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FIRST FIDELITY EARNS $89.6 MILLION FOR 4TH QUARTER VS. $57.8 MILLION; FULL YEAR EARNINGS ARE $313.7 MILLION VS. $221.2 MILLION FOR 1991

 LAWRENCEVILLE, N.J., Jan. 14 /PRNewswire/ -- First Fidelity Bancorporation (NYSE: FFB) today reported full year 1992 earnings of $313.7 million or $3.77 per common share on a fully diluted basis, up 41.8 percent from the $221.2 million earned in 1991 and up 13.9 percent in earnings per common share.
 For the fourth quarter, First Fidelity earned $89.6 million, up 54.9 percent from fourth quarter 1991 earnings of $57.8 million and an increase of 8.8 percent from third quarter 1992 earnings of $82.3 million. The acquisition of The Howard Savings Bank, which was effective on October 2, 1992, contributed an estimated $2.4 million of net income to the fourth quarter results. Earnings per common share on a fully diluted basis were $1.06, up 26.2 percent from the fourth quarter of 1991 and up 5.0 percent from the third quarter of 1992.
 In the fourth quarter, return on average assets was 1.15 percent; the net interest margin was 4.69 percent, and the overhead ratio was 58.5 percent. The core overhead ratio (i.e. excluding net securities transactions and other real estate owned, or OREO, expenses) was 55.2 percent. Without the impact of The Howard on fourth quarter results, the margin would have been 4.89 percent; the return on average assets, 1.23 percent, and the core overhead ratio, 53.9 percent.
 Non-performing assets declined $55.5 million to $695.7 million, which is 3.75 percent of loans and OREO. This decline occurred despite an increase of $19.0 million from The Howard's consumer loan portfolio. This was the sixth consecutive quarterly decline in non-performing assets. The Tier I capital leverage ratio was 6.72 percent and the total risk-adjusted capital ratio reached approximately 13.59 percent at year-end.
 "We are pleased with our results to date, realizing we have come only partway in our efforts to bring the company to its full earnings potential," Tony Terracciano, First Fidelity chairman and chief executive officer, said. "Going forward, we will continue to take advantage of attractive opportunities for growth and geographic expansion. We will, of course, be selective in implementing this strategy.
 "We also intend to increase fee-based income, further reduce asset quality costs, maintain expense discipline, and ensure the cost- effective integration of acquisitions."
 During the fourth quarter, First Fidelity acquired certain assets, the deposits and 70 branches of The Howard Savings Bank of New Jersey in a government-assisted transaction. First Fidelity and the Pitcairn Trust Company of Pennsylvania announced a joint marketing alliance for private banking services, with First Fidelity acquiring, subject to appropriate regulatory approvals, certain assets and liabilities of the Pitcairn Private Bank. First Fidelity announced an agreement to acquire Northeast Bancorp, Inc. and its principal subsidiary, the 68-branch Union Trust Company, a leading commercial bank headquartered in Fairfield County, Conn. This acquisition is subject to Northeast shareholder and regulatory approvals.
 Net Interest Income
 Taxable equivalent net interest income in the fourth quarter increased to $333.4 million, up $20.4 million or 6.5 percent, from $313.0 million earned in the third quarter of 1992 and up $50.9 million or 18.0 percent from the $282.5 million earned in the prior year's period. These increases reflected the impact of declining rates on the company's large core deposit base, consumer loan growth and the acquisition of The Howard on October 2, 1992. Consumer loans averaged 49 percent of total loans in the fourth quarter, compared to 47 percent of total loans during the third quarter of 1992 and 42 percent in the prior year's fourth quarter.
 The net interest margin dipped during the fourth quarter to 4.69 percent from 4.73 percent in the third quarter of 1992. This temporary quarter-to-quarter decline reflects The Howard acquisition which entailed initially higher deposit costs and lower short-term earnings rates.
 Average earning assets in the fourth quarter were $28.2 billion, compared to $26.2 billion during the third quarter and $26.7 billion in the 1991 fourth quarter. Continued consumer loan growth, steady commercial loan demand and the Howard acquisition accounted for the quarter-to-quarter increase.
