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FIRST UNION REPORTS RECORD 1ST QUARTER 1993 EARNINGS

    CHARLOTTE, N.C., April 14 /PRNewswire/ -- First Union Corporation (NYSE: FTU FTUpr) today reported record earnings applicable to common stockholders for the first quarter of 1993 of $193 million, compared with restated operating earnings of $74 million for the same period a year ago.  Net income applicable to common stockholders was $1.17 per share for the first quarter of 1993, compared with restated operating earnings of 49 cents per share for the same period a year ago.
    All historical financial data have been restated for the pooling of interests accounting acquisitions of South Carolina Federal Corp. and DFSoutheastern, Inc., on January 15, 1993, and Dominion Bankshares Corp. on March 1, 1993.
    "Our record first quarter results, which represent an 18.41 percent return on common equity, demonstrate First Union's earnings momentum," said Edward E. Crutchfield Jr., First Union Corporation chairman and chief executive officer. "I am particularly pleased with our cost control efforts."
    "Because of our ability to rapidly integrate acquisitions, we are optimistic about the benefits of the acquisitions closed earlier this year. While the acquisitions of Georgia Federal Bank, FSB, and First American Metro Corp. are expected to dilute earnings slightly in the second half of this year, we expect them to begin to contribute to profitability in 1994."
    Key factors in First Union's first quarter performance were strong net interest income; a decline in the loan loss provision; increased fee income, especially from capital management operations; and a decline in noninterest expense.
    Net loans at March 31, 1993, were $40.9 billion, compared with $41.6 billion at March 31, 1992. Deposits were $47.9 billion compared with $48.8 billion a year ago. Total stockholders' equity was $4.66 billion at March 31, 1993, a 19 percent increase from March 31, 1992.
    Nonperforming assets decreased to $1.268 billion at March 31, 1993, compared with a restated $1.347 billion at December 31, 1992 and $1.655 billion at March 31, 1992. The loan loss provision was $60 million in the first quarter of 1993, compared with $135 million in the first quarter a year ago. First Union's loan loss allowance was $938 million at March 31, 1993.
    At March 31, 1993, First Union Corporation operated 1,238 banking offices in Florida, North Carolina, South Carolina, Georgia, Virginia, Tennessee, Maryland and Washington, D.C., and 238 nonbanking offices in 36 states.
    First Union Earnings
    FIRST UNION CORPORATION
    (Unaudited)
    FINANCIAL HIGHLIGHTS
                                                Three Months Ended
                                                      March 31,
    (In thousands except per share data)                1993
    Income before extraordinary
      items and cumulative effect
      of change in accounting principle           $     199,992
    Extraordinary items                                    -
    Cumulative effect of change
      in accounting principle                              -
    Net income                                          199,992
    Dividends on preferred stock                          7,004
    Net income applicable to
        common stockholders                       $     192,988
    Net income applicable to common
      stockholders on an operating basis (a)      $     192,988
    Net income applicable to common
      stockholders on an operating
      basis per common share                      $        1.17
    Income before extraordinary
      items and cumulative effect
      of change in accounting
      principle per common share                  $        1.17
    Net income per common share                            1.17
    Average common shares                               165,272
    Common stockholders' equity                   $   4,359,091
    Total stockholders' equity                        4,656,312
    Book value per common share                   $       26.23
    Actual common shares, net                           166,188
    Common stock period-end
        price                                     $      47.750
    Series 1990 preferred stock
        period-end price                          $      53.000
    (a)  Represents income before extraordinary items and
         cumulative effect of change in accounting principle
         after deduction preferred stock dividends.
    (b)  The first quarter of 1992 was adjusted to reflect the
         retroactive adoption of new income tax income tax
         accounting rule.
    FINANCIAL HIGHLIGHTS
                                             Three Months Ended
                                                     March 31,
    (In thousands except per share data)                1992
    Income before extraordinary
      items and cumulative effect
      of change in accounting principle                  83,520
    Extraordinary items                                    (105)
    Cumulative effect of change
      in accounting principle                            (8,519)(b)
    Net income                                           74,896
    Dividends on preferred stock                          9,994
    Net income applicable to
        common stockholders                              64,902
    Net income applicable to common
      stockholders on an operating basis (a)             73,526
    Net income applicable to common
      stockholders on an operating
      basis per common share                                .49
    Income before extraordinary
      items and cumulative effect
      of change in accounting
      principle per common share                            .49
    Net income per common share                             .43
    Average common shares                               149,486
    Common stockholders' equity                       3,508,361
    Total stockholders' equity                        3,900,290
    Book value per common share                           23.39
    Actual common shares, net                           149,967
    Common stock period-end
        price                                            35.750
    Series 1990 preferred stock
        period-end price                                 52.250
    (a)  Represents income before extraordinary items and
         cumulative effect of change in accounting principle
         after deduction preferred stock dividends.
    (b)  The first quarter of 1992 was adjusted to reflect the
         retroactive adoption of new income tax income tax
         accounting rules.
