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REPEATING: FIRST UNION REPORTS 2ND QUARTER EARNINGS UP 78 PERCENT - SIX MONTHS' SECTION OF TABULAR MATERIAL

 / REPEATING TO CORRECT GARBLE IN 'CONDENSED CONSOLIDATED STATEMENTS
 OF INCOME - SIX MONTHS' SECTION OF TABULAR MATERIAL /
 FIRST UNION REPORTS 2ND QUARTER EARNINGS UP 78 PERCENT
 CHARLOTTE, N.C., July 9 /PRNewswire/ -- First Union Corporation (NYSE: FTU FTUpr) today reported record earnings of $118 million for the second quarter of 1992, a 78 percent increase from $66 million in the same period a year ago. Earnings in the first quarter of 1992 were $98 million.
 On a per common share basis, second quarter earnings increased to 90 cents from 61 cents a year ago and 81 cents in the first quarter of 1992.
 "Key factors in our second quarter performance, in addition to the contribution from the Southeast Banks transaction of last September, were continuing strength in the net interest margin and improvement in credit quality trends," said Edward E. Crutchfield Jr., First Union Corporation chairman and chief executive officer.
 "The second quarter earnings represent a 15.18 percent return on average common equity, and reflect our employees' commitment to controlling costs and managing credit quality. These continued efforts should help us sustain the earnings momentum evident in our recent results."
 For the first half of 1992, net income applicable to common stockholders was $216 million, or $1.71 per common share, compared with $140 million, or $1.28 per common share, for the first half of 1991.
 The first six months of 1991 included a $35 million gain from the sale of investment securities and a $14 million gain from the sale of mortgage servicing rights.
 Deposits at June 30, 1992, were $37.0 billion, compared with $36.6 billion at year-end 1991 and $38.2 billion at March 31, 1992. Net loans increased slightly to $32.4 billion from $32.1 billion at year-end 1991.
 Total stockholders' equity increased 13 percent to $3.53 billion at June 30, 1992, from $3.11 billion at year-end 1991. The equity increase resulted from retained earnings and the sale of common stock in April. Some proceeds from the sale of $330 million in common stock also were used to redeem the remaining $100 million, 11 percent preferred stock issued to the FDIC in connection with the Southeast Banks transaction.
 Nonperforming assets declined for the third straight quarter, to $1.098 billion, compared with $1.204 billion at year-end 1991 and $1.180 billion at March 31, 1992. The loan loss provision was $62 million in the second quarter of 1992, compared with $114 million in the second quarter a year ago and $83 million in the first quarter of 1992. First Union's loan loss allowance was $664 million at June 30, 1992, compared with $632 million at year-end 1991 and $646 million at March 31, 1992.
 First Union is on schedule with systems conversions of the RTC acquisitions in Florida that were announced earlier this year and with last year's FDIC-assisted Southeast Banks transaction. With the last First Union-Florida branch and system conversions scheduled to be completed by September 30 this year, First Union expects to be operating as a fully consolidated bank throughout Florida.
 First Union Corporation had $47.7 billion in assets at June 30, 1992, which does not include pending acquisitions in Georgia and South Carolina. The corporation has 990 banking offices in Florida, North Carolina, South Carolina, Georgia and one banking office in Tennessee, and 201 nonbanking offices in 36 states.