 Core deposits (i.e. demand deposits and other consumer deposits) averaged $25.6 billion in the fourth quarter, compared to $23.2 billion in the third quarter and $23.8 billion in the fourth quarter of 1991. Deposit runoff following the Howard acquisition and the continuing shift away from bank certificates of deposit were in line with prior company estimates. At December 31, 1992, core deposits represented 143 percent of loans.
 Non-Interest Income
 Non-interest income rose to $87.0 million in the fourth quarter, a $5.9 million or 7.3 percent increase over the $81.1 million earned in the 1992 third quarter, reflecting modest growth in First Fidelity's fee income as well as the impact of the operations of the former Howard Savings Bank. Non-interest income in the 1991 fourth quarter totaled $103.8 million and included $25.3 million of net securities gains.
 Trust income increased to $22.8 million in the fourth quarter of 1992, $2.3 million or 11.4 percent more than the $20.5 million earned in the third quarter of 1992. Service charges on deposit accounts rose to $38.2 million in the fourth quarter, up $2.9 million from $35.3 million earned in the third quarter and other service charges, commissions and fees totaled $20.1 million up $1.9 million from $18.2 million, quarter-to-quarter. Operations of the Howard accounted for approximately $3.9 million of the increase in these categories. Partially offsetting these increases, trading account gains and losses and net securities transactions declined $1.5 million, quarter-to- quarter.
 Non-Interest Expense
 Non-interest expense in the fourth quarter was $245.9 million, compared to $224.3 million in the third quarter of the year and $223.8 million in the fourth quarter of 1991. The quarter-to-quarter increase was attributable to $16.0 million in additional operating expenses of the former Howard Savings Bank and an $8.1 million increase in OREO expenses.
 Salaries and benefits were $107.7 million in the quarter compared to $101.5 million in the previous quarter and net occupancy and equipment expense was $38.7 million in the quarter compared to $35.5 million in the prior quarter.
 The OREO provision in the quarter was $11.0 million compared to $4.2 million in the previous quarter and the costs associated with managing OREO were $2.8 million in the fourth quarter, compared to $1.5 million in the previous quarter.
 The overhead ratio -- the ratio of non-interest expense to taxable equivalent operating income -- moved to 58.5 percent for the quarter from 56.9 percent for the previous quarter. On a core basis (i.e. excluding net securities transactions and OREO expenses) the ratio was 55.2 percent in the fourth quarter compared to 55.5 percent in the third quarter.
 Asset Quality
 Non-performing assets declined $55.5 million or 7.4 percent to $695.7 million, down from $751.2 at September 30 and down $233.2 million from $928.9 million at December 31, 1991.
 Non-performing loans declined $34.9 million or 6.5 percent during the fourth quarter to total $506.3 million at December 31, down from $541.3 million at September 30. Excluding $19.0 million of non-performing consumer loans acquired as part of the Howard acquisition, non-performing loans would have declined $53.9 million. On a year-over-year basis non-performing loans declined $210.2 million from $716.5 million at December 31, 1991.
 OREO, net of the OREO reserve, was $189.4 million at year-end, compared to $209.9 million at September 30 and $212.4 million a year ago. OREO comprised $155.1 million in actually foreclosed properties and $40.1 million of in-substance foreclosures, less a reserve of $5.8 million.
 Net charge-offs in the quarter were $59.6 million compared to $60.8 million in the third quarter and $77.2 million in the prior year's comparable period.
 The provision for possible credit losses was $52.0 million for the fourth quarter, down from $56.0 million for the previous quarter and $79.0 million for the year-earlier period. At December 31, the credit loss reserve was $610.4 million, compared to $597.2 million at September 30 and $609.6 million at December 31 a year ago, and represented 3.32 percent of loans. The credit loss reserve at December 31, 1992 included a $20.7 million reserve assumed in connection with acquisition of The Howard.
 The reserve coverage -- the ratio of the credit loss reserve to non-performing loans -- rose to 121 percent from 110 percent at September 30 and 85 percent at December 31, 1991. The reserve coverage of non-performing assets advanced to 88 percent from 80 percent quarter- to-quarter and up from 66 percent at the end of the fourth quarter of 1991.
