ATLANTA, Jan. 22 /PRNewswire/ -- First Alliance Premier Bancshares, Inc.
(AMEX: PMB), reported record earnings of $2,540,000 for the year ended
December 31, 1996. This is an increase of $551,000, or twenty-eight percent,
from the previous year when net income was $1,989,000. On a per share basis,
the earnings for 1996 were $1.08 per share versus $.85 per share in 1995.
The fourth quarter ended December 31, 1996, was a record quarter with net
income of $1,002,000, as compared to net income of $280,000 for the same
period in 1995. On a per share basis, net income for the fourth quarter of
1996 was $.43, an increase of $.31 per share from the $.12 per share earned
for the same period in 1995.
Fourth quarter 1996 had no material unusual items, while fourth quarter
1995 had after tax gains on sale of foreclosed property of $184,000.
Year to date earnings in 1996 reflect unusual expenses of $1,036,000.
This figure includes merger, data processing conversion, and severance
expenses, as well as special SAIF assessments. Excluding these year to date
unusual items, earnings per share for 1996 would have been $1.44 per share.
Chairman and Chief Executive Officer, Darrell D. Pittard, said, "With the
merger and its related expenses behind us, our strong fourth quarter results
began to reflect some of the savings generated by the consolidation of the
First Alliance Bank and Premier Bank operational areas. We expect to further
capitalize on these savings during the first quarter of 1997."
At December 31, 1996, the Company had total assets of $294,185,000, which
is an increase of $56,660,000, or twenty-four percent, from year end 1995.
First Alliance Premier Bancshares, Inc., is a bank and thrift holding
company with four subsidiaries serving the greater metropolitan Atlanta area:
First Alliance Bank, the largest community bank in Cobb County with five
offices; Premier Bank with three offices in Cobb, DeKalb, and Gwinnett
counties; Premier Lending, the third largest mortgage lender in metropolitan
Atlanta with six mortgage offices in Cobb, DeKalb, Gwinnett and Henry
counties, and a sizable commercial finance division located in Fulton County;
and Alliance Finance, a consumer finance company with two offices in Cobb and
Paulding counties.
First Alliance Premier Bancshares was traded on the Nasdaq Small Cap
Market under the trading symbol "FABC" until January 10, 1997, when the stock
moved to the American Stock Exchange and assumed the trading symbol "PMB."
Additional financial information is available from Frank H. Roach, executive
vice president and chief financial officer, at 404-814-3090.
SOURCE First Alliance Premier Bancshares, Inc.
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CONTACT:
Darrell D. Pittard, Chairman and Chief
Executive Officer or Frank H. Roach, Executive Vice President and
Chief Executive Officer, First Alliance Premier Bancshares, Inc.,
404-814-3090
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