 FIRST UNION CORPORATION
 (Unaudited)
 FINANCIAL HIGHLIGHTS
 Three Months Ended
 June 30,
 (In thousands except 1992 1991
 per share data)
 Net income $ 125,436 73,622
 Dividends on preferred stock 7,444 7,292
 Net income applicable to
 common stockholders $ 117,992 66,330
 Net income per common share $ .90 .61
 Average common shares 131,191 109,605
 Common stockholders' equity $ 3,247,674 2,373,894
 Total stockholders' equity 3,531,715 2,657,935
 Book value per common share $ 24.52 21.44
 Actual common shares 132,473 110,733
 Common stock period-end
 price $ 37.875 22.25
 Preferred stock period -
 end price $ 53.875 47.25
 EARNINGS SUMMARY
 1992
 (In thousands except 2Q 1Q
 per share data)
 Net interest income (a) $ 517,671 471,951
 Provision for loan losses 62,044 83,021
 Net interest income after
 provision for loan losses (a) 455,627 388,930
 Investment security
 transactions (551) (5,177)
 Noninterest income 200,580 220,620
 Noninterest expense 456,729 435,818
 Income before income taxes (a) 198,927 168,555
 Income taxes 49,753 37,612
 Tax-equivalent adjustment 23,738 23,084
 Net income 125,436 107,859
 Dividends on preferred
 stock 7,444 9,661
 Net income applicable to
 common stockholders $ 117,992 98,198
 Net income per common share $ .90 .81
 (a) Tax-equivalent.
 Six Months Ended
 Percent June 30,
 (In thousands except Increase 1992
 per share data)
 Net income 70.4 pct 233,295
 Dividends on preferred stock 2.1 17,105
 Net income applicable to
 common stockholders 77.9 pct 216,190
 Net income per common share 47.5 pct 1.71
 Average common shares 19.7 126,302
 Common stockholders' equity 36.8 3,247,674
 Total stockholders' equity 32.9 3,531,715
 Book value per common share 14.4 24.52
 Actual common shares 19.6 132,473
 Common stock period-end
 price 70.2 37.875
 Preferred stock period -
 end price 14.0 pct 53.875


EARNINGS SUMMARY
 1991
 (In thousands except 4Q 3Q
 per share data)
 Net interest income (a) 460,014 387,302
 Provision for loan losses 125,271 145,681
 Net interest income after
 provision for loan losses (a) 334,743 241,621
 Investment security
 transactions 27,450 50,313
 Noninterest income 238,340 184,319
 Noninterest expense 458,551 352,597
 Income before income taxes (a) 141,982 123,656
 Income taxes 28,496 20,547
 Tax-equivalent adjustment 24,561 27,761
 Net income 88,925 75,348
 Dividends on preferred
 stock 10,677 7,693
 Net income applicable to
 common stockholders 78,248 67,655
 Net income per common share .66 .61
 (a) Tax-equivalent.
 Six Months Ended
 June 30, Percent
 (In thousands except 1991 Increase
 per share data)
 Net income 154,464 51.0 pct
 Dividends on preferred stock 14,855 15.1
 Net income applicable to
 common stockholders 139,609 54.9 pct
 Net income per common share 1.28 33.6 pct
 Average common shares 109,405 15.4
 Common stockholders' equity 2,373,894 36.8
 Total stockholders' equity 2,657,935 32.9
 Book value per common share 21.44 14.4
 Actual common shares 110,733 19.6
 Common stock period-end
 price 22.25 70.2
 Preferred stock period -
 end price 47.25 14.0 pct
 EARNINGS SUMMARY
 2Q '92
 vs
 (In thousands except 2Q 2Q '91
 per share data)
 Net interest income (a) 372,024 39.1 pct
 Provision for loan losses 113,733 (45.4)
 Net interest income after
 provision for loan losses (a) 258,291 76.4
 Investment security
 transactions 5,690 (109.7)
 Noninterest income 168,826 18.8
 Noninterest expense 322,855 41.5
 Income before income taxes (a) 109,952 80.9
 Income taxes 9,624 417.0
 Tax-equivalent adjustment 26,706 (11.1)
 Net income 73,622 70.4
 Dividends on preferred
 stock 7,292 2.1
 Net income applicable to
 common stockholders 66,330 77.9 pct
 Net income per common share .61 47.5 pct
 (a) Tax-equivalent.
