10.4 billion. Loans increased by 35 percent to $8.1 billion from $6.0 billion of a year ago. Deposits increased 26 percent, reaching $10.7 billion at the end of the first quarter of 1993, compared to $8.4 billion at first quarter-end 1992.
 Malone emphasized that this record level of performance produced a return on average stockholders' equity of 15.9 percent, even after a 33 percent increase in average stockholders' equity over last year. Stockholders' equity as of March 31 grew 36 percent to $924 million, compared to $680 million at March 31, 1992, further strengthening the already strong capital position of the company.
 "The first quarter results of a company can set the tone for the rest of the year, and SouthTrust certainly reported exciting results this quarter," Malone said. "I feel that our excellent performance and consistent growth rates in all key areas are indicative of our ability to perform throughout this year and beyond."
 SouthTrust Corporation currently operates 40 banks and several bank- related subsidiaries with more than 360 offices in the six-state area of Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee.
 SouthTrust Corporation common stock is traded on the national over- the-counter market under the NASDAQ symbol SOTR.
 SOUTHTRUST CORPORATION
 Financial Highlights
 (Dollars in thousands, except for per share amounts)
 3 mos. ended March 31 1993 1992 Pct. chg.
 Net income $34,844 $25,775 35
 Net income per share 0.69 0.58 19
 Cash dividends per share 0.22 0.195 13
 Avg. shares outstanding (000) 50,830 44,498 14
 Return on average assets 1.10 pct. 1.02 pct.
 Return on average equity 15.92 pct. 15.51 pct.
 Net interest margin (FTE) 4.53 pct. 4.58 pct.
 Ending Balances
 At March 31 1993 1992 Pct. chg.
 Total assets $13,427,736 $10,364,237 30
 Earning assets 12,349,112 9,422,170 31
 Deposits 10,651,902 8,431,225 26
 Loans 8,121,471 6,006,356 35
 Stockholders' equity 923,626 680,251 36
 Book value per share 18.00 15.47 16
 Average Balances
 3 mos. ended March 31 1993 1992 Pct. chg.
 Total assets $12,891,343 $10,142,777 27
 Earning assets 11,860,167 9,286,122 28
 Deposits 10,240,801 8,279,274 24
 Loans 7,786,101 5,968,328 30
 Stockholders' equity 887,915 668,371 33
 -0- 4/12/93
 /CONTACT: Aubrey D. Barnard of SouthTrust, 205-254-5509/
 (SOTR)


CO: SouthTrust Corporation ST: Alabama IN: FIN SU: ERN

BN-BR -- AT003 -- 4671 04/12/93 10:00 EDT
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Publication:PR Newswire
Date:Apr 12, 1993
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