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SIGNET BANKING CORP. REPORTS THIRD QUARTER EARNINGS

 SIGNET BANKING CORP. REPORTS THIRD QUARTER EARNINGS
 RICHMOND, Va., Oct. 14 /PRNewswire/ -- Signet Banking Corp. (NYSE: SBK) today announced third quarter earnings of $28.6 million, or $1.02 per share, and $77.4 million, or $2.79 per share, for the nine months ended Sept. 30, 1992. This represented significant increases from the comparative 1991 earnings of $11.2 million, or $.41 per share, for the third quarter and $25.9 million, or $.96 per share, for the nine months.
 Robert M. Freeman, chairman and chief executive officer, stated that "We are pleased with the continued success of our Accelerated Real Estate Asset Reduction Program and the resulting favorable impact on earnings. Signet has reduced non-performing assets by $90 million from year end 1991, and the Corporation's total real estate exposure has been reduced by $298 million this year. In addition to the benefits received from the program, our improved performance reflected increased net interest income from wider spreads, growth in non-interest revenues and expense control."
 The return on assets (ROA) was 1.04 percent and .92 percent for the 1992 third quarter and first nine months, respectively, while the return on common stockholders' equity (ROE) was 14.46 percent and 13.72 percent for the same respective periods. Signet's common equity to assets ratio was 6.91 percent at Sept. 30, 1992, up from 6.61 at the same date last year.
 Non-performing assets totaled $242.5 million at Sept. 30, 1992, or 4.39 percent of loans and foreclosed properties. This represented a reduction of $29.5 million from the second quarter and $106.4 million from the end of the 1991 third quarter. Net charge-offs totaled $87.0 million for the 1992 nine-month period, down slightly from last year's level of $87.4 million.
 The allowance for loan losses at quarter-end amounted to $295.8 million, or 5.45 percent of loans, compared with $186.0 million, or 3.16 percent, at Sept. 30, 1991. The 1992 allowance represented 191 percent of quarter-end non-performing loans and 122 percent of non-performing assets.
 Net interest income increased $7.5 million, or 8 percent, for the quarter and $22.1 million, or 7 percent, for the nine-month period from the corresponding periods in 1991. The net yield margin was 4.42 percent for the quarter, up 9 basis points from the 1992 second quarter and 47 basis points from the same quarter last year. The provision for loan losses for the 1992 third quarter declined 53 percent from the same quarter last year, while the provision for the first nine months of 1992, which totaled $53.5 million, declined 51 percent from the 1991 level. Non-interest operating income totaled $72.5 million for the third quarter and $206.1 million for the 1992 nine-month period representing respective increases of 14 percent and 15 percent. Net securities losses totaled $.8 million and $5.8 million for the third quarter and nine months ended Sept. 30, 1992, respectively, compared with net securities gains of $11.8 million and $35.5 million, respectively, for the same periods in 1991. Non-interest expense decreased $2.0 million and $10.2 million for the 1992 third quarter and nine-month period, respectively, over the same periods in 1991.
 Total assets at Sept. 30, 1992 amounted to $11.6 billion, level with a year ago, while loans (net of unearned income) of $5.4 billion declined 8 percent from the end of the third quarter of 1991. Total deposits declined $834 million, or 10 percent, from Sept. 30, 1991.
 Signet Banking Corp. operates 236 full-service banking offices throughout Virginia, Maryland and the District of Columbia. A major provider of corporate, commercial and real estate finance, Signet also offers credit cards, home equity loans and other consumer finance services through its branches.
 In addition, Signet is an active home loan provider and offers a full range of investment services including municipal bond, government and federal agency securities, money market sales and trading, and foreign exchange services. Signet also provides an international operation concentrating on trade finance, and specialized services for discount brokerage, mutual funds, trust, leasing, asset based lending, cash management, insurance and investment banking.
 -0- 10/14/92
 /CONTACT: Teri A. Temples, Signet Banking Corp., 804-771-7210/
 (SBK) CO: Signet Banking Corp. ST: Virginia IN: FIN SU: ERN


MM -- CH008 -- 0072 10/14/92 16:44 EDT
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Date:Oct 14, 1992
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