 OTHER FINANCIAL DATA
 1992
 (Dollars in thousands) 2Q 1Q
 Return on average assets (a) 1.05 pct .94
 Return on average common
 equity (a) 15.18 14.26
 Net interest margin 4.88 4.66
 Net charge-offs as pct of
 average loans, net (a) .42 .87
 Allowance as pct of loans,
 net 2.05 2.01
 Allowance as pct of nonaccrual
 and restructured loans 88 80
 Allowance as pct of
 nonperforming assets 61 pct 55
 Net charge-offs $ 34,233 68,830
 Nonperforming assets (b)
 Commercial nonaccrual $ 351,197 389,650
 Real estate nonaccrual 399,097 410,850
 Total nonaccrual 750,294 800,500
 Restructured loans 7,167 8,009
 Foreclosed properties 340,076 371,732
 Total nonperforming assets $ 1,097,537 1,180,241
 As pct of loans, net and
 foreclosed properties 3.36 pct 3.62
 Segregated loss-sharing
 nonperforming assets
 Nonaccrual loans $ 599,263 654,513
 Foreclosed properties 72,678 30,785
 Total 671,941 685,298
 Less FDIC loss-sharing (c) (571,150) (582,503)
 Total $ 100,791 (d) 102,795
 (a) Annualized.
 (b) Excludes nonperforming assets related to the Southeast
 Banks acquisition.
 (c) Represents 85 percent of total segregated assets.
 (d) Allowance for segregated assets losses amounted to
 $54,940,000 at June 30, 1992.
 This amount is not included in the allowance for loan
 losses.
 1991
 (Dollars in thousands) 4Q 3Q
 Return on average assets (a) .75 .74
 Return on average common
 equity (a) 11.80 11.19
 Net interest margin 4.46 4.29
 Net charge-offs as pct of
 average loans, net (a) 1.34 1.84
 Allowance as pct of loans,
 net 1.97 1.93
 Allowance as pct of nonaccrual
 and restructured loans 75 71
 Allowance as pct of
 nonperforming assets 53 50
 Net charge-offs 107,860 122,761
 Nonperforming assets (b)
 Commercial nonaccrual 394,590 398,156
 Real estate nonaccrual 387,445 453,032
 Total nonaccrual 782,035 851,188
 Restructured loans 57,386 38,003
 Foreclosed properties 364,931 376,874
 Total nonperforming assets 1,204,352 1,266,065
 As pct of loans, net and
 foreclosed properties 3.71 3.84
 Segregated loss-sharing
 nonperforming assets
 Nonaccrual loans 665,975 629,889
 Foreclosed properties 28,857 3,559
 Total 694,832 633,448
 Less FDIC loss-sharing (c) (590,607) (538,431)
 Total 104,225 95,017
 1991 Six Months
 (Dollars in thousands) 2Q 1992
 Return on average assets (a) .75 1.00
 Return on average common
 equity (a) 11.46 14.75
 Net interest margin 4.23 4.77
 Net charge-offs as pct of
 average loans, net (a) 1.14 .64
 Allowance as pct of loans,
 net 2.02 2.05
 Allowance as pct of nonaccrual
 and restructured loans 60 88
 Allowance as pct of
 nonperforming assets 45 61
 Net charge-offs 74,593 103,063
 Nonperforming assets (b)
 Commercial nonaccrual 356,708 351,197
 Real estate nonaccrual 511,595 399,097
 Total nonaccrual 868,303 750,294
 Restructured loans 9,457 7,167
 Foreclosed properties 288,520 340,076
 Total nonperforming assets 1,166,280 1,097,537
 As pct of loans, net and
 foreclosed properties 4.40 3.36
 Segregated loss-sharing
 nonperforming assets
 Nonaccrual loans - 599,263
 Foreclosed properties - 72,678
 Total - 671,941
 Less FDIC loss-sharing (c) - (571,150)
 Total - 100,791 (d)
 (a) Annualized.
 (b) Excludes nonperforming assets related to the Southeast
 Banks acquisition.
 (c) Represents 85 percent of total segregated assets.
 (d) Allowance for segregated assets losses amounted to
 $54,940,000 at June 30, 1992.
 This amount is not included in the allowance for loan
 losses.