    FINANCIAL HIGHLIGHTS
                                                          Percent
    (In thousands except per share data)                 Increase
    Income before extraordinary
      items and cumulative effect
      of change in accounting principle                   139.5 pct

    Extraordinary items                                      -
    Cumulative effect of change
      in accounting principle                                -
    Net income                                            167.0 pct
    Dividends on preferred stock                          (29.9)
    Net income applicable to
        common stockholders                               197.4 pct
    Net income applicable to common
      stockholders on an operating basis (a)              162.5 pct
    Net income applicable to common
      stockholders on an operating
      basis per common share                              138.8 pct
    Income before extraordinary
      items and cumulative effect
      of change in accounting
      principle per common share                          138.8 pct
    Net income per common share                           172.1
    Average common shares                                  10.6
    Common stockholders' equity                            24.2
    Total stockholders' equity                             19.4
    Book value per common share                            12.1
    Actual common shares, net                              10.8
    Common stock period-end
        price                                              33.6
    Series 1990 preferred stock
        period-end price                                    1.4 pct
    (a)  Represents income before extraordinary items and
         cumulative effect of change in accounting principle
         after deduction preferred stock dividends.
    (b)  The first quarter of 1992 was adjusted to reflect the
         retroactive adoption of new income tax income tax
         accounting rules.
                                                         1993
    (In thousands except per share data)                  1Q
    Net interest income (a)                       $     696,422
    Provision for loan losses                            60,329
    Net interest income after
        provision for loan losses (a)                   636,093
    Securities available for sale
        transactions                                     17,316
    Investment security
        transactions                                       -
    Noninterest income                                  254,005
    Noninterest expense                                 578,295
    Income before income taxes,
      extraordinary items and
      cumulative effect of change
      in accounting principle (a)                       329,119
    Income taxes                                        105,040
    Tax-equivalent adjustment                            24,087
    Income before extraordinary
      items and cumulative effect
      of change in accounting principle                 199,992
    Extraordinary items                                    -
    Cumulative effect of change
      in accounting principle                              -
    Net income                                          199,992
    Dividends on preferred
        stock                                             7,004
    Net income applicable to
        common stockholders                       $     192,988
    Income before extraordinary
      items and cumulative effect
      of change in accounting
      principle per common share                  $        1.17
    Net income per common share                   $        1.17
    (a) Tax-equivalent.
                                                        1992
    (In thousands except per share data)                 4Q
    Net interest income (a)                             689,376
    Provision for loan losses                            79,304
    Net interest income after
        provision for loan losses (a)                   610,072
    Securities available for sale
        transactions                                     (1,286)
    Investment security
        transactions                                        769
    Noninterest income                                  255,196
    Noninterest expense                                 773,882
    Income before income taxes,
      extraordinary items and
      cumulative effect of change
      in accounting principle (a)                        90,869
    Income taxes                                         42,666
    Tax-equivalent adjustment                            24,416
    Income before extraordinary
      items and cumulative effect
      of change in accounting principle                  23,787
    Extraordinary items                                  (6,351)
    Cumulative effect of change
      in accounting principle                              -
    Net income                                           17,436
    Dividends on preferred
        stock                                             6,887
    Net income applicable to
        common stockholders                              10,549
    Income before extraordinary
      items and cumulative effect
      of change in accounting
      principle per common share                            .09
    Net income per common share                             .05
    (a) Tax-equivalent.
                                                        1992
    (In thousands except per share data)                 3Q
    Net interest income (a)                             656,720
    Provision for loan losses                            83,297
    Net interest income after
        provision for loan losses (a)                   573,423
    Securities available for sale
        transactions                                     17,278
    Investment security
        transactions                                      1,435
    Noninterest income                                  255,252
    Noninterest expense                                 594,097
    Income before income taxes,
      extraordinary items and
      cumulative effect of change
      in accounting principle (a)                       253,291
    Income taxes                                         65,712
    Tax-equivalent adjustment                            25,953
    Income before extraordinary
      items and cumulative effect
      of change in accounting principle                 161,626
    Extraordinary items                                     582
    Cumulative effect of change
      in accounting principle                              -
    Net income                                          162,208
    Dividends on preferred
        stock                                             7,322
    Net income applicable to
        common stockholders                             154,886
    Income before extraordinary
      items and cumulative effect
      of change in accounting
      principle per common share                            .96
    Net income per common share                             .96
    (a) Tax-equivalent.
                                                        1992
    (In thousands except per share data)                 2Q
    Net interest income (a)                             633,962
    Provision for loan losses                           117,140
    Net interest income after
        provision for loan losses (a)                   516,822
    Securities available for sale
        transactions                                      8,909
    Investment security
        transactions                                     (3,805)
    Noninterest income                                  256,213
    Noninterest expense                                 565,061
    Income before income taxes,
      extraordinary items and
      cumulative effect of change
      in accounting principle (a)                       213,078
    Income taxes                                         55,284
    Tax-equivalent adjustment                            27,283
    Income before extraordinary
      items and cumulative effect
      of change in accounting principle                 130,511
    Extraordinary items                                    -
    Cumulative effect of change
      in accounting principle                              -
    Net income                                          130,511
    Dividends on preferred
        stock                                             7,776
    Net income applicable to
        common stockholders                             122,735
    Income before extraordinary
      items and cumulative effect
      of change in accounting
      principle per common share                            .78
    Net income per common share                             .79
    (a) Tax-equivalent.
                                                        1992
    (In thousands except per share data)                 1Q
    Net interest income (a)                             582,890
    Provision for loan losses                           134,967
    Net interest income after
        provision for loan losses (a)                   447,923
    Securities available for sale
        transactions                                      9,501
    Investment security
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