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WACHOVIA ANNOUNCES THIRD QUARTER EARNINGS

 WINSTON-SALEM, N.C., Oct. 14 /PRNewswire/ -- Wachovia Corporation's (NYSE: WB) net income per fully diluted share was $.71 for the third quarter of 1993, an increase of 13.8 percent from $.62 a year earlier. Net income totaled $124.4 million, an advance of 14.3 percent from the $108.8 million earned in the third period of 1992, and represented annualized returns of 17.1 percent on shareholders' equity and 1.47 percent on assets.
 For the first nine months, net income per fully diluted share was $2.10, up 13.4 percent from $1.85 in the same period of 1992. Net income was $369.1 million, a gain of 14.1 percent from $323.6 million, and produced annualized returns of 17.3 percent on equity and 1.49 percent on assets.
 The excellent earnings growth resulted from expanded net interest income and healthy gains in other service revenues combined with good expense management and reduced provisions for credit losses, according to John G. Medlin Jr., chief executive officer.
 Average interest-earning assets rose $2.368 billion or 8.6 percent for the three months and $1.302 billion or 4.7 percent for the nine months from prior year periods. Average loans grew $1.863 billion or 9.4 percent for the quarter and $1.494 billion or 7.5 percent for the nine months.
 Taxable equivalent net interest income increased $16.5 million or 5 percent for the third period and $37.4 million or 3.8 percent for the year to date. Excluding gains from securities and subsidiary sales, noninterest income grew $13.6 million or 10 percent for the quarter and was up $52.5 million or 13.3 percent for the nine months. Excluding nonrecurring charges of $20.2 million in the third quarter of 1992 and $15.9 million in the first quarter of 1993, noninterest expense increased $4.1 million or 1.5 percent for the three-month period and $21.5 million or 2.7 percent for the year to date.
 The provision for credit losses was $23.5 million for the quarter and $74.6 million year to date versus $28.2 million and $90.9 million, respectively, in 1992. Net loan losses were $18.9 million or .35 percent of average loans for the quarter and $50.1 million or .31 percent year to date, down from $19.2 million or .39 percent and $66.9 million or .45 percent in the same periods of 1992.
 At September 30, nonperforming assets totaled $188 million or .85 percent of loans and foreclosed property. The allowance for loan losses was $404 million, representing 1.83 percent of period-end loans and 319 percent of nonperforming loans. Equity capital to total assets was 8.42 percent, while the approximate Tier I and total capital to risk- adjusted assets ratios were 10.0 percent and 13.3 percent, respectively. Wachovia's credit quality and capital ratios remain strong.
 -0- 10/14/93
 /CONTACT: (Media) Nancy P. Lovelace, 919-770-5696, or (Analyst) Robert S. McCoy Jr., chief financial officer, 919-770-5926, or James C. Mabry, Investor Relations, 919-770-5788, all of Wachovia/
 (WB)


CO: Wachovia Corporation ST: North Carolina IN: FIN SU: ERN

CM -- CH003 -- 2057 10/14/93 09:19 EDT
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Publication:PR Newswire
Date:Oct 14, 1993
Words:543
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