 Six Months
 (Dollars in thousands) 1991
 Return on average assets (a) .79
 Return on average common
 equity (a) 12.23
 Net interest margin 4.15
 Net charge-offs as pct of
 average loans, net (a) .96
 Allowance as pct of loans,
 net 2.02
 Allowance as pct of nonaccrual
 and restructured loans 60
 Allowance as pct of
 nonperforming assets 45
 Net charge-offs 125,894
 Nonperforming assets (b)
 Commercial nonaccrual 356,708
 Real estate nonaccrual 511,595
 Total nonaccrual 868,303
 Restructured loans 9,457
 Foreclosed properties 288,520
 Total nonperforming assets 1,166,280
 As pct of loans, net and
 foreclosed properties 4.40
 Segregated loss-sharing
 nonperforming assets
 Nonaccrual loans -
 Foreclosed properties -
 Total -
 Less FDIC loss-sharing (c) -
 Total -
 (a) Annualized.
 (b) Excludes nonperforming assets related to the Southeast
 Banks acquisition.
 (c) Represents 85 percent of total segregated assets.
 (d) Allowance for segregated assets losses amounted to
 $54,940,000 at June 30, 1992.
 This amount is not included in the allowance for loan
 losses.
 AVERAGE BALANCE SHEET SUMMARY
 1992
 (In thousands) 2Q 1Q
 Loans, net $32,522,407 31,814,185
 Earning assets 42,448,149 40,492,326
 Total assets 48,180,783 46,059,978
 Noninterest-bearing
 deposits 6,591,620 6,308,429
 Consumer time deposits 26,981,335 26,728,915
 Other time deposits 3,956,587 2,867,338
 Common stockholders' equity 3,126,552 2,769,055
 Total stockholders' equity $ 3,420,482 3,153,096
 INTANGIBLE ASSETS
 (In thousands)
 Intangible assets
 Goodwill $ 638,758 644,508
 Deposit base premium 157,570 154,850
 Other 10,566 11,131
 Total $ 806,894 810,489
 Mortgage servicing rights $ 141,008 146,203
 Credit card premium $ 52,090 54,701
 1991
 (In thousands) 4Q 3Q
 Loans, net 32,265,153 26,651,382
 Earning assets 41,329,158 36,218,151
 Total assets 46,792,371 40,565,612
 Noninterest-bearing
 deposits 6,126,922 4,695,296
 Consumer time deposits 27,356,901 21,181,850
 Other time deposits 3,113,255 3,389,092
 Common stockholders' equity 2,630,932 2,398,508
 Total stockholders' equity 3,042,690 2,690,700
 INTANGIBLE ASSETS
 (In thousands)
 Intangible assets
 Goodwill 653,085 660,505
 Deposit base premium 160,712 167,621
 Other 11,185 40,214
 Total 824,982 868,340
 Mortgage servicing rights 146,295 144,122
 Credit card premium 62,670 61,998


AVERAGE BALANCE SHEET SUMMARY
 2Q '92
 1991 vs
 (In thousands) 2Q 2Q '91
 Loans, net 26,105,258 24.6 pct
 Earning assets 35,133,586 20.8
 Total assets 39,325,366 22.5
 Noninterest-bearing
 deposits 4,562,454 44.5
 Consumer time deposits 19,196,563 40.6
 Other time deposits 3,864,697 2.4
 Common stockholders' equity 2,320,677 34.7
 Total stockholders' equity 2,606,278 31.2 pct
 INTANGIBLE ASSETS
 (In thousands)
 Intangible assets
 Goodwill 667,923
 Deposit base premium 143,194
 Other 4,398
 Total 815,515
 Mortgage servicing rights 133,450
 Credit card premium 21,240
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 Three Months Ended
 June 30,
 (In thousands) 1992 1991
 Interest income:
 Interest and fees on loans $ 728,249 637,015
 Interest and dividends on
 investment securities 139,694 169,864
 Other interest income 23,177 15,947
 Total interest income 891,120 822,826
 Interest expense:
 Interest on deposits 315,948 346,638
 Interest on borrowings 81,239 130,870
 Total interest expense 397,187 477,508
 Net interest income 493,933 345,318