 Contractually past-due loans totaled $154.5 million at December 31, 1992 compared to $112.9 million at September 30, and $145.4 million at December 31, 1991. The December 1992 total comprised $142.1 million of consumer loans, the majority of which were residential mortgages, and $12.4 million of other loans. The Howard acquisition added $38.6 million to the contractually past-due total.
 Following the Howard acquisition, non-performing assets subject to loss-sharing with the Federal Deposit Insurance Corporation (FDIC) are reported as Segregated Assets on the Other Assets line of the Statement of Condition and amounted to $310.0 million at December 31, 1992. Since the FDIC assumes 80 percent of losses on these assets, the First Fidelity risk share is $62.0 million with a special "segregated" credit loss reserve of $16.2 million.
 Capital and Balance Sheet
 In conjunction with the Howard acquisition, Banco Santander exercised previously issued warrants to purchase 2,376,250 common shares for $60.6 million in new capital. As a result, common shares outstanding averaged 77,427,093 during the fourth quarter, and 81,889,687 on a fully diluted basis.
 At the end of the fourth quarter, the Tier I capital leverage ratio was 6.72 percent, compared to 6.76 percent at the end of the third quarter and 5.98 percent at the end of 1991. The risk-adjusted Tier I capital ratio was approximately 10.20 percent compared to 10.44 percent at the end of the third quarter and 8.65 percent at the end of 1991. The total risk-adjusted capital ratio was approximately 13.59 percent, compared to 14.05 percent at the end of the third quarter and 12.47 percent at year-end 1991.
 At December 31, 1992, First Fidelity had total assets of $31.5 billion compared with $28.9 billion at the end of the third quarter and $30.2 billion at the end of 1991. Total deposits were $27.0 billion, compared with $23.6 billion at September 30, 1992 and $25.2 billion at the end of the previous year. Loans were $18.4 billion compared to $16.7 billion at the end of the third quarter and $17.3 billion a year ago.
 First Fidelity is the largest banking organization headquartered in New Jersey with more than 550 branches in eastern Pennsylvania, New Jersey and New York. Its principal affiliates are the First Fidelity banks in New Jersey and New York, Fidelity Bank of Philadelphia, Merchants Bank of Allentown, Pennsylvania, and Merchants Bank (North) of Wilkes-Barre, Pa.
 (Tables follow)
 FIRST FIDELITY BANCORPORATION AND SUBSIDIARIES
 Financial Summary
 (In thousands, except per share)
 At period end Dec. 31 Dec. 31 Sept. 30
 1992 1991 1992
 Assets $31,480,297 $30,215,229 $28,866,745
 Deposits 27,004,835 25,218,550 23,595,758
 Loans 18,377,695 17,341,517 16,673,476
 Reserve for possible
 credit losses 610,353 609,599 597,207
 Stockholders' equity 2,257,650 1,944,782 2,121,352
 Reserve for possible
 credit losses/loans(pct.) 3.32 3.52 3.58
 Tier I leverage ratio (pct.) 6.72 5.98 6.76
 Tier I capital/risk adjusted
 assets (pct.) (A) 10.20 8.65 10.44
 Total risk-based capital/risk
 adjusted assets (pct.) (A) 13.59 12.47 14.05
 Per common share:
 Book value $27.33 $24.35 $26.50
 Market price 44.00 32.50 34.88
 For the three months Dec. 31 Dec. 31 Sept. 30
 ended 1992 1991 1992
 Net income $89,596 $57,828 $82,336
 Per common share:
 Net income - primary $1.09 $.85 $1.03
 Net income - fully diluted 1.06 .84 1.01
 Return on average assets (pct.) 1.15 .79 1.14
 Return on average
 stockholders' equity (pct.) 16.20 13.36 15.70
 Return on average common
 stockholders' equity (pct.) 17.05 14.03 16.53
 For the 12 months Dec. 31 Dec. 31
 ended 1992 1991
 Net income $313,737 $221,241
 Per common share:
 Net income - primary $3.89 $3.37
 Net income - fully diluted 3.77 3.31
 Return on average assets (pct.) 1.06 .77
 Return on average
 stockholders' equity (pct.) 15.18 13.69
 Return on average common
 stockholders' equity (pct.) 15.96 14.35
 Average common shares and
 common stock equivalents
 outstanding:
 Primary 75,219,642 60,562,567
 Fully diluted 80,523,116 64,785,955
 (A) Dec. 31, 1992, ratios are estimated.
