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WACHOVIA ANNOUNCES FIRST QUARTER EARNINGS

 WACHOVIA ANNOUNCES FIRST QUARTER EARNINGS
 WINSTON-SALEM, N.C., April 13 /PRNewswire/ -- Wachovia Corporation's


(NYSE: WB) net income per fully diluted share for the first quarter of 1992 was $1.21, up 25.1 percent from $.97 earned a year earlier.
 Net income totaled $106.1 million, a rise of 26.1 percent from $84.1 million in the same period of last year, and represented annualized returns of 17 percent on shareholders' equity and 1.32 percent on assets.
 The earnings increase resulted largely from growth in net interest income and other service revenues coupled with control of operating expenses, according to John G. Medlin Jr., chief executive officer. The first quarter results also reflected a lower loan loss provision for South Carolina National in comparison with the elevated level of the same period in 1991.
 Average interest-earning assets were higher by $12 million or less than 1 percent for the quarter compared to a year earlier, with loans down $1.143 billion or 5.4 percent. Average deposits grew $482 million or 2.2 percent.
 Taxable equivalent net interest income rose $20.6 million or 6.6 percent for the first three months. Noninterest income was up $10.6 million or 8.8 percent.
 Noninterest expense increased a modest $7.3 million or 2.9 percent, including a $2.5 million or 24.3 percent jump in deposit insurance premiums.
 The provision for loan losses totaled $34.6 million for the quarter versus $45.2 million in the first period of 1991. Net loan losses were $26.9 million or .54 percent of average loans compared with $26.1 million or .50 percent.
 Nonperforming assets at March 31 were $306 million or 1.50 percent of loans and foreclosed property. The allowance for loan losses totaled $368 million, representing 1.82 percent of loans outstanding and 1.67 times nonperforming loans.
 Equity capital to total assets at quarter-end was 7.95 percent, while the approximate Tier I and total risk-based capital ratios were 9.5 percent and 11.2 percent, respectively. Wachovia's credit quality and capital ratios remain among the strongest for major banking companies in the nation.
 -0- 4/13/92
 /CONTACT: (Media) Nancy P. Lovelace, 919-770-5696, or (Analyst) Robert S. McCoy, 919-770-5926, or James C. Mabry, 919-770-5788, all of Wachovia Corporation/
 (WB) CO: Wachovia Corporation ST: North Carolina, Georgia IN: FIN SU: ERN


CM -- CH004 -- 7589 04/13/92 09:07 EDT
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Date:Apr 13, 1992
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