 Provision for loan losses 62,044 113,733
 Net interest income after
 provision for loan losses 431,889 231,585
 Noninterest income:
 Service charges on deposit
 accounts 82,841 55,531
 Mortgage banking income 25,337 22,005
 Capital management income 40,434 27,206
 Investment security
 transactions (551) 5,690
 Sundry income 51,968 64,084
 Total noninterest income 200,029 174,516
 Noninterest expense:
 Personnel expense 209,942 155,719
 Occupancy and equipment 80,492 59,293
 Sundry expense 166,295 107,843
 Total noninterest
 expense 456,729 322,855
 Income before income taxes 175,189 83,246
 Income taxes 49,753 9,624
 Net income 125,436 73,622
 Dividends on preferred stock 7,444 7,292
 Net income applicable to
 common stockholders $ 117,992 66,330
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 Six Months Ended
 June 30,
 (In thousands) 1992 1991
 Interest income:
 Interest and fees on loans 1,439,069 1,292,738
 Interest and dividends on
 investment securities 273,518 346,297
 Other interest income 44,220 40,614
 Total interest income 1,756,807 1,679,649
 Interest expense:
 Interest on deposits 644,153 700,502
 Interest on borrowings 169,854 298,640
 Total interest expense 814,007 999,142
 Net interest income 942,800 680,507
 Provision f69,876
 Noninterest income:
 Service charges on deposit
 accounts 164,056 108,229
 Mortgage banking income 56,774 42,398
 Capital management income 78,438 52,514
 Investment security
 transactions (5,728) 34,999
 Sundry income 121,932 120,667
 Total noninterest income 415,472 358,807
 Noninterest expense:
 Personnel expense 413,474 314,037
 Occupancy and equipment 163,155 121,004
 Sundry expense 315,918 210,705
 Total noninterest
 expense 892,547 645,746
 Income before income taxes 320,660 182,937
 Income taxes 87,365 28,473
 Net income 233,295 154,464
 Dividends on preferred stock 17,105 14,855
 Net income applicable to
 common stockholders 216,190 139,609
 CONDENSED CONSOLIDATED BALANCE SHEETS
 June 30,
 (In thousands) 1992 1991
 Assets
 Cash and due from banks $ 2,134,992 1,807,596
 Interest-bearing balances in
 other banks 443,952 296,737
 Federal funds sold and securities
 purchased under resale
 agreements 187,347 143,679
 Trading account assets 289,633 102,946
 Investment securities 8,355,386 8,409,308
 Loans, net of unearned income
 ($307,779 in 1992 and
 $304,278 in 1991) 32,358,094 26,218,494
 Less: Allowance for loan
 losses (664,484) (529,021)
 Loans, net 31,693,610 25,689,473
 Mortgage servicing rights 141,008 133,450
 Credit card premium 52,090 21,240
 Other intangible assets 806,894 815,515
 Segregated assets (net of
 allowance of $50,940 in 1992) 621,001 -
 Other assets 2,993,610 2,297,432
 Total assets $47,719,523 39,717,376
 Liabilities and Stockholders' Equity
 Deposits 36,990,571 28,267,508
 Short-term borrowings 4,189,119 6,770,732
 Other liabilities 763,290 713,676
 Long-term debt 2,244,828 1,307,525
 Total liabilities 44,187,808 37,059,441
 Stockholders' equity 3,531,715 2,657,935
 Total liabilities and
 stockholders' equity $47,719,523 39,717,376
 -0- 7/9/92
 /CONTACT: Media Contact - Jeep Bryant, 704-374-2957, or 704-335-0415; Investor Contact - Barbara Massa or Maggie Norris, 704-374-4353, all of First Union/
 (FTU FTUpr) CO: First Union Corporation ST: North Carolina IN: FIN SU: ERN


DF -- CH011X -- 7928 07/09/92 15:05 EDT
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