 Consolidated Statements of Income
 (thousands)
 Increase/
 Three months ended Dec. 31 1992 1991 (Decrease)
 Interest income:
 Interest and fees
 on loans $387,107 $404,186 $(17,079)
 Interest on federal funds
 sold and securities
 purchased under
 agreements to resell 6,582 14,329 (7,747)
 Interest and dividends on
 investment securities:
 Taxable interest income 99,298 112,295 (12,997)
 Tax-exempt interest income 13,556 15,991 (2,435)
 Dividends 1,004 1,112 (108)
 Interest on bank deposits 26,096 29,457 (3,361)
 Interest on trading
 account securities 1,871 1,675 196
 Total interest income 535,514 579,045 (43,531)
 Interest expense:
 Interest on:
 Deposits 192,055 274,757 (82,702)
 Short-term borrowings 8,691 15,686 (6,995)
 Long-term debt 10,530 17,355 (6,825)
 Total interest expense 211,276 307,798 (96,522)
 Net interest income 324,238 271,247 52,991
 Provision for possible
 credit losses 52,000 79,000 (27,000)
 Net interest income after
 provision for possible
 credit losses 272,238 192,247 79,991
 Non-interest income:
 Trust income 22,806 21,330 1,476
 Service charges on
 deposit accounts 38,168 27,862 10,306
 Other service charges,
 commissions, and fees 20,115 19,021 1,094
 Net trading account gains 2,126 3,541 (1,415)
 Net securities transactions (80) 25,329 (25,409)
 Other income 3,902 6,717 (2,815)
 Total non-interest income 87,037 103,800 (16,763)
 Non-interest expense:
 Salaries and benefits
 expense 107,709 95,028 12,681
 Occupancy expense 27,287 26,668 619
 Equipment expense 11,383 11,211 172
 Other expenses 99,484 90,855 8,629
 Total non-interest expense 245,863 223,762 22,101
 Income before income taxes 113,412 72,285 41,127
 Income taxes 23,816 14,457 9,359
 Net income 89,596 57,828 31,768
 Dividends on preferred stock 5,221 5,298 (77)
 Net income applicable
 to common stock 84,375 52,530 31,845
 Per common share:
 Net income:
 Primary $1.09 $.85 $.24
 Fully diluted 1.06 .84 .22
 Consolidated Statements of Income
 (thousands)
 Three months ended Dec. 31 Sept. 30 Increase/
 1992 1992 (Decrease)
 Interest income:
 Interest and fees
 on loans $387,107 $367,026 $20,081
 Interest on federal funds
 sold and securities
 purchased under
 agreements to resell 6,582 10,228 (3,646)
 Interest and dividends on
 investment securities:
 Taxable interest income 99,298 99,103 195
 Tax-exempt interest income 13,556 14,019 (463)
 Dividends 1,004 1,047 (43)
 Interest on bank deposits 26,096 22,077 4,019
 Interest on trading
 account securities 1,871 1,459 412
 Total interest income 535,514 514,959 20,555
 Interest expense:
 Interest on:
 Deposits 192,055 188,492 3,563
 Short-term borrowings 8,691 11,911 (3,220)
 Long-term debt 10,530 11,116 (586)
 Total interest expense 211,276 211,519 (243)
 Net interest income 324,238 303,440 20,798
 Provision for possible
 credit losses 52,000 56,000 (4,000)
 Net interest income after
 provision for possible
 credit losses 272,238 247,440 24,798
 Non-interest income:
 Trust income 22,806 20,465 2,341
 Service charges on
 deposit accounts 38,168 35,256 2,912
 Other service charges,
 commissions, and fees 20,115 18,234 1,881
 Net trading account gains 2,126 3,498 (1,372)
 Net securities transactions (80) 6 (86)
 Other income 3,902 3,660 242
 Total non-interest income 87,037 81,119 5,918
 Non-interest expense:
 Salaries and benefits
 expense 107,709 101,501 6,208
 Occupancy expense 27,287 25,659 1,628
 Equipment expense 11,383 9,802 1,581
 Other expenses 99,484 87,375 12,109
 Total non-interest expense 245,863 224,337 21,526
 Income before income taxes 113,412 104,222 9,190
 Income taxes 23,816 21,886 1,930
 Net income 89,596 82,336 7,260
 Dividends on preferred stock 5,221 5,281 (60)
 Net income applicable
 to common stock 84,375 77,055 7,320
 Per common share:
 Net income:
 Primary $1.09 $1.03 $.06
 Fully diluted 1.06 1.01 .05
 Consolidated Statements of Income
 (Thousands)
 Increase/
 12 months ended Dec. 31 1992 1991 (decrease)
 Interest income:
 Interest and fees
 on loans $1,513,445 1,689,680 $(176,235)
 Interest on federal funds
 sold and securities
 purchased under
 agreements to resell 33,578 59,778 (26,200)
 Interest and dividends on
 investment securities:
 Taxable interest income 409,104 452,614 (43,510)
 Tax-exempt interest income 57,675 67,298 (9,623)
 Dividends 4,037 3,931 106
 Interest on bank deposits 104,524 103,347 1,177
 Interest on trading
 account securities 6,918 7,312 (394)
 Total interest income 2,129,281 2,383,960 (254,679)
 Interest expense:
 Interest on:
 Deposits 824,453 1,176,495 (352,042)
 Short-term borrowings 43,469 72,052 (28,583)
 Long-term debt 52,790 79,342 (26,552)
 Total interest expense 920,712 1,327,889 (407,177)
 Net interest income 1,208,569 1,056,071 152,498
 Provision for possible
 credit losses 228,000 298,000 (70,000)
 Net interest income after
 provision for possible
 credit losses 980,569 758,071 222,498
 Non-interest income:
 Trust income 86,396 83,784 2,612
 Service charges on
 deposit accounts 139,310 114,406 24,904
 Other service charges,
 commissions and fees 76,374 81,522 (5,148)
 Net trading account gains 12,193 8,849 3,344
 Net securities transactions 4,825 53,566 (48,741)
 Other income 13,278 51,563 (38,285)
 Total non-interest income 332,376 393,690 (61,314)
 Non-interest expense:
 Salaries and benefits
 expense 408,841 390,993 17,848
 Occupancy expense 107,269 103,814 3,455
 Equipment expense 41,418 42,051 (633)
 Other expenses 359,318 334,889 24,429
 Total non-interest expense 916,846 871,747 45,099
 Income before income taxes 396,099 280,014 116,085
 Income taxes 82,362 58,773 23,589
 Net income 313,737 221,241 92,496
 Dividends on preferred stock 21,061 17,176 3,885
 Net income applicable to
 common stock 292,676 204,065 88,611
 Per common share:
 Net income:
 Primary $3.89 $3.37 $.52
 Fully diluted 3.77 3.31 .46
 1991
 Assets:
 Cash and due from banks $1,913,177 $2,115,508
 Interest bearing time
 deposits 2,635,938 2,645,601
 Securities at amortized cost
 (market value of $5,697,822
 at Dec. 31, 1992, and
 $6,516,508 at Dec. 31, 1991) 5,577,830 6,279,984
 Securities at lower of cost
 or market (market value of
 $777,013 at Dec. 31, 1992) 755,128 ---
 Trading account securities
 at market value 228,344 152,174
 Federal funds sold and
 securities purchased under
 agreements to resell 738,000 778,000
 Loans, net of unearned
 income 18,377,695 17,341,517
 Reserve for possible
 credit losses (610,353) (609,599)
 Premises and equipment 352,611 320,363
 Customers' acceptance
 liability 169,131 148,003
 Other assets 1,342,796 1,043,678
 Total assets 31,480,297 30,215,229
 Liabilities:
 Deposits in domestic offices:
 Demand deposits (non-interest
 bearing) 5,369,685 4,627,498
 Savings/NOW deposits 7,826,942 6,066,460
 Money market deposit
 accounts 3,904,739 4,001,689
 Other consumer time deposits 9,197,683 9,744,020
 Corporate certificates of
 deposit 442,422 541,565
 Deposits in overseas offices 263,364 237,318
 Total deposits 27,004,835 25,218,550
 Short-term borrowings 1,084,277 1,292,969
 Acceptances outstanding 176,587 151,151
 Other liabilities 375,440 688,892
 Long-term debt 581,508 918,885
 Total liabilities 29,222,647 28,270,447
 Stockholders' equity:
 Preferred stock 232,172 232,236
 Common stock ($1 par)
 Authorized: 150 million shares
 Issued and outstanding: 74,107,949
 shares at Dec. 31, 1992;
 70,339,297 shares at
 Dec. 31, 1991 74,108 70,339
 Surplus 1,014,905 918,396
 Retained earnings 936,465 723,811
 Total common stockholders'
 equity 2,025,478 1,712,546
 Total stockholders' equity 2,257,650 1,944,782
 Total liabilities and
 stockholders' equity 31,480,297 30,215,229
 Non-Performing Assets and Contractually Past Due Loans
 (Thousands)
 Dec. 31 Sept. 30 June 30 March 31 Dec. 31
 1992 1992 1992 1992 1991
 Non performing
 assets:
 Non-accruing loans:
 Domestic:
 Real estate $236,659 $270,925 $288,119 $311,175 $324,318
 Other 230,894 257,858 299,379 299,511 321,190
 Foreign 3,168 3,493 3,927 5,436 10,212
 Restructured
 loans 35,604 8,984 5,301 40,674 60,786
 Total non-
 performing
 loans 506,325 541,260 596,726 656,796 716,506
 Other real estate
 owned:
 Foreclosed
 property 155,050 160,146 144,776 94,312 79,384
 In-substance
 foreclosures 40,084 55,811 74,240 123,527 140,339
 Total other
 real estate
 owned 195,134 215,957 219,016 217,839 219,723
 Less reserve (5,765) (6,027) (6,016) (5,978) (7,306)
 Net other
 real estate
 owned 189,369 209,930 213,000 211,861 212,417
 Total non-
 performing
 assets 695,694 751,190 809,726 868,657 928,923
 Contractually
 past due
 loans:
 Consumer 142,077 107,338 113,177 130,747 134,720
 Other 12,422 5,519 9,987 11,005 10,686
 Total
 contractually
 past due
 loans (A) 154,499 112,857 123,164 141,752 145,406
 Non-performing
 loans/loans
 (pct.) 2.76 3.25 3.47 3.81 4.13
 Non-performing
 assets/loans and
 other real estate
 owned (pct.) 3.75 4.45 4.65 4.97 5.29
 (A) Accruing loans past due 90 days or more.
 Segregated Howard
 loss-sharing
 non-performing
 assets $310,045
 Less FDIC
 loss-sharing 248,036(A)
 Net $62,009(B)
 (A) Represents 80 percent of total segregated assets.
 (B) Reserve for segregated losses was $16,219 at Dec. 31, 1992.
 Reconciliation of Reserve for Possible Credit Losses
 (Thousands)
 Periods ended Three months 12 months
 Dec. 31 1992 1991 1992 1991
 Beginning balance $597,207 $607,846 $609,599 $556,172
 Provision 52,000 79,000 228,000 298,000
 Total 649,207 686,846 837,599 854,172
 Charge-offs 74,261 88,824 295,296 320,399
 Recoveries 14,687 11,577 47,330 37,226
 Net charge-offs 59,574 77,247 247,966 283,173
 Balance related to
 sale of subsidiary --- --- --- (10,800)
 Acquired reserves 20,720 --- 20,720 49,400
 Ending balance 610,353 609,599 610,353 609,599
 Ratios:
 Net charge-offs as a
 percent of average
 loans (annualized) 1.29 1.77 1.42 1.62
 Reserve as a percent
 of loans 3.32 3.52 3.32 3.52
 Reserve as a percent
 of non-performing
 loans 121 85 121 85
 /delval/
 -0- 1/14/93
 /CONTACT: Paul J. Levine (media), 201-565-2949, or Laura A. Schaible (analysts), 201-565-3397, both of First Fidelity Bancorporation/
 (FFB)


CO: First Fidelity Bancorporation ST: New Jersey IN: FIN SU: ERN

CC-MM -- PH003 -- 4772 01/14/93 10:14 EST
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